The United States Treasury has Divisions of Issue and Redemption, to which are assigned respectively the accounts relating to the issue and redemption of United States notes, gold certificates, silver certificates, and currency certificates. The federal reserve notes, the federal reserve bank notes, and the national bank notes, against which redemption funds are specifically kept, are issued and redeemed through the Comptroller of the Currency. The reserve fund for redemption of United States notes and treasury notes, the gold coin and bullion held against outstanding gold certificates, and the silver dollars and bullion held against outstanding silver certificates, are held as separate trust funds for the redemption of the notes or certificates for which they are respectively pledged, and can be used for no other purpose.

New United States notes are issued upon request in return for United States notes unfit for circulation, also for federal reserve notes, federal reserve bank notes, national bank notes, subsidiary silver coin, or minor coin, received for redemption or exchange. Gold certificates are issued by the Treasurer upon deposit of gold coin and silver certificates upon deposit of standard silver dollars.