Prohibition on the Exportation, Melting, or Treatment of 5-Cent and One-Cent Coins; Correction, 61055-61056 [E7-21272]

Agencies

• Monetary Offices
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 72, Number 208 (Monday, October 29, 2007)]
[Rules and Regulations]
[Pages 61055-61056]
From the Federal Register Online via the Government Printing 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