|
Ardent Listener
Administrator
USA
3446 Posts |
 Posted - 03/21/2008 : 22:41:02
|
U.S. Mint has implemented an interim rule that makes it illegal to melt nickels and pennies, or to export them in mass quantities.
With the soaring price of copper, a melted-down penny or nickel is now worth more than it would be in its regular state at face value.
Officials at the Mint say in recent months they have received numerous inquiries into whether or not it is illegal to melt coins.
"We are taking this action because the Nation needs its coinage for commerce," said U.S. Mint Director Edmund Moy in a statement. "Replacing these coins would be an enormous cost to taxpayers."
How big a cost? Moy told ABC News that if just 1 percent of all the nickels and pennies that are in circulation were melted down, taxpayers would have to foot a $43 million bill.
To avoid this costly coin shortage, the new regulations prohibit the melting or treatment of all 1- and 5-cent U.S. coins.
The rules also prohibit the unlicensed exportation of these coins, except that travelers may take up to $5 in pennies and nickels out of the country, and individuals may ship up to $100 in these coins.
Violators of these new regulations face up to a $10,000 fine, imprisonment of up to five years, or both.
It is not the policy of realcent.forumco.com to promote or encourage the violation of the U.S. Mint's melt ban or similar laws of other countries.
|
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for edification and entertainment purpose only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, legal, securtity or tax advice and nothing posted here should be considered to be so. All rights reserved. |
|
Realcent's melt ban policy.
