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realcent
Forum Admin
USA
246 Posts |
 Posted - 05/02/2006 : 17:28:03
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Here is portion of an FAQ found at www. ustreas.gov. Notice the part that says they buy back mutilated coins at their scrap metal value?
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QUESTION: What happens to United States coins that are no longer fit for circulation?
ANSWER: "Those coins are classified either as uncurrent or as mutilated. Coins that are chipped, fused, and not machine-countable are considered mutilated. The Mint redeems mutilated coins at the value of their metal content. Mutilated coins are only redeemable through the United States Mint at:
United States Mint
P.O. Box 400
Philadelphia, PA 19105
(215) 408-0203
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I am curious to see how much they would pay for one pound (about 150) mutilated pre-1982 pennies. It would take awhile to bend (or some way make not machine countable) 150 pennies, but it would be interesting.
A pound of pennies has a face value of about $1.50, I wonder if they would actually send out a check for $3.00 in return? (current copper spot)
Might be an interesting test...If I decide to do it I will let you know the results. If anyone else wants to try it, let me know how it goes.
The full FAQ can be viewed by going here:
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4 Posts |
 Posted - 05/04/2006 : 11:28:02
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No, I do not think you understand this corretly. Actually, I do not think it is properly worded. I know that the mint WILL buy back the mutilated coins from banks, BUT it is not at the scrap value. It buys them back at face, measured by weight. If you had 100 mutilated SAC $ coins, you would receive $100 unless they had holes. Then, you might receive less because of the reduced weight. By this logic, you would get only about $1.60 per pound for your cents. They assume some ratio (don't know the #) of zinc-to-copper, and pay accordingly. Currently, I would buy the cents at 1.3 cents, but it would not make sense (cents) to ship them unless you had at least 9,000 in a flat-rate box. Hold and wait! More people will come on-line buying the stuff. I heard mention of China sending ships to load up!  Who knows??? Anything is possible soon! $3.50 copper today!  |
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realcent
Forum Admin
USA
246 Posts |
 Posted - 05/04/2006 : 11:34:58
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You're probably right, but I blame the wording of the answer:
"The Mint redeems mutilated coins at the value of their metal content"
Maybe I am just used to thinking about metal in terms of bullion, not fiat.
Oh well, I didn't want to send them my copper pennies anyway, it just sounded interesting.
Oh, and by the way, thanks for registering and posting! Tell a friend...
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22 Posts |
Posted - 05/18/2006 : 17:33:52
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| that's very nice of them. They made the price they pay the value of the coins and not the actual value of the metal. |
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US Mint pays you spot price for your copper cents
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