If you make enough of these and melt the scrap, can you put them back into circulation and avoid the penalties against melting cents for the metal content? Eventually you would accumulate enough scrap to be worth something. I would suspect there is some law against this somewhere on the books.
There are legitimate companies that make these. No law is being broken by cutting out a coin. These and many line them are known as novelty coins.
More money can be made by selling these punched out coins (typically $.50) than by remelting the scrap.