31 U.S.C. § 3123

Payment of obligations and interest on the public debt

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(a) The faith of the United States Government is pledged to pay, in legal tender, principal and interest on the obligations of the Government issued under this chapter.(b) The Secretary of the Treasury shall pay interest due or accrued on the public debt. As the Secretary considers expedient, the Secretary may pay in advance interest on the public debt by a period of not more than one year, with or without a rebate of interest on the coupons.(c)(1) The Secretary may issue a bond, note, or certificate of indebtedness authorized under this chapter whose principal and interest are payable in a foreign currency stated in the bond, note, or certificate. The Secretary may dispose of the bonds, notes, and certificates at a price that is at least par value without complying with section 3102(b)–(d) of this title.(2) In determining the dollar amount of bonds, notes, and certificates of indebtedness that may be issued under this chapter, the dollar equivalent of the amount of bonds, notes, and certificates payable in a foreign currency is determined by the par of the exchange value on the date of issue of the bonds, notes, or certificates as published by the Secretary under section 5151 of this title.(3) The Secretary may designate depositaries in foreign countries in which any part of the proceeds of bonds, notes, or certificates of indebtedness payable in the foreign currency may be deposited.(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 945.)

Historical and Revision Notes
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
3123(a)	31:731.	R.S. § 3693.
	31:753(d)(2d sentence).	Sept. 24, 1917, ch. 56, 40 Stat. 288, § 18(d)(2d sentence); added Mar. 3, 1919, ch. 100, § 1, 40 Stat. 1310.
	31:768(words before semicolon).	Feb. 4, 1910, ch. 25, § 1(words before semicolon), 36 Stat. 192.
3123(b)	31:732.	R.S. § 3698.
	31:733(words before semicolon).	R.S. § 3699(words before semicolon); restated Jan. 30, 1934, ch. 6, § 9, 48 Stat. 341.
3123(c)	31:766.	Sept. 24, 1917, ch. 56, 40 Stat. 288, § 16; added Apr. 4, 1918, ch. 44, § 6, 40 Stat. 505; Nov. 13, 1966, Pub. L. 89–809, § 401, 80 Stat. 1590.

In subsection (a), the words “legal tender” are substituted for “in coin or its equivalent” in 31:731 and “gold coin of the present standard of value” in section 1 of the Act of Feb. 1, 1910, and section 18(d)(2d sentence) of the Second Liberty Bond Act because of section 1 of the Act of June 5, 1933 (ch. 48, 48 Stat. 113). The words “obligations of the Government” are substituted for 31:731(1st sentence 18th–last words), “thereof” in 31:753(d), and 31:768(1st 17 words) for clarity and consistency and to eliminate unnecessary words. The text of 31:731(last sentence) is omitted as executed.

In subsection (b), the words “cause to be”, “out of any money in the Treasury not otherwise appropriated”, “falling”, “any portion of”, and “authorized by law” in 31:732 are omitted as surplus. The text of 31:733(words between semicolon and colon) is omitted as unnecessary because of chapter 53 of the revised title. The text of 31:733(words after colon) is omitted as superseded by the Bretton Woods Agreement Act (22 U.S.C. 286 et seq.) and sections 6 and 9 of the Act of Oct. 19, 1976 (Pub. L. 94–564, 90 Stat. 2661), repealing 31:449 that provided for parity of the dollar on terms of gold and special drawing rights.

In subsection (c), the word “currency” is substituted for “money or . . . moneys” for clarity and because of 1:1.

In subsection (c)(1), the words “but not also in United States gold coin” and “in such manner” are omitted as surplus.

In subsection (c)(2), the words “dollar” before “amount”, and “value”, are added for clarity. The words “estimated by the Director of the Mint, and” are omitted because of the source provisions restated in section 321(c) of the revised title. The word “published” is substituted for “proclaimed” for clarity.

In subsection (c)(3), the words “as he may determine” are omitted as surplus.

Notes of Decisions

Cited in 13 cases (13 in the last 5 years), 2021–2026 · leading case: Allen v. United States (Fed. Cl. 2023).

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Allen v. United States (Fed. Cl. 2023). · cites it 3× “The complaint does invoke one statute that is money-mandating: 31 U.S.C. § 3123 . This statute requires the federal government “to pay, in legal tender, principal and interest on the obligations of the Government issued under this chapter.”

Walls v. Genesis FS Card Servs. (D. Minnesota 2023). · cites it 3× “2 In relevant part, 31 U.S.C. § 3123 , titled “Payment of obligation and interest on the public debt” states: (a) The faith of the United States Government is pledged to pay, in legal tender, principal and interest on the obligations of the Government issued under this chapter.”

Polinski v. United States (Fed. Cl. 2025). · cites it 3× “Polinski asserts that the actions of the OCC and the Treasury directly resulted in a taking of his alleged negotiable instruments in violation of the Fifth Amendment.”

(PS) Newson v. Chen (E.D. Cal. 2024). · cites it 2× “The Complaint 10 Plaintiff sues Nan Chen, whom he alleges is the Chief Financial Officer of the California 11 State Disbursement Unit for San Joaquin County, for violations of 31 U.S.C. §3123 , 18 U.S.C. 12 §8, 12 U.S.”

Allston v. Florida Dep't of Revenue (M.D. Fla. 2024). · cites it 2× “Namely, Plaintiff brings Counts Four, Five, Twelve, Fourteen, and Eighteen pursuant to 31 U.S.C. § 3123 , 18 U.S.C. § 1028A, and Title IV-D, but some authority reflects that these laws do not extend a private right and remedy as Plaintiff apparently claims.”

Williams v. Bank Of Am. (D. Maryland 2025). · cites it 2× “§§ 411-421 , 504; the Negotiable Instrument Act of 1882, 31 U.S.C. § 3123 ; the Truth in Lending Act, 15 U.”

Rice v. U.S. Bank N.A. (E.D. Mo. 2021). “§ 412 ; and 31 U.S.C. § 3123 . Doc. [1] at 3. She also indicates that diversity of citizenship jurisdiction exists as well.”

Rice v. U.S. Bank N.A. (E.D. Mo. 2021). “The “Statement of Claim” consisted of a series of short, conclusory sentences, in which she alleged that defendants “[f]ailed to respond to claims in regards to a private consumer abode,” and “[s]imulated legal process.” Doc. [1] at 6. Plaintiff further contended that defendants…”

Rice v. U.S. Bank N.A. (E.D. Mo. 2021). “§ 412 ; and 31 U.S.C. § 3123 . Doc. [1] at 3. She indicated that diversity of citizenship jurisdiction existed as well.”

Siler El v. Duke Energy Corp. (M.D.N.C. 2023). “) He alleges that each Defendant sent invoices for services and, apparently having received the benefit of such services, he now claims that the invoices should have been sent instead to the U.”

Allston v. Florida Dep't of Revenue (M.D. Fla. 2024). “Then, despite several counts being premised upon federal laws that do not contain a private cause of action, Plaintiff argues that he may nevertheless bring an action under 31 U.S.C. § 3123 , 18 U.S.C. § 1028A, and Title IV-D.”

Gutierrez v. State of New Mexico (D.N.M. 2025). “652 (Child Support Enforcement Department Compliance);” at 25, “31 U.S.C. § 3123 (Government Misrepresentation of Payment Obligations;” at 30, “42 U.”

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