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U. S. TREASURY DEPARTMENT
OFFICE OF THE SECRETARY

GOLD REGULATIONS
[Reprinted from FEDERAL REGISTER, August 29, 1952]

SEPTEMBER 29, 1952

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1952

224035— 52




SUBPART F— PURCHASE OF GOLD B Y M IN T S

SUBPART A---- GENERAL PROVISIONS

Sec.
54.1
54.2
54.3
54.4
54.5
54.6
54.7
54.8
54.9
54.10
54.11

54.35
54.36

Purchase by mints.
Gold recovered from natural deposits
in the United States or any place
subject to the jurisdiction thereof.
54.37 Gold contained in deposits of silver,
other than newly mined domestic
silver.
54.38 Scrap gold.
54.39 Gold refined from sweeps purchased
from a United States mint.
54.40 Imported gold.
54.41 Gold refined from imported goldbearing material.
54.42 Deposits.
54.43 Rejection of gold by mint.
54.44 Purchase price.

Authority for regulations.
General provisions.
Titles and subtitles.
Definitions.
General provisions affecting applica­
tions, statements, and reports.
General provisions affecting licenses
and authorizations.
General provisions affecting export
licenses.
General provisions affecting import
licenses.
Forms available.
Representations by licensees.
Civil and criminal penalties.

SUBPART G---- SALE OF GOLD B Y M IN T S

SUBPART B— CO ND ITIO N S UNDER W H IC H GOLD
M A Y BE ACQUIRED AND HELD , TRANSPORTED,
MELTED OR TREATED, IMPORTED, EXPORTED, OR

54.51
54.52

EARMARKED

54.12
54.13
54.14
54.15
54.16
54.17
54.18
54.19
54.20

SUBPART H ---- IN STRU CTIO N S ISSUED PU RSU AN T TO
T H E REGULATIONS I N T H IS PART

Conditions under which gold may be
acquired, held, melted, etc.
Transportation of gold.
Gold situated outside of the United
States.
Gold situated in the possessions of the
United States.
Fabricated gold.
Metals containing gold.
Unmelted scrap gold.
Gold in its natural state.
Rare coin.

54.60

54.22
54.23
54.24
54.25
54.26
54.27

54.70

Legal effect of amendment of regula­
tions.

A u t h o r i t y : § § 54.1 to 54.70 issued under
sec. 5 (b ), 40 Stat. 415, as amended, secs. 3,
8, 9, 11, 48 Stat. 340, 341, 342; 12 U. S. C. 95a,
31 U. S. C. 442, 733, 734, 822b, E. O. 6260, Aug.
28, 1933, E. O. 6359, Oct. 25, 1933; E. O. 9193,
July 6, 1942, as amended, 7 F. R. 5205; 3 CFR
1943 Cum. Supp.; E. O. 10289, Sept. 17, 1951,
16 F. R. 9499; 3 CFR 1951 Supp.

Thirty-five ounce exemption for proc­
essors.
Licenses required.
Issuance of licenses or general au­
thorizations.
Applications.
Licenses.
Investigations; records; subpoenas.
Reports.

SUBPART A— GENERAL PR O V ISIO N S

§ 54.1 Authority for regulations. By
virtue of and pursuant to:
(a)
The authority vested in the Sec­
retary of the Treasury by the Gold Re­
serve Act of 1934, approved January 30,
1934 (48 Stat. 337; 31 U. S. C. 440), and
the authority with respect to the ap­
proval of regulations issued thereunder
which the President of the United States
has delegated to the Secretary of the
Treasury in paragraph 2 (d) of Execu­
tive Order No. 10289 of September 17,
1951 (16 P. R. 9501) and
(b)
The authority which the President
of the United States has delegated to
the Secretary of the Treasury by Exec­
utive Orders Nos. 6260 of August 28,
1933 (31 CFR 1938 ed. Part 50), 6359 of
October 25, 1933 and 9193 of July 6,1942,
as amended (7 P. R. 5205, 3 CPR 1943
Cum. Supp.),, which delegations were
made by the President of the United
States by virtue of and pursuant to the
authority vested in him by section 5 (b)
of the act of October 6, 1917 (40 Stat.

SUBPART D---- GOLD FOR T H E PURPOSE OF SETTLING
INTERN ATION AL BALANCES, AND FOR OTHER
PURPOSES

54.28 Acquisitions by Federal Reserve banks
for purposes of settling interna­
tional balances, etc.
54.29 Dispositions by Federal Reserve banks.
54.30 Provisions limited to Federal Reserve
banks.
SUBPART E— GOLD FOR OTHER PURPOSES N O T
IN CO N SISTEN T W IT H T H E PURPOSES OF T H E
GOLD RESERVE ACT OF 1 9 3 4 AND T H E ACT OF
OCTOBER 6 , 1 9 1 7 , AS AMENDED

54.31
54.32

Licenses required.
Gold imported in gold-bearing mate­
rials for re-export.
54.33 Gold imported for re-export.
54.34 Licenses for other purposes.




Gold exported from Mexico.
SUBPART I — TRAN SITO RY PROVISION S

SUBPART C---- GOLD FOR INDUSTRIAL,
PROFESSIONAL, AND ARTISTIC USE

54.21

Authorization to sell gold.
Sale price.

( 2)

3
415), as amended by section 2 of the act
of March 9, 1933 (48 Stat. 1), and title
III, section 301 of the “ First War Powers
Act, 1941” (55 Stat. 839; 12 U. S. C. 95a),
and all other authority vested in him,
the following regulations, entitled “ Gold
Regulations,” deemed in the public in­
terest and necessary and proper to carry
out the purposes of said acts and Exec­
utive orders, are issued by the Secretary
of the Treasury.
§54.2 General p r o v i s i o n s — (a)
Scope. Sections 54.12 to 54.34 refer par­
ticularly to section 3 of the Gold Reserve
Act of 1934, as amended, and to Execu­
tive Order No. 6260 of August 28, 1933,
sections 4, 5 and 6 of the Executive Or­
der No. 6359 of October 25, 1933, and
Executive Order No. 9193 of July 6, 1942,
v as amended; and §§ 54.35 to 54.44 refer
particularly to sections 8 and 9 of the
Gold Reserve Act of 1934, as amerided.
(b) Delivery requirements of 1933
Gold Orders. Executive Order 6102 of
April 5, 1933, Executive Order 6260 of
August 28, 1933 (31 CFR 1938 ed. Part
50), and the Order of the Secretary of
the Treasury of December 28, 1933, as
amended and supplemented required
that, with certain exceptions, all persons
subject to the jurisdiction of the United
States deliver to the United States gold
coins, gold bullion, and gold certificates
situated in the United States and held
or owned by such persons on the dates of
\ such orders. The regulations in this part
Vu do not alter or affect in any way the
obligations with respect to the delivery
of such gold coins, bullion, and certifi­
cates existing under said orders, and
gold coins, bullion,, and certificates re­
quired to be delivered pursuant to such
orders are still required to be delivered,
and may be received in accordance with
the Instructions of the Secretary of the
Treasury of January 17, 1934 (§ 53.1 of
this chapter), subject to the rights re­
served in such instructions.
(c) Effect of authorizations and licen­
ses. (1) A general authorization con­
tained in, or a license issued pursuant to
the regulations in this part, permitting
the acquisition, holding, transporting,
melting or treating, importing, exporting
or earmarking of gold, constitutes within
the limits and subject to the terms and
conditions thereof a license issued under
and pursuant to Executive Order No.
6260 of August 28, 1933, for such acqui­
sition, holding, transporting, etc.
(2)
Any authorization in the regula­
tions in this part, or in any license issued
hereunder to acquire, hold, transport,
melt or treat, import or export gold in




any form shall not be deemed to author­
ize, unless it specifically so provides, the
acquisition, holding, transporting, melt­
ing or treating, importing, or exporting
of the following:
(i) Any gold coin (except rare gold
coin as defined in § 54.20) or any gold
melted by any person from gold coin sub­
sequent to April 5, 1933.
(ii) Any gold which has been held at
any time in noncompliance with the acts,
the orders, or any regulations, rulings!
instructions or licenses issued there­
under, including the regulations in this
part, or in noncompliance with section 3
of the act of March 9,1933, or any orders,
regulations, rulings, or instructions is­
sued thereunder.
(d)
Revocation or modification. The
provisions of this part may be revoked
or modified at any time and any license
outstanding at the time of such revoca­
tion or modification shall be modified
thereby to the extent provided in such
revocation or modification.
§ 54.3 Titles and subtitles. The
titles in this part are inserted for pur­
poses of ready reference and are not to
be construed as constituting a part of
the regulations in this part.
§ 54.4 Definitions, (a) As used in
this part, the terms:
(1) “ The acts” means the Gold Re­
serve Act of 1934, as amended, and sec­
tion 5 (b) of the act of October 6, 1917,
as amended by section 2 of the act of
March 9, 1933 and Title III, section 301
of the “ First War Powers Act, 1941”
approved December 18, 1941.
(2) “ The orders” means Executive
Orders Nos. 6260 of August 28, 1933;
6359 of October 25, 1933; and 9193 of
July 6, 1942, as amended.
(3) “ United States” means the Gov­
ernment of the United States, or where
used to denote a geographical area,
means the continental United States and
all other places subject to the jurisdic­
tion of the United States.
(4) “ Continental
United
States”
means the States of the United States,
the District of Columbia, and the Terri­
tory of Alaska.
(5) “ Person” means any individual,
partnership, association, or corporation,
including the Board of Governors of the
Federal Reserve System, Federal Reserve
banks, and Federal Reserve agents.
(6) “ Mint” means a United States
mint or assay office, and wherever au­
thority is conferred upon a “mint” such
authority is conferred upon the person
locally in charge of the respective

4
United States mint or assay office act­
ing in accordance with the instructions
of the Director of the Mint or the Secre­
tary of the Treasury.
(7) “ Mint district” means one of the
following areas:
(i) The mint district of Philadelphia,
which for the purposes of this part con­
sists of the States of Alabama, Arkansas,
Florida, Georgia, Illinois, Indiana, Ken­
tucky, Louisiana, Maryland, Mississippi,
Missouri, North Carolina, Ohio, Penn­
sylvania, South Carolina, Tennessee,
Virginia, and West Virginia, and the Dis­
trict of Columbia.
(ii) The mint district of New York,
which for the purposes of this part con­
sists of the States of Connecticut, Dela­
ware, Maine, Massachusetts, Michigan,
New Hampshire, New Jersey, New York,
Rhode Island, Vermont, and Wisconsin,
and Puerto Rico, the Virgin Islands of
the United States, and the Panama
Canal Zone.
(iii) The mint district of Denver,
which for the purposes of this part con­
sists of the States of Colorado, Iowa,
Kansas, Minnesota, Nebraska, New Mex­
ico, North Dakota, Oklahoma, South
Dakota, Texas, Utah, and Wyoming.
(iv) The mint district of San Fran­
cisco, which for the purposes of this part
consists of the States of Arizona, Cali­
fornia, and Nevada, and the Territories
and possessions of the United States not
specifically included in other mint dis­
tricts.
(v) The mint district of Seattle, which
for the purposes of this part consists of
the States of Idaho, Montana, Oregon,
and Washington, and the Territory of
Alaska.
(8) “ Gold coin” means any coin con­
taining gold as a major element, includ­
ing gold coin of a foreign country.
(9) “ Gold bullion” means any gold
which has been put through a process of
smelting or refining, and which is in such
state or condition that its value depends
primarily upon the gold content and not
upon its form; the term “ gold bullion”
includes, but not by way of limitation,
semi-processed gold and scrap gold, but
it does not include fabricated gold as de­
fined in this section, metals containing
less than 5 troy ounces of fine gold per
short ton, or unmelted gold coin.
(10) Fabricated and semi-processed
gold:
(i)
“Fabricated gold” means processed
or manufactured gold in any form (other
than gold coin or scrap gold) which:
(a)
Has a gold content the value of
which dees not exceed 80 percent of the




total domestic value of such processed or
manufactured gold; and
(b)
Has, in good faith, and not for the
purpose of evading or enabling others to
evade the provisions of the acts, the
orders, or the regulations in this part,
been processed or manufactured for some
one or more specific and customary in­
dustrial, professional or artistic uses.
(ii) “ Semi-processed gold” m e a n s
processed or manufactured gold in any
form (other than gold coin or scrap
gold) which:
(a) Has a gold content the value of
which exceeds 80 percent of the total
domestic value of such processed or man­
ufactured gold; and
(b) Has, in good faith, and not for the
purpose of evading or enabling others
to evade the provisions of the acts, the
orders, or the regulations in this part,
been processed or manufactured for some
one or more specific and customary in­
dustrial, professional or artistic uses.
(iii) The value of the gold content of
an article shall be computed for the pur­
poses of this subparagraph at $35 per
troy ounce of fine gold content.
(iv) For the purpose of this subpara­
graph, the total domestic value of proc­
essed or manufactured gold shall be
based on the cost to the owner and not
the selling price. The allowable elements
of such value are:
(a) In the case of a manufacturer or
processor, only the cost of material in
the article, labor performed on the ar­
ticle, and processing losses and overhead
applicable to the manufacture or proc­
essing of such article; and
(b) In the case of a dealer or other
person who holds or disposes of gold
without further processing, only the net
purchase price paid by such person, in­
cluding transportation costs, if any, in­
curred in obtaining delivery of such
article to his usual place of business.
(11) “ Scrap gold” means gold filings,
clippings, polishings, sweepings and the
like and any other melted or unmelted
scrap gold, semi-processed gold or fabri­
cated gold, the value of which depends
primarily upon its gold content and not
upon its form, which is no longer held
for the use for which it was processed
or manufactured.
(12) “ Gold in its natural state” means
gold recovered from natural sources
which has not been melted, smelted, or
refined, or otherwise treated by heating
or by a chemical or electrical process.
(13) “ Hold” , when used with reference
to gold includes actual or constructive
possession of or the retention of any in­

5
terest, legal or equitable, in such gold,
and includes, but not by way of limita­
tion, acts of agency with respect thereto
although the principal be unknown.
(b) Wherever reference is made in
this part to equivalents as between dol­
lars or currency of the United States and
gold, $1 or $1 face amount of any cur­
rency of the United States equals fifteen
and five twenty-firsts (15%i) grains of
gold, nine-tenths fine.
(c) Wherever reference is made in
this part to “ sections” , the reference is,
unless otherwise indicated, to the desig­
nated sections of this part.
§ 54.5 General provisions affecting
applications, statements, and reports.
Every application, statement, and report
required to be made under this part shall
be made upon the appropriate form pre­
scribed by the Secretary of the Treasury.
Action upon any application or state­
ment may be withheld pending the fur­
nishing of any or all of the information
required in such forms or of such addi­
tional information as may be deemed
necessary by the Secretary of the Treas­
ury, or the agency authorized or directed
to act under this part. There shall be
attached to the applications, statements,
or reports such instruments as may be
required by the terms thereof and such
further instruments as may be required
by the Secretary of the Treasury, or by
such agency.
§ 54.6 General provisions affecting li­
censes and authorizations, (a) Licenses
issued pursuant to the regulations in this
part shall be upon the appropriate form
prescribed by the Secretary of the Treas­
ury. Licenses shall be nontransferable
and shall entitle the licensee to acquire,
hold, transport, melt or treat, import,
export, or earmark gold only in such
form and to the extent permitted by, and
subject to the conditions prescribed in,
the regulations in this part and such
licenses.
(b) Revocation or modification of li­
censes. Licenses may be modified or
revoked at any time in the discretion of
the Director of the Mint. In the event
that a license is modified or revoked
(other than by a modification or revoca­
tion of the regulations in this p a rt), the
Director of the Mint shall advise the
licensee by letter, mailed to the last
address of the licensee on file in the
Bureau of the Mint. The licensee, upon
receipt of such advice, shall forthwith
surrender his license as directed in such
advice. If the license has been modified
but not revoked, the Director of the Mint



shall thereupon issue or cause to be
issued a modified license.
(c) Exclusions. The Director of the
Mint may exclude particular persons or
classes thereof from the operation of any
section of the regulations in this part
(except §§ 54.28 to 54.30, inclusive) or
licenses issued thereunder or from the
privileges therein conferred. Such ac­
tion shall be binding upon all persons
receiving actual notice or constructive
notice thereof. Any violation of the pro­
visions of the regulations in this part or
any license issued hereunder, shall con­
stitute, but not by way of limitation,
grounds for such exclusion.
(d) Requests for reconsideration. A
written request for reconsideration of a
denial of an application for a license, of
a revocation, suspension, or modification
of an existing license, or of an exclusion
from the authorizations of privileges
conferred in any section of the regula­
tions in this part setting forth in detail
the reasons for such request, may be
addressed to the Director of the Mint,
Treasury Department, Washington 25,
D. C. In addition, upon written request,
the Director will schedule a hearing in
the matter at which time there may be
brought to the attention of the Bureau
of the Mint any information bearing
thereon.
(e) No license issued hereunder shall
exempt the licensee from the duty of
complying with the legal requirements
of any State or Territory or local
authority.
(f) No license shall be issued to any
person doing business under a name
which in the opinion of the Secretary of
the Treasury or the designated agency
issuing the license, is designed or is likely
to induce the belief that gold is pur­
chased, treated, or sold on behalf of the
United States or for the purpose of
carrying out any policy of the United
States.
§ 54.7 General provisions affecting
export licenses.1 At the time any license
to export gold is issued, the mint issuing
the same shall transmit a copy thereof
to the collector of customs at the port
of export designated in the license. No1
1The regulations in this part shall not be
construed as relieving any person from the
obligation of compliance with the regula­
tions of the Office of International Trade,
(15 CFR Parts 360 to 399), the Bureau of
Customs (19 CFR Chapter I ), or other laws
or regulations relating to the importation or
exportation of merchandise, where applica­
ble to imports or exports of gold, or articles
containing gold.

collector of customs shall permit the
export or transportation from the con­
tinental United States of gold in any
form except upon surrender of a license
to export, a copy of which has been
received by him from the mint issuing
such license: Provided, however, That
the export or transportation from the
continental United States of fabricated
gold may be permitted pursuant to
§ 54.25 and the export or transportation
from the continental United States of
gold imported for re-export may be per­
mitted pursuant to § 54.33: And provided
further, That gold held by the Federal
Reserve banks under §§ 54.28 to 54.30, in­
clusive, may be exported for the purposes
of such sections without a license. The
collector of customs to whom a license to
export is surrendered shall cancel such
license and return it to the Federal Re­
serve bank or mint which issued the
same. In the event that the shipment
is to be made by mail, a copy of the
export license shall be sent to the post­
master of the post office designated in
the application, who will act under the
instructions of the Postmaster General
in regard thereto.
§ 54 8 General provisions affecting
import licenses, (a) No gold in any form
imported into the United States shall
be permitted to enter until the person
importing such gold shall have satisfied
the collector of customs at the port of
entry that he holds a license authoriz­
ing him to import such gold or that such
gold may be imported without a license
under the provisions of §§ 54.12 to 54.21,
inclusive, or §§ 54.28 to 54.3Ô, inclusive.
Postmasters receiving packages contain­
ing gold will deliver such gold subject to
the instructions of the Postmaster Gen­
eral.
(b)
Certificates with respect to im­
ported gold. Collectors of customs shall,
upon receipt of instructions2issued from
time to time by the Secretary of the
Treasury with the approval of the Presi­
dent, refuse entry into the continental
United States of gold in the form and
condition described in such instructions,
which is exported from the country or
countries specified in such instructions,
unless there is filed with the collector of
customs at the port of entry a certificate
duly certified by an officer of the country
from which the gold is exported to the
effect that such gold was or may be law­
fully exported from such country.
2 See Subpart H of this part for instruc­
tions issued pursuant to § 54.8 ( b ) .




§ 54.9 Forms available. Any form,
the use of which is prescribed in this
part, may be obtained at, or on written
request to, any United States mint or
assay office, or the Director of the Mint,
Treasury Department, Washington 25,
D. C.
§ 54.10 Representations by licensees.
¡Licensees may include in public and
private representations or statements
the clause “ licensed on form T G L _____
(here inserting the number of the form
of license held by the licensee) pursuant
to the regulations issued by the Secre­
tary of the Treasury,” but any represen­
tation or statement which might induce
the belief that the licensee is acting or
is especially privileged to act on behalf
of or for the United States, or is purchas­
ing, treating, or selling gold for the
United States, or in any way dealing in
gold for the purpose of carrying out any
policy of the United States, shall be a
violation of the conditions of the license.
(a) Business names and representa­
tions generally. No person doing busi­
ness under a name which is designed or
is likely to induce the belief that gold is
being purchased, treated, or sold on be­
half of the United States, or any agency
thereof, or for the purpose of carrying
out any policy of the United States, or
making representations or statements
which might induce the belief that such
person is acting or is especially privi­
leged to act on behalf of or for the United
States, or is purchasing, treating, or sell­
ing gold for the United States, or in any
way dealing in gold for the purpose of
carrying out any policy of the United
States, may acquire, hold, transport,
melt, or treat, import, export or earmark
any gold under authority of §§ 54.12 to
54.20 inclusive, or §§ 54.21 to 54.27, in­
clusive.
§ 54.11 Civil and criminal penalties—
(a) Civil penalties. Attention is di­
rected to section 4 of the Gold Reserve
Act of 1934, which provides:
Any gold withheld, acquired, transported,
melted or treated, imported, exported, or
earmarked or held in custody, in violation of
this Act or of any regulations issued here­
under, or licenses issued pursuant thereto,
shall be forfeited to the United States, and
may be seized and condemned by like pro­
ceedings as those provided by law for the
forfeiture, seizure, and condemnation of
property imported into the United States
contrary to law; and in addition any person
failing to comply with the provisions of this
Act or of any such regulations or licenses,
shall be subject to a penalty equal to twice
the value of the gold in respect to which
such failure occurred. (31 U. S. C. 443)

7
(b) Criminal punishment. Attention
is also directed to (1) section 5 Ob) of the
act of October 6,1917, as amended, which
provides in part:
Whoever wilfully violates any of the pro­
visions of this subdivision or of any license,
order, rule or regulation issued thereunder,
shall, upon conviction, be fined not more
than $10,000 or, if a natural person, may be
imprisoned for not more than ten years, or
both; and any officer, director, or agent of
any corporation who knowingly participates
in such violation may be punished by a
like fine, imprisonment, or both. As used
in this subdivision the term “ person” means
an individual, partnership, association, or
corporation. (12 U. S. C. 95a (3 ))

This section of the act of October 6,
1917, as amended, is applicable to viola­
tions of any provisions of this part and
to violations of the provisions of any
license, ruling, regulation, order, direc­
tion, or instruction issued by or pursuant
to the direction or authorization of the
Secretary of the Treasury pursuant to
the regulations in this part or otherwise
under section 5 (b) of the act of October
6, 1917, as amended.
(2)
Section 1001 of the United States
Criminal Code, which provides:
Whoever, in any matter within the juris­
diction of any department or agency of the
United States knowingly and wilfully falsi­
fies, conceals or covers up by any trick,
scheme, or device a material fact, or makes
any false, fictitious or fraudulent statements
or representations, or makes or uses any
false writing or docum ent knowing the same
to contain any false, fictitious or fraudulent
statement or entry, shall be fined not more
than $10,000 or imprisoned not more than
five years, or both. (18 U. S. C. 1001.)
SUBPART B— CO N DITIO N S UNDER W H IC H GOLD
M A Y BE ACQUIRED AND HELD, TRAN S­
PORTED, MELTED OR TREATED, IM PO RTED,
EXPORTED OR EARMARKED

§ 54.12 Conditions under which gold
may be acquired, held, melted, etc. Gold
in any form may be acquired, held,
transported, melted or treated, imported,
exported, or earmarked only to the ex­
tent permitted by and subject to the
conditions prescribed in, the regulations
in this part or licenses issued thereunder.
§ 54.13 Transportation of gold. Gold
may be transported by carriers for per­
sons who are licensed to hold and trans­
port such gold or who are permitted by
the regulations in this part to hold and
transport gold without a license.
§ 54.14 Gold situated outside of the
United States. Gold in any form situ­
ated outside of the United States may be
acquired, transported, melted or treated,



or earmarked or held in custody for for­
eign or domestic account without the
necessity of holding a license.
§ 54.15 Gold situated in the posses­
sions of the United States. Gold in any
form (other than United States gold
coin) situated in places subject to the
jurisdiction of the United States beyond
the limits of the continental United
States may be acquired, transported,
melted or treated, imported, exported, or
earmarked or held in custody for the
account of persons other than residents
of the continental United States, by per­
sons not domiciled in the continental
United States: Provided, however, That
gold may be transported from the con­
tinental United States to the possessions
of the United States only as authorized
by §§ 54.25, 54.32, 54.33 or 54.34, or li­
censes issued pursuant thereto.
§ 54.16 Fabricated gold. Fabricated
gold as defined in § 54.4 may be acquired,
held, transported within the United
States or imported without the neces­
sity of holding a license therefor. Fab­
ricated gold may be exported only as
authorized in § 54.25 or in a license
issued pursuant to that section.
§ 54.17 Metals containing gold. Met­
als containing not more than 5 troy
ounces of fine gold per short ton may be
acquired, held, transported within the
United States, or imported without the
necessity of holding a license therefor.
Such metals may be melted or treated,
and exported only to the extent per­
mitted by and subject to the conditions
prescribed in or pursuant to §§ 54.21 to
54.27, inclusive.
§ 54.18 Unmelted scrap gold. Un­
melted scrap gold may be acquired, held,
transported within the United States, or
imported, in amounts not exceeding at
any one time 35 fine troy ounces of gold
content without the necessity of holding
a license therefor. Persons holding li­
censes issued pursuant to paragraph (a)
of § 54 25, or acquiring, transporting,
importing or holding gold pursuant to
§ 54.21, may not acquire, transport, im­
port or hold any gold under authority
of this section.
§ 54.19 Gold in its natural state, (a)
Gold in its natural state as defined in
§ 54.4 may be acquired, transported
within the United States, imported, or
held in custody for domestic account
only, without the necessity of holding a
license therefor.
Ob) Gold amalgam which results from
the addition of mercury to gold in its

8

natural state recovered from natural
deposits in the United States or a place
subject to the jurisdiction thereof, may
be heated to a temperature sufficient to
separate the mercury from the gold (but
not to the melting temperature of gold)
without a license by the person who re­
covered the gold from such deposits, or
his duly authorized agent or employee.
The retort sponge resulting from such
heating of such gold amalgam may be
held and transported by such person
without a license: Provided, however,
That no such person may hold at any
one time an amount of such retort sponge
which exceeds in fine gold content 200
troy ounces. Such retort sponge may be
acquired from such persons:
(1) By the United States;
(2) By persons holding licenses issued
pursuant to paragraph (a) of § 54.25;
(3) By other persons provided that
the aggregate amount of such retort
sponge acquired and held by such other
persons does not exceed at any one time
35 fine troy ounces of gold content.
(c) Persons acquiring retort sponge
under paragraph (b) (3) of this section
are authorized to dispose of such retort
sponge only to the United States and to
persons holding licenses issued pursuant
to paragraph (a) of § 54.25.
(d) Except as provided in §§ 54 12 to
54.20 inclusive, and in § 54.33, gold in
its natural state may be melted or
treated or exported only to the extent
permitted by, and subject to the condi­
tions prescribed in, or pursuant to,
§§ 54.21 to 54.27, inclusive.
§ 54.20 Rare coin, (a) Gold coin of
recognized special value to collectors of
rare and unusual coin may be acquired
and held, transported within the United
States, or imported without the neces­
sity of holding a license therefor.
(b) Such coin may be exported only
in accordance with the provisions of
§ 54 25.
(c) Gold coin of foreign issue made
subsequent to April 5, 1933, is presumed
not to be of recognized special value to
collectors of rare and unusual coin.
SUBPART C— GOLD FOR IN D U STR IAL, PROFES­
SIO N A L, AND ARTISTIC USE

§ 54.21 Thirty-five-ounce exemption
for processors, (a) Subject to the con­
ditions in paragraph (b) of this section,
any person regularly engaged in an in­
dustry, profession, or art, who requires
gold for legitimate, customary, and or­
dinary use therein, may, without the
necessity of obtaining a Treasury gold
license:



(1) Import unmelted scrap gold or
acquire gold in any form from any per­
son authorized to hold and dispose of
gold in such form and amount under the
regulations in this part or a license issued
pursuant hereto;
(2) Hold, transport, melt, and treat
such gold;
(3) Furnish unmelted scrap gold to
the United States, to persons operating
pursuant to §§ 54.18 or 54.21, or to the
holder of a license issued pursuant to
paragraph (a) of § 54.25; and
(4) Furnish melted scrap gold to the
United States, to other persons operat­
ing pursuant to § 54.21, or to the holder
of a license issued pursuant to paragraph
(a) of § 54.25, which authorizes the ac­
quisition of such melted scrap gold.
(b) The privileges of paragraph (a) of
this section are granted subject to the
following conditions:
(1) That the aggregate amount of
such gold acquired, held, transported,
melted and treated, and imported, does
not exceed at any one time 35 fine troy
ounces of gold content (not including
gold which may be acquired, held, etc.,
without a license under any other section
o f this part, except § 54.18);
(2) That such gold is acquired and
held only for processing into fabricated
gold, as defined in § 54.4, by such person
in the industry, profession, or art in
which he is engaged; and
(3) That full and exact records are
kept and furnished in compliance with
§ 54.26.
(c) Persons acquiring, holding, trans­
porting, melting and treating, and im­
porting, gold under authority of this
section are not authorized:
(1) To consign gold bullion, including
semi-processed gold, to other persons
for processing;
(2) To furnish melted scrap gold to
persons operating pursuant to the provi­
sions of § 54.18; or
(3) To dispose of gold held under au­
thority of this section otherwise than in
the form of fabricated gold or scrap
gold.
(d) Persons holding licenses issued
pursuant to paragraph (a) of § 54.25 or
acquiring, holding, transporting, or im­
porting, gold pursuant to § 54.18 may not
acquire, hold, transport, melt or treat, or
import, any gold under authority of this
section.
§ 54.22 Licenses required. Except as
permitted in §§ 54.12 to 54.20, inclusive,
and § 54.21, gold may be acquired and
held, transported, melted or treated, im­
ported, exported or earmarked for indus­

9
trial, professional, or artistic use only to
the extent permitted by licenses issued
under § 54.25.
§ 54.23 Issuance of licenses or general
authorizations. The Director of the
Mint may issue or cause to be issued
licenses or other authorizations permit­
ting the acquisition and holding, trans­
portation, melting and treating, import­
ing and exporting of gold which the
Director is satisfied is required for legiti­
mate and customary use in industry, pro­
fession, or art, by persons regularly en­
gaged in the business of furnishing or.
processing gold for industry, profession,
or art, or for sale to the United States.
§ 54.24 Applications. Every applica­
tion for a license under paragraph (a)
-of § 54.25 shall be made on Form TG-12
(except that applications for export
shall be made on Form TG-15) and shall
be filed in duplicate with the United
States mint for the mint district in which
is located the applicant’s principal place
of business. No person shall make ap­
plication to more than one mint; and in
the event any one person is through mis­
representation issued a license under this
subpart by more than one mint, all
licenses issued to such person shall be
void from the date of the issuance to
such person of a license by a second
mint. Every applicant for a license
under paragraph (a) of § 54.25 shall
state in his application whether or not
any applications have been filed by or
licenses issued to any partnership, as­
sociation, or corporation in which the
applicant has a substantial interest or
if the applicant is a partnership, asso­
ciation, or corporation, by or to a person
having a substantial interest in such
partnership, association, or corporation.
No mint shall issue any license to any
person if in its judgment more than one
license for the same purpose will be held
for the principal use or benefit of the
same persons or interests. Any person
licensed under this subpart acquiring a
principal interest in any partnership,
association, or corporation, holding a
license under this subpart for this pur­
pose shall immediately so inform the
mints which issued the licenses.
§ 54.25 Licenses— (a) Licenses for the
acquisition and holding, transportation,
melting and treating, importing and dis­
position of gold. (1) Upon receipt of
the application and after obtaining such
additional information as may be deemed
advisable, the Director of the Mint, shall,
if satisfied that gold is necessary for
the legitimate and customary require­




ments of the applicant’s industry, pro­
fession, art, or business, and that the
applicant is qualified in all respects to
conduct gold operations in full compli­
ance with the provisions of this part and
the provisions of a Treasury gold license,
issue or cause to be issued to the appli­
cant a Treasury gold license on the ap­
proved form for the kind of industry,
profession', art, or business, in which the
applicant is engaged.
(2) Licenses issued under this section
may authorize the licensee to acquire
and hold not to exceed a maximum
amount specified therein, which amount
shall not, except in justified cases, be
greater than the estimated requirements
of the licensee for a period of 3 m onths;
to transport such gold, melt or treat it
to the extent necessary to meet the re­
quirements of the industry, profession,
art or business for which it was acquired
and held or otherwise to carry out the
purposes for which it is held under
license; and to import gold so long as
the aggregate amount of all gold held
after such importation does not exceed
the maximum amount authorized by the
license to be held.
(3) Licenses issued under this para­
graph do not permit the exportation or
transportation from the continental
United States of gold in any form. Such
exportation or transportation is permit­
ted only to the extent authorized in
paragraph (b) of this section or in a
separate license issued pursuant to such
paragraph.
(b)
Licenses and authorizations for
the exporting of gold— (1) Semi-processed gold. Semi-processed gold as de­
fined in § 54.4 may be exported or trans­
ported from the continental United
States only pursuant to a separate export
license issued by the mint in the district
in which the applicant has its principal
place of business. Such licenses shall be
issued only with the approval of the
Director of the Mint and upon applica­
tion made on Form TG-15 establishing
to the satisfaction of the Director that
the gold to be exported is semi-processed
gold and that the export or transport
from the continental United States is fo r
a specific and customary industrial, pro­
fessional, or artistic use and not for the
purpose of using or holding or disposing
of such semi-processed gold beyond the
limits of the continental United States
as, or in lieu of money, or for the value
of its gold content.
(2)
Fabricated gold. Fabricated gold
as defined in § 54.4 may be exported or
transported from the continental United

10
States without the necessity of obtain­
ing a Treasury gold license: Provided,
however, That the words “ Fabricated
Gold” shall be plainly marked on the
outside of the package or container, the
shipper’s export declaration shall con­
tain a statement that such gold is fabri­
cated gold as defined in § 54.4 and is
being exported pursuant to the author­
ization contained in this subparagraph,
and such additional documentation shall
be furnished as may be required by
the Bureau of Customs or any other
government agency charged with the
enforcement of laws relating to the
exportation of merchandise from the
United States.
(3) Rare coin. Rare gold coin as de­
fined in § 54.20 may be exported or trans­
ported from the continental United
States only under license on Form TG L11 issued by the Director of the Mint.
Application for such a license shall be
executed on Form TG-11 and filed with
the Director of the Mint, Treasury
Department, Washington 25, D. C.
(4) Other exports of gold. Export li­
censes may also be issued upon applica­
tion made on Form TG-15 in the same
manner as prescribed in subparagraph
(1) of this paragraph, authorizing the
exportation of gold in any form for re­
fining or processing subject to the con­
dition that the refined or processed gold
(or the equivalent in refined or processed
gold) be returned to the United States,
or subject to such other conditions as
the Director may prescribe.
§ 54.26 Investigations; records; sub­
poenas. (a) The Director of the Mint is
authorized to make or cause to be made
such studies and investigations, to con­
duct such hearings, and to obtain such
information as the Director deems nec­
essary or proper to assist in the consid­
eration of any applications for licenses,
or in the administration and enforce­
ment of the acts, the orders, and the
regulations in this part.
(b) Every person holding a license
issued under paragraph (a) of § 54.25,
or acquiring, holding or disposing of gold
pursuant to the authorizations in
§§ 54.18 and 54.21, shall keep full and
accurate records of all his operations and
transactions with respect to gold, and
such records shall be available for ex­
amination by a representative of the
Treasury Department until the end of
the third calendar year (or if such per­
son’s accounts are kept on a fiscal year
basis, until the end of the third fiscal
year) following such operations or trans­
actions. The records required to be kept



by this section shall include the qame,
address, and Treasury gold license num­
ber of each person from whom gold is
acquired or to whom gold is delivered,
and the amount, date, description and
purchase or sales price of each such ac­
quisition and delivery, and any other
records or papers required to be kept
by the terms of a Treasury Department
gold license. If the person from whom
gold is acquired, or to whom gold is
delivered, does not have a Treasury gold
license such records shall show, in lieu
of the license number of such person,
the section of the regulations in this
part pursuant to which such gold was
held or acquired by such person. Such
records shall also show all costs and ex­
penses entering into the computation of
the total domestic value of articles of
fabricated or semi-processed gold as
defined in § 54.4.
(c) The Director of the Mint (or the
officers and employees of the Bureau of
the Mint specifically designated by the
Director) or any department or agency
charged with the enforcement of the
acts, the orders, or the regulations in
this part, may require any person to
permit the inspection and copying of
records and other documents and the
inspection of inventories of gold and to
furnish, under oath or affirmation or
otherwise, complete information rela­
tive to any transaction referred to in
the acts, the orders, or the regulations
in this part involving gold or articles
manufactured from gold. The records
which may be required to be furnished
shall include any records required to be
kept by this section and, to the extent
that the production of such information
is necessary and appropriate to the en­
forcement of the provisions of the acts,
the orders, and the regulations in this
part, or licenses issued thereunder, any
other records, documents, reports, books,
accounts, invoices, sales lists, sales slips,
orders, vouchers, contracts, receipts, bills
of lading, correspondence, memoranda,
papers and drafts, and copies thereof,
either before or after the completion of
the transaction to which such records
refer.
(d) The Director of the Mint may ad­
minister oaths and affirmations and may,
whenever necessary, require any person
holding a license under § 54.25 or ac­
quiring, holding or disposing of gold
pursuant to the authorizations of
§§ 54.18 or 54.21, or any officer, director,
or employee of such person, to appear
and testify or to appear and produce any
of the records specified in paragraph (c)

11
of this section or both, at any designated
place.
§ 54.27 Reports. Every person hold­
ing a license issued pursuant to para­
graph (a) of § 54.25 shall make quar­
terly reports on the appropriate report
form specified in such license for the
quarterly periods ending on the last
days of March, June, September, and De­
cember, respectively, and shall file such
reports with the Director of the Mint,
Treasury Department, Washington 25,
D. C. Reports shall be filed within a
certain number of days after the termi­
nation of the quarterly period for which
such reports are made, as specified in
the report form.
SUBPART D---- GOLD FOR TH E PURPOSE OF
SETTLING INTERNATION AL BALANCES AND
FOR OTHER PURPOSES

§ 54.28 Acquisitions by Federal R e­
serve banks for purposes of settling in­
ternational balances, etc. The Federal
Reserve banks may from time to time
acquire from the United States by re­
demption of gold certificates in accord­
ance with section 6 of the Gold Reserve
Act of 1934, such amounts of gold bullion
as, in the judgment of the Secretary of
the Treasury, are necessary to settle in­
ternational balances or to maintain the
equal purchasing power of every kind of
currency of the United States. Such
banks may also acquire gold (other than
United States gold coin) abroad or from
private sources within the United States.
§ 54.29 Dispositions by Federal R e­
serve banks. The gold acquired under
§ 54.28 may be held, transported, im­
ported, exported, or earmarked for the
purposes of settling international bal­
ances or maintaining the equal purchas­
ing power of every kind of currency of
the United States : Provided, That if the
gold is not used for such purposes within
6 months from the date of acquisition,
it shall (unless the Secretary of the
Treasury shall have extended the period
within which such gold may be so held)
be paid and delivered to the Treasurer
of the United States against payment
therefor by credits in equivalent amounts
in dollars in the accounts authorized
under the sixteenth paragraph of section
16 of the Federal Reserve Act, as
amended (48 Stat. 339; 12 U. S. C. 467).
§ 54.30 Provisions limited to Federal
Reserve banks. The provisions of this
subpart shall not be construed to permit
any person subject to the jurisdiction
of the United States, other than a Fed­
eral Réserve bank, to acquire gold for the




purposes specified in this subpart or to
permit any person to acquire gold from
a Federal Reserve bank except to the
extent that his license issued under this
part specifically so provides.
SU BPART E— GOLD FO R O TH ER PU RP O SES N O T
IN C O N S IS T E N T W I T H TH E PU RPO SES O F
TH E GOLD RESERVE ACT O F 1 9 3 4 AND TH E
ACT O F OCTOBER 6 , 1 9 1 7 , AS AM ENDED

§ 54.31 Licenses required. Gold may
be acquired and held, transported,
melted or treated, imported, exported, or
earmarked for purposes other than those
specified in §§ 54.21 to 54.30, inclusive,
not inconsistent with the purposes of the
Acts only to the extent permitted in
§§54.12 to 54.20 inclusive, or under a
license issued under §§ 54.32, 54.33 or
54.34.
§ 54.32 Gold imported in gold-bear­
ing materials for re-export. The United
States assay office at New York or the
United States mint at San Francisco,
with the approval of the Director of the
Mint, shall issue licenses on Form
TGL-16 authorizing the exportation of
gold refined (or the equivalent to gold
refined) from gold-bearing materials
imported into the United States for re­
fining and re-export to the foreign ex­
porter, or pursuant to his order, subject
to the following provisions:
(a)
The Director and such assay o f­
fice or mint are satisfied th at:
(1) The imported gold-bearing mate­
rial either (i) was imported into the
United States from a foreign resident or
a foreign organization, or (ii) was mined
by a branch or other office of a United
States organization and imported into
the United States from such branch or
office;
(2) The importer has no right, title,
or interest in the gold refined from the
imported gold-bearing material other
than through its branch or office which
is the foreign exporter as provided in
subparagraph (1) (ii) of this paragraph,
and the importer will not participate in
the sale of such refined gold or receive
any commission in connection with the
sale of such refined gold ;
(3) The refined gold is to be re­
exported to the foreign exporter or, pur­
suant to his order, to a foreign resident
or foreign organization; and
(4) The exportation of the gold-bear­
ing material from the country of origin
and the importation of the refined gold
into the country or countries of importa­
tion are authorized under the applicable
laws and regulations of such countries;

12
(b)
Such gold is imported, acquired,
.and held, transported, melted and
treated as permitted in §§ 54.12 to 54.20,
inclusive, or in accordance with a license
issued under § 54.32 and subject to the
following provisions:
(1) Notation upon entry. Upon the
formal entry into the United States of
any gold-bearing materials, the importer
shall declare to the collector of customs
at the port where the material is for­
mally entered that the importation is
made with the intention of exporting the
gold refined therefrom to the foreign ex­
porter, or pursuant to his order. The
collector shall make on the entry a nota­
tion to this effect and forward a copy of
the entry to the United States assay
office at New York or to the United States
mint at San Francisco, whichever is des­
ignated by the importer.
(2) Sampling and assaying. Promptly
upon the receipt of each importation of
gold-bearing material at the plant where
it is first to be treated, it shall be
weighed, sampled, and assayed for the
. gold content. A reserve commercial
sample shall be retained by such plant
for at least 1 year from the date of im­
portation, unless the assay is sooner veri­
fied by the Bureau of the Mint.
(3) Plant records. The importer shall
cause an exact record, covering each
importation, to be kept at the plant
of first treatment. The records shall
show the gross wet weight of the im­
portation, the weight of containers, if
any, the net wet weight, the percentage
and weight of moisture, the net dry
weight, and the gold content shown by
the settlement assay. An attested copy
of such record shall be filed promptly
with the assay office at New York or the
mint at San Francisco, whichever has
been designated to receive a copy o f the
entry. The plant records herein re­
quired to be kept shall be available for
examination by a representative of the
Treasury Department for at least 1 year
after the date of the disposition of such
gold.
(4) Application for export license. Not
later than 3 months from the date of
entry the importer shall file with the
New York assay office or the mint at
San Francisco, whichever has been
designated to receive a copy of the en­
try, an application on Form TG-16 for
a permit to export refined gold not in ex­
cess of the amount shown by the settle­
ment sheet covering the importation.
The application shall be accompanied
by two duly attested copies of the set­
tlement sheet.




(5) Issuance of export license. If the
application indicates that the refined
gold is to be exported forthwith upon
issuance of a license, the assay office or
mint, if satisfied that the data shown on
such application is accurate and that
the provisions of this section have been
otherwise complied with, shall, with the
approval of the Director of the Mint,
issue to the importer an export license
or licenses on Form TGD-16 to export
refined gold in a total amount not ex­
ceeding the amount specified in the
settlement sheet.
(6) Issuance of serial numbered cer­
tificates. Upon request of the applicant,
or in any case where the application in­
dicates that the refined gold is not to be
exported forthwith, the assay office or
mint shall issue to the importer a dated
serial numbered certificate which shall
show the amount of gold specified in the
application and the amount specified in
the settlement sheet. Upon delivery of
the dated serial numbered certificate to
the assay office at New York or to the
mint at San Francisco, whichever issued
the certificate, not later than 120 days
from the date of issuance, the assay office
or mint shall issue to the importer an
export license or licenses in the same
manner as prescribed in subparagraph
(5) of this paragraph.
(7) Exportation prior to receipt of
settlement sheet. Upon a showing in
the application that an exportation with
respect to any gold-bearing materials
imported into the United States for re­
fining is necessary prior to the time the
settlement sheet can be procured, the
assay office at New York or the mint at
San Francisco, whichever was designated
by the importer, may receive the appli­
cation with duplicate certified copies of
the report of the applicant’s actual test
assay. If prior reports of such appli­
cant have been approximately substanti­
ated by the settlement sheets, a license or
licenses may be granted to export up to
90 per cent of the amount of gold which,
such report estimates will be realized
from such gold-bearing materials.
(8) Number of licenses to be issued.
No more than three licenses will be is­
sued in connection with each importa­
tion of gold-bearing material.
§ 54.33 Gold imported for r e-ex ­
p o r t3— (a) Exportation promptly with­
out license. Gold may be imported and
transported for prompt export, and ex­
3Attention is directed to Order No. 4 of the
Foreign Trade Zones Board (4 F. R. 541;
15 CFR 400.803a) which is applicable to gold.

13
ported without the necessity of holding
a license, provided the gold is, in fact
exported promptly and remains under
customs custody throughout the period
during which it is within the customs
limits of the United States. Upon the
arrival in the United States of gold im­
ported for re-export pursuant to the
provisions of this section, the importer
shall declare to the collector of customs
at the port of entry that it will be re­
exported promptly. The collector of
customs shall make a notation of this
declaration upon the entry and forward
a copy of the entry to the Director of
the Mint.
(b) Exportation pursuant to license.
In the event that the export of any
gold imported pursuant to this section
is delayed due to the unavailability of
facilities for the onward transportation
of such gold, the Director of the Mint
may, subject to the following provisions,
issue licenses on form TGL-17 authoriz­
ing the importation, holding, transpor­
tation, and exportation of gold which
the Director is satisfied is, in fact, im­
ported for re-export promptly upon the
completion of necessary arrangements
for the transportation of such gold.
(1) Every application for a license
under this section shall be made on form
TG-17 and shall be filed with the Direc­
tor of the Mint.
(2) Upon receipt of the application
and after making such investigation of
the case as may be deemed advisable, the
Director of the Mint, if satisfied that
the gold was, in fact, imported for re­
export promptly upon the completion
of necessary arrangements for the
transportation of such gold, shall issue
to the applicant a license on form
TGL-17.
§ 54.34 Licenses for other purposes.
The Secretary of the Treasury, with the
approval of the President, shall issue
licenses authorizing the acquisition,
transportation, melting or treating, im­
porting, exporting, or earmarking of
gold, for purposes other than those
specified in §§ 54.21 to 54.30, inclusive,
54.32 and 54.33, which, in the judgment
of the Secretary of the Treasury, are not
inconsistent with the purposes of the
acts, subject to the following provisions:
(a) Applications. Every application
for a license under this section shall be
made on form TG—18 and shall be filed
in duplicate with the Federal Reserve
bank for the district in which the appli­
cant resides or has his principal place
of business. Upon receipt of the appli­
cation and after making such investiga­




tion of the case as it may deem advisa­
ble, the Federal Reserve bank shall
transmit to the Secretary of the Treas­
ury the original of the application, to­
gether with any supplemental informa­
tion it may deem appropriate. Th&
Federal Reserve bank shall retain the
duplicate of the application for its
records.
(b) Licenses. If the issuance of a li­
cense is approved, the Federal Reserve
bank which received and transmitted the
application will be advised by the Sec­
retary of the Treasury and directed to
issue a license on form TGL-18. If a
license is denied, the Federal Reserve
bank will be so advised and shall imme­
diately notify the applicant. The deci­
sion of the Secretary of the Treasury
with respect to the granting or denying
of a license shall be final. If a license
is granted, the Federal Reserve bank
shall thereupon note upon the duplicate
of the application therefor, the date of
approval and issuance and the amount
of gold specified in such license.
(c) Reports. Within 7 business days
of the date of disposition of the gold
acquired or held under a license issued
under this section, or within 7 business
days of the date of export, if such ex­
portation is authorized, the licensee shall
file a report in duplicate on form T G R 18 with the Federal Reserve bank
through which the license was issued.
Upon receipt of such report, the Federal
Reserve bank shall transmit the original
thereof to the Secretary of the Treasury,
and retain the duplicate for its records.
SUBPART F— PURCHASE OF GOLD B Y M IN T S

§ 54.35 Purchase by mints.
The
mints, subject to the conditions specified
in the regulations in this part, particu­
larly § 54.36 to § 54.43, and the general
regulations governing the mints, are au­
thorized to purchase :
(a) Gold recovered from natural de­
posits in the United States or any place
subject to the jurisdiction thereof, which
shall not have entered into monetary or
industrial, professional, or artistic use,
including gold contained in deposits o f
newly mined domestic silver;
(b) Gold contained in deposits of
silver eligible for deposit at a mint for
return in bar form;
(c) Scrap gold as defined in § 54.4;
(d) Gold refined from sweeps pur­
chased from a United States mint;
(e) Gold (other than United States
gold coin) imported into the United
States after January 30, 1934;

14
(f ) Gold refined (or the equivalent to
gold refined) from imported gold-bear­
ing material; and
(g) Such other gold (other than
United States gold coin or gold derived
therefrom) as may be authorized from
time to time by rulings of the Secretary
of-the Treasury.
Provided, however, That no gold shall be
purchased by any mint under the pro­
visions of this subpart which, in the
opinion of the mint, has been held at
any time in noncompliance with the acts,
the orders, or any regulations, rulings,
instructions, or licenses issued there­
under, including the regulations in this
part, or in noncompliance with section 3
of the act of March 9,1933, or any orders,
regulations, rulings, or instructions
issued thereunder.4
§ 54.36 Gold recovered from natural
deposits in the United States or any place
subject to the jurisdiction thereof, in­
cluding gold contained in deposits of
newly mined domestic silver, (a) The
mints may purchase gold under § 54.35
(a) only if the deposit of such gold is
accompanied by a properly executed
statement as follows :
(1) A statement on form TG-19 shall
be filed with each delivery of gold by
persons who have recovered such gold
by mining or panning in the United
States or any place subject to the juris­
diction thereof.
(2) A statement on form TG-20 shall
be filed with each delivery of gold by
persons who have recovered such gold
from gold-bearing materials in the reg­
ular course of their business of operat­
ing a custom mill, smelter, or refinery.
(3) A statement on form TG-21 to­
gether with a statement giving the
names of the persons from whom gold
was purchased, the amount and descrip­
tion of each lot of gold purchased, the
location of the mine or placer deposit
from which each lot was taken, and the
period within which such gold was taken
from the mine or placer deposit, shall
be filed with each such delivery of gold
by persons who have purchased such
gold directly from the persons who have
mined or panned such gold.
4 Gold which has been so held in noncom ­
pliance with section 3 of the act of March 9,
1933 or the Order of the Secretary of the
Treasury of December 28, 1933 may, however,
be purchased in accordance with the Instruc­
tions of the Secretary of the Treasury of
January 17, 1934 (31 CFR 53.1) subject to
the rights reserved in such Instructions and
at the price stated therein.




(b) In addition, the depositors shall
show that the gold was acquired, held,
melted and treated, and transported by
them in accordance with a license issued
pursuant to § 54.25 or that such acqui­
sition, holding, melting and treating,
and transportation is permitted under
§§54.12 to 54.20, inclusive, without the
necessity of holding a license.
§ 54.37 Gold contained in deposits of
silver. Gold contained in deposits of
silver, eligible at a mint for return in
bar form, may be purchased by the
mints: Provided, That such silver con­
tains not less than 600 parts of silver in
1,000 and not more than 10 parts of gold
in 1,000: Provided, further, That the
gold was not mixed with such silver
for the purposes of selling gold to the
United States which was not eligible for
purchase by the United States under
paragraphs (a), (c), (d ), (e), or (f) of
§ 54.35.
§ 54.38 Scrap gold. Deposits of scrap
gold must be accompanied by a state­
ment executed on form TG-22. In ad­
dition the depositors of such gold shall
establish to the satisfaction of the mint
that the gold was acquired, held, and
transported by them in accordance with
the regulations in this part or a license
issued pursuant thereto.
§ 54.39 Gold refined from sweeps pur­
chased from a United States mint. Gold
refined from sweeps purchased from a
United States mint shall be purchased
only if the deposit of such gold is accom­
panied by a statement executed on form
TG^28.
§ 54.40 Imported gold. Except foi
gold which may be purchased in accord­
ance with the provisions of § 54.41, the
mints are authorized to purchase only
such gold imported into the United States
as has been in customs custody through­
out the period in which it shall have been
situated within the customs limits of the
continental United States, and then only
subject to the following provisions:
(a) Notation upon entry.
Upon
formal entry into the United States of
any gold intended for sale to a mint under
this subpart, the importer shall declare
to the collector of customs at the port of
entry where the gold is formally entered
that the gold is entered for such sale.
The collector shall make a notation of
this declaration upon the entry and for­
ward a copy to the mint designated by
the importer.
(b) Statement by importer. Upon the
deposit of the gold with the mint desig­

15
nated by the importer, the importer shall
file a statement executed in duplicate on
form TG-23.
§ 54.41 Gold refined from imported
gold-bearing material. The mints are
authorized to purchase gold refined (or
the equivalent to gold refined) from
gold-bearing material which has been
either imported into the United States
pursuant to a license issued under para­
graph (a) of § 54.25 for sale of the gold
derived therefrom to a designated mint,
or imported into the United States under
§ 54.32 (notwithstanding the declaration
made by the importer upon the entry
into the United States of such goldbearing material as required by § 54.32
( b ) ), whether or not such gold or goldbearing material has been in customs
custody throughout the period it has
been in the customs limits of the con­
tinental United States, subject to the
following provisions:
(a) In the case of gold-bearing mate­
rial imported pursuant to license issued
under paragraph (a) of § 54.25, the im­
porter shall declare to the collector of
customs at the port of entry that the
gold-bearing material is being imported
for sale of the gold refined therefrom to
a designated mint; the collector shall
make on the entry a notation to this
effect and forward a copy thereof to the
mint designated by the importer.
(b) In the case of gold-bearing mate­
rial imported under § 54.32, if the gold
refined therefrom is offered to a mint
other than the mint at San Francisco
or the assay office at New York, the
importer shall have caused the copy of
the entry described in § 54.32 (b) to be
forwarded to the mint to which he is
offering the gold for sale.
(c) Before any gold may be purchased
under this section, the requirements of
§ 54.32 (b) (2) and (3) must be shown
to have been complied with: Provided,
however, That any person importing
gold-bearing materials for sale of the
gold refined therefrom to a mint other
than the mint at San Francisco or the
assay office at New York shall have
caused the attested copy of the record
described in § 54.32 (b) (3) to be for­
warded to the mint to which he is offer­
ing the gold for sale.
(d) Upon presentation of the gold to
a mint or assay office for purchase, the




importer shall file a statement executed
in duplicate on form TG-26, together
with two duly attested copies of the set­
tlement sheet covering the gold-bearing
material imported.
(e)
No gold shall be accepted for pur­
chase under authority of this paragraph
unless it is delivered to the mint and all
of the terms hereof complied with within
seven months from the date of the
formal entry into the United States of
the gold-bearing material from which it
was extracted.
§ 54.42 Deposits. Deposits of gold
described in § 54.35 and rulings issued
thereunder will be received in amounts
of not less than 1 troy ounce of fine gold
when deposited in the following forms:
Nuggets, grains, and dust which are in
their native state free from earth and
stone, or nearly so, retort sponge, lumps,
coins, bars, kings, buttons, and scrap
gold as defined in § 54.4. Deposits of
gold shall not contain less than 200 parts
of gold in 1,000 by assay. In the case of
gold forwarded to a mint by mail or ex­
press, a letter of transmittal shall be
sent with each package. When there is
a material discrepancy between the
actual and invoice weights of a deposit,
further action in regard to it will be
deferred pending communication with
the depositor.
§ 54.43 R ejection of gold by mint.
Deposits of gold which do not conform
to the requirements of §§ 54.35 to 54.42,
inclusive, or which otherwise are unsuit­
able for mint treatment shall be rejected
and returned to the person delivering the
same at his risk and expense. The
mints shall not purchase gold under the
provisions of this subpart from any per­
son who has failed to comply with the
regulations in this part or the terms o f
a Treasury gold license. Any deposit of
gold which has been held in noncompli­
ance with the acts, the orders, or any
regulations, rulings, instructions or li­
censes issued thereunder, including the
regulations in this part, or in noncompli­
ance with section 3 of the act of March
9, 1933, or any orders, regulations, rul­
ings, or instructions issued thereunder,
may be held subject to the penalties
provided in § 54.11 or section 3 of the act
of March 9, 1933.

16
§ 54.44 Purchase price. The mints
" shall pay for all gold purchased by them
in. accordance with this subpart $35.00
(less one fourth bf 1 percent) per troy
ounce of fine gold, but shall retain from
such purchase price an amount equal to
all mint charges. This price may be
changed by the Secretary of the Treas­
ury without notice other than by notice
of such change mailed or telegraphed
to the mints.
SUBPART G-----SALE O F GOLD B Y M IN T S

§ 54.51 Authorization to sell gold.
Each mint is authorized to sell sold to
persons holding licenses issued pursuant
to § 54.25, or to persons authorized under
§ 54.21 to acquire such gold for use in
industry, profession, or art: Provided,
however, That except in justified cases,
no mint may sell gold to any person in
an amount which, in the opinion of such
mint, exceeds the amount actually re­
quired by such person for a period of 3
months. Prior to the sale of any gold
under this subpart, the mint shall re­
quire the purchaser to execute and file
in duplicate a statement on form TG-24,
or, if such purchaser is in the business
o f furnishing gold for use in industries,
professions, and arts, on form TG-25.
The mints are authorized to refuse to
sell gold in amounts less than 25 ounces,
and shall not sell gold under the provi­
sions of this subpart to any person who
has failed to comply with the regulations
in this part or the terms of his license.
§ 54.52 Sale price. The mints shall
charge for all gold sold under this article
$35.00 (plus one fourth of 1 percent) per
troy ounce of fine gold plus the regu­
lar mint charges. This price may be
changed by the Secretary of the Treas­
ury without notice other than by notice
o f such change mailed or telegraphed to
the mints.

SUBPART H — IN STR U C TIO N S ISSU ED P U R S U ­
ANT TO § 5 4 .8 ( b ) OF THE REGULATIONS I N
T H IS PART

§ 54.60

Gold exported from Mexico_

To Collectors of Customs in the
Continental United States:
Pursuant to the provisions of § 54.8 (a)
[now § 54.8 (b) ] of the regulations issued
under the Gold Reserve Act of 1934, you are
hereby instructed, effective immediately, and
regardless of whether said regulations are
otherwise complied with, to refuse entry into
the continental United States of gold in any
form (including gold in its natural state)
exported from Mexico, unless* there is filed
with you a certificate, duly certified by an
officer of the Mexican Government, to the
effect that such gold was or may be lawfully
exported from Mexico. However, these in­
structions do not apply to
(1) “ Fabricated gold” as defined in said
regulations.
(2) Any substance, including gold in its
natural state, which you are satisfied, after
the filing of an appropriate affidavit by the
importer, does not contain more than 5 troy
ounces of fine gold per short ton.
Henry

M

orgenthau

,

Jr.,

Secretary of the Treasury.

Approved:
F r a k l in

D. R

oosevelt,

The White House, March 11, 1937.
SUBPART I— TRANSITORY PROVISION S

§ 54.70 Legal effect of amendment o f
regulations. This amendment of the
Gold Regulations shall not affect any act
done or any right accruing or accrued or
any suit or proceeding had or commenced
in any civil or criminal cause prior to the
effective date of this amendment but all
such liabilities shall continue and may be
enforced as if said amendment had not
been made.
[ seal ]

J ohn S. G raham ,

Acting Secretary of the Treasury.
[F. R. Doc. 52-9472; Filed, Aug. 28, 1952;
8:45 a. m.]

V. S. GOVERNMENT PRINTING OFFICE: 1952

For sale by the Superintendent of Documents, United States Government Printing Office
Washington 25, D. C. - Price 5 cents





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102