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 Replies: 19 / Views: 17,879 |
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Valued Member
United States
327 Posts |
Yes, it is legal to do so, but nothing US of course. Then again, most foreign coins bring more than melt when sold on ebay. The average is over 7 dollars per pound. |
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New Member
 United States
2 Posts |
Thanks for the responses that have been given, mostly referring to International coinage, but what about Canadian coinage melting here in the United States?
Does anyone know any statutes or laws prohibiting the melting of Canadian coinage?
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Pillar of the Community
Canada
1733 Posts |
It's not illegal under US law. You'll be fine unless the Gov of Canada decides to try and extradite you :p
Seriously, Canadian coins get melted here in Canada in contravention of the law all the time. The reason no one makes a big deal out of it is because no fraud is occurring, the coin is being melted and refined, not shaved and put back out etc.
The Canadian government themselves are in contravention of the law as they routinely pull nickel coins from circulation and melt them down to make cheaper steel versions. Since no act has been passed that repeals our melt laws, they are acting illegally.
Here's a couple tidbits that are sort of relevant; It's technically illegal in Canada to melt a US Dollar... just the dollar is mentioned, no other denomination. Second tidbit.. Every Canadian and provincial coin since 1858 are legal tender for circulation, no coin since 1858 has been demonetized.
So: There's nothing to worry about.
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Bedrock of the Community
United States
20753 Posts |
I suggest you melt every Chinese coin you can get your hands on to get even with them for all the Counterfeiting of our coins.
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Pillar of the Community
Canada
3692 Posts |
LOL define dollar. Just sayin' how funny money is.
What if you melted a quarter-dollar in Canada? Isn't it still part of the same dollar? Tear a limb, let the torso run free? What if you burned 4 quarters at once? We're delving into the metaphysical now, but still purely physical realm.
(In Mexico you can go to a base-metal street refiner and bring any amount of whatever to melt as long as it's what it is you get paid by the pound.)
Honestly, guys, there's no coin police patrolling the streets.
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Pillar of the Community
Canada
1733 Posts |
I know what you're saying Libertad, it just makes me shake my head. I think what happened (I'm speculating) is around the time the first Province of Canada currency act was established in the 1850's US currency circulated pretty freely here in Canada and there were a lot more considerations for managing a very, very meager supply of coinage. Taking the US silver dollar out of circulation by melting them may have been seen as detrimental to small business, especially since most of the population was concentrated along the border anyhow. The fractional dollars didn't matter as much, there were plenty of British pieces, bank tokens etc...
A similar but not exact situation existed in US history where some Mexican currency was legal tender. Pretty much motivated by the same things... economic need and the reality of what coins were in a mans wallet should he be so lucky as to have any.
Edited by Ugly
03/04/2011 12:59 pm
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Pillar of the Community
United States
744 Posts |
Does that meen I can go buy a furnace and start to melt Canadian coins in my garage and sell it off for melt ?
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Pillar of the Community
Canada
1733 Posts |
Why would you do that? The cost of energy for the furnace and your inability to refine them past .800 would leave you with only a lump of metal you have to take to the refinery anyhow. And then there's be an assay fee because while Canuck coins can be identified by metal content, lumps of silver cannot.
But sure you can do that ;)
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Valued Member
United Kingdom
497 Posts |
Quote:
I suggest you melt every Chinese coin you can get your hands on to get even with them for all the Counterfeiting of our coins. I'd pay melt for any old Chinese old coin! Truly staggering what some of the prices on Chinese pieces are doing. Admittedly, would be nice to get even for the huge amount of counterfeiting. Personally, I'm just very limited with what I will sell to China - if all dealers were, might limit the amount of original material they get to work from. www.kingstoncoincompany.co.uk
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Valued Member
Canada
53 Posts |
Quote:
The Canadian government themselves are in contravention of the law as they routinely pull nickel coins from circulation and melt them down to make cheaper steel versions. Since no act has been passed that repeals our melt laws, they are acting illegally. I don't believe that characterization is true, the law specifies that melting coins without a license from the Minister of Finance is illegal. Presumably the RCM has such a license. |
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Pillar of the Community
Canada
1733 Posts |
Presumption and assumption... the foundation of Canadian law.
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Bedrock of the Community
United States
20753 Posts |
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Honestly, guys, there's no coin police patrolling the streets. So just who do you think is watching you all the time? See all those cameras that are going up everywhere. Possibly one in your back yard now.  Maybe all a bit humorus now but have you ever read a book called 1984? It's late but coming. |
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Pillar of the Community
Canada
3692 Posts |
Honestly, I thought it was Santa Claus...
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Valued Member
Canada
53 Posts |
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Presumption and assumption... the foundation of Canadian law. Not sure if that was directed at me but if you have additional information on the topic I'm all ears. |
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Pillar of the Community
Canada
1733 Posts |
Not directed at you unless you are a politician, then yes it was. Request a copy of the current years letter of understanding Between the Minister and Mint.
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Replies: 19 / Views: 17,879 |
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Posted 03/04/2011 08:43 am
