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 Replies: 40 / Views: 3,111 |
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Bedrock of the Community
United States
20753 Posts |
The problem with such bans on melting coins is that that kind of law is similar to ones we have that says murder is illigal. Robbery is also illigal. There are rumors that there are on the books laws against home invasions, robbing a store, car thefts and on and on and on. Like I said, there is a law against melting coins? However, is it OK to smash them into an elongated dicoration? Is it legal to drill holes in coins and make a neclace from them. Is it OK to make a table, bookend, pen holders, clocks and on and on and on with all the things coins are made into. People throw all types of coins in wishing wells, Rivers, Lakes and some famous person once tried thowing a Dollar accross a River. Think is was some guy named Washington. So melting them is illigal? That is truely a silly law. The Mint should really like it when people distroy coins. Think of all the overtime in making new ones.
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Valued Member
United States
201 Posts |
Quote:If it wasn't for the melting pot and metals prices, we'd still be using Barber coins for change. I would beg to differ with that. More coins are hoarded when there is a change to design, not when there is a change in metal composition. Wheat cents didn't just stop circulating in 1982 when they changed the metal composition. I imagine there are a lot more IKEs and SBAs in the hands of collectors or hoarders than in circulation. There is a perceived value (real or not) on discontinued/obsolete coinage which causes people to remove them from circulation when found. |
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Pillar of the Community
United States
671 Posts |
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Wheat cents didn't just stop circulating in 1982 when they changed the metal composition You mean copper LMC's right?  |
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Valued Member
United States
201 Posts |
Quote:You mean copper LMC's right? No, I meant wheat cents which were last produced in 1958. I was saying that wheat pennies were removed from circulation by hoarders steadily after 1958 and not after 1982 when the copper was deemed valuable. |
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Rest in Peace
United States
9104 Posts |
Quote:
I would beg to differ with that. More coins are hoarded when there is a change to design, not when there is a change in metal composition. Nothing personal, but I don't think you were that familiar with things back then. Wheat cents quit circulating as a practical matter in the early 60s. Such is the nature of cents, which mostly make a one-way trip. By the early 70s, we were paying $1 a roll for them. Mercury dimes were plentiful, say 20% of circulating silver dimes, up until around 1970. They rapidly disappeared only when silver prices rose, along with the silver Roosies. Walkers and Franklins were a pretty even mix for a few years after the Kennedies came out. It's true that coins are hoard when a new design comes out, but it's generally the new design that's hoarded. If it wasn't for this squirrel effect, a no-cents nickel would probably be a $100 coin, considering it's three times rarer than the cents variety that came out later in the year. It's not unusual to this day to find unopened rolls of 1964 Kennedies. IIRC, when Mall-Wart got the new Brass Bucks, their initial shipment was 100 million, more than the total 1921 silver dollar mintage. They didn't last a day. |
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Rest in Peace
United States
9104 Posts |
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I meant wheat cents which were last produced in 1958. I was saying that wheat pennies were removed from circulation by hoarders steadily after 1958 and not after 1982 when the copper was deemed valuable. I think you're not recognizing the dynamics of cents and other pocket lint. ALL cents, including early memorials, disappeared rapidly from circulation, simply because they're not worth messing with. Even if you accumulate 20 cents a day and stash them, a year's worth is way less than $100. Twenty quarters, OTOH, are worth putting back in circulation, for lunch or gas. There's also the issue of relative bullion premium. At a 20% premium, a 70# bag of silver coins is worth an extra $200. 70# of copper cents at the same premium is worth $20, hardly worth the shipping or storage cost, let alone the time to pull them. |
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Valued Member
United States
201 Posts |
Ironically you preface your comments to me with "nothing personal" and "no offense meant" before criticizing my ignorance.
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Rest in Peace
United States
9104 Posts |
There's nothing wrong with ignorance. If you weren't actively dealing in coins in the 60s, there's no reason you would be aware of how things worked.
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New Member
 United States
25 Posts |
It's great to see the success of this topic. I agree that melting should be allowed. I think it's just stupid.
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Rest in Peace
United States
9104 Posts |
I can't recall ever finding an IHC in circulation. That's a high ratio of wheats, too. |
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Pillar of the Community
United States
1952 Posts |
I say melt them all. lol can you imagine what mine would be worth if all the rest were melted?
woohoo I would be rich lol
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Bedrock of the Community
United States
20753 Posts |
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I say melt them all. lol can you imagine what mine would be worth if all the rest were melted?
woohoo I would be rich lol
It's happening every day. Recyclers of metal around me take in anything, and I mean anything. Been known to even take manhole covers. Along with Copper wires, pipes, ground rods, there always a pile of Copper coins. I asked a guy that collects metal if he ever threw in Copper coins with the other Copper when taking to recyclers. OF COURSE was the answer. No hesitating. Law or no law, Copper coins of all types are being melted daily. Not to long ago a person I know told me he dumped a large can of old coins in the recycler place and got about 2 cents a coin that way and no problems with selling on ebay, coin stores, etc. There is even web sites dedicated to the distruction by melting of most of our coinage. I'd bet that about 99% of our population has never heard of that law. |
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Valued Member
United States
148 Posts |
I wonder if those machines that take a penny and make a souvenir token out of it,
you know, the kind they have in Vegas and other tourists places, need a special license to destroy a penny.
Probably this is one of those laws that came way back to answer some need, and it just not important enough for anyone to change it...
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Pillar of the Community
United States
6326 Posts |
legal or illegal, if people can make money by "melting something down" and selling it to someone.......they'll do it for sure and for certain !....  I for one do not "hoard copper" Cents of any sort of kind.......That's a lot of effort and I don't have the room to do it. I can appreciate the efforts of those who do this tirelessly though. It amazes me as to the massive containers of cents that they have or will accumulate. I picture a corner of a basement FULL of cents like a Fed Reserve vault or something !.......  Too much for me to contemplate doing !! |
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Bedrock of the Community
United States
19963 Posts |
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What's the numismatic value of a coin they made enough for every person on the planet to own one? I have one that's worth $2000+.  |
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Replies: 40 / Views: 3,111 |
First Page
Posted 08/12/2008 01:20 am
