UncleBobo Posted December 14, 2006 Report Share Posted December 14, 2006 U.S. Mint bans melting pennies, nickels Link to comment Share on other sites More sharing options...
ccg Posted December 15, 2006 Report Share Posted December 15, 2006 We don't want to see our pennies and nickels melted down so a few individuals can take advantage of the American taxpayer I don't see anyone being taken advantage of... Link to comment Share on other sites More sharing options...
jlueke Posted December 27, 2006 Report Share Posted December 27, 2006 I don't see anyone being taken advantage of... Because if you melt the coins the mint has to make that many more at a loss to the taxpayer. More on Melting Realistically, how much scrap copper and zinc do you need in order to sell it at full market rates? Link to comment Share on other sites More sharing options...
ccg Posted December 29, 2006 Report Share Posted December 29, 2006 Because if you melt the coins the mint has to make that many more at a loss to the taxpayer. More on Melting Yes, but history records that when the price for the metal exceeds face value, the mint in question usually reduces the weight and/or changes the composition of the coin. I don't think it has ever taken more than 1-2 years in the past, let it be silver or gold (pretty much anywhere in the world), or base metal (Canada - reduction in weight of 1c in 1979 as an example). Not doing so isn't as much of a taxpayer loss as much as it is a politicial inefficiency. The US cent has gone many transformations, from being a large piece of copper/bronze, to a much smaller c/n coin, to a thinner bronze piece, then to zinc now. (Ignoring the steel cent anolomy). It is time for yet another change - aluminium, or drop it altogether since a size reduction would result in a coin that for today's world, is just too small in size and value. Realistically, how much scrap copper and zinc do you need in order to sell it at full market rates? N/A. Full market rates for any metal are always for the element highly refined (99.5% in the case of gold) and in a specified form (bar and/or ingot). Anything else is discounted, with the discount depending on the quality and quantity traded. Link to comment Share on other sites More sharing options...
Art Posted December 29, 2006 Report Share Posted December 29, 2006 What this rule is attempting to do is prevent a tanker load of pennies from heading to China or Korea or... for smelting. Link to comment Share on other sites More sharing options...
jlueke Posted December 29, 2006 Report Share Posted December 29, 2006 What this rule is attempting to do is prevent a tanker load of pennies from heading to China or Korea or... for smelting. Right. I am just curious given the current prices, how many cents would I need to make it profitable to melt them. I doubt anyone will give me over face for a few rolls unless it is someone who is going to collect enough to go to a wholesale smelter. Link to comment Share on other sites More sharing options...
Art Posted December 29, 2006 Report Share Posted December 29, 2006 Right. I am just curious given the current prices, how many cents would I need to make it profitable to melt them. I doubt anyone will give me over face for a few rolls unless it is someone who is going to collect enough to go to a wholesale smelter. I agree with that. The prices for wheaties in bulk have gone up a bit but they usually do around this time of year anyway. I'd say wheatie in bulk about 5 cents each and copper/non wheaties 1 cent each. Link to comment Share on other sites More sharing options...
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