A New Law Makes it Illegal to Melt Down Pennies and Nickels
Thursday December 14, 2006
The U.S. Mint has announced that a new regulation, effective immediately, makes it illegal to melt down U.S. Cent and Nickel coins. Due to sharply rising metal prices, the U.S. Cent (99.2% zinc and 0.8% copper core, plated with 100% copper) has a current melt value of 1.12 cents per coin. The nickel, (75% copper and 25% nickel) has a melt value of a hefty 6.99 cents per coin!
Important Features of the New Regulation:
I can't help but wonder if we're going to see a new metallic composition for the nickel soon. Another thought that comes to mind is whether we'll see nickel hoarding. What are your thoughts about this? What metal might we see in a new nickel? Are you going to start hoarding your pennies and nickels now? Share your thoughts in the Comments (below) or come discuss them with us in our Coin Collecting Forum.
Important Features of the New Regulation:
- Travelers leaving the U.S. are limited to taking $5.00 worth of pennies and nickels out of the country.
- No more than $100.00 worth of pennies and nickels can be shipped out of the U.S. in any one shipment, and those only for "legitimate coinage and numismatic purposes."
- Penalties for violation include fines up to $10,000 and 5 years in prison, plus forfeiture of the melted, shipped, or treated material.
- The new law will have Interim Regulation status for 120 days, during which comments will be accepted for 30 days. Following the comment period, a decision will be made by Mint Director Ed Moy as to whether the law should become permanent.
I can't help but wonder if we're going to see a new metallic composition for the nickel soon. Another thought that comes to mind is whether we'll see nickel hoarding. What are your thoughts about this? What metal might we see in a new nickel? Are you going to start hoarding your pennies and nickels now? Share your thoughts in the Comments (below) or come discuss them with us in our Coin Collecting Forum.
Comments
I have been sorting my pocket change for years obviously the silver 90% or 40% but recently I have been putting the pre-1982 pennies in a can(s) It may now be illegal melt the coins but if my house burns and the fire gets hot enough I can not only ca$h in on the insurance but also have several hunks of precious metals to ca$h in on. I have been buying as much silver bullion as I can get my hands on. It should skyrocket in 2007 so buy now !!!!
I have been a member of hoardingcopper.com for about a year now but have been hoarding US copper pennies and US zinc pennies for about two years. I have amassed about 150,000 pennies in total. I also hoard Canadian pre 1981 nickels which are 99.5% nickel unlike our US nickels which are only 25% nickel and 75% copper. Also Canadian cents pre 1996 are 98% copper and make a great investment.
Forget the pennies and start purchasing nickels at $100 a box at your local bank! These boxes contain 16.5 lbs. of copper and 4.5 lbs. of nickel … metals which are destined to skyrocket due to the China metal shortage syndrome.
To correct the above comment … a two thousand count box of nickels worth $100.00, weighs a total of 22lbs. which is 16.5 lbs of copper and 5.5 lbs of nickel.
wow i dont think its going to stop people from forging(melting pennies)with pennies or nikles
i dont think it should be permement
I dont know about you but i’m going to start melting pennies and nickels inmediately!!!!!!!!!
Scrap prices are dropping !!!
time 2 SToCK UP !!!!!!!!
First, as I understand it, circulating coins belong to the public, and as such can be melted, used in arts and crafts projects, mailed overseas, or eaten for that matter.
Second, Congress has a lot of nerve telling us we can’t melt our own coins, when they just “removed” 8 trillion dollars from us at gunpoint and handed the money to their buddies at the big banks and big unions. They should be wearing stripes, not telling US what we can and can’t do with what little money we are left with after the mugging from them!