| Author |
 Replies: 24 / Views: 28,532 |
Page 2 of 2
|
|
|
|
Moderator
 United States
189340 Posts |
Quote:
Any money in your possession no matter if it is collectable or not is property of the United States government This is incorrect. |
|
Valued Member
United States
89 Posts |
 All money IS NOT property of the government. |
|
Pillar of the Community
United States
950 Posts |
Correct me if I'm wrong here.. but isn't it sort of the opposite of what DenverNRG said? Most country's governments DO own the currency, but not the US.
|
|
Bedrock of the Community
United States
10038 Posts |
This is somewhat puzzling to me: Quote:
The Currency Act and The Canadian Criminal Code clearly state that no person shall melt down, break up or use otherwise than as currency any coin that is legal tender in Canada. When I was a kid living near the border, Niagara Falls was a frequent visiting spot. The gift shop (called Table Rock - or it was) used to sell bracelets strung with Canadian pennies. The pennies had a hole drilled through them (for a clasp that held them to the links in the bracelet) and were nickel plated so the whole thing looked silver. Could it be that maybe Table Rock paid a US jewelry maker to do these for them? That way Table Rock was not technically breaking this stated law. And yes, they wee legit pennies - not copies - I still have a couple somewhere (George VI and the early Queen Elizabeth II). Through the years I also found some of these defaced pennies in change. How much squash could a Sasquatch squash if a Sasquatch would squash squash? Download and read: Grading the graders Costly TPG ineptitude and No FG Kennedy halveshttps://ln5.sync.com/dl/7ca91bdd0/w...i3b-rbj9fir2 |
|
New Member
United States
21 Posts |
In the US the coins belong to the Federal Reserve, which is a separate entity from the government.
|
|
Pillar of the Community
Canada
3692 Posts |
@sel: I'm pretty sure that we just rent the money. It's not really ours technically although we possess it. US coins: I believe these belong to the US Treasury, not the FRS. I could be wrong. Question with an example: Suppose I hoarded $1000 in pennies. They are removed from circulation and I have no intention to put them back. Now suppose that I physically melted these pennies (I don't know WHY people say melt all the time without meaning it). This lump of copper is now the same bunch of pennies that are not circulation. Tell me how anyone is supposed to enforce this crazy law. The coins really ought to spell it out right on it who actually owns the coin, because if the government says that you can't deface/melt/etc coins, then who really owns them? I might possess them but I don't own it. I mean, "Officer, they're not my pennies/drugs, I didn't make them or distribute them and I'm only "holding" them for my friend." And yes, making jewellery out of Canadian coins in Canada is borderline legal. People do it and they don't get charged with anything. You're not supposed to do it but people do. The law isn't enforced regularly or with any conviction; it's totally arbitrary and the law can work for or against you depending if you are liked or not. |
|
Pillar of the Community
United States
1109 Posts |
Quote:
I might possess them but I don't own it. I mean, "Officer, they're not my pennies/drugs, I didn't make them or distribute them and I'm only "holding" them for my friend." That's why the law is for possession, not ownership.  |
|
Moderator
United States
189340 Posts |
Quote:
In the US the coins belong to the Federal Reserve, which is a separate entity from the government Still incorrect. If you have the coins, you own the coins. They are bought from the mint by the federal reserve, they are then bought from the FR by the banks. Ultimately, we buy them as a part of purchases (change). Because of seigniorage, the government never wants to see its coins again. Melt bans have nothing to do with ownership. The government has no problem telling us what we can and cannot our personal property. |
|
Pillar of the Community
Canada
3692 Posts |
So you're saying that coinage belongs to the people. Who's correct?
|
|
Moderator
United States
189340 Posts |
I am.  |
|
Rest in Peace
 United States
1380 Posts |
Jbuck is (though it pains to say that)
|
|
Bedrock of the Community
Australia
21788 Posts |
We seem to have an answer re coin ownership in the U.S., but
who owns Canadian coins?
|
|
Pillar of the Community
United States
3640 Posts |
Anybody been sent to sing sing yet for a backyard copper BBQ ? Who are the enforcers on the recent No Cent melting law (U.S.) FBI, BATFE, EPA JB is correct. Your coin is your coin. You own it. Ridiculous law that holds no water. Period. Melt em if you got em. Foreign or U.S. Be pretty hard to prove what a molten pot of copper was once before. Also, on that link that was posted. I believe that the U.S. mint does not rely on any tax dollars to operate. |
|
Moderator
United States
189340 Posts |
If there is any enforcement at all, it is probably only at the borders and in commercial industry.
There is nothing stopping someone from melting their coins and selling the metal.
|
|
Pillar of the Community
United States
1109 Posts |
Quote:
There is nothing stopping someone from melting their coins and selling the metal. Yep. For proof, look no further than ASEs and Morgan dollars when people sell them for melt. It's yours. You bought it from the government. Do what you will with it (like collect it!). |
|
Page 2 of 2
|
Replies: 24 / Views: 28,532 |
Page 2 of 2
|
First Page
Posted 05/21/2013 1:13 pm
