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

Re:"precious metals" in pennies?

[djh101010]

They stopped making em out of copper before the 50's (I forget exactly when its finals week XD)

For values of "the 50's" which equal 1982.

they make them out of an electroplated nickel alloy now..

Only if your "nickel alloy" is "pure zinc".

Dare i say it shouldn't just be oil we should be concerned about running out?

Well I can't help but think we're in no danger of people pulling guesses out of their ass, pretending they have answers, and then:

JUNK METAL coins are now worth more than their face value... I think this is a sign that asteroid mining could be feasible

...coming to an unsupportable position based on incomplete understanding of the situation.

Re:Paper?

[operagost]

Until you need change for an item which comes to 11.97 after sales tax. You'll be tired of being ripped off two or three cents every transaction.