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.

Comments

redundant posting?

[plasmacutter]

i've been a good sport to this point.. but you are now the 4th person to correct me on this without bothering to read the others.. mods.. if you want to mod my original post down for quoting the wrong figures feel free.. but when posts get both redundant and unnecessarily vicious they need it too..

Way to fix the problem, guys...

[Junior J. Junior III]

Pass a law that makes it illegal to do something that makes sense.

Why not really fix the problem by:

• finding a way to make the coins more cheaply, or
• by upping the face value upon them, or (our dimes go to 11)
• by re-valuating the existing values (why not make 10 bigger?)

Re:"precious metals" in pennies?

[ToxikFetus]

If such moderation existed, this comment would be modded +5 Coin Collector Dorkbox.

Pennies were 95% copper until 1982, until that composition was replaced with a zinc alloy interior and copper plating (however, in 1943 the copper penny was replaced with a steel penny due to needs of the war effort). Not only has the composition of the penny changed to save costs, the actual size has changed as well. Compare the thickness of a 1960 penny with a 2000 penny. The latter-year pennies have been slimmed down considerably.

Nickels experienced a shift to a copper/silver/manganese alloy during WWII, but otherwise contained the same metallic makeup through history.

Dimes, quarters, and half-dollars were mostly silver through 1964. From 1965 onward, dimes and quarters were copper/nickel clad, except for some San Francisco 1976 bicentennial quarters, which contained 40% silver. Half-dollars continued to use a lesser amount of silver through 1970 (and 1976 bicentennial), after which they transitioned to the same makeup as the quarter. Some of the earlier Eisenhower dollers also contained a silver mixture.

Re:"precious metals" in pennies?

[xkenny13]

Dimes, quarters, half-dollars and full-sized full dollars (i.e. not sacagawea-sized) were made of silver until 1963.

(Yes, I am a coin collector)

Hey!! Can I buy all your 1964 non-silver Dimes, quarters and half-dollars?? I'll give you face value... :-)

(Yes, I am a coin collector too ... but one who knows that 1964 was the last year they made 90% silver coins for general circulation)