31 U.S.C. § 5151

Conversion of currency of foreign countries

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(a) In this section—(1) “buying rate” means the buying rate in the market in New York, New York, for cable transfers payable in the currency of a foreign country to be converted.(2) when merchandise is exported on a day that banks are generally closed in New York, the buying rate at noon on the last prior business day is deemed to be the buying rate at noon on the day the merchandise is exported.(b) The value of coins of a foreign country expressed in United States money is the value of the pure metal of the standard coin of the foreign country. The Secretary of the Treasury shall estimate the values of standard coins of the country quarterly and publish the values on the first day of January, April, July, and October of each year.(c) Except as provided in this section, conversion of currency of a foreign country into United States currency for assessment and collection of duties on merchandise imported into the United States shall be made at values published by the Secretary under subsection (b) of this section for the quarter in which the merchandise is exported.(d) If the Secretary has not published a value for the quarter in which the merchandise is exported, or if the value published by the Secretary varies by at least 5 percent from a value measured by the buying rate at noon on the day the merchandise is exported, the conversion of the currency of the foreign country shall be made at a value—(1) equal to the buying rate at noon on the day the merchandise is exported; or(2) prescribed by regulation of the Secretary for the currency that is equal to the first buying rate certified for that currency by the Federal Reserve Bank of New York under subsection (e) of this section in the quarter in which the merchandise is exported, but only if the buying rate at noon on the day the merchandise is exported varies less than 5 percent from the buying rate first certified.(e) The Federal Reserve Bank of New York shall decide the buying rate and certify the rate to the Secretary. The Secretary shall publish the rate at times and to the extent the Secretary considers necessary. In deciding the buying rate, the Bank may—(1) consider the last ascertainable transactions and quotations (direct or through exchange of other currencies); and(2) if there is no buying rate, calculate the rate from—(A) actual transactions and quotations in demand or time bills of exchange; or(B) the last ascertainable transactions and quotations outside the United States in or for exchange payable in United States currency or foreign currency.(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 991.)

Historical and Revision Notes
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
5151(a)	31:372(c)(2)(1st sentence), (3).	June 17, 1930, ch. 497, § 522(c), 46 Stat. 740; restated Aug. 2, 1956, ch. 887, § 3, 70 Stat. 946.
5151(b)	31:372(a).	Aug. 27, 1894, ch. 349, § 25, 28 Stat. 552; May 27, 1921, ch. 14, § 403(a), 42 Stat. 17; restated June 17, 1930, ch. 497, § 522(a), 46 Stat. 739.
5151(c)	31:372(b).	June 17, 1930, ch. 497, § 522(b), 46 Stat. 740.
5151(d)	31:372(c)(1).
5151(e)	31:372(c)(2)(2d, last sentences).

In subsection (b), the words “United States money” are substituted for “money of account” for consistency in the chapter. The words “standard coins of the country” are substituted for “values of standard coins in circulation of the various nations of the world” to eliminate unnecessary words. The words “Secretary of the Treasury” are substituted for “Director of the Mint” because of the source provisions restated in section 321(c) of the revised title.

In subsection (c), the words “on or after June 17, 1930” are omitted as executed.

In subsection (d)(1), the words “buying rate at noon on the day the merchandise is exported” are substituted for “such buying rate” for clarity.

In subsection (d)(2), the words “that is equal to” are substituted for “at a value measured by” because of the restatement.

In subsection (e)(2), the words “buying rate” are substituted for “market buying rate for such cable transfers” to eliminate unnecessary words.

Notes of Decisions

Cited in 12 cases, 1984–1999 · leading case: NTN Bearing Corp. of Am. v. United States, 747 F. Supp. 726 (Ct. Intl. Trade 1990).

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NTN Bearing Corp. of Am. v. United States, 747 F. Supp. 726 (Ct. Intl. Trade 1990). · cites it 3× “Section 522 of the Tariff Act of 1930, codified in 31 U.S.C. § 5151 (1982), prescribes that the Secretary of the Treasury shall determine the value of foreign currency changed into U.”

Pistachio Grp. of the Ass'n of Food Indus., Inc. v. United States, 671 F. Supp. 31 (Ct. Intl. Trade 1987). · cites it 4× “56 1 ITA, in order to administer the antidumping laws, must make currency conversions in accordance with 31 U.S.C. § 5151 . 2 Because the Secretary of the Treasury did not publish a current value for the Iranian rial, and because there was no current buying rate specified by the…”

Luciano Pisoni Fabbrica Accessori Instrumenti Musicali v. United States, 640 F. Supp. 255 (Ct. Intl. Trade 1986). · cites it 3× “56(a), basing exchange rates on quarterly rates published by the Secretary of the Treasury as provided by 31 U.S.C. § 5151 (1982). But in Melamine, the government argued, and the Court held, that 31 U.”

Melamine Chemicals, Inc. v. The United States, 732 F.2d 924 (Fed. Cir. 1984). “§ 372 (now codified at 31 U.S.C. § 5151 ; cited here as § 372), 2 requires use of the exchange rate prevailing for the quarter in which the merchandise was exported.”

Pistachio Grp. of Ass'n of Food Indus., Inc. v. United States, 638 F. Supp. 1340 (Ct. Intl. Trade 1986). · cites it 3× “dollars is erroneous as a matter of law, and that the margin would have been zero if the actual value of the rial had been properly ascertained under the provisions of 31 U.S.C. § 5151 (e). A Commerce regulation states that “any necessary conversion of a foreign currency into…”

United Eng'g & Forging v. United States, 779 F. Supp. 1375 (Ct. Intl. Trade 1991). · cites it 2× “The Tariff Act also directs that the conversions be made at quarterly rates, unless the rate on any given day varies from the quarterly rate by five percent or more, in which case the actual daily rate is to be used ( 31 U.S.C. § 5151 (c), (d)). Therefore, contrary to…”

Sugiyama Chain Co., Ltd. v. United States, 797 F. Supp. 989 (Ct. Intl. Trade 1992). “31 U.S.C. § 5151 (1988) provides in pertinent part: (c) Except as provided in this section, conversion of currency of a foreign country into United States currency for assessment and collection of duties on merchandise imported into the United States shall be made at values…”

Shieldalloy Metallurgical Corp. v. United States, 20 Ct. Int'l Trade 1362 (Ct. Intl. Trade 1996). “60 (a), “[t]he Secretary will convert, under section 522 of the Act ( 31 U.S.C. § 5151 (c)), a foreign currency into the equivalent amount of United States currency at the rates in effect on the dates described in § 353.”

Washington Red Raspberry Comm'n v. United States, 657 F. Supp. 537 (Ct. Intl. Trade 1987). “56 (a), which is based on section 522 of the Tariff Act of 1930, 31 U.S.C. § 5151 . The ITA chose not to comply with this law, as explained in the following response to a comment of the respondents below: Comment 1: The Canadian dollar declined by almost 7 percent in value…”

Alhambra Foundry v. United States, 626 F. Supp. 402 (Ct. Intl. Trade 1985). “Defendant answers this contention in a footnote stating that the ITA, pursuant to 31 U.S.C. § 5151 (c), uses exchange rates published by the Secretary of the Treasury.”

Gen. Housewares Corp. v. United States, 783 F. Supp. 1408 (Ct. Intl. Trade 1992). “Section 372, currently codified at 31 U.S.C. § 5151 , states, in part: (c) Except as provided in this section, conversion of currency of a foreign country into United States currency for assessment and collection of duties on merchandise imported into the United States shall be…”

United States v. Hitachi Am., Ltd., 1999 CIT 121 (Ct. Intl. Trade 1999). “See 31 U.S.C. § 5151 . This required conversion into dollars at the quarterly rate published by the Secretary of the Treasury for the quarter in which the merchandise had been exported unless no such rate had been published or if the published value published varied by at least…”

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