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Melting Coins Now Illegal In the U.S.

Posted by kdawson on from the facing-meltdown dept.

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.

2 of 778 comments (clear)

  1. get rid of pennies altogether? by jimfinity · · Score: 5, Insightful

    It might just be more feasible to get rid of pennies altogether.

    here is an article i have found to be particularly illuminating.

    http://www.straightdope.com/classics/a981009a.html

  2. Re:Does anyone else here see the bigger problem? by feepness · · Score: 5, Insightful

    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).