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snappy
Penny Collector Member
USA
301 Posts |
 Posted - 05/08/2008 : 12:29:37
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my friend that works in the local scrap yard told me that they just got in a bunch of pennies and shipped them to the smelter. I told him that it is illegal to do that a long time ago (after the law was passed) he said they do it once a year every year. And that they were paying 2.40/lb for #2. I asked how they can do that with it being illegal to melt them down he said they just put them in a large box with lots of normal #2 copper. (the boxes are 5'x 5'x 5' very heavy duty)
I asked how they know they were all copper ones and not the zinc he said they have done it for several years with no problems and the guy has a sorter. They come from SD.
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 05/08/2008 : 12:46:09
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I dunno if getting $2.40 for $1.47 face value of copper pennies is worth going to jail for, but I'm guessing that if anyone gets in trouble it will be them doing the smelting, not them doing the sorting.
But if they only do it once a year chances are they aren't going to get caught. |
Sorting In Northwest Mississippi |
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JSutter
Penny Pincher Member
214 Posts |
Posted - 05/08/2008 : 13:47:56
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| I think I'd rather sell on ebay with a melting ban disclaimer. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 05/08/2008 : 19:28:10
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I would stay clear of that....Sounds fishy....
Deal
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Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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snappy
Penny Collector Member
USA
301 Posts |
Posted - 05/08/2008 : 21:36:35
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talked to my friend today he said that no one ever checks and the mill does not care. I asked how many they took in, I was thinking maybe 5-10 lbs a small amount that no one would notice. But he said it was several 55 gal barrels full.
I think if a person talked to the boss and said "I will sell cents to you but only for numismatic value at 2.40/lb" then on the side say after I sell them to you for numismatic value what you do with them is up to you. Who would get in trouble if it came down to it. |
Selling Ryedale sorted USA cents
1.5 each + shipping over 500fv 1.5 each +1/2 shipping
If you pick up 1.35 each
located MT/ND boarder.
after Ryedale sorting they are hand sorted to remove canadian then rechecked with Ryedale to insure all copper and count out $50 FV then placed in cloth bags and sealed with #1 copper wire. |
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JSutter
Penny Pincher Member
214 Posts |
Posted - 05/08/2008 : 21:48:13
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| You could still get busted, the law says that if you sell with intent to profit from metal content you are breaking the law. Selling them on ebay as a "collectors" item or for numismatic purposes is one thing but taking 55 gallon barrels to a scrap yard is totally different, you won't honestly be able to say you didn't know what they were planning to do with them. You might make a few hundred bucks but if you get busted it's a hefty fine coupled with jail time. |
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swusc
Penny Hoarding Member
USA
553 Posts |
Posted - 05/08/2008 : 22:08:09
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I wouldn't do it. It isn't worth it.
I still don't understand how they could ever enforce it. The whole thing seems very unconstitutional to me.
It might have real bite behind it, but either way it stop the big boys from trying... the real goal.
Honestly it doesn't help them on a small scale. None of the hoarders are going to dump them into the economy again. They are pulled forever (at least 95+% of them). It almost makes them close to not circulating. :)
All that said.... I wouldn't and won't risk it!!
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`Everybody is ignorant. Only on different subjects.' Will Rogers
"This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the "hidden" confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard." Alan Greenspan, 1966. |
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n/a
deleted
20 Posts |
Posted - 05/08/2008 : 22:43:29
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| well i think its pretty cool...i mean its the governments fault that we have sh!t for a dollar, cant earn a living wage, and pay $4 a gallon for gas, so i say f#$K em. melt if you can. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/08/2008 : 22:49:58
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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.
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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. |
Edited by - HoardCopperByTheTon on 05/08/2008 22:50:33 |
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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 05/08/2008 : 23:11:13
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quote:
Originally posted by HoardCopperByTheTon
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.
Before HCBT probably would be driving his pennies to this place. Now that he is a mod, he is posting rules.  |
"99% of all lawyers give the rest of them a bad name" 
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snappy
Penny Collector Member
USA
301 Posts |
Posted - 05/09/2008 : 08:46:53
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quote:
Originally posted by HoardCopperByTheTon
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.
I know it is illegal but who would get in trouble the seller that sold for numismatic value to a person that happened to own a scrap yard or the buyer that sold them to smelter.
and BTW I have not sold any cents. |
Selling Ryedale sorted USA cents
1.5 each + shipping over 500fv 1.5 each +1/2 shipping
If you pick up 1.35 each
located MT/ND boarder.
after Ryedale sorting they are hand sorted to remove canadian then rechecked with Ryedale to insure all copper and count out $50 FV then placed in cloth bags and sealed with #1 copper wire. |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 05/09/2008 : 08:52:41
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quote:
Originally posted by snappy
quote:
Originally posted by HoardCopperByTheTon
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.
I know it is illegal but who would get in trouble the seller that sold for numismatic value to a person that happened to own a scrap yard or the buyer that sold them to smelter.
and BTW I have not sold any cents.
If someone is selling them by the pound as #2 copper scrap, they are going to have a hard time claiming that they didn't know they were part of penny melting "conspiracy". So far I don't think that new law has been exercised and the first person caught is going to be used as an example. Big time ouchy... |
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jpf231
Penny Collector Member
USA
340 Posts |
Posted - 05/09/2008 : 09:47:51
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| VERY unwise on their part. Steer clear of this activity my friend ... steer clear - not worth it. |
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swusc
Penny Hoarding Member
USA
553 Posts |
Posted - 05/09/2008 : 09:53:30
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quote:
If someone is selling them by the pound as #2 copper scrap, they are going to have a hard time claiming that they didn't know they were part of penny melting "conspiracy". So far I don't think that new law has been exercised and the first person caught is going to be used as an example. Big time ouchy...
If they catch someone and win in court, then I don't doubt that would happen.
I wonder if they would try a small timer though. If they went to court and loss for some reason like the mint can't pass laws, then the court would have just removed the ban.
They would be gambling the ban on a small fry. It would be interesting :). I will let someone else be the tester of that though.
-SWUSC |
`Everybody is ignorant. Only on different subjects.' Will Rogers
"This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the "hidden" confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard." Alan Greenspan, 1966. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/09/2008 : 14:33:59
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So you like the penguin approach, huh swusc? The penguins all crowd around the edge of the water till one of them goes in the water. Then they all look over the edge to see if the sharks eat him before they decide they want to jump in the water. 
I came very close to selling a couple of tons as #2 copper.. back when it was legal. The scrap yard wanted me to provide them with proof that it was legal to melt them before we could complete the deal. I knew it was legal but the Federal Register going back that far was not online. That is how I ended up finding this forum in the first place. When they passed the melt ban law my metals guy said "I guess you were right all along, but we definately can't do it now." |
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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Flbandit
Penny Hoarding Member
USA
851 Posts |
Posted - 05/09/2008 : 15:45:22
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| I've always operated under the principle that if something is shady, I'll be the one that gets caught! It tends to keep me out of trouble (now that I'm older at least!) I wouldn't try to sell coppers as scrap, I'd hate to be the scapegoat! |
Are you throwing that out? |
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Tourney64
1000+ Penny Miser Member
USA
1035 Posts |
Posted - 05/09/2008 : 15:50:24
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There is also the legal fees, going up against the governement that can just print more fiat money to fight you. Not only is there the fine, imprisonment, and legal fees, there is also confiscation of the loot. I really don't think anyone on our forums is stupid enough to try it. I think after 2009 the penny will be history, or the penny will change to a different metal. As the percentages of copper pennies continue to dwindle, then there will be no need for a ban as the copper pennies are out of circulation. Nickels will also need to change for the melting ban to be lifted. Why not just wait the melting ban out. We have enjoyed a nice profit margin between face value and sales value. It's just not worth it violating the law.
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misteroman
Administrator
USA
2565 Posts |
Posted - 05/10/2008 : 00:22:23
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There are more then enough people on here willing to pay $2.25 for 1.50 worth of cents to not make it worth the risk for the extra 15 cents.
Derek |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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local scrap yard buys cents.
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