Slashdot Mirror
Melting Coins Now Illegal In the U.S.
A number of readers have noted the action by the U.S. Mint to outlaw the melting down or bulk export of coins. This has come about because the value of the precious metals contained in coins now exceeds their face value.
The Mint would rather not have to replace pennies (at a cost of 1.73 cents per) or nickels (at 8.74 cents). The expectation is that Congress will mandate new compositions for some U.S. coins in 2007.
A worthless coin anyway.
It might just be more feasible to get rid of pennies altogether.
l
here is an article i have found to be particularly illuminating.
http://www.straightdope.com/classics/a981009a.htm
How can the US Mint make something illegal, only Congress has the power to pass laws. Someone please explain.
Take them out of circulation, and then the Mint can do whatever they like with the alloys. Or if they're smart, they'll use alloys for a $1 coin and stop making the $1 bill.
Ah, but that assumes that the government actually cares about the deficit, and would rather pay down the national debt than blow untold billions of dollars on pork barrel spending for their own states.
Slashdot needs a "-1, Wrong" moderation option.
The Urban Hippie
How hard is it to realize that if it costs your more than 1 cent (or 5 cents) to make something worth 1 cent (or 5 cents), then don't make it. Basic enconomics Duh, if the pennies and nickels are worth more as materials than they are as currency then we SHOULD melt them down and use those materials for some better purpose and find some cheaper material to make our coins.
It's actually okay to mutilate coins as long as the intent isn't fraudulent.
Pressed Penny FAQ
It takes some doing, but it's possible to have fraudulent intent to mutilate. For instance, making a 4-legged buffalo nickel into a 3-legged (rare) variety is fraudulent. Dropping pennies in a machine at Disneyland for souvenirs is perfectly okay.
First, getting rid of the penny would not affect electronic / check transactions.
The only change would be cash transactions, which would be rounded (probably up) to the nearest nickel.
When the half-cent was abolished in 1857 it was worth more than eight cents in today's currency. It's time for the penny to go, along with the paper dollar. In another 20 years or so, they may as well get rid of the nickel too.
9/11 Eyewitnesses to Explosive WTC Demolition 1 of 2
It isn't just a decrease in the value of a dollar, it's also an increase in the value of the metals.
I'm sorry and this isn't personal but I'm amazed at how little financial acumen we collectively have. This is the financial equivalent of being surprised that 40% of all sick days are taken on Monday and Friday.
The dollar being worth less and things costing more are exactly the same phenomenon. The value of the metals did not inherently increase. Were this lmited to a specific metal or commodity I would believe it, but it is very broad based and therefore can be traced to a monetary phenomenon (record low interest rates, loose lending practices, and increased consumer/government debt).
The dollar being worth less and things costing more are exactly the same phenomenon. The value of the metals did not inherently increase.
The value of metals DID increase relative to other commodities. So the parent post is right to say that it is a combination of a general decline in the value of the Dollar and an increase in the price of Zinc and Copper.
I like my beverages with warning labels!