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n/a
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26 Posts |
 Posted - 12/14/2006 : 07:40:14
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Even though it is a "rule" and the US Mint has NO such power to MAKE LAW.......... they try
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quote:
Rising Metal Prices Prompt Ban on Melting and Export of Coins
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By MATTHEW HEALEY
Published: December 14, 2006
The United States Mint, concerned that rising metal prices could lead to widespread recycling of pennies and nickels, has banned melting or exporting them.
The Mint is also testing dozens of cheaper alternative metal compositions in the expectation that Congress will mandate a change when it meets in the new year.
According to calculations by the Mint, the metal value of pennies, which are made of copper-coated zinc, is now more than one cent. The metal value of 5-cent coins, made from a copper-nickel blend, is up to 7 cents. Adding in the costs of manufacturing means the Mint now spends 1.73 cents for every penny and 8.74 cents for every nickel it makes.
Until 1982, pennies were made of 95 percent copper. The commodity metal value of one of those coins, which still make up a large percentage of the pennies in circulation, is 2.13 cents, according to the Mint.
If even 1 percent of the 150 billion pennies and 20 billion nickels in circulation were claimed for salvage, replacing them would cost taxpayers $43 million, the Mint estimates.
In an interview yesterday, Edmund C. Moy, director of the Mint, said officials were aware of only a few people asking if it was legal to melt coins for their metal value. Without the ban, which takes effect tomorrow, it would be.
The new ban also forbids exporting pennies or nickels in any significant quantities. While the Mint is not concerned about tourists’ pocket change or numismatic collections, it wants to block wholesale export of coins to countries where recycling them for their metal content could be economically viable.
Penalties for violating the ban can include a $10,000 fine and up to five years in jail. “We want to make it clear to anyone considering this that it’s not worth it,” Mr. Moy said.
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n/a
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479 Posts |
Posted - 12/14/2006 : 09:37:38
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I'll hold mine anyway and probably even accomeulate more.
They don't take up much space.
They will be very useful in a post SHTF scenario.
And I believe that they will eventually go for melt value anyway.
Here is my reasoning:
In the short run, one or two years, they will hope that the melt value goes down. I predict that it will continue up instead.
In the medium term, they will stop making the penny altogether and replace the nickle with a cheaper core.
In the long run, the good old coins will be driven out of circulation via Gresham's law.
After they have been driven out of circulation and replaced with newer cheaper circulating coins, then they will just lift the ban on melting and into the furnace they'll go.
.................................................
A billiard ball dropped from 1,362 feet (height of the South Tower) in a
vacuum would require 9.22 seconds to hit the ground. How then did the
towers collapse in 10 seconds and 11.4 seconds, and why has not one
member of the mainstream media insisted on honest answers from the
government in this regard?
"The individual is handicapped by coming face to face with a conspiracy
so monstrous [that] he cannot believe it exists."
- J. Edgar Hoover |
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Metalophile
Penny Collector Member
USA
320 Posts |
Posted - 12/14/2006 : 10:28:03
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Agreed. That's what they did with silver. After most of the silver was already hoarded and the Mint had produced enough cupronickel, they lifted the ban.
Metalophile |
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103 Posts |
Posted - 12/14/2006 : 10:32:43
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I posted this topic in the general discussion forum too. (Read this!)
It doesn't look like the goverment plans on the price of base metals to drop any time soon.
I may cash in all of mine and buy silver bullion with the FRNs. Why wait for something that may take years to come? Best bet is with bullion now. I don't even want 90% now.
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The above post is intended for entertainment purposes only and in no way reflect the opinions of the flesh and blood person writing the text. All writings under the screen name "copperhead" are merely a characterization of the personna created. |
Edited by - n/a on 12/14/2006 10:39:15 |
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103 Posts |
Posted - 12/14/2006 : 11:12:45
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This was posted on You must be logged in to see this link.
Turn Off The Smelters!
By Alec Nevalainen
December 14, 2006
It was only a matter of time. The U.S. Mint (apparently the 4th branch of government capable of making laws) decided to make all U.S. coin melting illegal.
I'm obviously not surprised. Particularly looking at the web server logs to my website coinflation.com, there's been a lot of ".gov" addresses visiting recently. I've seen this log activity before, but I figured it was idle government workers checking up on silver coin values. At least I thought that until looking at the activity the last two weeks:
Visits from someone in a congressional office
Visits from the U.S. Treasury
Visits from uscourts.gov
Visits from the Department of Justice (just one)
All .gov activity the last two weeks
Way too funny. The "Men in Black" will be knocking on my door soon, asking me why there's a thick black cloud of smoke coming from my fireplace.
I guess it's time to turn off the home smelter.
To find out the intrinsic value of U.S. coins (including pre-1965 silver), visit coinflation.com.
nevalainen@gmail.com
All the more reason to bail out now fellow coin hoarders. See you at the banks.  - Copperhead
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The above post is intended for entertainment purposes only and in no way reflect the opinions of the flesh and blood person writing the text. All writings under the screen name "copperhead" are merely a characterization of the personna created. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 12/14/2006 : 11:52:46
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In light of the recent ban on the melting of U.S. pennies and nickels, I want to state that it is not the policy of Realcent.forumco or its moderators to advocate the breaking of any rules or laws established by the U.S. Goverment, U.S. Treasury Department or the U.S. Mint concerning the melting or distruction of U.S.coinage.
Ardent Listener
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If you can conceive it and believe it, you can achieve it. -Napoleon Hill |
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just carl
Penny Hoarding Member
USA
601 Posts |
Posted - 12/14/2006 : 12:56:04
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Lets see now. We have laws against drugs, stealing, murder, rape, vandelism, arson, etc., etc., etc. However, anyone ever look at the murder rate in Chicago. Approximately 50,000 cars a year are stolen here. You can always go to the new Maxwell Street and buy back your hub caps if they vanished. And no one ever leaves a door unlocked unless your standing in it. AHHH but now the police have something to really lok for. Master Criminals that melt coins.
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New Law! Outlawing coin melting!!?
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