Nickeles and Pennies Law past no Melting

Today US Mint Past law ilegal to melt nickel or cents.

Also travelers can only take up to $5 in cents and nickels out of the country, or send $100 out of the country.

 

Log in or Sign up to hide this ad.

Link to US MINT page

Link
http://www.usmint.gov/pressroom/index.cfm?action=press_release&ID=724

 

There goes my retirement fund.

 

I was wondering if they were going to make a move before the real hoarding begins.

 

This is the type of action that just about screams for a constitutional challenge for the protection of the hobby if nothing else. Coins released into circulation are no longer the property of the US Mint or US government. They become privately held assets and the owner should be permitted to do with them whatever they wish. If this is not true, then there is nothing to prevent the US Mint from calling in all numismatic coins to replace with newly minted coins, at face value or melt value of course. Whatever numismatic premiums the coins command on the market can just be explained away as the unwarranted actions of speculators.

 

Minimum price tag for bringing such an action in the US District Court in Washington, several hundred thousand dollars. And that assumes that you lose and decide not to appeal. By the time you defend government appeals if you win, or appeal yourself if you lose, a cost of half a million wouldn't surprise me.

That's why such a large part of constitutional challenges are funded by non-profit foundations, business associations and large - no, huge - corporations.

BTW, it's been about eleven years since my job required me to hire privately practicing attorneys for a major case, so my cost estimates may be on the low side.

 

I laughed when I read the article.

 

I found this in the article. Does this mean it will only last 120 days?

"The regulations are being issued in the form of an interim rule, to be effective for a period of 120 days from the time of publication."

 

Read the rest of the article. At the end of the 120 days the Mint will issue a permanent order, which will probably be the same, but could include changes, or even termination, depending on the public response and the Mint's response to that response.

 

ok I understand. Time to write a letter to the mint!

 

Minimum price tag for not brining such an action is a complete loss of property rights equal, at a minimum, to the total value of all coins currently circulating in the US. Personally, I can't afford to take the lead on this type of action, and can only hope that someone or some group has the resources and inclination to seek to preserve the liberty of the rest of us. I don't like the idea that the US Mint feels they own and can control the coins in my possession.

 

Collector coins need to be excluded from the export restrictions. It will damage the hobby if they are not.

 

The new regulations authorize a fine of not more than $10,000, or imprisonment of not more than five years, or both, against a person who knowingly violates the regulations. In addition, by law, any coins exported, melted, or treated in violation of the regulation shall be forfeited to the United States Government.

I was good to go till ya told me about it!

Seriously, only congress can make laws! I wonder what law this regulation power falls under? But they do state they have done it in the past!

 

The laws authorizing government departments to make regulations clarifying and/or implementing statutory provisions.

The reason it is an interim rule only in effect for 120 days is that the authorizing legislation permits a department to create "emergency" rules which go through the public comment stage after they are implemented, but before they become permanent.

The legislative branch (Congress) and the judicial branch (the courts) recognize that the executive branch (the President and cabinet officers) need to have regulations to guide them in carrying out legislative mandates.

 

They do state that "...individuals may ship up to $100 in these coins out of the country in any one shipment for legitimate coinage and numismatic purposes..." which is 55 lbs of zinc cents (or 68 lbs if 95% copper), and 22 lbs of nickels. That seems to imply multiple shipments is acceptable, and I don't think the USPS will ship more than 70 lbs in a single box anyways. The nickel limit is kind of low (can't ship a $200 bag), though.

 

Guy's I feel sorry for you all, i know that over here we somtimes impose restrictions on the export of certain coins but they are few and far between, this seems so draconian & it will hit ebay sellers hard. Can I ask if you do not have some kind of law that alows you freedom to conduct a business?
De Orc

 

the sky is falling

 

no way jose

always say no to government intervention.

 

well there is no way they can enforce it. Anyone cam melt coins in his backyard. Just another law with a hope that sheeple will abide.

 

fight the power. I SAY BOSTON TEA PARTY EXCEPT THIS TIME LETS DUMP EVERY PENNY YOU FIND IN YOUR POCKET CHANGE ( that has no collectable attributes). Right in to the Baston haaabaa.