When can we Start the Furnace?

[Furismo]

I was wondering if anybody knew the current state of the penny/ nickel melting ban. I would buy a Ryedale if I could sell the copper in the near future.

That and did they only issue the ban because they thought there would be a shortage of change? Or is there more to it?

 

[Silver Stripe]

They don't want anybody making $$$ off of money but them. HH Mark

 

[FreedomUIC]

They don't want anybody making $$$ off of money but them. HH Mark

If that was the case than your 90 and 40%'ers wouldn't be able to be melted either. Or any currency for that matter.

 

[legend76]

In 2010, it cost 9.22 cents for the mint to make nickels. They want them to stay in circulation. If you paid 5 cents for them and got 6 cents each nickel to melt, there would be a shortage and they would have to mint many more than they already do (each at a 4 cent loss). Same way with pennies (2010 cost to mint: 1.79 cents), the more taken out of circulation the more they must mint (at a loss). The mint makes money, called seignorage, from minting all other coins besides pennies and nickels.
http://en.wikipedia.org/wiki/Seigniorage
http://news.coinupdate.com/cost-to-make-penny-nickel-0619/

I personally don't believe the melt ban will be lifted any time soon. But, I wouldn't be suprised if the metal composition of the nickel was changed to lower costs (Canada has done this). The penny will be done away with altogether eventually, in my opinion.

So, if ten years from now, the melt ban is lifted and copper is $13/lb, then my pre-1982 pennies will be worth 8.5 cents melt value. Definately worth keeping them, if you asked me.

HH,
Legend

 

[ThTx]

Excuse the unlearned for a moment and tell me how anyone would know the difference between copper fom a penny and copper from another source.

 

[endthefed13]

Excuse the unlearned for a moment and tell me how anyone would know the difference between copper fom a penny and copper from another source.

Well, if you are able to separate the zinc out and pour 99.999 fine copper ingots, nobody would theoretically know the difference. I think what people are worried about is melting cents into 95% copper ingots. That 95%-5% ratio is pretty well recognized, and would draw suspicion. But if you are an assayer and have experience with melting copper, I don't see what could possibly stop you. Remember people, melting cents is illegal and very serious

 

[legend76]

Excuse the unlearned for a moment and tell me how anyone would know the difference between copper fom a penny and copper from another source.

They wouldn't know if you melted them before taking them to sell. Ever heard the expression, "It ain't against the law if you don't get caught?

 

[ThTx]

Excuse the unlearned for a moment and tell me how anyone would know the difference between copper fom a penny and copper from another source.

Well, if you are able to separate the zinc out and pour 99.999 fine copper ingots, nobody would theoretically know the difference. I think what people are worried about is melting cents into 95% copper ingots. That 95%-5% ratio is pretty well recognized, and would draw suspicion. But if you are an assayer and have experience with melting copper, I don't see what could possibly stop you. Remember people, melting cents is illegal and very serious

Thanks, just curious. I wouldn't have enough to make it worthwhile anyway.

 

[blkcwbyhat]

obviously,they can be melted down,mixed with other alloys,purified,poured into molds and sold off.So,you take 1 pound nuggets or bars to the scrap yard...They keep records as copper theft is a big business! And just how do you intend to cast them? Unless you have an industrial size kiln,there is no cost effective way,unless you do some acid/electrolysis thing.

 

[corey237]

How do you remove the zinc after you melt them down?

 

[blkcwbyhat]

zinc melts at 750,copper at 1950...just warm it up and pour off the zinc. or disolve it all in nitric acid and electroplate it off..too much work for me

 

[onfire]

One thing not mentioned is the cost to melt a large quantity At 1950 degrees Eletc. or gas furnace.