Mint: Dont melt money...Government threatens prison for violators

[West Jersey Detecting]

Mint: Don't melt money...Government threatens prison for violators

Mint: Don't melt money
Government threatens prison for violators; at current prices the metal value of the coins may exceed their face values.
December 14 2006: 11:53 AM EST


NEW YORK (CNNMoney.com) -- The U.S. Mint has implemented a law against melting down pennies and nickels which, at current metal prices, could be worth more as metal than as currency.

The Mint has received numerous questions over the past several months regarding the metal value of the coins and the legality of melting them.




"We are taking this action because the nation needs its coinage for commerce," said Director Ed Moy 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."

The new regulations authorize a fine of up to $10,000, or imprisonment of up to five years, or both, against violators.

The rule also bans the exportation of the coins, beyond traveling with $5 worth and shipping up to $100 for legitimate purposes.

 

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[TheDetectorist]

Re: Mint: Don't melt money...Government threatens prison for violators

But once they're melted down, how would they know?

Besides, the copper pennies haven't been made in over 20 years. Stupid zinc pieces of !@#$.

TD

 

[sendin]

Re: Mint: Don't melt money...Government threatens prison for violators

Idiots and morons rule, but the market prevails! Ditch the paper and keep the coins!

 

[West Jersey Detecting]

Re: Mint: Don't melt money...Government threatens prison for violators

There go my plans for a full scale smelting operation in my garage!!

 

[kd8hf]

Re: Mint: Don't melt money...Government threatens prison for violators

Look out, here comes big brother again

Perhaps the Government should come up with a bigger fine for losing the coinage. hehehehe

 

[diggummup]

Re: Mint: Don't melt money...Government threatens prison for violators

But once they're melted down, how would they know?

Besides, the copper pennies haven't been made in over 20 years. Stupid zinc pieces of !@#$.

TD

Even the zinc's now cost more to make than they are worth.Not much, but still more.....
http://www.coinflation.com/coins/1982-2007-Lincoln-Cent-Penny-Value.html.That's our great Government at work,don't ya know!!!!!! Don't worry,the dollar will soon collapse and then the only thing that will be worth anything are precious and semi-precious metals or coins that contain them!!!! You better start investing and hoarding now I tell you,it's gonna get bad.This is much bigger than melting coins for scrap value,believe me.

 

[Jeffro]

Re: Mint: Don't melt money...Government threatens prison for violators

The mint can't make laws.... and from what I understand of the coinage act, its yours to do with what you choose. People can legally deface and do what they want with their money. This seems like more of a scare tactic than anything.

Alls a person would have to do anyways is throw in some copper wiring, tin, lead, etc. in the pot with it and once everything is melted together, there's no telling what the source of the pour is.

Same thing happened during the great silver melt back in the late 70's early 80's.

 

[gldhntr]

Re: Mint: Don't melt money...Government threatens prison for violators

ruling probably actually comes from i.r.s...''don't let them melt the coins..if they do, when it comes time to take our share of it we can't just say ''one for you, one for us'', we will have to split up blobs and the citizens will surely be mad when we always take the bigger blob ''.........i say melt it and sell it............gldhntr

 

[nitro74d]

Re: Mint: Don't melt money...Government threatens prison for violators

If it is a crime to deface money, or melt it, then how do all these zoo's and attraction sites get away with smashing a penny to put there logo on it?

Nitro