[Federal Register Volume 72, Number 208 (Monday, October 29, 2007)]
[Rules and Regulations]
[Pages 61055-61056]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-21272]
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DEPARTMENT OF THE TREASURY
Monetary Offices
31 CFR Part 82
Prohibition on the Exportation, Melting, or Treatment of 5-Cent
and One-Cent Coins; Correction
AGENCY: United States Mint, Treasury.
ACTION: Correcting amendments.
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SUMMARY: This document corrects the United States Mint's regulations
that prohibit the exportation, melting, and treatment of 5-cent and
one-cent coins. These regulations, added in December 2006, were
inadvertently allowed to expire on April 14, 2007. A final rule, which
was published in the Federal Register of Monday, April 16, 2007 (72 FR
18880), was intended to extend the effectiveness of these requirements.
However, that document failed to set out the revised 31 CFR Part 82 in
its entirety, and this document corrects the agency's regulations by
doing so.
DATES: Effective on October 29, 2007.
FOR FURTHER INFORMATION CONTACT: Kristie Bowers, Attorney-Advisor,
United States Mint, at (202) 354-7631 (not a toll-free call).
SUPPLEMENTARY INFORMATION:
I. Background
The final rule was based on an interim rule, which was published
Wednesday, December 20, 2006 (71 FR 76148). The regulations are
intended to protect the coinage of the United States, by prohibiting
the exportation, melting, and treatment of 5-cent and one-cent coins.
The regulations were issued pursuant to 31 U.S.C. 5111(d), which
authorizes the Secretary of the Treasury to prohibit or limit the
exportation, melting, or treatment of United States coins when the
Secretary decides the prohibition or limitation is necessary to protect
the coinage of the United States. The regulations' purpose is to ensure
that sufficient quantities of 5-cent and one-cent coins remain in
circulation to meet the needs of the United States.
II. Need for Correction
The interim rule was scheduled to expire on April 14, 2007, unless
extended by a further rulemaking document published in the Federal
Register. Because of an administrative oversight, the final rule was
published on April 16, 2007, two days after the interim rule had
expired. Instead of setting the amended 31 CFR Part 82 out in its
entirety, the final rule attempted to adopt the interim rule with
certain changes. However, because the interim rule had already expired
when the final rule was published, there were no regulations at 31 CFR
Part 82 to adopt. This correction is intended to set out the revised 31
CFR Part 82 in its entirety.
List of Subjects in 31 CFR Part 82
Administrative Practice and Procedure, Currency, Penalties.
Authority and Issuance
0
Accordingly, Chapter 1 of Subtitle B of title 31 of the Code of Federal
Regulations is corrected by adding part 82 to read as follows:
PART 82--5-CENT AND ONE-CENT COIN REGULATIONS
Sec.
82.1 Prohibitions.
82.2 Exceptions.
82.3 Definitions.
82.4 Penalties.
Authority: 31 U.S.C. 5111(d).
Sec. 82.1 Prohibitions.
Except as specifically authorized by the Secretary of the Treasury
(or designee) or as otherwise provided in this part, no person shall
export, melt, or treat:
(a) Any 5-cent coin of the United States; or
(b) Any one-cent coin of the United States.
Sec. 82.2 Exceptions.
(a) The prohibition contained in Sec. 82.1 against the exportation
of 5-cent coins and one-cent coins of the United States shall not apply
to:
(1) The exportation in any one shipment of 5-cent coins and one-
cent coins having an aggregate face value of not more than $100 that
are to be legitimately used as money or for numismatic purposes.
Nothing in this paragraph shall be construed to authorize export for
the purpose of sale or resale of coins for melting or treatment by any
person.
(2) The exportation of 5-cent coins and one-cent coins carried on
an individual, or in the personal effects of an individual, departing
from a place subject to the jurisdiction of the United States, when the
aggregate face value is not more than $5, or when the aggregate face
value is not more than $25 and it
[[Page 61056]]
is clear that the purpose for exporting such coins is for legitimate
personal numismatic, amusement, or recreational use.
(b) The prohibition contained in Sec. 82.1 against the treatment
of 5-cent coins and one-cent coins shall not apply to the treatment of
these coins for educational, amusement, novelty, jewelry, and similar
purposes as long as the volumes treated and the nature of the treatment
makes it clear that such treatment is not intended as a means by which
to profit solely from the value of the metal content of the coins.
(c) The prohibition contained in Sec. 82.1 against the
exportation, melting, or treatment of 5-cent and one-cent coins of the
United States shall not apply to coins exported, melted, or treated
incidental to the recycling of other materials so long as--
(1) Such 5-cent and one-cent coins were not added to the other
materials for their metallurgical value;
(2) The volumes of the 5-cent coins and one-cent coins, relative to
the volumes of the other materials recycled, makes it clear that the
presence of such coins is merely incidental; and
(3) The separation of the 5-cent and one-cent coins from the other
materials would be impracticable or cost prohibitive.
(d) The prohibition contained in Sec. 82.1 against the
exportation, melting, or treatment of 5-cent coins shall not apply to
5-cent coins inscribed with the years 1942, 1943, 1944, or 1945 that
are composed of an alloy comprising copper, silver and manganese.
(e) The prohibition contained in Sec. 82.1 against the exportation
of 5-cent coins and one-cent coins shall not apply to 5-cent coins and
one-cent coins exported by a Federal Reserve Bank or a domestic
depository institution, or to a foreign central bank, when the
exportation of such 5-cent coins and one-cent coins is for use as
circulating money.
(f)(1) The prohibition contained in Sec. 82.1 against exportation,
melting, or treatment of 5-cent coins and one-cent coins of the United
States shall not apply to coins exported, melted, or treated under a
written license issued by the Secretary of the Treasury (or designee).
(2) Applications for licenses should be transmitted to the
Director, United States Mint, 801 9th Street, NW., Washington, DC
20220.
Sec. 82.3 Definitions.
(a) 5-cent coin of the United States means a 5-cent coin minted and
issued by the Secretary of the Treasury pursuant to 31 U.S.C.
5112(a)(5).
(b) One-cent coin of the United States means a one-cent coin minted
and issued by the Secretary of the Treasury pursuant to 31 U.S.C.
5112(a)(6).
(c) Export means to remove, send, ship, or carry, or to take any
action with the intent to facilitate a person's removing, sending,
shipping, or carrying, from the United States or any place subject to
the jurisdiction thereof, to any place outside of the United States or
to any place not subject to the jurisdiction thereof.
(d) Person means any individual, partnership, association,
corporation, or other organization, but does not include an agency of
the Government of the United States.
(e) Treat or treatment means to smelt, refine, or otherwise treat
by heating, or by a chemical, electrical, or mechanical process.
Sec. 82.4 Penalties.
(a) Any person who exports, melts, or treats 5-cent coins or one-
cent coins of the United States in violation of Sec. 82.1 shall be
subject to the penalties specified in 31 U.S.C. 5111(d), including a
fine of not more than $10,000 and/or imprisonment of not more than 5
years.
(b) In addition to the penalties prescribed by 31 U.S.C. 5111(d), a
person violating the prohibitions of this part may be subject to other
penalties provided by law, including 18 U.S.C. 1001(a).
Dated: October 24, 2007.
Edmund C. Moy,
Director, United States Mint.
[FR Doc. E7-21272 Filed 10-26-07; 8:45 am]
BILLING CODE 4810-02-P