Hi I was wondering about this topic but could not find straight forward answers on the net. Believe me when I say I have no intentions of destroying U.S. or have ever done so. What made me wonder was I heard about kids melting pennies in school lately ( part of class I would assume). Any thoughts or answers would be much appreciated; for paper or coin... and again I have no intentions of destroying U.S. currency. Thanks!
There is supposed to be some law about melting Silver coins I think but just as most laws, greatly misunderstood and ignored. Entire web sites dedicated to the hoarding of Copper coins for melting purposes. Many jewlers melt silver coins all the time. They can make more selling specialty items over the coins. The problem here is in many instances of melting coins for the metal ends up distroying coins of great value but due to ignorance, it still happens. Try picturing 14D Lincoln Cents being melted with bulk quantities of Copper coins, wire, piping, etc. Picture a 42/41 Mercury Dime melted for less than a dollar. Naturally the metal recycler people just really don't care nor in most instances don't know. And as to paper money, ever note the people at most stores when you give them currency. They now swipe it with some kind of marker. Nice to leave that on some valuable ones.
At the beginning of 2009 or end of 2008 I can't remember which, they placed a temp ban on the melting of all cents and nickels. This temp ban was later made perm, so yes it is illegal to melt any cents or nickels. Dave
http://www.usatoday.com/money/2006-12-14-melting-ban-usat_x.htm From USAToday, 12/14/2006 WASHINGTON — People who melt pennies or nickels to profit from the jump in metals prices could face jail time and pay thousands of dollars in fines, according to new rules out Thursday.....
"The nation needs its coinage for commerce," U.S. Mint director Ed Moy said in a statement. "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." How would it cost the taxpayer?
What do you mean? It is right there in the quote from the article that you posted. If all pre 1982 cents were melted, the taxpayer would foot the bill to produce more cents to meet the damand of commerse. It costs more than a cent to produce a cent.....WE pay that bill.
So is the government going to go after its own national parks for encouraging kids to do this to the precious cent?: http://pennycollector.com/Details.aspx?location=826
Defacement of Currency Defacement of currency is a violation of Title 18, Section 333 of the United States Code. Under this provision, currency defacement is generally defined as follows: Whoever mutilates, cuts, disfigures, perforates, unites or cements together, or does any other thing to any bank bill, draft, note, or other evidence of debt issued by any national banking association, Federal Reserve Bank, or Federal Reserve System, with intent to render such item(s) unfit to be reissued, shall be fined under this title or imprisoned not more than six months, or both. Defacement of currency in such a way that it is made unfit for circulation comes under the jurisdiction of the United States Secret Service. http://www.moneyfactory.gov/document.cfm/18/104 RickieB
Out of curiosity, since it does cost money to make cents and nickels, who do you think pays if we do not? The Russians? The Cubans? Oh! I know. It is the Chinese.
