§ 354. Yearly settlement of accounts. The superintendent shall debit the superintendent of coining department with the amount in weight of standard metal of all the bullion placed in his hands, and credit him with the amount in weight of all the coins, clippings, and other bullion returned by him to the superintendent. Once at least in every year, and at such time as the Director of the Mint shall appoint, there shall be an accurate and full settlement of the accounts of the superintendent of coining department, and the superintendent of melting and refining department, at which time those officers shall deliver up to the superintendent all the coins, clippings, and other bullion in their possession, respectively, accompanied by statements of all the bullion delivered to them since the last annual settlement, and all the bullion returned by them during the same period, including the amount returned for the purpose of settlement. (R. S. 3541; Aug. 23, 1912, ch. 350, § 1, 37 Stat. 384; Jan. 3, 1923, ch. 22, 42 Stat. 1103.) DERIVATION Act Feb. 12, 1873, ch. 131, § 42, 17 Stat. 431. CODIFICATION Words "coiner" and "melter and refiner" were changed to "superintendent of coining department" and "superintendent of melting and refining department" respectively. See note under section 274 of this title. TRANSFER OF FUNCTIONS All functions of all officers of the Department of the Treasury, and all functions of all agencies and employees of that Department, were transferred, with certain exceptions, to the Secretary of the Treasury, with power vested in him to authorize their performance or the performance of any of his functions, by any of those offcers, agencies, and employees, by 1950 Reorg. Plan No. 26, §§ 1, 2, eff. July 31, 1950, 15 F. R. 4935, 64 Stat. 1280, set out in note under section 241 of Title 5, Executive Departments and Government Officers and Employees. § 355. Allowance for wastage. When all the coins, clippings, and other bullion have been delivered to the superintendent, it shall be his duty to examine the accounts and statements rendered by the superintendent of coining department and the superintendent of melting and refining department. The difference between the amount charged and credited to each officer shall be allowed as necessary wastage, if the superintendent shall be satisfied that there has been a bona fide waste of the precious metals, and if the amount shall not exceed, in the case of the superintendent of melting and refining department, one-thousandth of the whole amount of gold, and one and one-half thousandths of the whole amount of silver delivered to him since the last annual settlement, and in the case of the superintendent of coining department, one-thousandth of the whole amount of silver, and one-half thousandth of the whole amount of gold that has been delivered to him by the superintendent. All copper used in the alloy of gold and silver bullion shall be separately charged to the superintendent of melting and refining department, and accounted for by him. (R. S. § 3542; Aug. 23, 1912, ch. 350, § 1, 37 Stat. 384; Jan. 3, 1923, ch. 22, 42 Stat. 1103.) DERIVATION Act Feb. 12, 1873, ch. 131, § 43, 17 Stat. 431. CODIFICATION See note under section 354 of this title. TRANSFER OF FUNCTIONS All functions of all officers of the Department of the Treasury, and all functions of all agencies and employes of that Department, were transferred, with certain eceptions, to the Secretary of the Treasury, with power i vested in him to authorize their performance or the performance of any of his functions, by any of those of cers, agencies, and employees, by 1950 Reorg. Plan No §§ 1, 2, eff. July 31, 1950, 15 F. R. 4935, 64 Stat. 1280. out in note under section 241 of Title 5, Executie Departments and Government Officers and Employees POSSESSION OF GOLD COINS AND BULLION The possession of gold coins and bullion was prohibited except under Government license by Ex. Ord. No. 625) eff. Aug. 28, 1933, set out in note under section 95a of Titk 12, Banks and Banking. COINAGE OF GOLD DISCONTINUED The coinage of gold was discontinued and existing guid coins were withdrawn from circulation by section 313 of this title and all laws inconsistent therewith wen repealed by section 446 of this title. § 356. Statement of balance sheet forwarded to Direc tor of Mint. It shall also be the duty of the superintendent forward a correct statement of his balance sheet, at the close of such settlement, to the Director of the Mint; who shall compare the total amount of god and silver bullion and coin on hand with the total liabilities of the mint. At the same time a statemen of the ordinary expense account, and the moneys therein, shall also be made by the superintendent (R. S. § 3543.) DERIVATION Act Feb. 12, 1873, ch. 131, § 44, 17 Stat. 431. TRANSFER OF FUNCTIONS All functions of all officers of the Department of the Treasury, and all functions of all agencies and employees of that Department, were transferred, with certain etceptions, to the Secretary of the Treasury, with power vested in him to authorize their performance or the performance of any of his functions, by any of those of cers, agencies, and employees, by 1950 Reorg. Plan No. 2 §§ 1, 2, eff. July 31, 1950, 15 F. R. 4935, 64 Stat. 1280, s out in note under section 241 of Title 5, Executive Departments and Government Officers and Employees. COINAGE OF GOLD DISCONTINUED Coinage of gold discontinued and possession forbidden, see notes under section 355 of this title. § 357. Delivery of coin or bars to depositor. When the coins or bars which are the equivalent to any deposit of bullion are ready for delivery, they shall be paid to the depositor, or his order, by the superintendent; and the payments shall be made, if demanded, in the order in which the bullion shall have been brought to the mint. In cases, however, where there is delay in manipulating a refractory deposit, or for any other unavoidable cause, the payment of subsequent deposits, the value of which is known, shall not be delayed thereby. In the denominations of coin delivered, the superintendent shall comply with the wishes of the depositor, except when impracticable or inconvenient to do so. (R. S § 3544.) DERIVATION Act Feb. 12, 1873, ch. 131, § 44, 17 Stat. 431. All functions of all officers of the Department of the Treasury, and all functions of all agencies and employees of that Department, were transferred, with certain erceptions, to the Secretary of the Treasury, with power vested in him to authorize their performance or the be performance of any of his functions, by any of those offcers, agencies, and employees, by 1950 Reorg. Plan No. 26, §§ 1, 2, eff. July 31, 1950, 15 F. R. 4935, 64 Stat. 1280, set out in note under section 241 of Title 5, Executive Departments and Government Officers and Employees. § 358. Payment in money to depositors when value ascertained. For the purpose of enabling the several mints and assay offices of the United States to make returns to depositors with as little delay as possible, it shall be the duty of the Secretary of the Treasury to keep in such mints and assay offices, when the state of the Treasury will admit thereof, such an amount of public money, or bullion procured for the purpose, as he shall judge convenient and necessary, out of which those who bring bullion to the said mints and assay offices may, under such rules and regulations as may be prescribed by the said Secretary, be paid the value thereof, in coin or bars, as soon as practicable after the value has been ascertained. On payment thereof being made, the bullion so deposited shall become the property of the United States. The Secretary of the Treasury may, however, at any time 23 withdraw the fund or any portion thereof. (R. S. * § 3545; June 19, 1878, ch. 329, § 1, 20 Stat. 191.) DERIVATION Act Feb. 12, 1873, ch. 131, § 47, 17 Stat. 431. § 359. Payment for bullion in coin certificates. The Secretary of the Treasury may use, as far as he may deem it proper and expedient, for payment to depositors of bullion at the several mints and the assay office in New York, under such rules and regulations as he may prescribe, coin certificates, representing coin in the Treasury, and issued under the provisions of section 428 of this title. (June 19, 1878, ch. 329, § 1, 20 Stat. 191; Mar. 3, 1879, ch. 182, § 1, 20 Stat. 383; Mar. 4, 1911, ch. 240, 36 Stat. 1292.) CODIFICATION As enacted, section applied to the several mints and assay offices, but it was repealed so far as it applied to mints and assay offices other than those mentioned in R. S. § 3545, by act Mar. 3, 1879. See note to section 358 of this title as to R. S. § 3545. In the act of 1879, the provision incorporated in this section was preceded by a provision making R. S. § 3545 applicable to the several mints and assay offices, and was followed by a provision that it should be lawful to apply moneys arising from charges collected from depositors at the several mints and assay offices to defraying the expenses thereof. This last mentioned provision was omitted as inconsistent with later appropriation acts, as superseded by section 361 of this title, or as repealed by act Mar. 4, 1911 repealing all laws making a permanent indefinite appropriation for the expenses of parting and refining bullion, and requiring annual estimates of those expenses to be submitted to Congress. § 360. Exchange of unparted bullion for fine bars. Unparted bullion may be exchanged at any of the mints for fine bars, on such terms and conditions as may be prescribed by the Director of the Mint, with the approval of the Secretary of the Treasury. The fineness, weight, and value of the bullion received and given in exchange shall in all cases be determined by the mint assay. The charge to the depositor for refining or parting shall not exceed that allowed and deducted for the same operation in the exchange of unrefined for refined bullion. (R. S. § 3546.) DERIVATION Act Feb. 12, 1873, ch. 131, § 46, 17 Stat. 431. TRANSFER OF FUNCTIONS All functions of all officers of the Department of the Treasury, and all functions of all agencies and employees of that Department, were transferred, with certain exceptions, to the Secretary of the Treasury, with power vested in him to authorize their performance or the performance of any of his functions, by any of those officers, agencies, and employees, by 1950 Reorg. Plan No. 26, §§ 1, 2, eff. July 31, 1950, 15 F. R. 4935, 64 Stat. 1280, set out in note under section 241 of Title 5, Executive Departments and Government Officers and Employees. § 361. Refining and parting bullion. Refining and parting of bullion shall be carried on at the coinage mints of the United States and at the assay office at New York, and it shall be lawful to apply the moneys arising from charges collected from depositors for these operations, and also the proceeds of sale of byproducts (spent acids arising from any surplus bullion recovered in parting and refining processes), pursuant to law, so far as may be necessary, to defraying in full the expenses thereof, including labor, material, wastage, and loss on sale of sweeps. But no part of the moneys appropriated for the support of the coinage mints and assay office at New York shall be used to defray the expenses of parting and refining bullion. (June 19, 1878, ch. 329, § 1, 20 Stat. 191; July 7, 1898, ch. 571, § 1, 30 Stat. 661.) CODIFICATION Section is from act July 7, 1898, which superseded a similar provision in act June 19, 1878 and a provision similar to part of this section in act March 3, 1881, ch. 130, 21 Stat. 398. REPEAL IN PART Act Mar. 4, 1911, ch. 240, 36 Stat. 1292, repealed all laws and parts of laws to extent they made a permanent, indefinite appropriation for the expenses of parting and refining bullion, effective from and after June 30, 1912. § 362. Same; exchange of unparted bullion for fine bars. When the bullion received shall not, in the aggregate, be in such proportion of gold and silver as to admit of economical parting, or the necessary supplies of acids cannot be procured at reasonable rates, unparted bullion may be exchanged for fine bars, as provided in section 360 of this title. (June 19, 1878, ch. 329, § 1, 20 Stat. 191.) CODIFICATION Part of this section was superseded by section 361 of this title. COINAGE OF GOLD DISCONTINUED Coinage of gold discontinued and possession of it forbidden, see notes under section 355 of this title. CROSS REFERENCES Expenses incident to acting as Government depositaries and fiscal agents, reimbursement by Secretary of Treasury, see section 258a of Title 5, Executive Departments and Government Officers and Employees. § 363. Assay commissioners. To secure a due conformity in the silver coins to their respective standards of fineness and weight, the judge of the District Court for the Eastern District of Pennsylvania, the Comptroller of the Currency, the assayer of the assay office at New York, and such other persons as the President shall, from time to time, designate, shall meet as assay commissioners, at the mint in Philadelphia, to examine and test, in the presence of the Director of the Mint, the fineness and weight of the coins reserved by the several mints for this purpose, on the second Wednesday in February, annually, and may continue their meetings by adjournment, if necessary. If a majority of the commissioners fail to attend at any time appointed for their meeting, the Director of the Mint shall call a meeting of the commissioners at such other time as he may deem convenient. If it appears by such examination and test that these coins do not differ from the standard fineness and weight by a greater quantity than is allowed by law, the trial shall be considered and reported as satisfactory. If, however, any greater deviation from the legal standard or weight appears, this fact shall be certified to the President; and if, on a view of the circumstances of the case, he shall so decide, the officers implicated in the error shall be thenceforward disqualified from holding their respective offices. (R. S. § 3547; Jan. 30, 1934, ch. 6, § 5, 48 Stat. 340.) DERIVATION Act Feb. 12, 1873, ch. 131, § 48, 17 Stat. 432. CODIFICATION Words "gold and" preceding words "silver coins" were omitted from original enactment of this section, inasmuch as the coinage of gold was discontinued and existing gold coins were withdrawn from circulation by section 315b of this title and all laws inconsistent therewith were repealed by section 446 of this title. TRANSFER OF FUNCTIONS All functions of all officers of the Department of the Treasury, and all functions of all agencies and employees of that Department, were transferred, with certain exceptions, to the Secretary of the Treasury, with power vested in him to authorize their performance or the performance of any of his functions, by any of those officers, agencies, and employees, by 1950 Reorg. Plan No. 26, §§ 1, 2, eff. July 31, 1950, 15 F. R. 4935, 64 Stat. 1280, set out in note under section 241 of Title 5, Executive Departments and Government Officers and Employees. The Comptroller of the Currency, the Director of the Mint, and the assayer, all referred to in this section, are officials of the Treasury Department, but such Plan excepted, from the transfer, any function vested by law in the Comptroller of the Currency. § 364. Standard troy pound for regulation of coinage. For the purpose of securing a due conformity in weight of the coins of the United States to the provisions of the laws relating to coinage, the standard troy pound of the Bureau of Standards of the United States shall be the standard troy pound of the mint of the United States, conformably to which the coinage thereof shall be regulated. (R. S. § 3548; Mar. 4, 1911, ch. 268, § 1, 36 Stat. 1354.) DERIVATION Act Feb. 12, 1873, ch. 131, § 49, 17 Stat. 432. CODIFICATION Section, as enacted in the Revised Statutes, made the brass troy pound weight, procured at London, and in the custody of the mint at Philadelphia, the standard troy pound of the mint, and R. S. § 3549, now section 365 of this title, provided for procuring for each mint and assay-office a series of standard weights corresponding to said standard troy pound. § 365. Standard weights for mints and assay offices. It shall be the duty of the Director of the Mint to procure for each mint and assay office, to be kept safely thereat, a series of standard weights corre sponding to the standard troy pound of the Bureau of Standards of the United States, consisting of one-pound weight and the requisite subdivisions and multiples thereof, from the hundredths part of a grain to twenty-five pounds. The troy weight ordnarily employed in the transactions of such mints and assay offices shall be regulated according to the above standards at least once in every year, under the inspection of the superintendent and assayer; and the accuracy of those used at the mint at Philadelphia shall be tested annually, in the presence of the assay commissioners, at the time of the annua examination and test of coins. (R. S. § 3549; Mar. 4, 1911, ch. 268, § 2, 36 Stat. 1354.) DERIVATION Act Feb 12, 1873, ch. 131, § 50, 17 Stat. 432. TRANSFER OF FUNCTIONS All functions of all officers of the Department of the Treasury, and all functions of all agencies and employess of that Department, were transferred, with certain exceptions, to the Secretary of the Treasury, with power vested in him to authorize their performance or the performanc of any of his functions, by any of those officers, agencies, and employees, by 1950 Reorg. Plan No. 26, §§ 1, 2, eff July 31, 1950, 15 F. R. 4935, 64 Stat. 1280, set out in note under section 241 of Title 5, Executive Departments and Government Officers and Employees. The Director of the Mint, the superintendent, the assayer, the mints, and the assay offices, all referred to in this section, are within the Treasury Department. § 366. Destruction of obverse working dies. The obverse working dies at each mint shall, at the end of each calendar year, be defaced and destroyed by the superintendent of coining department in the presence of the superintendent and assayer. (R. 8. § 3550; Aug. 23, 1912, ch. 350, § 1, 37 Stat. 384; Jan. 3, 1923, ch. 22, 42 Stat. 1103.) DERIVATION Act Feb. 12, 1873, ch. 131, § 51, 17 Stat. 432. CODIFICATION Word "coiner" was changed to "superintendent of coining department." See note under section 274 of this title. COINAGE FOR 1964; TEMPORARY SUSPENSION OF DESTRUCTION REQUIREMENT Section 2 of Pub. L. 88-580, Sept. 3, 1964, 78 Stat. 908 providing that the requirement of this section that the obverse working dies at each mint be destroyed at the end of each calendar year shall not be applicable during the period provided in section 1 of Pub. L. 88-580, is set out as a note under section 324 of this title. § 367. Coinage for foreign countries. It shall be lawful for coinage to be executed at the mints of the United States for any foreign country applying for the same, according to the legally prescribed standards and devices of such country, under such regulations as the Secretary of the Treasury may prescribe; and the charge for the same shall be equal to the expenses thereof, including labor, materials, and use of machinery, to be fixed by the Director of the Mint, with the approval of the Secretary of the Treasury: Provided, That the manufacture of such coin shall not interfere with the required coinage of the United States. (Jan. 29, 1874. ch. 19, 18 Stat. 6.) CODIFICATION Section was an act entitled "An act authorizing coinage to be executed at the mints of the United States for foreign countries." TRANSFER OF FUNCTIONS All functions of all officers of the Department of the Treasury, and all functions of all agencies and employees of that Department, were transferred, with certain exceptions, to the Secretary of the Treasury, with power vested in him to authorize their performance or the performance of any of his functions, by any of those officers, agencies, and employees, by 1950 Reorg. Plan No. 26, §§ 1, 2, eff. July 31, 1950, 15 F. R. 4935, 64 Stat. 1280, set out in note under section 241 of Title 5, Executive Departments and Government Officers and Employees. § 368. National and other medals struck at Philadelphia Mint. Dies of a national character may be executed by the engraver, and national and other medals struck by the superintendent of coining department of the mint at Philadelphia, under such regulations as the superintendent, with the approval of the Director of the Mint, may prescribe. Such work shall not, however, interfere with the regular coinage operations, and no private medal dies shall be prepared at any mint, or the machinery or apparatus thereof be used for that purpose. (R. S. § 3551; Aug. 23, 1912, ch. 350, § 1, 37 Stat. 384; Jan. 3, 1923, ch. 22, 42 Stat. 1103.) DERIVATION Act Feb. 12, 1873, ch. 131, § 52, 17 Stat. 432. CODIFICATION Word "coiner" was changed to "superintendent of coining department." See note under section 274 of this title. TRANSFER OF FUNCTIONS All functions of all officers of the Department of the Treasury, and all functions of al agencies and employees of that Department, were transferred, with certain exceptions, to the Secretary of the Treasury, with power vested in him to authorize their performance or the performance of any of his functions, by any of those officers, agencies, and employees, by 1950 Reorg. Plan No. 26, §§ 1, 2, eff. July 31, 1950, 15 F. R. 4935, 64 Stat. 1280, set out in note under section 241 of Title 5, Executive Departments and Government Officers and Employees. § 369. Money arising from charges and deductions covered into Treasury. The money arising from all charges and deductions on and from gold and silver bullion and from all other sources, except the money derived from the manufacture and sale of medals, proof coins, and uncirculated coins and as otherwise provided by and pursuant to this chapter, shall from time to time be covered into the Treasury, and no part of such deductions, or profit on silver or minor coinage, shall be expended in salaries or wages. The money arising from the manufacture and sale of medals, proof coins, and uncirculated coins shall be reimbursed to the appropriation then current and chargeable for the cost of manufacture and sale of medals, proof coins, and uncirculated coins. All expenditures of the mints and assay offices not herein otherwise provided for, shall be paid from appropriations made by law on estimates furnished by the Secretary of the Treasury. (R.S. 3552; May 10, 1950, ch. 172, 64 Stat. 157; Sept. 5, 1962, Pub. L. 87643, § 2, 76 Stat. 440.) DERIVATION Act Feb. 12, 1873, ch. 131, § 53, 17 Stat. 432. Word "chapter" in text means Title 37 of Revised Statutes which is set out in sections 204 and 205 of Title 15, Commerce and Trade, sections 261, 263, 266, 270, 272-279, 281, 283, 287, 314, 316, 317, 318, 321, 322, 324, 325, 327-332, 334, 335, 340, 341, 343-347, 49-358, 360, 363-366, 368, 369, 371, and 373-375 of this title. AMENDMENTS 1962-Pub. L. 87-643 added the references to "uncirculated coins." 1950-Act May 10, 1950, exempted from the provisions of this section all money derived from the manufacture and sale of medals and proof coins and permitted such moneys to be reimbursed to the appropriation from which the expenditures for the manufacture and sale of medals and proof coins were made. POSSESSION OF GOLD COINS AND BULLION Possession of gold bullion and coins forbidden, see notes under section 355 of this title. § 370. Transfer of bars to depositary; redemption of coin certificates. The Secretary of the Treasury may, from time to time, transfer to the office of the United States depositary at New York from the bullion fund of the assay office at New York, refined gold bars bearing the United States stamp of fineness, weight and value, or bars from any melt of foreign gold coin or bullion of standard equal to or above that of the United States and may apply the same to the redemption of coin certificates at not less than par and not less than the market value subject to such regulations as he may prescribe. (June 22, 1874, ch. 419, 18 Stat. 202; May 29, 1920, ch. 214, § 1, 41 Stat. 654, 655; Jan. 30, 1934, ch. 6, § 5, 48 Stat. 340.) CODIFICATION Words "or in exchange for gold coins" were omitted, inasmuch as the coinage of gold was discontinued and existing gold coins were withdrawn from circulation by section 315b of this title and all laws inconsistent therewith were repealed by sectio 446 of this title. Words "Assistant Treasurer" appearing in the original text were changed to "United States depositary" because of act May 29, 1920, abolishing the office of assistant treasurer, and authorizing United States depositaries to be utilized for the performance of the duties and functions performed by the assistant treasurers. § 371. Decimal system established. The money of account of the United States shall be expressed in dollars or units, dimes or tenths, cents or hundredths, and mills or thousandths, a dime being the tenth part of a dollar, a cent the hundredth part of a dollar, a mill the thousandth part of a dollar; and all accounts in the public offices and all proceedings in the courts shall be kept and had in conformity to this regulation. (R. S. § 3563.) DERIVATION Act Apr. 2, 1792, ch. 16, § 20, 1 Stat. 250. § 372. Conversion of currency. (a) Value of foreign coin proclaimed by Secretary of Treasury. The value of foreign coin as expressed in the money of account of the United States shall be that of the pure metal of such coin of standard value; and the values of the standard coins in circulation of the various nations of the world shall be estimated quarterly by the Director of the Mint and be proclaimed by the Secretary of the Treasury quarterly on the 1st day of January, April, July, and October in each year. (b) Proclaimed value basis of conversion. For the purpose of the assessment and collection of duties upon merchandise imported into the United States on or after June 17, 1930, wherever it is necessary to convert foreign currency into currency of the United States, such conversion, except as provided in subsection (c) of this section, shall be made at the values proclaimed by the Secretary of the Treasury under the provisions of subsection (a) of this section, for the quarter in which the merchandise was exported. (c) Market rate when no proclamation. (1) If no value has been proclaimed under subsection (a) of this section for the quarter in which the merchandise was exported, or if the value so proclaimed varies by 5 per centum or more from a value measured by the buying rate at noon on the day of exportation, then conversion of the foreign currency involved shall be made or (A) at a value measured by such buying rate, (B) if the Secretary of the Treasury shall by regulation so prescribe with respect to the particular foreign currency, at a value measured by the buying rate first certified under this subsection for a day in the quarter in which the day of exportation falls (but only if the buying rate at noon on the day of exportation does not vary by 5 per centum or more from such firstcertified buying rate). (2) For the purposes of this subsection the term "buying rate" means the buying rate in the New York market for cable transfers payable in the foreign currency so to be converted. Such rate shall be determined by the Federal Reserve Bank of New York and certified to the Secretary of the Treasury, who shall make it public at such times and to such extent as he deems necessary. In ascertaining such buying rate, the Federal Reserve Bank of New York may, in its discretion— (A) take into consideration the last ascertainable transactions and quotations, whether direct or through exchange of other currencies, and (B) if there is no market buying rate for such cable transfers, calculate such rate (i) from actual transactions and quotations in demand or time bills of exchange, or (ii) from the last ascertainable transactions and quotations outside the United States in or for exchange payable in United States currency or other currency. (3) For the purposes of this subsection, if the day of exportation is one on which banks are generally closed in New York City, then the buying rate at noon on the last preceding business day shall be considered the buying rate at noon on the day of exportation. (June 17, 1930, ch. 497, title IV, § 522, 46 Stat. 739; Aug. 2, 1956, ch. 887, § 3, 70 Stat. 946.) AMENDMENTS 1956 Subsec. (c). Act Aug. 2, 1956, authorized Secretary of Treasury to value foreign currency by the buying rate first certified for a day in the quarter on which the day of exportation falls if the rate does not vary from it by 5 percent or more. EFFECTIVE DATE OF 1956 AMENDMENT Amendment of subsection (c) by act Aug. 2, 1956, effective as to entries filed on or after the thirtieth day follow ing Aug. 2, 1956, see note set out under section 1401a of Title 19, Customs Duties. REPEALS Section, act Aug. 27, 1894, ch. 349, § 25, 28 Stat. 553: May 27, 1921, ch. 14, § 403, 42 Stat. 17, was repealed by section 651 (a) (1) of act June 17, 1930, effective June 18 1930, but was reenacted to read as set out in text, by section 522 of said act, effective June 18, 1930. TRANSFER OF FUNCTIONS All functions of all officers of the Department of the Treasury, and all functions of all agencies and employees of that Department, were transferred, with certain exceptions, to the Secretary of the Treasury, with power vested in him to authorize their performance or the performance of any of his functions, by any of those officers agencies, and employees, by 1950 Reorg. Plan No. 26, || 1. 2, eff. July 31, 1950, 15 F. R. 4935, 64 Stat. 1280, set out in note under section 241 of Title 5, Executive Departments and Government Officers and Employees. § 373. Recoinage of foreign coins. All foreign silver coins received in payment få moneys due to the United States shall, before being issued in circulation, be coined anew. (R. S. § 3566; Jan. 30, 1934, ch. 6, § 5, 48 Stat. 340.) DERIVATION Act Feb. 9, 1793, ch. 5, § 3, 1 Stat. 301; act Feb. 21, 1857. ch. 56, § 2, 11 Stat. 163. CODIFICATION Words "gold and" were omitted from original enactment of section inasmuch as the coinage of gold was discontinued and existing gold coins were withdrawn from circulation by section 315b of this title and all laws inconsist ent therewith were repealed by section 446 of this title. § 374. Spanish and Mexican coins. The pieces commonly known as the quarter, eighth and sixteenth of the Spanish pillar dollar, and of the Mexican dollar, shall be receivable at the Treasury of the United States, and its several offices, and at the several post offices and land offices, at the rates of valuation following: The fourth of a dollar, or piece of two reals, at 20 cents; the eighth of a dollar. or piece of one real, at 10 cents; and the sixteenth of a dollar, or half real, at 5 cents. (R. S. § 3567.) DERIVATION Act Feb. 21, 1857, ch. 56, § 1, 11 Stat. 163. § 375. Same; transmission for recoinage. The Director of the Mint, with the approval of the Secretary of the Treasury, may prescribe such regulations as are necessary and proper, to secure the transmission of the coins mentioned in section 374 of this title to the mint for recoinage, and the return or distribution of the proceeds thereof, when deemed expedient, and may prescribe such forms of account as are appropriate and applicable to the circumstances. The expenses incident to such transmission or distribution, and of recoinage, shall be charged against the account of silver profit and loss, and the net profits, if any, shall be paid, from time to time into the Treasury. (R. S. § 3568; Feb. 27, 1877, ch 69, § 1, 19 Stat. 249.) DERIVATION Act Feb. 21, 1857, ch. 56, § 2, 11 Stat. 163. TRANSFER OF FUNCTIONS All functions of all officers of the Department of the Treasury, and all functions of all agencies and employees of that Department, were transferred, with certain es |