Didn't the Gov't make it illegal to melt Silver coins?

I thought I read a thread on CT, but can't find it....Is it illegal, or am I off on this?


stainless

 

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There was some prohibition or similar back in the 1960's that was rescinded in the 1970's when all silver had disappeared from circulation anyway, rendering the law useless. The purpose was to keep people from pulling coins out of circulation to melt them, depleting the country of coinage. Problem is, people still hoard the coins, they just don't melt them until later when they can.

Even now a lot of silver coins are not melted, and actually they are my preferred way to have silver, in coins. Nice standard weights, familiar, portable and recognisable unlike a lot of bullion bars, rounds etc.

 

I know it is for cents and nickels, but I don believe so for others.
http://www.usmint.gov/pressroom/index.cfm?flash=yes&action=press_release&ID=771

Jim

 

i know a man got caught melting copper pennies in NJ he got big fines

 

I would like to see an article on this. Do you have a link??



No, currently it is not illegal to smelt silver coinage. Like stated before it was prohibited in the earlier years.

The only thing that it is illegal to melt or export is U.S nickels and pennies. However, when they get rid of the penny or change its composition again the melt ban will be lifted and those who invest in copper pennies will make some money.