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U.S. TREASURY DEPARTMENT
OFFICE OF THE SECRETARY

GOLD REGULATIONS
Revised August 20, 1965

U.S. GOVERNMENT PRINTING OFFICE
WASHINGTON : 1965

I------------- ------------- ----------------- ------







SU BPART F — PU RCH ASE

S U B P A R T A-----G E N E R A L P R O V IS IO N S

Sec.
54.36
54.37

Sec.
54.1
54.2
54.3
54.4
54.5

Authority for regulations.
General provisions.
Titles and subtitles.
Definitions.
General provisions affecting applica­
tions, statements, and reports.
54.6
General provisions affecting licenses
and authorizations.
54.7
General provisions affecting export li­
censes.
54.8
General provisions affecting import
licenses.
54.9
Forms available.
54.10 Representations by licensees.
54.11 Civil and criminal penalties.
B-----C O N D IT IO N S

SUBPA RT
MAY

BE

A C Q U IR E D

UNDER

AND

HELD,

W H IC H

54.38
54.39
54.40
54.41
54.42
54.43
54.44
54.45

OF GOLD B Y

M IN T S

Purchase by mints.
Gold recovered from natural deposits
in the United States or any place
subject to the jurisdiction thereof.
Gold contained in deposits of silver.
Scrap gold.
Gold refined from sweeps purchased
from a United States mint.
Imported gold.
Gold refined from imported goldbearing material.
Deposits.
Rejection of gold by mint.
Purchase price.
S U B P A R T G---- SALE OF GOLD B Y M I N T S

GOLD

54.51
54.52

TRANSPO RTED ,

Authorization to sell gold.
Sale price.

M E L T E D OR TR E A TE D , I M P O R T E D , E XPO RTED , OR
-A

S U B P A R T I— G E N E R A L

EARM ARKED

L IC E N S E T O

H O L D GOLD

C E R T IF IC A T E S

Conditions under which gold may be
acquired, held, melted, etc.
O ^
0 54.13 Transportation of gold.
Gold situated outside of the United
CD5 4 1 4
CO
States.
^ 54.15 Transportation of gold to the Posses­
sions of the United States.
CO,
54.16 .Fabricated gold.
54.17 Metals containing gold.
Unmelted scrap gold.
Gold in its natural state.
"54.20 Rare coin.

54.83

A u t h o r i t y : §§54.1 to 54.83 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, as amended by E.O. 10896, Nov.
29, 1960 and E.O. 10905, Jan. 14, 1961, and
E.O. 11037, July 20, 1962; E.O. 6359, Oct. 25,
1933; E.O. 9193, as amended, 7 F.R. 5205; 3
CFR 1943 Cum. Supp.; E.O. 10289, 16 F.R.
9499; 3 CFR 1951 Supp.

S
541189
3=54-

SUBPART

C---- GOLD FO R
S IO N A L , A N D

54.21
54.22
54.23
54.24
54.25
54.26
54.27

IN D U S T R IA L , P R O F E S ­
A R T IS T IC

SUBPART A— GENERAL PROVISIONS

USE

§ 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 F.R. 9501) and
(b) The authority which the Presi­
dent of the United States has delegated
to the Secretary of the Treasury by Ex­
ecutive Orders Nos. 6260 of August 28,
1933 (31 CFR 1938 ed. Part 50), as
amended by E.O. 10896, Nov. 29, 1960 and
E.O. 10905, Jan. 14, 1961, and E.O. 11037,
July 20, 1962; 6359 of October 25, 1933
and 9193 of July 6, 1942, as amended (7
F.R. 5205, 3 CFR 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 Octo-

Fifty ounce exemption for processors.
Licenses required.
Issuance of licenses or general author­
izations.
Applications.
Licenses.
Investigations; records; subpoenas.
Reports.

S U B P A R T D-----GOLD FO R T H E P U R P O S E O F S E T T L IN G
IN T E R N A T IO N A L

BALANCES,

AND

FOR

OTHER

PURPOSES

54.28
54.29
54.30

Acquisitions by Federal Reserve banks
for purposes of settling interna­
tional balances, etc.
Dispositions by Federal Reserve banks.
Provisions limited to Federal Reserve
b^nks

S U B P A R T E ---- GOLD FO R O T H E R P U R P O S E S N O T I N ­
C O N S I S T E N T W I T H T H E P U R P O S E S O F T H E GOLD
RE S E R V E A C T O F
BER 6 ,

54.31
54.32
54.33
54.34

54.35

1934

General license; gold certificates.

A N D T H E ACT O F O C T O ­

1 9 1 7 , AS A M E N D E D

Licenses required.
Gold imported in gold-bearing ma­
terials for re-export.
Gold imported for re-export.
Licenses for other purposes.
Rare gold bars.




(1)

ber 6, 1917 (40 Stat. 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 interest and neces­
sary and proper to carry out the purposes
of said acts and Executive orders, are
issued by the Secretary of the Treasury.
§ 54.2 General provisions— (a) Scope.
Sections 54.12 to 54.35 refer particularly
to section 3 of the Gold Reserve Act of
1934, as amended, and to Executive Order
No. 6260 of August 28, 1933, sections 4,
5, and 6 of the Executive Order No. 6359
of October 25, 1933, and Executive Order
No. 9193 of July 6,1942, as amended; and
§§ 54.36 to 54.52 refer particularly to sec­
tions 8 and 9 of the Gold Reserve Act of
1934, as amended.
(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 per­
sons subject to the jurisdiction of the
United States deliver to the United States
gold coins, gold bullion and gold certifi­
cates situated in the United States and
held or owned by such persons on the
dates of such orders. Gold coins having
a recognized special value to collectors
of rare and unusual coin, including all
gold coins made prior to April 5, 1933,
and gold certificates of the type issued
before January 30, 1934, have been ex­
empted from such delivery requirement.
The regulations in this part do not alter
or affect in any way the requirements
under said orders to deliver gold bullion,
and gold bullion required to be delivered
pursuant to such orders is 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 reserved in such instructions.
(c) Effect of authorizations and li­
censes. (1) A general authorization
contained 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, as amended, for
such acquisition, holding, transporting,
etc.



2
(2) Any authorization in the regula­
tions in this part, or in any license
issued hereunder to acquire, hold, trans­
port, melt or treat, import or export gold
in any form shall not be deemed to au­
thorize, unless it specifically so provides,
the acquisition, holding, transporting,
melting or treating, importing, or ex­
porting 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
subsequent 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 modifications. 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 purposes of
ready reference and are not to be con­
strued as constituting a part of the regu­
lations 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; 9193 of July 6, 1942,
as amended, 10896 of November 29, 1960,
10905 of January 14,1961 and E.O. 11037,
July 20, 1962.
(3) “ United States” means the Gov­
ernment of the United States or where
used to denote a geographical area,
means the States of the United States,
the District of Columbia, and all other
places subject to the jurisdiction of the
United States.
(4) “ States of the United States”
means the States of the United States
and the District of Columbia.
(5) “Person” means any individual,
partnership, association, or corporation,
including the Board of Governors of the
Federal Reserve System, Federal Re­

serve banks, and Federal Reserve agents.
(6) “ Mint” means a United States
mint or assay office, and wherever authority is conferred upon a “ mint” such
authority is conferred upon the person
locally in charge of the respective United
States mint or assay office acting in ac­
cordance with the instructions of the
Director, Office of Domestic Gold and
Silver Operations or the Secretary of the
Treasury.
(7) “ Gold coin” means any coin con­
taining gold as a major element, includ­
ing gold coin of a foreign country.
(8) “ 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
defined in this section, metals containing
less than 5 troy ounces of fine gold per
short ton, or unmelted gold coin.
(9) 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 does not exceed 90 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
industrial, professional or artistic uses.
(ii) “ Semi-processed 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 exceeds 90 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
industrial, 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



3
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 arti­
cle, 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.
(10) “ Scrap gold” means gold filings,
clippings, polishings, sweepings and the
like and any other melted or unmelted
scrap gold, semiprocessed 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.
(11) “ Gold in its natural state” means
gold recovered from natural sources
which has not been meltec', smelted, or
refined, or otherwise treated by heating
or by a chemical or electrical process.
(12) “ Hold”, when used with refer­
ence to gold includes actual or construc­
tive possession of or the retention of any
interest, 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 unkriown.
(13) “Person subject to the jurisdic­
tion of the United States” means:
(i) Any individual who is a citizen of
the United States;
(ii) Any individual, wheresoever lo­
cated, who is a resident of, or domiciled
in, the United States;
(iii) Any partnership, association, cor­
poration, or other organization which is
organized or doing business under the
laws of the United States or of any state
or territory thereof or of the District of
Columbia;
(iv) Any partnership, association, cor­
poration or other organization, whereso­
ever organized or doing business, which
is controlled, or a substantial part of the
stock, shares, bonds, debentures, notes,
drafts, or other securities or obligations
of which, is owned or controlled, directly
or indirectly, by persons specified in (i ) ,
(ii), or (iii).
(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

4
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.
(14) “ Customary industrial, profes­
sional or artistic use” means the use of
gold in industry, profession or art, in a
manner, for a purpose, in a form, and in
quantities in which gold is customarily
used in industry, profession or art.
Without limitation, the following are
not deemed to be customary industrial,
professional or artistic uses of gold:
(i) The plating of any coins.
(ii) The manufacture of any gold
medals other than special award medals,
or
(iii) The acquisition, holding, trans­
portation, importation or exportation of
any gold-plated coins or gold medals
other than special award medals.
(15) “ Possessions of the United
States” means Guam, the Virgin Islands,
American Samoa, Midway Islands, Wake
Island, Johnston Island, and Sand
Island, Swan Island and the other Island
Possessions of the United States.
§ 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 Treas­
ury. Action upon any application or
statement may be withheld pending the
furnishing of any or all of the informa­
tion required in such forms or of such
additional 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
Treasury. 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 pre­
scribed in, the regulations in this part
and such licenses.



(b) Revocation or modification of li­
censes: 1 Licenses may be modified or
revoked at any time in t.hp discretion of
the Director, Office of Domestic Gold
and Silver Operations. 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, Office of Domestic Gold and
Silver Operations shall advise the li­
censee by letter, mailed to the last ad­
dress of the licensee on file in the Office
of Domestic Gold and Silver Operations.
The licensee, upon receipt of such advice,
shall forthwith surrender his license as
directed. If the license has been modi­
fied but not revoked, the Director, Office
of Domestic Gold and Silver Operations
shall thereupon issue or cause to be
issued a modified license.
(c) Exclusions: The Director, Office of
Domestic Gold and Silver Operations
may exclude particular persons or classes
thereof from the operation of any sec­
tion of the regulations in this part (ex­
cept §§ 54.28 to 54.30, inclusive) or li­
censes 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 or privileges
conferred in any section of the regula­
tions in this part setting forth in detail
the reasons for such request, may be ad­
dressed to the Director, Office of Do­
mestic Gold and Silver Operations,
Treasury
Department,
Washington,
D.C., 20220. 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 Office of Domestic Gold and Silver
Operations 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 local authority.
1 Regulations governing procedures for
denying an application for a license, for
revoking, suspending or modifying a license,
and for excluding any person from the
privileges conferred in the regulations in this
part are set forth in § 92.31 of this chapter.

5
(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 carry­
ing out any policy of the United States.
§ 54.7 General provisions affecting ex­
port licenses? At the time any license
to export gold is issued, the Office of Do­
mestic Gold and Silver Operations or
Federal Reserve bank issuing the same,
shall transmit a copy thereof to the col­
lector of customs at the port of export
designated in the license or, if the port
of export is not within the customs terri­
tory of the United States, to the govern­
ment officer at such port charged with
the enforcement of laws relating to the
exportation of merchandise from the
United States. No collector of customs
or other government officer charged with
the enforcement of laws relating to the
exportation of merchandise from the
United States shall permit the export or
transportation from the States of the
United States to the Possessions of the
United States, to Puerto Rico, to the
Canal Zone, or to places not subject to
the jurisdiction of the United States or
the export or transportation from the
Possessions of the United States from
Puerto Rico or from the Canal Zone to
places not subject to the jurisdiction of
the United States of gold in any form
except upon surrender of a license to ex­
port, a copy of which has been received
by him from the agency issuing the same
(except that licenses on Form TGL-15
general) covering multiple shipments
during a six-months’ period are retained
by the licensees until the expiration of
such period when they are returned to
the Director, Office of Domestic Gold and
Silver Operations: Provided, however,
That the export or transportation from
the States of the United States, the Pos­
sessions of the United States, Puerto
Rico and the Canal Zone of fabricated
gold may be permitted pursuant to
§ 54.25(b) (2) and the export or trans­
2 The regulations in this part shall not be
construed as relieving any person from the
obligation of compliance with the regula­
tions of the Bureau of Foreign Commerce
(formerly the Office of International Trade),
(15 CFR Parts 360 to 399), the Bureau of
Customs (19 CFR Ch. I) or other laws or
regulations relating to the importation or
exportation of merchandise, where applicable
to imports or exports of gold, or articles con­
taining gold.




portation from the States of the United
States, the Possessions of the United
States, Puerto Rico and the Canal Zone
of gold imported for reexport may be
permitted pursuant to §§ 54.32 and 54.33:
And provided further, That gold held by
the Federal Reserve banks under §§ 54.28
to 54.30, may be exported or transported
for the purposes of such sections without
a license. The collector of customs or
other government officer to whom a li­
cense to export is surrendered shall can­
cel such license and return it to the
Director, Office of Domestic Gold and
Silver Operations or the Federal Reserve
bank 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 by the agency issuing the
same to the postmaster of the post office
designated in the application, who will
act under the instructions of the Post­
master General in regard thereto.
§ 54.8 General provisions affecting
import licenses. No gold in any form
imported into the United States shall be
permitted to enter until the person im­
porting 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 li­
cense under the provisions of §§54.12
to 54.21, inclusive, or §§ 54.28 to 54.30,
inclusive. Postmasters receiving pack­
ages containing gold will deliver such
gold subject to the instructions of the
Postmaster General.
§ 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, Office of Do­
mestic Gold and Silver Operations,
Treasury Department, Washington, D.C.,
20220 .

§ 54.10 Representations by licensees.
Licensees may include in public and pri­
vate representations or statements the
clause “ licensed on form TGL___ (here
inserting the number of the form of li­
cense held by the licensee) pursuant to
the regulations issued by the Secretary
of the Treasury” , but any representation
or statement which might induce the be­
lief that the licensee is acting or is es­
pecially privileged to act on behalf of or
for the United States, or is purchasing,
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.

6
(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 privileged
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,
inclusive.
§ 54.11 Civil and criminal penalties—
(a) Civil penalties. Attention is directed
to section 4 of the Gold Reserve Act of
1934, which provides:
Any gold withheld, acquired, transported,
melted or treated, imported, exported, or ear­
marked 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 of which
such failure occurred (31 U.S.C. 443).

(b) Criminal punishment. Attention
is also directed to (1) section 5(b) 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 violations
of any provisions of this part and to vio­
lations of the provisions of any license,
ruling, regulation, order, direction, or in­
structions issued by or pursuant to the
direction or authorization of the Secre­



tary of the Treasury pursuant to the reg­
ulations 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 fal­
sifies, conceals or covers up by any trick,
scheme, or device a material fact, or makes
any false, fictitious or fraudulent state­
ments or representations, or makes or uses
any false writing or document 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-----CONDITIONS UNDER W H IC H GOLD
M AY BE ACQUIRED AND HELD, TRANS­
PORTED, MELTED OR TREATED, IMPORTED,
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 con­
ditions 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, (a) Gold in any form
situated outside of the United States
may be acquired, held, transported,
melted or treated, or earmarked by or
on behalf of persons subject to the juris­
diction of the United States only to the
extent permitted by licenses relating to
the legitimate and customary use of
gold in industry, profession or art issued
under § 54.25: Provided, however, the
provisions of § 54.16, § 54.17, § 54.19, re­
lating to fabricated gold, metals con­
taining gold, and gold in its natural state,
respectively, shall be applicable to the ac­
quisition, holding and transportation of
gold in such forms outside of the United
States by or on behalf of persons subject
to the jurisdiction of the United States.
(b)
The acquisition, holding, transpor­
tation, importing and exporting, by per­
sons subject to the jurisdiction of the
United States, of securities issued by any
person holding, as a substantial part of
his assets, gold as a store of value or as,

7
or in lieu of, money and not for a specific
and customary industrial, professional or
artistic use, is prohibited.
§ 54.15 Transportation of gold to the
Possessions of the United States. Gold
may be transported from the States of
the United States to the Possessions of
the United States, to Puerto Rico and to
the Canal Zone only as authorized by
§§ 54.25, 54.32, 54.33 or 54.34 or licenses
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 necessity
of holding a license therefor. Fabricated
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 ex­
ceeding at any one time 50 fine troy
ounces of gold content without the
necessity of holding a license therefor.
Persons holding licenses issued pur­
suant to paragraph (a) of § 54.25, or
acquiring, transporting, importing or
holding gold pursuant to § 54.21, may
not acquire, transport, import 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.
(b)
Gold amalgam which results from
the addition of mercury to gold in its
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 so resulting 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 con­
tent 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
200 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 paragragh (a) of § 54.25.
(d) Except as provided in §§ 54.12 to
54.20, inclusive, and in §§ 54.32 and
54.33, gold in its natural state may be
melted or treated or exported only to the
extent permitted by, and subject to the
conditions 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 unsual coin may be acquired,
held, and transported within the United
States without the necessity of holding
a license therefor. Such coin may be im­
ported, however, only as authorized by
this Section or Sections 54.28 to 54.30,
54.34, 54.41, or licenses issued thereun­
der, and exported only in accordance
with the provisions of Section 54.25.
(b) Gold coin made prior to April 5,
1933, is considered to be of recognized
special value to collectors of rare and
unusual coin.
(c) Gold coin made subsequent to
April 5, 1933, is presumed not to be of
recognized special value to collectors of
rare and unusual coin.
(d) The Director, Office of Domestic
Gold and Silver Operations, may in ex­
ceptional cases issue or cause to be is­
sued licenses or other authorizations
permitting the importing of gold coin of
recognized special value to collectors of
rare and unusual coin.
SUBPART C— GOLD FOR INDUSTRIAL, PROFES­
SIO NAL, AND ARTISTIC USE

§ 54.21 Fifty ounce exemption for
processors, (a) Subject to the condi­
tions in paragraph (b) of this section,

8
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 is­
sued 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 or to the holder of a li­
cense issued pursuant to paragraph (a)
of § 54.25 which authorizes the acquisi­
tion 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, 50 fine troy
ounces of gold content (not including
gold which may be acquired, held, etc.,
without a license under any other sec­
tion of this part, except § 54.18);
(2) That the aggregate amount of
such gold acquired, held, transported,
melted and treated, and imported, does
not exceed, in any calendar, month 350
fine troy ounces of gold content (not
including gold which may be acquired,
held, etc., without a license under any
other section of this part, except
§ 54.18);
(3) 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
(4) 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 except that scrap gold may,
for processing and return in semi-processed form, be consigned to the holder
a license issued pursuant to para­
Digitized of
for FRASER
graph (a) of § 54.25, which authorizes


the acquisition and melting and treating
o f such gold;
(2) To furnish melted scrap gold to
persons operating pursuant to the pro­
visions of this section or § 54.18;
(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 author­
ity 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
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, Office of
Domestic Gold and Silver Operations,
may issue or cause to be issued licenses
or other authorizations permitting the
acquisition and holding, transportation,
melting and treating, importing and ex­
porting of gold which the Director is
satisfied is required for legitimate and
customary use in industry, profession, or
art, by persons regularly engaged 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 li- *
censes shall be made on Form TG-15)
and shall be filed in duplicate with the
Director, Office of Domestic Gold and
Silver Operations, Treasury Department,
Washington, D.C., 20220. Every appli­
cant 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, association, or corporation
in which the applicant has a substantial
interest or, if the applicant is a partner­
ship, association, or corporation, by or
to a person having a substantial interest
in such partnership, association or cor­
poration. The Director, Office of Domes­
tic Gold and Silver Operations shall not
issue any license to any person if in the
judgment of the Director 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 li­

censed under this subpart acquiring a
principal interest in any partnership, as­
sociation , or corporation, holding a
license under this subpart for this pur­
pose shall immediately so inform the
Director, Office of Domestic Gold and
Silver Operations.
§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 ad­
ditional information as may be deemed
advisable, the Director, Office of Domes­
tic Gold and Silver Operations shall, if
satisfied that gold is necessary for the
legitimate and customary requirements
of the applicant’s industry, profession,
art, or business, and that the applicant is
qualified in all respects to conduct gold
operations in full compliance with the
provisions of this part and the provisions
of a Treasury gold license, issue or cause
to be issued to the applicant a Treasury
gold license on the approved 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; to transport
such gold, melt or treat it to the extent
necessary to meet the requirements 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 im­
portation 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 of gold in any form from
the States of the United States to the
Possessions of the United States, to
Puerto Rico, to the Canal Zone or to
places not subject to the jurisdiction
of the United States, or the exportation
or transportation from the Possessions
of the United States, from Puerto Rico or
from the Canal Zone to places not sub­
ject to the jurisdiction of the United
States. Such exportation or transpor­
tation is permitted only to the extent
authorized in paragraph (b) of this sec­
tion or in a separate license issued pur­
suant to such paragraph.
(b) Licenses and authorizations for
the exporting of gold.— (1) Semi-proc­
essed gold. Semi-processed gold as de­
fined
in § 54.4 may be exported or trans­



9
ported from the States of the United
States to the Possessions of the United
States, to Puerto Rico, to the Canal Zone,
or to places not subject to the jurisdic­
tion o f the United States, and from the
Possessions of the United States, from
Puerto Rico or from the Canal Zone to
places not subject to the jurisdiction of
the United States, only pursuant to a
separate export license. Such licenses
shall be issued by the Director, Office of
Domestic Gold and Silver Operations
upon application 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 is for a specific and custom­
ary industrial, professional, or artistic
use and not for the purpose of using
or holding or disposing of such semi­
processed gold outside the States of the
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 States of the
United States, from the Possessions of the
United States, from Puerto Rico and
from the Canal Zone without the neces­
sity of obtaining a Treasury gold license:
Provided, however, That the Bureau of
the Census Schedule B statistical classi­
fication number of each specific com­
modity to be exported shall be plainly
marked on the outside o f the package or
container, the shipper’s export declara­
tion shall contain a statement that such
gold is fabricated gold as defined in § 54.4
and is being exported pursuant to the
authorization contained in this subpara­
graph, and such additional documenta­
tion shall be furnished as may be re­
quired 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, (i) Rare gold coin, as
defined in § 54.20, made prior to April 5,
1933, may be exported or transported
from the States of the United States,
from the Possessions of the United
States, from Puerto Rico and the Canal
Zone without the necessity of obtaining
a Treasury gold license: Provided how­
ever, That the shipper’s export declara­
tion shall contain a statement that such
coin is rare gold coin and is being ex­
ported pursuant to the authorization
contained in this subparagraph and such
additional documentation shall be fur­
nished as may be requested by the Bu­
reau of Customs or any other govern­
ment agency charged with the enforce­

10
ment of laws relating to the exportation
of merchandise from the United States.
(ii)
Gold coin made subsequent to
April 5, 1933, may be exported or trans­
ported from the States of the United
States, from the Possessions of the
United States, from Puerto Rico and
from the Canal Zone only under license
on Form TGL-11 issued by the Director,
Office of Domestic Gold and Silver Oper­
ations. Application for such a license
shall be executed on Form TG-11 and
filed with the Director, Office of Domes­
tic Gold and Silver Operations, Treasury
Department, Washington, D C., 20220.
(4)
Other exports of gold. Export
licenses may also be issued upon appli­
cation made on Form TG-15B in the
same manner as prescribed in subpara­
graph (1) of this paragraph, authorizing
the exportation of gold in any form for
refining 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, Office of
Domestic Gold and Silver Operations 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 is­
sued 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
examination by a representative of the
Treasury Department until the end of
the fifth calendar year (or if such per­
son’s accounts are kept on a fiscal year
basis, until the end of the fifth fiscal
year) following such operations or trans­
actions. The records required to be kept
by this section shall include the name,
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 de­
livered, 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 rec­
ords 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 de­
fined in § 54.4.
(c) The Director, Office of Domestic
Gold and Silver Operations (or the offi­
cers and employees of the Office of Do­
mestic Gold and Silver Operations
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, com­
plete information relative to any trans­
action 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 re­
quired to be kept by this section and, to
the extent that the production of such
information is necessary and appropri­
ate to the enforcement of the provisions
of the acts, the orders, and the regula­
tions in this part, or licenses issued there­
under, any other records, documents,
reports, books, accounts, invoices, sales
lists, sale slips, orders, vouchers, con­
tracts, receipts, bills of lading, corre­
spondence, memoranda, papers and
drafts, and copies thereof, either before
or after the completion of the trans­
action to which such records refer.
(d) The Director, Office of Domestic
Gold and Silver Operations may admin­
ister oaths and affirmations and may,
whenever necessary, require any person
holding a license under § 54.25 or ac­
quiring, holding or disposing of gold pur­
suant to the authorizations of §§54.18
or 54.21, or any officer, director, or em­
ployee of such person, to appear and
testify or to appear and produce any of
the records specified in paragraph (c) 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 reports
on the appropriate report form specified

11
in such license for the six months’ pe­
riods ending on the last days of June and
December, respectively, and shall file
such reports with the Director, Office of
Domestic Gold and Silver Operations,
Treasury Department, Washington, D.C.,
20220. Reports shall be filed within
twenty-five days after the termination of
the period for which such reports are
made.
SUBPART D---- GOLD FOR THE PURPOSE OF
SETTLING INTERNATIONAL BALANCES AND
FOR OTHER PURPOSES

§ 54.28 Acquisitions by Federal Re­
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 Re­
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 Treas­
ury shall have extended the period with­
in which such gold may be so held) be
paid and delivered to the Treasurer of
the United States against payment there­
for 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 Federal
Reserve 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 ex­
tent that his license issued under this
part specifically so provides.



SUBPART E— GOLD FOR OTHER PURPOSES NOT
IN C O N SISTEN T W IT H THE PURPOSES OF
THE GOLD RESERVE ACT OF 1 9 3 4 AND THE
ACT OF OCTOBER 6 , 1 9 1 7 , AS AMENDED

§ 54.31 Licenses required. Gold may
be acquired and held, transported, melted
or treated, imported, exported, or ear­
marked 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, and § 54.32, or
under a license issued under §§ 54.33,
54.34 or 54.35.
§ 54.32 Gold imported in gold-bear­
ing materials for re-export, (a) Gold
refined (or the equivalent to gold re­
fined) from gold-bearing materials
imported into the United States for
refining and re-export may be re­
exported to the foreign exporter or pur­
suant to his order, without the necessity
of obtaining a Treasury gold export
license, subject to the following condi­
tions :
(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) (i) and (ii) of this
paragraph, and the importer will not
participate in the sale of such refined
gold or receive any commission in con­
nection 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) 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 § 54.25, and in full
compliance with the provisions of para­
graph (b) of this section.
(b)
Procedural requirements.
Per­
sons exporting gold pursuant to para­
graph (a) of this section shall comply
with the following requirements:
(1)
Notation upon entry. Upon the
formal entry into the United States of

any gold-bearing materials, the im­
porter shall declare to the collector of
customs at the port where the material
is formally entered that the importation
is made with the intention of exporting
the gold refined therefrom to the foreign
exporter, or pursuant to his order. The
collector shall make on the entry a nota­
tion tg this effect and forward a copy
of the entry to the United States assay
office at New York or to the United States
assay office at San Francisco, whichever
is designated 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 Office of Domestic Gold and
Silver Operations.
(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 importation,
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. A true copy of such record shall
be filed promptly with the assay office
in New York or the assay office at San
Francisco, whichever has been desig­
nated to receive a copy of the entry.
The plant records herein required to be
kept shall be available for examination
by a representative of the Treasury De­
partment for at least 1 year after the
date of the disposition of such gold.
(4) Limitations on exports. The gold
refined (or the equivalent to gold re^
fined) from imported gold-bearing ma­
terials shall be exported not later than
seven months from the date of entry
of such gold-bearing materials and shall
not exceed the amount of gold shown on
the refiner’s settlement sheet as having
been recovered from the imported goldbearing material: Provided, That, such
gold may be exported prior to the pro­
curement of the refiner’s settlement
sheet in an amount not in excess of 90
percent of a written estimate of the gold
content of the gold-bearing material
based upon the actual test assay of such
material.
(5) Export declaration and certificate.
The exporter shall state on his export
declaration that the shipment is gold
refined (or the equivalent to gold re­



12
fined) from imported gold-bearing ma­
terials which is being exported pursuant
to the authorization contained in this
section, and shall attach to his export
declaration a certificate properly exe­
cuted in duplicate on Form TG-16 and
two true copies of the refiner’s settlement
sheet. In the event that exportation is
made prior to procurement of the settle­
ment sheet, duplicate certified copies of
the report of the actual test assay of
the gold-bearing material, together with
a statement showing that an exportation
with respect to such material is neces­
sary prior to the time the settlement
sheet can be procured, shall be submit­
ted by the exporter with his export decla­
ration and certificate on Form TG-16.
The collector of customs shall forward
a copy of the certificate on Form TG-16
and a copy of the settlement sheet, or
the report of the test assay, to the United
States assay office at New York or the
United States assay office at San Fran­
cisco, whichever has been designated to
receive a copy of the entry.
§ 54.33 Gold imported for re-export3—
(a) Exportation promptly without li­
cense. Gold may be imported and
transported for prompt export, and ex­
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, Office
of Domestic Gold and Silver Operations.
(b)
Exportation pursuant to license.
In the event that the export of any gold
imported pursuant to this section is de­
layed due to the unavailability of facili­
ties for the onward transportation of
such gold, the Director, Office of Domestic
Gold and Silver Operations, may, sub­
ject to the following provisions, issue
licenses on Form TGL-17 authorizing
the importation, holding, transportation,
and exportation of gold which the Direc­
tor is satisfied is, in fact, imported for
re-export promptly upon the completion
3 Attention is directed to Order No. 29 of
the Foreign-Trade Zones Board (17 F.R. 5316;
15 CFR 400.803) which is applicable to gold.

13
of necessary arrangements for the trans­
portation of such gold.
(1) Every application for a license un­
der this section shall be made on Form
TG-17 and shall be filed with the Di­
rector, Office of Domestic Gold and Silver
Operations.
(2) Upon receipt of the application
and after making such investigation of
the case as may be deemed advisable, the
Director, Office of Domestic Gold and
Silver Operations, if satisfied that the
gold was, in fact, imported for re-export
promptly upon the completion of neces­
sary arrangements for the transporta­
tion of such gold, shall issue to the
applicant a license on Form TGLr-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 speci­
fied in §§ 54.21 to 54.30, inclusive, 54.32
and 54.33, which, in the judgment of the
Secretary of the Treasury, are not in­
consistent 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 advisable
the Federal Reserve bank shall trans­
mit to the Secretary of the Treasury the
original of the application, together with
any supplemental information it may
deem appropriate. The 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 ap­
proval 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 expor­
tation is authorized, the licensee shall file
a report in duplicate on Form TGR-18
with the Federal Reserve bank through
which the license was issued. Upon re­
ceipt 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.
§ 54.35

Rare gold bars.

(a) The Director, Office of Domestic
Gold and Silver Operations, may issue
or cause to be issued licenses or other au­
thorizations, permitting the acquisition,
holding, transportation and importation
of gold bars which the Director is satis­
fied have been of recognized special value
to collectors of numismatic items at all
times since prior to April 5, 1933. Gold
bars manufactured after December 31,
1900, shall be presumed not to be of such
recognized special value to collectors.
Application for a license under this para­
graph shall be executed on Form TG-32
and filed in duplicate with the Director,
Office of Domestic Gold and Silver
Operations.
(b) Gold bars held pursuant to a li­
cense issued under paragraph (a) of this
section may be exported only pursuant to
a separate export license issued by the
Director, Office of Domestic Gold and
Silver Operations. Application for such
a license shall be executed on Form T G 33 and filed in duplicate with the Direc­
tor.
SUBPART F---- PURCHASE OF GOLD B Y

M IN T S

§ 54.36 Purchase by mints.
The
mints, subject to the conditions specified
in the regulations in this part, particu­
larly § 54.37 to § 54.45, 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.
(b) Gold contained in deposits of sil­
ver 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 is­
sued thereunder.4
§ 54.37 Gold recovered from natural
deposits in the United States or any place
subject to the jurisdiction thereof, (a)
The mints may purchase gold under
§ 54.36(a) only if the deposit of such
gold is accompanied by a properly exe­
cuted 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 jurisdiction
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 regu­
lar course of their business of operating
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 pur­
chased, the amount and description 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 per­
sons who have purchased such gold di­
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 Instrutions of the Secretary of the Treasury of
January 17, 1934 (§53.1 of this chapter),
subject to the rights reserved in such In­
structions and at the price stated therein.




rectly from the persons who have mined
or panned such gold.
(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 acquisi­
tion, holding, melting and treating, and
transportation is permitted under
§§ 54.12 to 54.20, inclusive, without the
necessity of holding a license.
§ 54.38 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 the gold was not mixed
with such silver for the purposes of sell­
ing gold to the United States which was
not eligible for purchase by the United
States under paragraphs (a), (c), (d),
(e ), or (f) of § 54.36.
§ 54.39 Scrap gold. Deposits of scrap
gold must be accompanied by a state­
ment executed on form TG-22. In addi­
tion 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.
§ 54.40 Gold refined from sweeps
purchased from a United States mint.
Gold refined from sweeps purchased
from a United States mint shall be pur­
chased only if the deposit of such gold is
accompanied by a statement executed
on Form TG-28.
§ 54.41 Imported gold. Except for
gold which may be purchased in accord­
ance with the provisions of § 54.42, 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 United States, and then only sub­
ject to the following provisions:
(a) Notation upon entry. Upon for­
mal entry 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 forward a copy to the mint
designated by the importer.
(b) Statement by importer. Upon the
deposit of the gold with the mint desig­
nated by the importer, the importer shall

file a statement executed in duplicate
on Form TG-23.
§ 54.42 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 gold-bear­
ing material as required by § 54.32(b)),
whether or not such gold or gold-bearing
material has been in customs custody
throughout the period it has been in the
customs limits of the United States, sub­
ject to the following provisions:
(a) In the case of gold-bearing ma­
terial 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 ef­
fect and forward a copy thereof to the
mint designated by the importer.
(b) In the case of gold-bearing ma­
terial imported under § 54.32, if the gold
refined therefrom is offered to a mint
other than the assay office at San Fran­
cisco 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 assay office at San Francisco or
the assay office at New York shall have
caused the true copy of the record de­
scribed in § 54.32(b) (3) to be forwarded
to the mint to which he is offering 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 true copies of the settlement
sheet covering the gold-bearing material
imported.
(e) No gold shall be accepted for pur­
chase
under authority of this paragraph



15
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 goldbearing material from which it was
extracted.
§ 54.43 Deposits. Deposits of gold
described in § 54.36 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. All deposits
containing 800 thousandths or more of
base metal shall be rejected. In the case
of gold forwarded to a mint by mail or
express, a letter of transmittal shall be
sent with each package. When there is
a material discrepancy between the ac­
tual and invoice weights of a deposit,
further action in regard to it will be
deferred pending communication with
the depositor.
§ 54.44 Rejection of gold by mint.
Deposits of gold which do not conform
to the requirements of §§ 54.36 to 54.43,
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 provi­
sions of this subpart from any person
who has failed to comply with the regu­
lations in this part or the terms of a
Treasury gold license. Any deposit of
gold which has been held in noncom­
pliance with the acts, the orders, or any
regulations, rulings, instructions or li­
censes issued thereunder, including the
regulations in this part, or in noncom­
pliance 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 pro­
vided in § 54.11 or section 3 of the act of
March 9,1933.
§ 54.45 Purchase price. The mints
shall pay for all gold purchased by them
in accordance with this subpart $35.00
(less one-fourth of 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 Treasury
without notice other than by notice of
such change mailed or telegraphed to the
mints.

16
SUBPART G---- SALE O F GOLD

BY

M IN T S

§ 54.51 Authorization to sell gold.
Each mint is authorized to sell gold 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 require
the purchaser to execute and file in dup­
licate a statement on Form TG-24, or,
if such purchaser is in the business of
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 unc(er the provisions
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
of such change mailed or telegraphed to
the mints.

Subpart I— General License To Hold
Gold Certificates
§ 54.83—-General license;
cates.

gold certifi­

A general license is hereby granted li­
censing all persons subject to the juris­
diction of the United States, as defined
in §54.4(13), to acquire, hold, dispose
of, export and import United States gold
certificates issued before January 30,
1934. This general license applies to any
such gold certificates whether situated
inside or outside of the United States.
Such certificates shall not be redeem­
able in gold, but may be exchanged at
the dollar face amount thereof in other
coins and currencies of the United
States which may be lawfully acquired
and are legal tender for public and pri­
vate debts.
Note : The reporting requirements of these
regulations have been approved by the
Bureau of the Budget in accordance with the
Federal Reports Act of 1942.
[F.R. Doc. 54-5329; Filed, July
F.R. Doc. 60-11222; Filed,, Dec.
F.R. Doc. 61-430; Filed, January
F.R. Doc. 62-7312; Filed, July
F.R. Doc. 63-1053; Filed, Jan.
F.R. Doc. 63-8648; Filed, Aug.
F.R. Doc. 64-4150; Filed, Apr.
F.R. Doc. 65-8873; Filed, Aug.

U.S. GOVERNMENT PRINTING OFFICE: 1966

13,
1,
16,
23,
30,
12,
24,
20,

O — 207-868

For sale by the Superintendent of Documents, U.S. Government Printing Office
Washington, D.C., 20402 - Price 10 cents




1954
1960
1961
1962
1963
1963
1964
1965]







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