An Act to authorize adjustments in accounts of outstanding old series currency, and for other purposes.
PL 87-66 (S.1619), enacted 06/30/1961

146 
PUBLIC LAW 87-66-JUNE 30, 1961 
[75 S T A T . 
June 30, 1961 
[S.1619] 
Public Law 87-66 
AN ACT 
To authorize adjaistments, in accounts of outstanding old series currency, and 
for other purposes. 
Old Series Cur-
rency 
Adjustment 
Act. 
Definitions. 
12 u s e 145. 
Transfer of gold 
and silver, author-
ity. 
Federal Reserve 
notes. 
R e d e m p tion of 
currency. 
C o n t i nuing ac-
countability. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That this Act may 
be cited as the "Old Series Currency Adjustment Act". 
SEC. 2. For the purposes of this Act— 
(a) The term "Secretary'' means the Secretary of the Treasuiy. 
(b) The term "United States notes" means currency notes issued 
pursuant to the first section of the Act of February 25, 1862 (12 Stat. 
345), the Act of July 11, 1862 (12 Stat. 532), the resolution of Janu-
ary 17, 1863 (12 Stat. 822), section 2 of the Act of March 3, 1863 
(12 Stat. 709), or section 3571 of the Revised Statutes of the United 
States (31 U.S.C, sec. 401). 
(c) The term "Treasury notes of 1890" means currency notes issued 
pursuant to the Act of July 14,1890 (26 Stat. 289). 
SEC. 3. The Secretary of the Treasury is hereby authorized and 
directed to transfer to the general fund of the Treasury, to be credited 
as a public debt receipt, the following: 
,(1) Gold held as security for gold certificates issued prior to 
January 30, 1934. 
(2) Standard silver dollars held as security for, or for the 
redemption of, silver certificates issued prior to July 1,1929. 
(3) Standard silver dollars held as security for, or for the 
redemption of. Treasury notes of 1890. 
SEC. 4. The Board of Governors of the Federal Eeserve System, 
with the approval of the Secretary, may require any Federal Reserve 
bank to pay to the Secretary, to be credited as a public debt receipt, an 
amount equal to the amount of Federal Reserve notes of any series 
prior to the series of 1928 issued to such bank and outstanding at the 
time of such payment. 
SEC, 5. Any currency the funds for the redemption or security of 
which have been transferred pursuant to the provisions of section 3 
of this Act, and any Federal Reserve notes as to which payment has 
been made under section 4 of this Act, shall thereafter, upon presenta-
tion at the Treasury for redemption, be redeemed by the Secretary 
from the general fund of the Treasury and thereupon retired. 
SEC. 6. (a) Except as provided in subsection (c) of this section, 
upon completion of the transfers and credits authorized and directed 
by section 3 of this Act there shall be carried on the books of the 
Treasury as public debt bearing no interest the following: 
(1) Gold certificates issued prior to January 30,1934. 
(2) Treasury notes of 1890. 
(3) United States notes issued prior to July 1,1929. 
(4) Silver certificates issued prior to July 1,1929. 
(b) Except as provided in subsection (c) of this section, there shall 
be carried on the books of the Treasury as public debt bearing no 
interest Federal Reserve notes as to which payment has been made 
to the Secretary under section 4 of this Act and the amount of the 
payment credited as a public debt receipt in accordance with such 
section. 
(c) The Secretary is authorized to determine, from time to time, 
the amount of— 
(1) outstanding currency of any type designated in subsections 
(a) and (b) of this section, 
L e g a l - t e n d e r 
noteS' 
75 S T A T . ] 
PUBLIC LAW 87-67-JUNE 30, 1961 
147 
(2) circulating notes of Federal Reserve banks, issued prior to 
July 1, 1929, for which the United States has assumed liability, 
and 
(3) circulating notes of national banking associations, issued 
prior to July 1, 1929, for which the United States has assumed 
liability, 
which, in his judgment, have been destroyed or irretrievably lost and 
so will never be presented for redemption, and to reduce accordingly 
the amount or amounts thereof outstanding on the books of the Treas-
ury and to credit such amounts to the appropriate receipt account. 
SEC. 7. The first paragraph of the Act of May 31, 1878, entitled 
"An Act to forbid the further retirement of United States legal- ""Re^duction 
tender notes" (31 U.S.C., sec. 404), is amended by inserting imme- 
20 stat. 87. 
diately before the period at the end thereof the following: ": And 
provided further^ That in the event of any determination by the Secre-
tary of the Treasury under section 6 of the Old Series Currency Ad-
justment Act that an amount of said notes has been destroyed or irre-
trievably lost and so will never be presented for redemption, the 
amount of said notes required to be kept in circulation shall be reduced 
by the amount so determined". 
SEO. 8. (a) The fifth paragraph of section 16 of the Federal Re- ActfaTenS^ientr" 
serve Act (12 U.S.C, sec. 415) is amended by adding at the end thereof 
38 stat. 251; 48 
the following new sentence: "The liability of a Federal Reserve bank 
*
^
*
* ^' 
with respect to its outstanding Federal Reserve notes shall be reduced 
by any amount paid by such bank to the Secretary of the Treasury 
under section 4 of the Old Series Currency Adjustment Act." 
(b) The seventh paragraph of section 16 of the Federal Reserve Act 
(12 U.S.C, sec. 416) is amended by striking out the third sentence 
40 stat. 236. 
and inserting in lieu thereof the following: "Any Federal Reserve 
bank shall further be entitled to receive back the collateral deposited 
with the Federal Reserve agent for the security of any notes with 
respect to which such bank has made payment to the Secretary of 
the Treasury under section 4 of the Old Series Currency Adjustment 
Act. 
Federal Reserve banks shall not be required to maintain the 
reserve or the redemption fund heretofore provided for against Fed-
eral Reserve notes which have been retired, or as to which payment 
has been made to the Secretary of the Treasury under section 4 of 
the Old Series Currency Adjustment Act." 
SEC. 9. Nothing contained in this Act shall impair the redeemability 
Redeemabuity. 
of any currency of the United States as now provided by law. 
SEC. 10. In order to provide a historical collection of the paper 
Historical c o 1
-
currency issues of the United States, the Secretary of the Treasury is 
authorized, after redemption, to withhold from cancellation and 
destruction and to transfer to a special account one piece of each 
design, issue, or series of each denomination of each kind of paper 
currency of the United States, including bank notes, heretofore or 
hereafter issued, and to make appropriate entries in the redemption 
accounts and other books of the Treasui-y to cover any such transfers. 
Approved June 30, 1961. 
Public Law 87-67 
AN ACT 
j
_ 
3„^ , , , , 
To extend and increase the special milk program for children. 
^^_JL_i4eO 
Be it endcted hy the Senate and House of Representatives 
of the 
United States of Ainerica in Congress a^sembled^ That the first sen- 
*^"'* program. 
tence of the Act entitled "An Act to continue the special milk program 
for children in the interest of improved nutrition by fostering the