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 Replies: 69 / Views: 47,494 |
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Rest in Peace
United States
9104 Posts |
Businesses are not "like the vast majority of the public". They learn about which laws apply to them, so they can stay in business.
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Pillar of the Community
Canada
838 Posts |
Here in Canada, I was laughed out of my local metal recycler's office for asking if they'd take a few hundred pounds of cents. (Aside: See, even Canada is more sensible than Chicagostan!  ) A year or so later, a coin dealer offered me a reasonable price and I agreed (he liked the idea of hoarding copper). We don't have to physically melt our silver coins to obtain melt value for it. Even though I don't collect tea pots, I'd certainly buy a .999 silver teapot if the price were right! So when enough people catch on, long into the future, the same may be true of copper. And anyway, all you really need is 1 buyer to know what it's worth. Edited by bibd
05/18/2011 6:42 pm
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Valued Member
United States
183 Posts |
I say it becomes legal to melt when they stop making pennies (or stop making them out of metal and go to plastic or something).
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New Member
United States
29 Posts |
We dont actually need to worry about the illegal issue of melting pennies.
I believe that 99.9% people here are coin collectors. Who has a melting facility?
Keep your copper cents in their original shape, their bullion value will always be there, and there might be some additional numismatic values. Once melted, all the rare varieties will be gone. you are losing money potentially.
Besides, someone mentioned here before that he found 23% of the pennies in circulation to be copper. What I have found is lower, around 15% to 17%. Maybe there is some difference from place to place. I am in southwestern, by the way.
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Valued Member
United States
113 Posts |
I agree with sethhsu. The bullion value will always be there. Also, it will always be known as long as they are as they were minted. Melt them down and it could be anything for all anyone knows.
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New Member
United States
1 Posts |
If it is illegal to use the metal in the coins, then why even make them out of metal? If the metal in the coin has no value to the holder of the coin, then why not just make them out of something non-valuable like fiberglass or something? I thought the reason coins were made out of metal was so they would have some real value, but not being able to use that metal for it's metal value seems to defeat the purpose.
Just a thought.
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Moderator
 United States
14463 Posts |
Back when the metal in the coins had a lower value than face value, it made sense to spend them and not melt them. Even today, with metal content value being a little more than face value, I think after melting expenses you "might" get your investment back.  |
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Rest in Peace
United States
9104 Posts |
 , wymanvp1! I just realized the obvious answer to the topic question: The week after you dump yours into Coinstar. |
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Pillar of the Community
Canada
1700 Posts |
It is illegal to melt any coins. This piece of informationis found on both RCM and USM |
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Rest in Peace
United States
9104 Posts |
Quote:It is illegal to melt any coins. This piece of informationis found on both RCM and USM  please cite, because it's just not true. |
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Valued Member
United States
120 Posts |
Quote:
So, when will the Feds let's us have our 'big' payoff? Probably about a year after copper prices reach a level high enough for the scrap metal coalition to higher lobbyists. Quote:
We dont actually need to worry about the illegal issue of melting pennies. Quote:
Keep your copper cents in their original shape, their bullion value will always be there I feel like I'm going to get flamed for this, but if it is illegal to melt, the bullion value is zero. |
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Valued Member
United States
162 Posts |
But if people anticipate the ban being lifted at some point, they are willing to pay a percentage of the bullion value on speculation, which is what's happening now. The sooner people expect the law to change, the closer to bullion value they will be willing to pay.
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Valued Member
United States
120 Posts |
Quote:
But if people anticipate the ban being lifted at some point, they are willing to pay a percentage of the bullion value on speculation, which is what's happening now. The sooner people expect the law to change, the closer to bullion value they will be willing to pay. I'm sorry, but I see a difference between bullion value and speculation value. The bullion value is currently zero. The speculation value is quite a bit more than that. If the laws change, then so will both values. |
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Rest in Peace
United States
9104 Posts |
Quote:
I feel like I'm going to get flamed for this, but if it is illegal to melt, the bullion value is zero. You mean like gold from 1934-74? |
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Pillar of the Community
United States
1195 Posts |
$1.50 in Cu cents is about 1 lb of Cu, interesting. Quote:
... but if it is illegal to melt, the bullion value is zero. The Bullion value is preserved, legality of melting not withstanding, with the fact that the un-melted cents are of a certain, known purity. |
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Replies: 69 / Views: 47,494 |
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Posted 05/18/2011 6:40 pm
