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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 05/07/2006 : 20:50:52
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Is it legal to melt pennies and nickels? Sorry, but the link to penneycolloctor.com frequently asked questions is not working correctly. But in a nutshell, yes in the U.S. as long as fraud is not involved. It is not legal in Canada though.
Bad money drives out good money.
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Edited by - Ardent Listener on 05/07/2006 20:59:02 |
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realcent
Forum Admin
USA
246 Posts |
 Posted - 05/08/2006 : 10:38:41
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Hi Ardent Listener,
I went to pennycollector.com and copied the info you are talking about:
We get this one all the time... Here's the official answer: YES...and No.
United States (YES): The United States Codes under Title 18, Chapter 17, and Section 331, "prohibits the mutilation, diminution and falsification of United States coinage." However, it has been the opinion of some individual officers at the Treasury Department, though without any indication of approval, the foregoing statute does not prohibit the mutiliation of coins if done without fraudulent intent or if the mutilated coins are not used fraudulently.
United Kingdom (YES): It is also legal to elongate coins in the UK for the same reasons at it is legal in the US. A common misconception is that it is illegal to elongate the coin because it defaces the image of the queen, however, we have been assured by a collector in the UK that it is not against the law to flatten the Queen's head... so long as it is on a penny.
Canada (NO): Section 11(1) of the Currency Act states that "no person shall, except in accordance with a licence granted by the Minister [Minister of Finance], melt down, break up or use otherwise than as currency any coin that is current and legal tender in Canada." Furthermore, Section 456 of the Criminal Code of Canada makes it a criminal offence to deface circulation coins: "Every one who: (a)defaces a current coin, or (b)utters a current coin that has been defaced, is guilty of an offence punishable on summary conviction." The offence is not dependent on fraudulent intent.
-Royal Canadian Mint
Try this link, it seems to be working now:
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You must be logged in to see this link. |
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ImperialFleet
Penny Pincher Member
USA
217 Posts |
Posted - 05/11/2006 : 17:43:15
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| Fire up the bar-b-q |
Edited by - ImperialFleet on 05/11/2006 17:43:43 |
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realcent
Forum Admin
USA
246 Posts |
Posted - 05/14/2006 : 21:23:39
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quote:
Originally posted by ImperialFleet
Fire up the bar-b-q
Copper melts at 1083*C/1984*F...I wonder if I can get my hibachi going that hot?
RealCent
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For more copper cent hoarding information check out:
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 05/15/2006 : 08:30:09
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There is a smelter not far from my house. I bet I could bribe the night forman to melt my coins if I really wanted too. But I don't. One can always melt the coins, but you can't mint them back.
Bad money drives out good money. |
Edited by - Ardent Listener on 05/15/2006 09:08:30 |
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n/a
deleted
115 Posts |
Posted - 05/15/2006 : 08:42:02
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As I have said before I believe my pennies will be worth more in their original form than if I melted them down into ingots. If someone offers me a penny I know what the copper purity is. If they give me a hand melted ingot who knows.
A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain. --- Robert Frost |
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realcent
Forum Admin
USA
246 Posts |
Posted - 05/15/2006 : 09:04:46
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I also have no desire to melt my copper cents. For some reason whenever the subject of copper pennies comes up the discussion quickly turns to the problems with smelting them. (legality, cost, finding a smelter, etc.)
This doesn't seem to concern people when it comes to 90% junk silver coins. I have bought and sold silver coins many times and never had to worry about smelting them. People recognize them and know the silver content on sight. I look at copper pennies the same way.
RealCent
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For more copper cent hoarding information check out:
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n/a
deleted
7 Posts |
Posted - 05/15/2006 : 21:29:02
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| You all have a valid concern about not melting them down and converting them to ingots. However, the weight and value of copper almost makes it impractical to store more than a few tons. I would think the the only way to offset this would be to convert the copper to silver or gold before the prices of more precious metals goes any higher. |
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Is it legal to melt pennies and nickels?
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