Title 31Money and FinanceRelease 119-73not60

§5115 United States Currency Notes

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

Last updated Apr 5, 2026|Official source

Summary

The Treasury can issue U.S. currency notes that anyone holding them can cash. The Treasury decides their form and they must be in amounts of $1 or more, and the total value of these notes in circulation can’t exceed $300,000,000 or be used or kept 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 5, 2026

Release point: 119-73not60