What coins can I legally melt!?

kiyote

Someone give me a rundown-- yay or nay!

2002 Lincoln cent
2002 Jefferson nickel
2002 Roosevelt dime
2002 Silver eagle
1909 Lincoln cent
1943 Jefferson Nickel
1943 Mercury dime
1884 Morgan dollar
1884 Liberty nickel
1884 Indian cent
1885 $10 gold piece

N8

I thought all coins were illegal to melt

lordmarcovan

That's an urban legend. You can melt them, shove 'em up your nose, cut 'em in half, flick 'em at people with a slingshot, whatever.

(Well, the slingshot part might just be illegal. You could put someone's eye out, y'know.)

bluespaceant

flaminio

Only cents and nickels are illegal to melt, and only for the past few months or so.

Rundown:

2002 Lincoln cent -- nay
2002 Jefferson nickel -- nay
2002 Roosevelt dime -- yea
2002 Silver eagle -- yea
1909 Lincoln cent -- nay
1943 Jefferson Nickel -- nay
1943 Mercury dime -- yea
1884 Morgan dollar -- yea
1884 Liberty nickel -- nay
1884 Indian cent -- nay
1885 $10 gold piece -- yea

HTH!

keez

nickels and copper cents have been banned for melting, don't know about silver.


Link to US Mint pressroom article

cladking

You can melt anything other than current cents and nickels. There have been numerous
laws to protect coins over the years and most may be technically still in force but they are
not being enforced. At the current time unless you are alterring them to defraud, counter-
feoiting, melting cents or nickels, or using them as weapons then you can do just about
anything you want with coins.

MadMarty

So lets say, I melted 100 pounds of Pre-82 Lincolns last year, I have a 100 brick of melted cents. I take them to the junkyard, what would they do?

flaminio

<< <i>So lets say, I melted 100 pounds of Pre-82 Lincolns last year, I have a 100 brick of melted cents. I take them to the junkyard, what would they do? >>

If you did it last year (at least before December), you'd be fine, and could theoretically sell the copper at 2½ times face.

DesertRat

The United States Mint today announced a final rule to limit the exportation, melting, or treatment of one-cent (penny) and 5-cent (nickel) United States coins, to safeguard against a potential shortage of these coins in circulation.





Look at how many pennies are lost, tossed in jars and bottles or are sitting inside seat cushions around the country, and it hasn't seemed to hurt the circulation of the coins.

kiyote

Thanks guys! Especially Flamino.

There's so many things I'd rather go to prison over than melting nickels.

Pentimento

The prohibitions contained in this final rule apply only to 5-cent and one-cent coins. It is anticipated that this regulation will be a temporary measure that will be rescinded once actions are taken, or conditions change, to abate concerns that sufficient quantities of 5-cent and one-cent coins will remain in circulation to meet the needs of the United States.

basestealer

If you melted a few yourself nothing would happen to you. If you purchased truckloads of coin and attempted to sell them to a smelter, you might raise suspicion. I believe this latest law prohibiting exportation and melting of cents is largely unenforceable. It is likely designed to deter smelters from buying them--which stops the crime right there. Otherwise, if you want to melt these in your garage and have a giant blob of penny, I don't think they're going to know about it.

It's legal to melt silver coins, and people have flocked to do this during silver shortages, namely in 1979 and 1980, as well as in the mid 60's. As a general rule, it's legal to begin melting the coins once the government stops making them or changes the composition. At that point, they don't care whether the old ones circulate. Unless a clown like FDR is elected, and then you never know what might happen.

Your best bet is to hoard nickels, even though copper pennies are worth more. The FED has begun removing the copper pennies from circulation. If you purchase a recently rolled bankbox you'll see what I mean. Nickels are easier--no sorting required.

Writersblock

The regulation prohibits the melting of 1 and 5 cent pieces, but it does not specify the composition of the coins that it forbides the melting of, so it would also apply to the zincolns, silver war nickels, and half dimes.

Colquhoun

<< <i>It is anticipated that this regulation will be a temporary measure that will be rescinded once actions are taken, or conditions change, to abate concerns that sufficient quantities of 5-cent and one-cent coins will remain in circulation to meet the needs of the United States. >>


Really? This is a goverment that had a tax for 108 years to pay off a war, that only lasted 5 months.

RWB

Just remember that once you melt the coins, you have removed all of your downside value protection. A 5-cent nickel is worth a minimum of five cents - more as the value of copper and nickel metal increases; melted, it is worth only metal and if metal value declines, you could find yourself with a lot less than face value of the coins.

A second point is that smelters buy in tons not pounds or kilos.

Colquhoun

Very true, in fact a South Korean Steelmaker is now selling nickel free stainless.. at 25% of the cost of stainless with nickel. Right now nearly half of the nickel used in the world is in stainless. I don't know the details of the new alloys, other then they are nickel free.. if the broadly cover the needs of industry that require stainless, nickel could take a huge hit.

AskRaq

LOL.... when I first read the title, I thought it said: "What coins can I legally mint?"... LOL

tahoe98

<< <i>That's an urban legend. You can melt them, shove 'em up your nose, cut 'em in half, flick 'em at people with a slingshot, whatever.

(Well, the slingshot part might just be illegal. You could put someone's eye out, y'know.) >>