$10,000 fine for melting silver coins in 1967? Anyone recall this and when did the rule or law end?
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Ran across this image in a lot on Ebay. It is an article clipping from an August 27th 1967 Boston Globe newspaper. It is not quite sharp enough to read the article.
Was not interested in the lot and it has ended but the subject of this clipping is something I do not recall being mentioned before or I missed reading about it.
I know there is currently a ban on melting US cents and nickels currently. Seem to recall it is a government rule and not a law passed by congress.
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Does anyone recall when this silver melt ban started or know how long it lasted?
Was anyone ever actually penalized by it and did it affect the silver coin bullion market back then?
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Ebay link:
"To Be Esteemed Be Useful" - 1792 Birch Cent --- "I personally think we developed language because of our deep need to complain." - Lily Tomlin
Comments
I remember that. Don't know when it ended.
The Coin World Almanacs listed coin-related laws. Will check after hockey game.
Can't you mutitask???
Mike
My Indians
Danco Set
The Coinage Act of 1965 gave the Secretary of the Treasury the authorization to forbid the melting of silver coins. I don’t know when he invoked the ban, but I would bet it was soon after it was enacted in July of 1965. The ban was lifted on May 12, 1969z
Don't try melting down clad coins for profit. I tried it, and lost a small fortune.
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This was just about the time the FED began melting the silver coin they were clandestinely removing from circulation. They didn't get all that much but they got the lion's share of what was circulating between the summer of '68 and autumn of '71 when there was no longer enough silver to bother rolling all the coins down a ramp.
LBJ had said that the silver and clad would circulate side by side forever so there was no need to pull silver out but it wasn't long before the FED got into the act.
Nope, can't chew gum and walk at the same time 😩
When that post hit I was
Cooking dinner
watching the hockey game
Reading posts
Mike
My Indians
Danco Set
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That and being single for 22 years..............
Mike
My Indians
Danco Set
It was never a law, it was a regulation permitted by the law. Same thing applies to melting copper cents and nickels today.
ANA 50 year/Life Member (now "Emeritus")
That's a fine distinction since it's just different cops that come to arrest you and a different prison a perpetrator will occupy. Everything in the Federal Register has the force of law.
I recommend that everybody include at least one Coin World Almanac in their numismatic library. Though no longer current, there is a ton of information in them to answer questions such as the OP's.
I am partial to the first two editions, which I worked on back in the 70's.