Chapter 1861. Providing for the purchase of metal and the coinage of minor coins, and the distribution and redemption of said coins
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CHAP. 1861.— An Act Providing for the purchase of metal and the coinage of minor coins, and the distribution and redemption of said coins. April 24, 1906. [[H. R. 229](/us/bill/59/hr/229).] [[Public. No. 122](/us/pl/59/122).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Minor coins.Purchase of metal for.R.S., secs. 3528, 3529. p. 698, amended. That sections thirty-five hundred and twenty-eight and thirty-five hundred and twenty-nine of the Revised Statutes be, and the same are hereby, amended so as to read as follows:
" “Sec. 3528. Amount of purchase increased.R. S., sec. 3528. p. 698, amended.For the purchase of metal for the minor coinage authorized by this Acta stun not exceeding two hundred thousand dollars in lawful money of the United States shall, upon the recommendation of the Director of the Mint, and in such sums as he may designate, with Coinage at San Francisco. Denver, and New Orleans mints added.the approval of the Secretary of the Treasury, be transferred to the credit of the superintendents of the mints at Philadelphia.
San Francisco, Denver, and New Orleans, at which establishments, until otherwise provided by law, such coinage shall be carried on. The superintendents, with the approval of the Director of the Mint as to price, terms, and quantity, shall purchase the metal required for such coinage by public advertisement, and the lowest and best bid shall be accepted, Use of seigniorage.the fineness of the metals to be determined on the. mint assay. The gain arising from the coinage of such metals into coin of a nominal value, exceeding the cost thereof, shall be credited to the special fund denominated the minor-coinage profit fund; and this fund shall he charged with the wastage incurred in such coinage, and with the cost of distributing said coins, as hereinafter provided.
The balance remaining to the credit of this fund, and any balance of the profits accrued from minor coinage under former Acts, shall be, from time to time, and at least twice a year, covered into the Treasury of the United States. “Sec. 3529. Delivery and redemption of minor coins.R. S., sec. 3529, p. 698, amended.Mints added.The minor coins authorized by this Act may, at the discretion of the Director of the Mint, be delivered in any of the principal cities and the towns of the United States, at the cost of the mints, for transportation, and shall be exchangeable at par at the mints named, at the discretion of the superintendents, for any other coins of Minimum amount.copper, bronze, or copper-nickel heretofore authorized, and it shall be lawful for the Treasurer and the several assistant treasurers and depositaries of the United States to redeem, in lawful money, under such rules as may be prescribed by the Secretary of the Treasury, all copper, bronze, and copper-nickel coins authorized by law when presented in sums of not less than twenty dollars; and whenever, under this authority, these coins are presented for redemption in such quantity as to show the amount outstanding to be redundant, the Secretary of the Treasury is authorized and required to direct that such coinage shall cease until otherwise authorized by him.
” " Approved, April 24, 1906.