will sombdy please set me straight last night i red the 7th edition of error coins from cover to cover . in there between those two covers it mentioned in 2007 the goverment reinstated the melting of copper coins and delivering out of the coutry fine +jail c an anyone confirm this ?
Yes, I heard that this is true. Some guy invented a machine that can weigh the coins from before 1982 wherein the weight was 3.11grams different from the 2.5 grams of coins after 1982. He sucked hundreds of thousands of coins out of circulation in a short amount of time before it was discovered what was going on. I don't know the whole story of what happened, but I heard that it was because of the copper content and that it was his intention to melt them. I don't know if the coins ever got melted, but it certainly was an ingenious idea!
A few months ago I heard there is a man in Texas that buys copper, including coins, and sends them to Mexico to be melted down. jeankay
In a foreign country, I doubt if there's any jurisdiction. Seems like someone could get away with it down there. But the postage, shipping costs vs. the possible theft of the coins vs. the profit . . . hmmmm I wonder if it's worth the effort?
Google "jackson metals" along with "melting" and/or "cents" or "pennies". For example, one result: http://www.coinbooks.org/esylum_v10n45a20.html
It's illegal to take more than $5 in cents out of the country. UNLESS you can prove they're for numismatic interest, then the limit's $25 I think
First time I heard about that. Don't they have US coin shows in other country's? One gold coin is worth about $1,000. Don't people take gold when they travel? I always take my Krugerrands with me when I travel. What if something comes up and you need cash? Without a few gold coins laying around what do you do?
I wonder if this is the guy that was getting his coins from the Fed. reserve and weighing them? Sounds like the same kind of guy! Hmmmm
The key word here is 'Texas'... and their very long border with Mexico. And if you don't think copper is like a cash crop, well now... I wouldn't be able to explain it to you. Not only that, the copper bullion is being sold to countries that will pay more for it because they do not have copper good enough for mining. One of our main problems along that border, as it is with Arizona, New Mexico and California, is the drug trafficking. If you can get drugs through underground tunnels into the US from Mexico, you can get copper coins over the border without a problem. There is just too much border and too few enforcement officers to keep watch. Yes, I know illegal immigrants seem to be the main focus, and many of them do carry drugs for the 'Coyotes', but most just want to come to the US because they need to support their families. I am not totally cool with that, but can understand it. Someone like this copper recycle guy is throwing the law back in our faces like it was just so much hooey, and in turn, causes the government to try to keep up with the demand of the law-abiding citizens for coinage, and makes us pay more for the product. Simply put it is only 'supply and demand', in an endless circle where we get bit in the backside when it all comes back to us in that circle. jeankay
Haleiwa, Some countries do not allow US money to come into their country, even for numismatic purposes. It is their laws, and we best abide by them if we go there. As far as carrying a few Krugerrands when you travel... you may not have been assaulted for them yet, but when someone knows and the opportunity arises, you will be minus your backup funds and maybe your life. On top of that, melting the coins in question is not simply a fine+jail... it is a Federal Offense, and the jail is a prison, and not nice enough to make it worthwhile. By the way, this includes Hawaii, Alaska, and the protectorates, etc. I don't think anything is worth a stint in the federal prison system. jk
These laws only apply to cents and nickels. Probably only Lincolns and Jeffs come to that. The reason the laws are in place is because of the intrinsic (metal) value being higher than the face value coupled with the fact that they're circulating coinage. I know coming into the U.S. you have to make a declaration if you're bringing in $10k+ in cash, gold, silver blah blah blah. Other countries have similar laws. You can still bring it in but it has to be declared.
Yeah that's what I thought, $10K. I always travel with a tube of Gold coins Kurgerrands. Who knows you have it except wifey? And I'm constantly on the look out for her! :mouth: It's not like you flash it when you reach in your pocket to pay for a meal! Lol.
