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31 U.S. Code § 5120

Obsolete, mutilated, and worn coins and currency

31 U.S. Code § 5120. Obsolete, mutilated, and worn coins and currency

(a)
(1) The Secretary of the Treasury shall melt obsolete and worn United States coins withdrawn from circulation. The Secretary may use the metal from melting the coins for reminting or may sell the metal. The Secretary shall account for the following in the coinage metal fund under section 5111(b) of this title:
(A)
obsolete and worn coins and the metal from melting the coins.
(B)
proceeds from the sale of the metal.
(C)
losses incurred in the sale of the metal.
(D)
losses incurred because of the difference between the face value of the coins melted and the coins minted from the metal.
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