Obligation or Security of the United States: 18 U.S.C. § 8

An obligation or security of the United States, as defined in 18 U.S.C. § 8, is any bond, note, bill, currency, stamp, federal check, certificate, coupon, or other representative of value issued under an Act of Congress. The statute doesn’t punish anything on its own. It supplies the vocabulary that dozens of federal counterfeiting, forgery, and fraud crimes rely on, so whether a given instrument is protected by those crimes turns on whether it fits this definition.¹

The Full List in Section 8

The statute names specific instruments and then sweeps in anything else that qualifies. The named items are bonds, certificates of indebtedness, national bank currency, Federal Reserve notes, Federal Reserve bank notes, coupons, United States notes, Treasury notes, gold certificates, silver certificates, fractional notes, certificates of deposit, bills, checks or drafts for money drawn by or upon authorized officers of the United States, stamps and other representatives of value of whatever denomination issued under any Act of Congress, and canceled United States stamps.¹

Two phrases inside that list do most of the work. “Of whatever denomination” means a one-cent stamp is protected on the same terms as a $10,000 Treasury bond. The catchall reference to “other representatives of value… issued under any Act of Congress” allows the definition to reach instruments that didn’t exist when the statute was written. If Congress authorizes something new that functions as a store of value, Section 8 already covers it.

Currency, Including Retired Paper Money

Every Federal Reserve note in circulation is an obligation of the United States under Section 8. So are older paper forms that no longer circulate: national bank currency, United States notes, fractional notes, gold certificates, and silver certificates.¹

Retired currency stays protected because collectors trade it and some notes retain face value even after the government stopped printing them. Counterfeiting a gold certificate not issued since 1933 is still counterfeiting a federal obligation.

Treasury Bonds, Notes, Bills, and Coupons

Treasury bonds and notes are the government’s formal promise to repay borrowed money, and both are listed. So are certificates of indebtedness and any interest coupons attached to them.¹ Coupons get their own listing because interest coupons historically could be clipped from a bond and redeemed separately, making each coupon its own possible target for forgery. “Bills” in the list picks up Treasury bills, which are sold at a discount and redeemed at face value on maturity.

Electronic and Book-Entry Securities

Treasury securities today are almost entirely electronic. The Treasury stopped issuing paper savings bonds through banks in 2012 and now uses TreasuryDirect and the commercial book-entry system. Federal regulations describe a book-entry Treasury bond, note, or bill maintained as a computer record as “an obligation of the United States… in book-entry form.”² No paper certificate exists, and none is needed. Forging the electronic record carries the same legal status as forging a paper bond.

Stamps, Postal and Otherwise

Postage stamps and internal revenue stamps both qualify. Canceled United States stamps are listed separately, which shuts down schemes to wash and reuse stamps that have already served their purpose.¹

Because the statute reaches “stamps and other representatives of value… issued under any Act of Congress,” it also covers non-postal federal stamps. Migratory Bird Hunting and Conservation Stamps, commonly called duck stamps, are issued under a federal act and represent prepaid government fees. A $25 duck stamp is protected on the same terms as a $100 bill.

Federal Checks, Drafts, and Certificates of Deposit

Section 8 covers checks and drafts for money drawn by or upon authorized federal officers, along with certificates of deposit issued by the government.¹ In practice that includes Treasury checks, tax refund checks, and Social Security benefit payments. The qualifier is that the check must be drawn by or upon an authorized officer of the United States. A personal check drawn on a private bank account isn’t included, even if it clears through a federally chartered bank.

What Section 8 Does Not Cover

The definition is broad, but three familiar categories fall outside it.

State and local government instruments. Municipal bonds, state treasury notes, and county-issued obligations aren’t issued under an Act of Congress, so they aren’t obligations of the United States. Counterfeiting them is typically a state offense.
Foreign currency and securities. Counterfeit foreign bank notes and bonds are handled under a separate part of Title 18. Section 480, for instance, makes it a federal crime to knowingly possess counterfeit foreign obligations with intent to defraud, with penalties of up to 20 years.³
Private commercial paper. Corporate bonds, stock certificates, and personal checks lack the federal authorization Section 8 requires. Fraud involving them is prosecuted under wire fraud, mail fraud, or securities statutes rather than the counterfeiting chapter.

Why the Definition Matters: The Crimes It Triggers

Chapter 25 of Title 18 contains the counterfeiting and forgery offenses, and most of them prohibit conduct involving an “obligation or other security of the United States.” Whether something falls inside Section 8 is often what decides whether a case is a federal counterfeiting prosecution at all.

Forging or Counterfeiting a Federal Obligation

Under 18 U.S.C. § 471, forging or counterfeiting a federal obligation with intent to defraud carries up to 20 years in federal prison, a fine of up to $250,000, or both.⁴⁵ There is no mandatory minimum. The statute requires proof of intent to defraud, so accidentally producing something that resembles currency isn’t enough.

Passing, Possessing, or Dealing in Counterfeits

You don’t have to print the fake bills to be charged. Section 472 reaches anyone who passes, sells, conceals, or possesses a counterfeit federal obligation with intent to defraud, and bringing counterfeit obligations into the United States is separately prohibited. The maximum is again 20 years and a fine of up to $250,000.⁶ Section 473 covers the middleman, making it equally illegal to buy, sell, or exchange counterfeit obligations with intent that they be used as genuine.⁷

Plates, Files, and Digital Images

Section 474 targets the means of production. Possessing, creating, scanning, or transmitting any plate, digital image, or electronic file of a federal obligation without Treasury authorization is a Class B felony.⁸ A Class B felony carries a maximum sentence of 25 years, the heaviest in the counterfeiting chapter.⁹ The statute now spells out digital and electronic images, so high-resolution scans of currency stored on a hard drive can support the same charge as a physical plate.

Advertisements That Look Like Money

Not every violation involves fraud. Section 475 prohibits designing, printing, or distributing advertisements, business cards, or notices that bear the likeness of a federal obligation or security. The penalty is a fine, and evidence of postage payment approved by the Postal Service is carved out.¹⁰ Businesses stumble into this one when they print a realistic image of a $100 bill on a promotional mailer. No intent to pass it as real money is required.

Who Enforces Section 8 Offenses

The U.S. Secret Service holds primary jurisdiction over counterfeiting and forgery of federal obligations. Under 18 U.S.C. § 3056, the agency is authorized to detect and arrest anyone who violates federal laws relating to coins, obligations, and securities of the United States.¹¹

Criminal charges are not the only exposure. Under 18 U.S.C. § 981, property derived from or traceable to a counterfeiting or forgery offense under Sections 471 through 488 is subject to civil forfeiture, and the government’s interest vests when the underlying offense is committed rather than when a court issues an order.¹² That is what allows the Secret Service and other authorized agencies to seize counterfeiting equipment, vehicles used to move fake bills, and proceeds from their sale, often before charges are filed.

If you deposit a suspected counterfeit bill, expect the bank to confiscate it, contact the Secret Service, and forward it for analysis. The face value is not reimbursed.¹³

1
Office of the Law Revision Counsel. 18 USC 8 – Obligation or Other Security of the United States Defined
2
eCFR. Regulations Governing Book-Entry Treasury Bonds, Notes and Bills Held in TRADES and Legacy Treasury Direct
3
Office of the Law Revision Counsel. 18 USC 480 – Possessing Counterfeit Foreign Obligations or Securities
4
Office of the Law Revision Counsel. 18 USC 471 – Obligations or Securities of United States
5
Office of the Law Revision Counsel. 18 US Code 3571 – Sentence of Fine
6
Office of the Law Revision Counsel. 18 US Code 472 – Uttering Counterfeit Obligations or Securities
7
Office of the Law Revision Counsel. 18 USC 473 – Dealing in Counterfeit Obligations or Securities
8
Office of the Law Revision Counsel. 18 USC 474 – Plates, Stones, or Analog, Digital, or Electronic Images for Counterfeiting Obligations or Securities
9
Office of the Law Revision Counsel. 18 US Code 3559 – Sentencing Classification of Offenses
10
Office of the Law Revision Counsel. 18 US Code 475 – Imitating Obligations or Securities; Advertisements
11
Office of the Law Revision Counsel. 18 USC 3056 – Powers, Authorities, and Duties of United States Secret Service
12
Office of the Law Revision Counsel. 18 US Code 981 – Civil Forfeiture
13
Office of the Comptroller of the Currency. Counterfeit or Stolen Instruments