Is anyone melting pre 1982 cents yet?
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do you know of anyone melting copper cents of Jefferson nickels?
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Nothing prohibits or even discourages you from saving them though.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
Weren't many of the first spouse coins melted or are they considered bullion?
18 U.S.C. 475. Imitating obligations or securities; advertisements.
Whoever designs, engraves, prints, makes, or executes, or utters, issues, distributes, circulates, or uses any business or professional card, notice, placard, circular, handbill, or advertisement in the likeness or similitude of any obligation or security of the United States issued under or authorized by any Act of Congress or writes, prints, or otherwise impresses upon or attaches to any such instrument, obligation, or security, or any coin of the United States, any business or professional card, notice, or advertisement, or any notice or advertisement whatever, shall be fined under this title.
Someone on eBay was taking the approach of mashing 'em with homemade dies to sell the copper as bullion:
There was a thread on here a while back about it but I couldn't find it after a quick search.
<< <i>What would be the purpose? >>
As of today the pre-1982 cent is worth 245% face in melt.
and many are aware that that is copper cents. If they are going to melt
copper in any case than what does it matter the the source if they aren't
aware that the pennies are protected?
It's highly unlikely that there's any large scale destruction of one cent coins
but even this can't be ruled out. These coins are being removed from circul-
ation so the opportunity exists.
But small scale destruction where a bag or two at a time are destroyed is
likely becoming extremely common.
<< <i>Might be a dumb question but can you tell a melted blob of pennies from a melted blob of wire
<< <i>
It's highly unlikely that there's any large scale destruction of one cent coins
but even this can't be ruled out. These coins are being removed from circul-
ation so the opportunity exists.
But small scale destruction where a bag or two at a time are destroyed is
likely becoming extremely common. >>
Are you aware of the requirements to do this on a scale that is profitable? Copper would have to appreciate even more so than it has to make melting them into bullion viable. You would have to have the equipment to be able to melt them, and if you do, you are not even going to risk your business over a few bucks worth of copper.
The metal scrap place near me usually has police officers in there all the time recently. Take in copper gutters, or bulk copper pipe and you are instantly suspect. Take in barrel of pennies it could be a whole new ball game.
60 years into this hobby and I'm still working on my Lincoln set!
<< <i>
Are you aware of the requirements to do this on a scale that is profitable? Copper would have to appreciate even more so than it has to make melting them into bullion viable. You would have to have the equipment to be able to melt them, and if you do, you are not even going to risk your business over a few bucks worth of copper.
. >>
If you're going to make something out of copper then it simply doesn't
matter where you get the copper. One cent coins are the cheapest widely
available form. They cost $1.50/ Lb. Where are you going to get copper
any cheaper.
You might be surprised at the number of entities and individuals who melt
copper for various uses. Large scale operations are well aware of the law
and won't do it but small scale operations may not even know. One man
operations might do it despite it being illegal.
Copper would be identifiable to some degree after being melted. This would
especially apply to melts of a single date, but even mixed dates would have
a fairly distinctive spectrographic signature.
Regulations regarding melting and exporting pennies and nickels
Obscurum per obscurius
my grille is quite shiny
" United States Mint Moves to Limit Exportation & Melting of Coins
Interim Rule Goes Into Effect Immediately
WASHINGTON — The United States Mint has implemented regulations 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. The United States Mint is soliciting public comment on the interim rule, which is being published in the Federal Register.
Prevailing prices of copper, nickel and zinc have caused the production costs of pennies and nickels to significantly exceed their respective face values. The United States Mint also has received a steady flow of inquiries from the public over the past several months concerning the metal value of these coins and whether it is legal to melt them.
"We are taking this action because the Nation needs its coinage for commerce," said Director Ed Moy. "We don't want to see our pennies and nickels melted down so a few individuals can take advantage of the American taxpayer. Replacing these coins would be an enormous cost to taxpayers."
Specifically, the new regulations prohibit, with certain exceptions, the melting or treatment of all one-cent and 5-cent coins. The regulations also prohibit the unlicensed exportation of these coins, except that travelers may take up to $5 in these coins out of the country, and individuals may ship up to $100 in these coins out of the country in any one shipment for legitimate coinage and numismatic purposes. In all essential respects, these regulations are patterned after the Department of the Treasury's regulations prohibiting the exportation, melting, or treatment of silver coins between 1967 and 1969, and the regulations prohibiting the exportation, melting, or treatment of one-cent coins between 1974 and 1978.
The new regulations authorize a fine of not more than $10,000, or imprisonment of not more than five years, or both, against a person who knowingly violates the regulations. In addition, by law, any coins exported, melted, or treated in violation of the regulation shall be forfeited to the United States Government.
The regulations are being issued in the form of an interim rule, to be effective for a period of 120 days from the time of publication. The interim rule states that during a 30-day period from the date of publication, the public can submit written comments to the United States Mint on the regulations. Upon consideration of such comments, the Director of the United States Mint would then issue the final rule.
Those interested in providing comments to the United States Mint regarding this interim rule must submit them in writing to the Office of Chief Counsel, United States Mint, 801 9th Street, N.W., Washington D.C. 20220, by January 14, 2007. The interim rule appears on the United States Mint website at www.usmint.gov. The United States Mint will make public all comments it receives regarding this interim rule, and may not consider confidential any information contained in comments.
Contact: Press inquiries: Michael White (202) 354-7222
Customer Service information: (800) USA MINT (872-6468) "
edited to add... it's not illegal to run pennies through those machines that make elongated souvenirs. Are those souvenirs legal tender? What if, instead of running pennies through one of those machines, you mash them with a hammer? Is that illegal? Is the result of that mashing still legal tender?
Inquiring minds want to know...
i can see my rap sheet now..................locked up ten years for melting copper...
<< <i>What if, instead of running pennies through one of those machines, you mash them with a hammer? Is that illegal? Is the result of that mashing still legal tender?
Inquiring minds want to know...
Go to Dixie Rents & rent a Steam Roller for an hour... MUCH FASTER
If the copper value rises the bag of copper cents value rises even if not melted.
Also, the spectographic analysis to track the copper would be completely thrown off if any other copper alloy pieces went into the melt pot at the same time.
Well, just Love coins, period.