Title 31Money and FinanceRelease 119-73

§5115 United States currency notes

Title 31 › Subtitle SUBTITLE IV— - MONEY › Chapter CHAPTER 51— - COINS AND CURRENCY › Subchapter SUBCHAPTER II— - GENERAL AUTHORITY › § 5115

Last updated Apr 6, 2026|Official source

Summary

The Treasury Secretary can issue U.S. currency notes that pay whoever holds them and come in forms and denominations of $1 or more that the Secretary decides. All of those notes in circulation together cannot exceed $300,000,000 and cannot be held or used as a reserve.

Full Legal Text

Title 31, §5115

Money and Finance — Source: USLM XML via OLRC

(a)The Secretary of the Treasury may issue United States currency notes. The notes—
(1)are payable to bearer; and
(2)shall be in a form and in denominations of at least one dollar that the Secretary prescribes.
(b)The amount of United States currency notes outstanding and in circulation—
(1)may not be more than $300,000,000; and
(2)may not be held or used for a reserve.

Legislative History

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 5115(a)31:401.R.S. § 3571. 5115(b)31:402.June 20, 1874, ch. 343, § 6, 18 Stat. 124; Jan. 14, 1875, ch. 15, § 3, 18 Stat. 296. In the section, the words “United States currency notes” are substituted for “United States notes” for clarity and consistency in the revised title. In subsection (a), the first sentence is added for clarity and because of the restatement. The words “shall not bear interest” are omitted because of the source provisions restated in section 5118 of the revised title. In subsection (b), before clause (1), the words “in circulation” are substituted for “to be used as a part of the circulation medium” to eliminate unnecessary words. In clause (1), the words “the sum of” are omitted as surplus. The words “which said sum shall appear in each monthly statement of the public debt” are omitted because of the source provisions restated in section 5118 of the revised title. In clause (2), the words “and no part thereof shall” are omitted because of the restatement. The text of section 3(less 2d sentence) of the Act of January 14, 1875 (ch. 15, 18 Stat. 296), is omitted as executed.

Reference

Citations & Metadata

Citation

31 U.S.C. § 5115

Title 31Money and Finance

Last Updated

Apr 6, 2026

Release point: 119-73