United States Mint Moves to Limit Exportation & Melting of Coins

Interim Rule Goes Into Effect Immediately

WASHINGTON — The United States Mint has implemented regulations to limit the exportation, melting, or treatment of one-cent (penny) and 5-cent (nickel) United States coins, to safeguard against a potential shortage of these coins in circulation. The United States Mint is soliciting public comment on the interim rule, which is being published in the Federal Register.

Prevailing prices of copper, nickel and zinc have caused the production costs of pennies and nickels to significantly exceed their respective face values. The United States Mint also has received a steady flow of inquiries from the public over the past several months concerning the metal value of these coins and whether it is legal to melt them.

"We are taking this action because the Nation needs its coinage for commerce," said Director Ed Moy. "We don't want to see our pennies and nickels melted down so a few individuals can take advantage of the American taxpayer. Replacing these coins would be an enormous cost to taxpayers."


http://www.usmint.gov/pressroom/index.cfm?...ease&ID=724

Notice that the melting or exporting of silver was banned from 1967-1969, but was permitted after the clad coinage took over.

I doubt that's a major problem. People throw cents away all the time but there's no way saving some are going to suddenly cause a shortage.

Really, how many people are actually saving them?

From what I have read both online and in the letters sections of publications...thousands of people are hoarding pre '82 cents.

Thay have their own web site.
http://realcent.forumco.com/forum~FORUM_ID~1.asp

I am not saving them to melt them, but wait for them to be worthwhile just because they are old, like the wheat cents, of which I come across in change at least once a week now. Thanks coinstar.

I tend to toss pre-'82s in a separate jar, but I don't think that makes me a hoarder.

I don't get it. The mint stamps out billions of the "zincolns", and they're worried that someone might make a buck on a few pounds of copper ...

Jeez

Cool! I'll have to surf that later on.

Thanks.

1983 Copper cents? bah humbug.... Heritage's vast auction archives doesn't list the sale of a single one. THey do list the 43 coppers and 44 zincs though.

Do you think there are copper 83's out there?

They are more worried about someone shipping them by the ton to China for meltdown. The no melt policy is more to head off the general public from hoarding the coins. For every person that is already saving copper coins theres 10 more that were considering doing so. This policy just might head off a mass hoarding.

Its this or elimination of the cent and nickel.

Thats hoarding.

"There are two basic methods for hoarding pre-1982 US copper pennies.

1. Look through all the pennies you get in change. Just remember, if it is 1981 or earlier, save it. If it is 1982 or later, spend it. Get yourself a cleaned out coffee can or some other container, and throw copper cents in. Slowly, they will add up. This takes a while, but is better than nothing. "

http://www.realcent.friendpages.com/p/page...pageid=realcent

I save all the pre-82 copper cents, someday they will trade like silver coins do now in my opinion (7x face etc.). As for the melting, I doubt it will make much difference once the mint starts making cents and nickels out of foil wrapped chocolate!

I'm waiting for them to make the coins out of that material in Blackhawk's experimental mint set.

Have anyone notice that when you tell a toddler not to do something, they do exactly what you are telling them not to do. Fortunately for me, I'm still like that toddler, they tell me not to do it and the firs thing I do is go to the bank and get a box of cents and start sorting them

In another note... I got a box of cents from a bank in Grand Junction, Colorado and believe it or not, I didn’t find one Pre 82 cent. some people might call that a coincidence, I call it, BIG COPPER SORTER

How about the nickels, isn't their metal value almost double face now?

You can get them by the box at the bank.

The problems with U.S. nickels compared to bronze cents are:

1. It's a c/n alloy rather than pure or mostly pure metal
2. Nickel doesn't trade nearly as much as copper does.