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  1. #1
    us
    discovering & preserving our past for future generations

    Dec 2004
    Aquapulse, DetectorPro Headhunter, Fisher F75
    2,246
    71 times
    Shipwrecks

    PENNYS AND NICKELS WORTH MORE MELTED DOWN

    WASHINGTON -- Given rising metal prices, the pennies and nickels in your pocket are worth more melted down than their face value. That has the government worried.

    U.S. Mint officials said Wednesday they were putting into place rules prohibiting the melting down of 1-cent and 5-cent coins. The rules also limit the number of coins that can be shipped out of the country.

    "We are taking this action because the nation needs its coinage for commerce. We don't want to see our pennies and nickels melted down so a few individuals can take advantage of the American taxpayer," Mint Director Edmund Moy said in a statement.

    Officials said they had received a number of inquiries from the public in recent months concerning the value of the metal in the coins and whether it was legal to melt them.

    The new regulations prohibit the melting of 1-cent and 5-cent coins, with a penalty of up to five years in prison and a fine of up to $10,000 for people convicted of violating the rule.

    The rules also require that shipments of the coins out of the country be for legitimate coinage and numismatic purposes and cap the size of any one shipment to $100 worth of the coins.

    Because of the prevailing prices of copper, zinc and nickel, the cost of producing pennies and nickels exceeds the face value of the coins.

    A nickel is 25 percent nickel and 75 percent copper. The metal in one coin costs 6.99 cents for each 5-cent coin. When the Mint's cost of producing the coins is added, the total cost for each nickel is 8.34 cents.

    Modern pennies have 2.5 percent copper content with zinc making up the rest of the coin. The current copper and zinc in a penny are worth 1.12 cents. The cost of production drives the cost of each penny up to 1.73 cents.

    Pennies made before 1982, which are still in circulation, would be even more lucrative to melt down because they contain 95 percent copper and only 5 percent zinc. The metal value in those coins is 2.13 cents per coin, Mint officials said.

    The new regulations are being published in the Federal Register and will go into effect as interim rules which will not become final until the government has a chance to consider possible modifications based on public comments

  2. #2
    us
    Dec 2004
    Georgia
    Tesoro Cortes
    1,799
    19 times
    All Types Of Treasure Hunting

    Re: PENNYS AND NICKELS WORTH MORE MELTED DOWN

    That's some interesting information GDaddy...I wish the mint would stop producing the one cent coin - totally worthless - the economy could do withtout the penny, just round everything up a few cents.

    I don't like the paper dollar bill either, I wish they would go strictly coins for the dollar - the paper bills clutter up your wallet/purse and just get in the way of real money.

    I'd also like to see a $500.00 dollar bill - now THAT would pack a punch!

    Thanks for listening...Night Stalker

  3. #3
    us
    Oct 2006
    9,053
    360 times
    Honorable Mentions (1)

    Re: PENNYS AND NICKELS WORTH MORE MELTED DOWN

    In 15 years i have dug up about $200.00 dollars in pennies. never thought of melting them down.

  4. #4
    TheDetectorist

    Re: PENNYS AND NICKELS WORTH MORE MELTED DOWN

    Quote Originally Posted by aa battery
    In 15 years i have dug up about $200.00 dollars in pennies. never thought of melting them down.
    Then you never read what Exanimo said oh so many years back!

    TD

  5. #5

    Nov 2004
    White's DFX & Classic ID
    106
    1 times

    Re: PENNYS AND NICKELS WORTH MORE MELTED DOWN

    Isn't that a supprise, that it costs the man more to make the coin than it's worth.
    CLAD COUNTER 2007

    Pennies:..................    46
    Nickels:...................    4
    Dimes:.....................   18
    Quarters:..................   18
    Half Dollars:..............   0

    Total Coins:.............    86
    Total Amount:........... $6.96

  6. #6
    um
    Jul 2004
    Broward Co.
    Tesoro Sand Shark, Whites M6
    11,988
    2561 times
    All Types Of Treasure Hunting

    Re: PENNYS AND NICKELS WORTH MORE MELTED DOWN

    Quote Originally Posted by kd8hf
    Isn't that a supprise, that it costs the man more to make the coin than it's worth.
    Now your getting it.It sounds criminal doesn't it? I mean what's wrong with this picture? How long are we supposed to put up with an inept form of government that continually wastes so much of our money? The U.S.Mint and the Treasury should be held accountable.But we know the culprit is the Federal Reserve.Actually the Federal Reserve isn't even a government entity,it's privately owned! Check it out! http://www.worldnewsstand.net/today/...atelyowned.htm .I also recommend that you read "The Creature From Jekyll Island" by G.Edward Griffin.It's a very interesting read!
    In the land of the blind, the one eyed man is King.

    You can lead a horse to water but you can't make him drink it.

  7. #7
    sendin

    Re: PENNYS AND NICKELS WORTH MORE MELTED DOWN

    So metals prices take a dip at the end of the week. Propping up the dollar are we? By sellling some metal are we? Be interesting to see who the sellers are. Gee, seems like that might last for a week or two. I think there are some buyers out there these days. I'm not going to get any options, but kind of sounds like it might be a fun ride for some astute traders in the metals markets over the next month or two.

  8. #8

    May 2006
    1,520

    Re: PENNYS AND NICKELS WORTH MORE MELTED DOWN

    I recall the time when it was against the Law to melt down silver coins.
    Peg leg

  9. #9
    damz68

    Re: PENNYS AND NICKELS WORTH MORE MELTED DOWN

    Quote Originally Posted by diggummup
    Quote Originally Posted by kd8hf
    Isn't that a supprise, that it costs the man more to make the coin than it's worth.
    Now your getting it.It sounds criminal doesn't it? I mean what's wrong with this picture? How long are we supposed to put up with an inept form of government that continually wastes so much of our money? The U.S.Mint and the Treasury should be held accountable.But we know the culprit is the Federal Reserve.Actually the Federal Reserve isn't even a government entity,it's privately owned! Check it out! http://www.worldnewsstand.net/today/...atelyowned.htm .I also recommend that you read "The Creature From Jekyll Island" by G.Edward Griffin.It's a very interesting read!
    They more than make up for it with the paper money. What is it like 7 cents worth of material in each bill, Weather it is a one or a hundred! As cheap as the penny is made today I am surprsed at reading this.

  10. #10
    um
    Jul 2004
    Broward Co.
    Tesoro Sand Shark, Whites M6
    11,988
    2561 times
    All Types Of Treasure Hunting

    Re: PENNYS AND NICKELS WORTH MORE MELTED DOWN

    Quote Originally Posted by damz68
    Quote Originally Posted by diggummup
    Quote Originally Posted by kd8hf
    Isn't that a supprise, that it costs the man more to make the coin than it's worth.
    Now your getting it.It sounds criminal doesn't it? I mean what's wrong with this picture? How long are we supposed to put up with an inept form of government that continually wastes so much of our money? The U.S.Mint and the Treasury should be held accountable.But we know the culprit is the Federal Reserve.Actually the Federal Reserve isn't even a government entity,it's privately owned! Check it out! http://www.worldnewsstand.net/today/...atelyowned.htm .I also recommend that you read "The Creature From Jekyll Island" by G.Edward Griffin.It's a very interesting read!
    They more than make up for it with the paper money. What is it like 7 cents worth of material in each bill, Weather it is a one or a hundred! As cheap as the penny is made today I am surprsed at reading this.
    Good Point!
    In the land of the blind, the one eyed man is King.

    You can lead a horse to water but you can't make him drink it.

  11. #11
    us
    "WP"

    May 2005
    Saint Petersburg, FL
    White's IDX Pro, Vibraprobe 570, Minelab Explorer XS w/ Sunray X-1 Probe & Sunray Stealth X-12 DD Coil
    3,522
    73 times
    History, Metal Detecting, and Survival & Self-Sufficiency

    Re: PENNYS AND NICKELS WORTH MORE MELTED DOWN

    Well, I've been reading numerous articles saying that the value of our money is dropping and the price of Gold always shows the opposite of what the economy is doing. I guess it's just getting to the point of almost 'hopelessness' for those who are keeping up with the information regarding coinage and other types of money. It seems that since this site is focused on the finding of lost money and treasure, we keep up to date on it the best. Hopefully these changes in our economy are provoking a lot of the TH'ers on T-Net to assess and regroup their plans for the future. I believe the investing in precious metals and the methods of acquiring them will become priceless as more time passes. Treasure Hunting can provide an endless amount of monetary security if enough time, study, and patience is invested into it... though I'm afraid that this will also destroy the historical value of the coins and metals found by us in the future. Guess we'll just have to invent different ways to maintain the foundation by which each of us live.

    Bran <><
    Rom. 10:9 that if you confess with your mouth Jesus as Lord, and believe in your heart that God raised Him from the dead, you will be saved;

    Rom. 10:10 for with the heart a person believes, resulting in righteousness, and with the mouth he confesses, resulting in salvation.

  12. #12
    us
    Jan 2007
    Mountain View, OK
    Garrett Ace 250
    660
    2 times

    Re: PENNYS AND NICKELS WORTH MORE MELTED DOWN

    It is getting so bad that here in Oklahoma, when meth heads or other such bottom feeders move out of rental housing, they strip all copper pipe and fittings from it when they go. People have been caught stealing fixtures from churches, and bronze and other statuary as well.

    War time economy, ya know.

    I for one do not want to see the penny done away with. I would like to see another "war era" steel penny issue.
    "You should never take life too seriously....you are never going to get out alive." Van Wilder.

  13. #13
    us
    Strip Minning Northern California, one Silver Coin at a time....but never leave a trace...

    Nov 2006
    In the Heart of Wine Country in Northern California
    Fisher CZ6, CZ5, Coinstrike, Fisher CZ20, Fisher 1235X Tesoro Conquistador, Whites Surfmaster P.I. , , Garrett Pro Pointer
    1,175
    445 times
    Metal Detecting

    Re: PENNYS AND NICKELS WORTH MORE MELTED DOWN

    Iv'e got a bucket that has about 5000 zinc pennies that are so badly corroded that
    most of them have lost 10% to 50% of there weight. Almost all of them dug in parks and salt water beaches. Any ideas on what to do with this 20 pound mess?
    Hunting San Francisco Bay Area since 1985

  14. #14

    Nov 2004
    White's DFX & Classic ID
    106
    1 times

    Re: PENNYS AND NICKELS WORTH MORE MELTED DOWN

    Sonoma,

    Can you try to tumble them? They may still look ok to use again. Good Luck

    Gary
    CLAD COUNTER 2007

    Pennies:..................&nbsp; &nbsp; 46
    Nickels:...................&nbsp; &nbsp; 4
    Dimes:.....................&nbsp;&nbsp; 18
    Quarters:..................&nbsp;&nbsp; 18
    Half Dollars:..............&nbsp;&nbsp; 0

    Total Coins:.............&nbsp; &nbsp; 86
    Total Amount:........... $6.96

  15. #15
    us
    Jun 2006
    St Petersburg, Florida
    Tesoro Tiger Shark
    238

    Re: PENNYS AND NICKELS WORTH MORE MELTED DOWN

    Quote Originally Posted by Sonoma County Mike
    Iv'e got a bucket that has about 5000 zinc pennies that are so badly corroded that
    most of them have lost 10% to 50% of there weight. Almost all of them dug in parks and salt water beaches. Any ideas on what to do with this 20 pound mess?
    I would put em in rolls and deposit them in your bank account let the bank worry about it.

    I did find this page about mutilated currency .. cant find anything about coin tho but I wouldnt think it is any different.

    http://www.moneyfactory.gov/section.cfm/8/39

    cheers
    Face down in the dirt&nbsp; this doesnt hurt

 

 

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