---
kind: "section"
citation: "31 U.S.C. § 3108"
title: "31"
title_heading: "Money and Finance"
number: "3108"
heading: "Prohibition against circulation privilege"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/31/3108"
units:
  - "Subtitle III — Financial Management"
  - "Chapter 31 — Public Debt"
  - "Subchapter I — Borrowing Authority"
---

# §3108. Prohibition against circulation privilege


An [obligation](/usc/31/3801.md?p=a-11) issued under sections 3102–3104(a)(1) and 3105–3107 of this title may not bear the circulation privilege.


## Source credit

(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 942.)

## Notes

| Historical and Revision Notes |  |  |
| --- | --- | --- |
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
| 3108 | 31:753(d)(1st sentence). | Sept. 24, 1917, ch. 56, 40 Stat. 288, § 18(d)(1st sentence); added Mar. 3, 1919, ch. 100, § 1, 40 Stat. 1310. |
|  | 31:757c(d)(last sentence). | Sept. 24, 1917, ch. 56, 40 Stat. 288, § 22(d)(last sentence); added Feb. 4, 1935, ch. 5, § 6, 49 Stat. 21; restated Feb. 19, 1941, ch. 7, § 3, 55 Stat. 8. |
|  | 31:757c–2(c)(last sentence). | Sept. 24, 1917, ch. 56, 40 Stat. 288, § 22A(c)(last sentence); added Nov. 8, 1966, Pub. L. 89–800, § 5, 80 Stat. 1515. |
|  | 31:758. | Sept. 24, 1917, ch. 56, § 7(1st sentence), 40 Stat. 291. |

The reference in 31:758 to certificates authorized under 31:757 is omitted because the authority under 31:757 was ended by section 2(b)(3) of the Public Debt Act of 1941 (ch. 7, 55 Stat. 7).