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fcb98292
New Member
1 Posts |
 Posted - 04/03/2010 : 10:11:26
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Unfortunately, my first post in this forum is on the negative side, at least to this thread. But knowledge is good, and it is better to know, especially on financial and investment matters, correct?
Section 331 of Title 18 of the United States code provides criminal penalties for anyone who fraudulently alters, defaces, mutilates impairs, diminishes, falsifies, scales, or lightens any of the coins coined at the Mints of the United States.
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With this in mind, who will be willing to commit federal crimes in buying your scrap-value currency coins?
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Nickelmeister
Penny Hoarding Member
Canada
588 Posts |
Posted - 04/03/2010 : 10:20:23
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| People on this forum know it is illegal to melt coins. |
www.WinnipegGoldBuyer.com
Standing offer for sale of quality, second-hand solid gold jewellery:
<$100 USD worth - spot +25%, plus actual shipping
$101-500 worth - spot +20%, plus actual shipping
$501-1,000 worth - spot +15%, plus actual shipping
$1,001+ worth - spot +10%, plus actual shipping |
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Kurr
1000+ Penny Miser Member
2906 Posts |
Posted - 04/03/2010 : 10:40:05
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I see no more merit in melting down cents or nickels than I do in melting pre-sixty four silver goinage or gold and silver eagles.
The only effect would be to rob yourself of any numismatic value which is always of higher value due to at least the infusion of time and labor into the piece.
The only way to make a valuable gain on the material by melting coins , were it legal, would be if you had the means to transform the metal into something that would have a higher value than the original, with respects to the cost of time, labor, materials, and entropy upon the production process.
Unfortunately, most people do not have the resources available to transform the material into a more valuable product, even if it were legal to do so, and would be taking a theoretical loss by attempting to sell based on the value of the metal alone, after transforming from coinage to ingots.
Welcome to the forum!! |
The silver [is] mine, and the gold [is] mine, saith the LORD of hosts. Hag 2:8 [/b]
He created it. He controls it. He gave it to us for His use. Why did we turn from sound scriptural currency that PROTECTS us?
KJV Bible w/ Strong's Concordance: http://www.blueletterbible.org/
The book of The Hundreds: http://www.land.netonecom.net/tlp/ref/boh/bookOfTheHundreds_v4.1.pdf
The Two Republics: http://www.whitehorsemedia.com/docs/THE_TWO_REPUBLICS.pdf
Good reading: http://ecclesia.org/truth/government.html
A number of people are educated beyond, sometimes way beyond, their intelligence. - Tenbears
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 04/03/2010 : 10:40:53
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Oh crap!
Honey, shut down the smelter, and turn off the bellows! |
Come to the new and improved realcent: http://realcent.org
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copperpennies
Penny Pincher Member
USA
222 Posts |
Posted - 04/03/2010 : 10:43:56
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| I think the more specific 'law' is 31 USC 5111(d), say a scrap yard does buy your coins (which i heard happens near the border) they most likely don't melt the coins so i'm not sure if they even violate the law. |
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Kurr
1000+ Penny Miser Member
2906 Posts |
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Kurr
1000+ Penny Miser Member
2906 Posts |
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 04/03/2010 : 10:52:08
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quote:
Originally posted by Kurr
Now I am jealous  I never could get my wife to work the bellows on my forge, had to go electric, ha ha!!
Mine's a big strong hairy woman! She can hand pump those bellows for 10 hours streches.
She does complain too much about the coal dust though. |
Come to the new and improved realcent: http://realcent.org
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cptindy
Penny Hoarding Member
572 Posts |
Posted - 04/03/2010 : 13:07:35
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 Ya'll Crack Me Up |
"It is the nature of the human species to reject what is true but unpleasant and to embrace what is obviously false but comforting"
" The average man doesn't want to be free. He wants to be safe."
H.L. Mencken
http://silver-news-today.com/ |
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copperpennies
Penny Pincher Member
USA
222 Posts |
Posted - 04/03/2010 : 13:44:14
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quote:
Originally posted by Kurr
Copperpennies, doesn't it say also to export on a larger shipment than 100.00 as well?
Yep but say you sold them to a scrap yard you are not exporting and they are most likely not exporting them, someone else is 'breaking the law'  . |
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twocents
Penny Collector Member
398 Posts |
Posted - 04/03/2010 : 14:13:40
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| That's why his name is HoardCopperByTheTon, not MCBTT! |
Just my two cents! |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 04/03/2010 : 16:10:20
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quote:
Originally posted by Kurr
Copperpennies, doesn't it say also to export on a larger shipment than 100.00 as well?
Only for pennies and nickels. |
Copper Penny Investing
www.portlandmint.com |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 04/03/2010 : 16:36:44
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| Heck, I hardly have time to sort 'em.. much less melt 'em. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 04/03/2010 : 19:40:39
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| Why should we melt them? The U.S. Mint was nice enough to alloy, size, mint, and hallmark each coin for us into perfect units of trade. I say a big thank you is in order to the U.S. Mint! Huzzah! |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
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bman
Penny Collector Member
USA
425 Posts |
Posted - 04/03/2010 : 19:53:35
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quote:
Originally posted by fcb98292
Section 331 of Title 18 of the United States code provides criminal penalties for anyone who fraudulently alters, defaces, mutilates impairs, diminishes, falsifies, scales, or lightens any of the coins coined at the Mints of the United States.
The key word there is Fraudulently
I still have no intentions of melting anything though. |
check out my coins for sale on ecrater : http://bmanscoinsforsale.ecrater.com/ |
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billo
Penny Collector Member
293 Posts |
Posted - 04/04/2010 : 03:21:58
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FCB, law is not ultimate right or wrong or good and evil, it's just rules enforced for the here and now. (To help runaway slaves was once illegal, to own gold was once illegal.) Is melting metal evil in itself? Hard to imagine that it is--but it's illegal at the moment in specific cases.
People buy and sell coins based on metal content knowing that (1) the law against melting will likely change someday when certain coins are phased out and replaced (and this has happened before) and (2) it's not necessary to melt in order to accumulate wealth, since the current coin form actually helps to clarify and authenticate the metal content and value.
Sorry, but you're unlikely to find any violators. On the other hand, if you looked into what the government was doing with the wealth of its citizens, you'd find some shocking things going on. |
That's not a dollar, mate...THIS is a dollar.
http://www.sendcongressapinkslip.com/ |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 04/05/2010 : 06:53:02
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Welcome F.ederal C.aution B.oard member No. 98292. :)
Had you read any of our threads that discuss this matter? I think we all know the law and aren't trying to overstep it. |
"May your percentages ever increase!" |
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billo
Penny Collector Member
293 Posts |
Posted - 04/05/2010 : 23:28:50
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| Hey, but welcome anyway FCB, if you like investing you'll like this forum. |
That's not a dollar, mate...THIS is a dollar.
http://www.sendcongressapinkslip.com/ |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 04/06/2010 : 07:31:57
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| For a few short years it was illegal to melt 90% U.S. silver coins too. Times change Fcb98292. |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
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AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 04/09/2010 : 16:40:37
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| Next thing you know they'll make melting gold bars illegal and then those things will be completely worthless! |
And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 04/10/2010 : 10:49:12
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quote:
Originally posted by AGgressive Metal
Next thing you know they'll make melting gold bars illegal and then those things will be completely worthless!
Likely coming - would not want anyone to know those pretty bars are full of Tungsten. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 04/10/2010 : 10:56:56
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quote:
Originally posted by jadedragon
quote:
Originally posted by AGgressive Metal
Next thing you know they'll make melting gold bars illegal and then those things will be completely worthless!
Likely coming - would not want anyone to know those pretty bars are full of Tungsten.
Hehe, I was being mildly sarcastic implying that just because you can't melt something doesn't mean it isn't valuable. But you are right - all large bars are now suspect. |
And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
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US Mint: Don't melt money
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