Source: https://www.federalregister.gov/documents/2007/10/29/E7-21272/prohibition-on-the-exportation-melting-or-treatment-of-5-cent-and-one-cent-coins-correction
Timestamp: 2017-09-19 23:17:18
Document Index: 351111161

Matched Legal Cases: ['art 82', 'art 82', 'art 82', 'art 82', '§\u200982', '§\u200982', '§\u200982', '§\u200982', '§\u200982', '§\u200982']

Federal Register :: Prohibition on the Exportation, Melting, or Treatment of 5-Cent and One-Cent Coins; Correction
A Rule by the Monetary Offices on 10/29/2007
Effective on October 29, 2007.
72 FR 61055
E7-21272
https://www.federalregister.gov/d/E7-21272 https://www.federalregister.gov/d/E7-21272
Kristie Bowers, Attorney-Advisor, United States Mint, at (202) 354-7631 (not a toll-free call).
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.
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.
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:
(a) The prohibition contained in § 82.1 against the exportation of 5-cent coins and one-cent coins of the United States shall not apply to:
(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 Start Printed Page 61056is clear that the purpose for exporting such coins is for legitimate personal numismatic, amusement, or recreational use.
(c) The prohibition contained in § 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—
(d) The prohibition contained in § 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 § 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 § 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).
(a) Any person who exports, melts, or treats 5-cent coins or one-cent coins of the United States in violation of § 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.
[FR Doc. E7-21272 Filed 10-26-07; 8:45 am]