How Long (If Ever) Until Lincoln Memorial Cent / LMC 'S Gain Numismatic Value? - Page 2

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jbuck Moderator United States 188770 Posts	Posted 03/13/2015 2:19 pm CopperCastle beat me to it. Most definitely illegal, but so is speeding, etc. It is being done. If made legal it will be done a lot more. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
Groszy Pillar of the Community United States 589 Posts	Posted 03/13/2015 4:38 pm Quote: (b) The prohibition contained in § 82.1 against the treatment of 5-cent coins and one-cent coins shall not apply to the treatment of these coins for educational, amusement, novelty, jewelry, and similar purposes as long as the volumes treated and the nature of the treatment makes it clear that such treatment is not intended as a means by which to profit solely from the value of the metal content of the coins. The melting itself is NOT illegal unless you intend to profit from the metal. Thus, I believe my statement is true, that the melting ITSELF is perfectly legal, the illegality comes when you try to profit from the metal. It's in conjunction with 18 U.S. Code § 331, "Whoever fraudulently ..." Report this Post to the Staff
Foxwoods Man Pillar of the Community United States 4901 Posts	Posted 03/13/2015 4:48 pm ...which begs the question "Why would you melt a large quantity of coins NOT to make a profit?" Just bored? Crappy weather outside? Yes, if you are melting ONE or TWO then that's just weird but legal. If you are melting more than a few cents then the resulting product will be worth very slightly more than the original...so...not legal Report this Post to the Staff
LibertyEagle20 Pillar of the Community United States 1191 Posts	Posted 03/13/2015 5:08 pm Why is against the law to melt them down anyway? It's not like they are still making them out of copper anyway and a lot of people have switched to using credit cards. It's legal to melt down silver coins. I wish they would make it legal so people would melt them and mine would go up in value :) Report this Post to the Staff
jbuck Moderator United States 188770 Posts	Posted 03/13/2015 5:24 pm Quote: Why is against the law to melt them down anyway? To prevent having to mint even more cents for circulation. Quote: I wish they would make it legal so people would melt them and mine would go up in value Stop minting the cent for circulation and let nature do the rest. There would be no reason for a melt ban. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
Bertensgrad Pillar of the Community United States 1192 Posts	Posted 03/13/2015 5:34 pm The purpose of the ban is to prevent a shortage of nickels and cents. Once the denominations are no long made the ban will be lifted. Report this Post to the Staff
cladking Pillar of the Community United States 2271 Posts	Posted 03/13/2015 6:04 pm People mistakingly believe all the modern cents are common as dirt in Gem condition. Nothing could be further from the truth. It is true that nice gemmy sets, MS-64+, could be very common and will remain so for some time but the fact is these sets are not being assembled. Collectors just don't care about cents so there are not many collections out there. The few collections that exist tend to be just run of the mill coins with very low grade coins. A set of these in Gem is a nice challenge to put together but no one is doing it. In higher grades some of these will be next to impossible. Try finding a really nice '84-P, for instance. Someday people will care about all the moderns and then they'll find the coins just aren't there. Time don't fly, it bounds and leaps. Report this Post to the Staff
CopperCastle Pillar of the Community United States 1132 Posts	Posted 03/13/2015 10:19 pm Quote: The melting itself is NOT illegal unless you intend to profit from the metal. You apparently missed the part in regards to the volume (which is odd, because you quoted it). Quote: as long as the volumes treated... Which goes into further detail in regards to the "volumes treated" Quote: (2) The volumes of the 5-cent coins and one-cent coins, relative to the volumes of the other materials recycled, makes it clear that the presence of such coins is merely incidental; and (3) The separation of the 5-cent and one-cent coins from the other materials would be impracticable or cost prohibitive. So if your SOLEY melting coins it's clearly not "incidental" but intentional & the separation of those coins from other materials to be melted (there are no other materials) so not impractical or cost prohibitive to remove them from the other (non-existant) materials, thus clearly illegal. Edited by CopperCastle 03/13/2015 10:47 pm Report this Post to the Staff
ksmcents Valued Member United States 306 Posts	Posted 03/13/2015 11:44 pm Quote: A set of these in Gem is a nice challenge to put together but no one is doing it Umm...no one? Hmmf...more than you think. http://www.pcgs.com/setregistry/com....aspx?c=2939 And then theirs just the regular cent nuts like myself. Shield cents are everywhere at 66 for less than the cost to slab (unless its bulk). Report this Post to the Staff
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How Long (If Ever) Until LMC's Gain Numismatic Value?