Metal Value Milestone - Brass and Bronze Cents Worth Three Cents Each Now
MsMorrisine
Posts: 35,992 ✭✭✭✭✭
Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
0
Comments
it's a milestone. that's all.
<< <i>Can you sell them for melt? >>
yes but you just can't melt them if that makes sense
<< <i>
<< <i>Can you sell them for melt? >>
yes but you just can't melt them if that makes sense >>
Can you imagine the United States Attorney's Office trying to prosecute that case? I think they have better things to do.
<< <i>
<< <i>
<< <i>Can you sell them for melt? >>
yes but you just can't melt them if that makes sense >>
Can you imagine the United States Attorney's Office trying to prosecute that case? I think they have better things to do. >>
we have all kinds of whistleblowers and it would add to their job security
and yes it's an over 5 y/o article
<< <i>bronze? I thought bronze had about 10% tin. These are 97.5% copper and 2.5% zinc. Is that considered bronze? >>
i'll cut some slack i think ms. is looking at 8000 1/2 dollars a week and got a brain fa$t
shows how much I know. some are bronze, some are brass.
<< <i>penny wiki
shows how much I know. some are bronze, some are brass. >>
a correction is still worthy.
<< <i>Does anyone know where this regulation is? I'm assuming it's in the Code of Federal Regulations and not the United States Code. >>
Here is the final Rule issued by the Dept. of Treas.
I'm going to make a separate thread for it since some may be interested in the comments included.
The USC TITLE 31 > SUBTITLE IV > CHAPTER 51 > SUBCHAPTER II > § 5111 > paragraph (d) at the bottom
(d)
...(1) The Secretary may prohibit or limit the exportation, melting, or treatment of United States coins when the Secretary decides the prohibition or limitation is necessary to protect the coinage of the United States.
...(2) A person knowingly violating an order or license issued or regulation prescribed under paragraph (1) of this subsection, shall be fined not more than $10,000, imprisoned not more than 5 years, or both.
...(3) Coins exported, melted, or treated in violation of an order or license issued or regulation prescribed, and metal resulting from the melting or treatment, shall be forfeited to the United States Government. The powers of the Secretary and the remedies available to enforce forfeitures are those provided in part II of subchapter C of chapter 75 of the Internal Revenue Code of 1954 [1] (26 U.S.C. 7321 et seq.).
--------------------------------------------------------------------------------
The Regulation is created under the CFRs as follows:
TITLE 31 > Subtitle B > CHAPTER I> PART 82 --5-CENT AND ONE-CENT COIN REGULATIONS
§ 82.1 Prohibitions.
Except as specifically authorized by the Secretary of the Treasury (or designee) or as otherwise provided in this part, no person shall export, melt, or treat:
...(a) Any 5-cent coin of the United States; or
...(b) Any one-cent coin of the United States.
§ 82.2 Exceptions.
...(a) The prohibition contained in §82.1 against the exportation of 5-cent coins and one-cent coins of the United States shall not apply to:
......(1) The exportation in any one shipment of 5-cent coins and one-cent coins having an aggregate face value of not more than $100 that are to be legitimately used as money or for numismatic purposes. Nothing in this paragraph shall be construed to authorize export for the purpose of sale or resale of coins for melting or treatment by any person. (edit: that's less than a full box of nickels)
......(2) The exportation of 5-cent coins and one-cent coins carried on an individual, or in the personal effects of an individual, departing from a place subject to the jurisdiction of the United States, when the aggregate face value is not more than $5, or when the aggregate face value is not more than $25 and it is clear that the purpose for exporting such coins is for legitimate personal numismatic, amusement, or recreational use.
...(b) The prohibition contained in §82.1 against the treatment of 5-cent coins and one-cent coins shall not apply to the treatment of these coins for educational, amusement, novelty, jewelry, and similar purposes as long as the volumes treated and the nature of the treatment makes it clear that such treatment is not intended as a means by which to profit solely from the value of the metal content of the coins.
...(c) The prohibition contained in §82.1 against the exportation, melting, or treatment of 5-cent and one-cent coins of the United States shall not apply to coins exported, melted, or treated incidental to the recycling of other materials so long as—
......(1) Such 5-cent and one-cent coins were not added to the other materials for their metallurgical value;
......(2) The volumes of the 5-cent coins and one-cent coins, relative to the volumes of the other materials recycled, makes it clear that the presence of such coins is merely incidental; and
......(3) The separation of the 5-cent and one-cent coins from the other materials would be impracticable or cost prohibitive.
...(d) The prohibition contained in §82.1 against the exportation, melting, or treatment of 5-cent coins shall not apply to 5-cent coins inscribed with the years 1942, 1943, 1944, or 1945 that are composed of an alloy comprising copper, silver and manganese.
...(e) The prohibition contained in §82.1 against the exportation of 5-cent coins and one-cent coins shall not apply to 5-cent coins and one-cent coins exported by a Federal Reserve Bank or a domestic depository institution, or to a foreign central bank, when the exportation of such 5-cent coins and one-cent coins is for use as circulating money.
...(f)
......(1) The prohibition contained in §82.1 against exportation, melting, or treatment of 5-cent coins and one-cent coins of the United States shall not apply to coins exported, melted, or treated under a written license issued by the Secretary of the Treasury (or designee).
......(2) Applications for licenses should be transmitted to the Director, United States Mint, 801 9th Street, NW., Washington, DC 20220.
§ 82.3 Definitions.
...(a) 5-cent coin of the United States means a 5-cent coin minted and issued by the Secretary of the Treasury pursuant to 31 U.S.C. 5112(a)(5).
...(b) One-cent coin of the United States means a one-cent coin minted and issued by the Secretary of the Treasury pursuant to 31 U.S.C. 5112(a)(6).
...(c) Export means to remove, send, ship, or carry, or to take any action with the intent to facilitate a person's removing, sending, shipping, or carrying, from the United States or any place subject to the jurisdiction thereof, to any place outside of the United States or to any place not subject to the jurisdiction thereof.
...(d) Person means any individual, partnership, association, corporation, or other organization, but does not include an agency of the Government of the United States.
...(e) Treat or treatment means to smelt, refine, or otherwise treat by heating, or by a chemical, electrical, or mechanical process.
§ 82.4 Penalties.
...(a) Any person who exports, melts, or treats 5-cent coins or one-cent coins of the United States in violation of §82.1 shall be subject to the penalties specified in 31 U.S.C. 5111(d), including a fine of not more than $10,000 and/or imprisonment of not more than 5 years.
...(b) In addition to the penalties prescribed by 31 U.S.C. 5111(d), a person violating the prohibitions of this part may be subject to other penalties provided by law, including 18 U.S.C. 1001(a).
The only reason for the regulation is to protect current circulating coins.
That's it, and it ends there. All other things are beyond the scope of the regulation or not under the authority of the Treasury to do something about.
They aren't afraid of melting silver coins. In fact, the regulation specifically exempts war nickels from the anti-melting law. The reasoning is given in the previously mentioned link.
<< <i>Heck, using this logic why don't they also ban the melting of pre-1965 silver coins, or 40% halves from 1965-70? >>
They DID ban the melting of silver coins for awhile. Once there were enough copper nickel coins in circulation to alleviate any coin shortage, the ban on melting silver coins was lifted. That will happen eventually to the current ban on melting cents and nickels, once a suitable solution has been found and implemented.
they never caught the people.
I think it was a scrap metal place doing it and that's why they were never caught.
Similarly, why send them to China if you are an unscupulous scrap smelter?