POLL: If the Gov't STOPS production of 1 CENT Coins, do you think they would drop the ban on melting

keyman64 · August 21, 2011 3:36PM

Do you think they would drop the ban on melting them (pre-1982) for their copper content? Why or why not? What do you think this would do to the price of copper?

rec78 · August 21, 2011 4:35PM

They may drop it at one time or another and yes I think that if they stop producing cents and they no longer care if they circulate, then they will lift the ban--Just like silver. It will have minimal effect on the price of copper in my view but it may decrease for a little while until most of the copper cents are melted. Bob

PerryHall · August 21, 2011 9:48PM

If the mint stops producing the cent, people will start hoarding them and the remaining cents will stop circulating. Once they are no longer needed in commerce the gov will most likely lift the ban on melting them.

ambro51 · August 21, 2011 10:42PM

yes but dont think for one second little collectors will be able to compete with the Federal Reserve system in drawing them out of circulation and melting.

keyman64 · August 21, 2011 11:25PM

I was just wondering if I should start pulling them out of circulation of not. I have not been but I have been thinking about it. I think in the short run(first couple of years) it would cause the price of copper to drop like a rock due to the "new found source of the metal" but after that is anyone's guess. If things are anything like they are today it could be the next silver years from now?

crypto79 · August 21, 2011 11:32PM

Never understood why me can melt old silver but not old copper. You can say it is because we don't use silver anymore but we don't really use copper anymore either (in the penny)

keyman64 · August 21, 2011 11:36PM

<< Never understood why me can melt old silver but not old copper. You can say it is because we don't use silver anymore but we don't really use copper anymore either (in the penny) >>

I actually voted no in my own poll but am rethinking it a bit. Maybe they will allow the melting once the cent is no longer produced.

PerryHall · August 22, 2011 12:11AM

<< Never understood why me can melt old silver but not old copper. You can say it is because we don't use silver anymore but we don't really use copper anymore either (in the penny) >>

This isn't the first rule/law that is contradictory or doesn't make sense.

mixman · August 22, 2011 12:20AM

I think the reasoning (if you can call it that) is that Silver coinage isn't created any more and really doesn't circulate any more. Copper pennies may not be created anymore, but they still circulate regularly and make a up a large percentage of the pennies in circulation. If those pennies were to be pulled out of circulation in mass for melting purposes the mint would have to work overtime making zincolns which also cost more than a penny to produce and it could lead to shortages.

Of course lots of people still hoard copper pennies, so I don't think the impact would be as great as the government fears. Not the first time the gov't created a useless law with the best intentions in mind.

cladking · August 22, 2011 12:59AM

<< Never understood why me can melt old silver but not old copper. You can say it is because we don't use silver anymore but we don't really use copper anymore either (in the penny) >>

There was no point in melting silver because it wasn't profitable until the summer
of 1968 at which time the FED began quietly removing silver from circulation. A ban
on melting would have caused even more hoarding and they'd have gotten less.
The price increase was seen coming and they had already minted billions of clads
for circulation.

The copper and nickel increases sneaked up on the mint. Yes, they should have
seen it but now days everything moves glacially as Congress debates whether to
cut taxes or increase spending. It's been five years now since the LME nickel de-
fault and still we're making nickels that might disappear overnight and we have
nothing to replace them and apparently nothing in the pipeline. The economy will
be impacted if we don't have nickels. Look for a very brief but large impact on GNP.

The whole world would be better off without pennies.

They would lift the ban as soon as pennies recovered by the FED beggan hitting
the melters.

ProofArtworkonCircs · August 22, 2011 3:26PM

There was a silver melting ban at one point, long since dropped. A couple of gangs got severe sentences for it, but they mixed murder with their business.

The ban on gold certificates lasted over 30 years.

atarian · August 22, 2011 3:35PM

They banned silver cause it backed our currency. Silver standard. Copper doesnt back anything. And now we are 95 Zinc or so why should they keep a ban on it. Perhaps someone will be willing to pay 2 or 3 cents per coin. Wow what a mark up how WILL the govt deal with that.

MsMorrisine · August 22, 2011 3:37PM

<< Never understood why me can melt old silver but not old copper. You can say it is because we don't use silver anymore but we don't really use copper anymore either (in the penny) >>

1. the law is meant to protect the circulating coinage.
2. there are still a large percentage of bronze/brass cents in circulation. Just ask the roll searchers who sort and save. You can find maybe 30%(?) of them in a box.
2. a brass/bronze penny saved (not melted) is better kept over a more costly to produce zincoln that is never made.

Nickels are also on the "not for melting list."

however, because war nickels make such a small percentage of those in circulation, there is a specific expressed exception for the silver war nickels. those are explicitly given the blessing to melt them.

it's all about protecting the circulating coins.

MsMorrisine · August 22, 2011 3:42PM

I voted no, but I'm not sure how well my reasoning will stand up.

here it goes:

the gub'ment controls the currency(coin).

That coin is worth more melted than not.

They'll want to control the melting and take the profits on it.

So, insted of allowing melting, they will recall them for exchange for larger denominations. Token amounts and coins of numismatic value would be retained by individuals.

MsMorrisine · August 22, 2011 3:46PM

<< and still we're making nickels that might disappear overnight and we have
nothing to replace them and apparently nothing in the pipeline. >>

Mint awards firm contract to research alternative coinage metals

mrpotatoheadd · August 22, 2011 3:51PM

If the government has the power to prohibit you from melting your pennies and nickels, are they *really* yours?

Groiny · August 22, 2011 11:29PM

.nothing is really "yours" Potato Head ;

go check out the cemetery - and see what folks took with them ..........

all you can do is "use" things : for awhile

ambro51 · August 22, 2011 11:42PM

Brinks, the Fed, ...the 'big boys' will be able to suck 97% of copper cents out of existence in one week it they are given the go ahead.

keyman64 · August 23, 2011 12:15AM

<< Brinks, the Fed, ...the 'big boys' will be able to suck 97% of copper cents out of existence in one week it they are given the go ahead. >>

1 Week! That's fast enough to make my head spin!

ambro51 · August 23, 2011 12:42AM

hey, if they are given the license to make a 'double your money' profit...do you think they will NOT do it??

POLL: If the Gov't STOPS production of 1 CENT Coins, do you think they would drop the ban on melting

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