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When did the g'ment lift the melting law for 90% silver coinage?

guitarwesguitarwes Posts: 9,308 ✭✭✭
in Precious Metals

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    PerryHallPerryHall Posts: 47,541 ✭✭✭✭✭
    I don't remember the gov ever not allowing them to be melted.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

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    derrybderryb Posts: 38,568 ✭✭✭✭✭
    so they wouldn't have to compete with real money. image

    Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat

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    rickoricko Posts: 98,724 ✭✭✭✭✭
    There was no law preventing silver melt... Cheers, RickO
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    guitarwesguitarwes Posts: 9,308 ✭✭✭

    So there is just a ban on melting or exporting 95% copper cents then?
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    ModernCoinModernCoin Posts: 394


    << <i>So there is just a ban on melting or exporting 95% copper cents then? >>



    Pennies and nickels:

    http://www.usmint.gov/pressroom/?action=press_release&ID=771
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    roadrunnerroadrunner Posts: 28,374 ✭✭✭✭✭
    I'd think the govt would be very happy if all the 90% were melted. Less options for J6P, more trackability, less divisibility, etc. Now if they could just find a
    way to keep J6P from buying all those darn ASE's!.....image

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
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    OPAOPA Posts: 17,162 ✭✭✭✭✭


    << <i>I'd think the govt would be very happy if all the 90% were melted. Less options for J6P, more trackability, less divisibility, etc. Now if they could just find a
    way to keep J6P from buying all those darn ASE's!.....image

    roadrunner >>



    Can't do that.....the US Mint depends on J6P to remain in business. image
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
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    jmski52jmski52 Posts: 23,964 ✭✭✭✭✭
    There was a ban on the melting of silver coins. I had to look it up, but it is mentioned here:

    Mint Press Release
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
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    guitarwesguitarwes Posts: 9,308 ✭✭✭
    Ah, I see it now. I guess they lifted the regulations after 1969 when they stopped putting any amount of silver in circulating coinage.

    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.
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    pmacpmac Posts: 3,189 ✭✭✭
    When I was growing up, I was told it was illegal to "deface" coins with the exception of 1c. This is why we put "pennies" on RR tracks and not other coins. I'm probably showing my age with that statement, but I would include melting with defacing. Maybe there was never such a law or that melting has been exempted.
    Paul
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