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 Replies: 9 / Views: 1,967 |
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Pillar of the Community
United States
2600 Posts |
I am wondering why it is legal to melt silver coinage and not copper. I would guess if I Google this and study I can find the answer, but I am sure that many here already know the answer. So I come to the knowledgeable crowd.
Jim
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Valued Member
United States
393 Posts |
Melting copper pennies will cause a shortage that will have to be remedied by the mints. Melting silver coins should have no impact on circulating coins. Our coinage structure is in such a mess, they have to pass laws to protect it. They should eliminate the cent and the nickel and quit wringing their hands, IMHO.
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Valued Member
Ireland
498 Posts |
inflation if they withdraw the cents and nickel ,after that we dont know how long the dime will hold on its place if they decided to pull out the cents and nickel.
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Pillar of the Community
Australia
3831 Posts |
It's all to do with economics - I believe at one stage, melting down silver coins were actually banned but were relaxed at one point as there aren't too many silver coins in circulation at the end of 70s.
On the other hand, copper coins still readily circulate in the US. Copper prices have shot up since 2003 as it went from 2000USD/ton to 7000USD/ton currently.
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Valued Member
United States
346 Posts |
It's all political. No basis for fact on their
reasons they passed this no melt copper law this august.
They are going to continue to mint pennys even if every cent out there
was melted. Just because the mint/government loses money on every penny they make now is no reason to take away a few bucks from the average workin stiff. They can make a penny out of any material they choose to and there are less expensive ones they can use now. They could even turn a decent profit doing that. Go back to the steel cent
maybe and powder coat it with a copper color. Would probably last longer than the zinc junk out there now. Kind of like the silver certs. they printed (bills) technically they are counterfeit. Why,
because they do not have the silver to back up these certs. (not notes) but certs. Read one, then try to redeem it. A big joke that they pulled off (legally). Yeah right...
Yes I know, silver standard on silver standard off etc. Doesn't wash.
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Pillar of the Community
 United States
2600 Posts |
Thx, all. It is about what I thought, then.
Jim
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Valued Member
United States
101 Posts |
I am just curious what does the law say about melting cents? I mean I know its illegal but what is the punishment for it?
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Valued Member
United States
346 Posts |
Well it would be a federal crime issue. I believe it is
actually a felony. probably 5 to 10 and a 20 k fine. I doubt they have the manpower to go checking
everyones backyards, garages, basements, barns and sheds but who knows
maybe they will raise our taxes again and hire a couple thousand
jack boots to go raid the common folk. They will confiscate all those old iron skillets and barbeque grills and if they catch you building a mold they'll take away all your sand :)
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Valued Member
United States
470 Posts |
I mean I know its illegal but what is the punishment for it?
A fine of several thousand dollars; a conviction with little to no jailtime due to over crowding and most likely they will flag your social at the IRS and audit you every year until you die. Yes, it happens.
Edited by Andrew289
11/19/2007 10:33 am
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Valued Member
United States
280 Posts |
You would have to search for the order from the director of the mint. I believe the fine is $10,000, but I forget what the jail time is.
The melting of copper and nickel only illegal because of the order from the director of the mint (which he was granted the authority to draft such orders by congress). You are also in violation of the same order if you leave the country with more than $5 in pennies or nickels. The order is vague and doesn't specify if that's a combined limit, or if there is a $5 limit for pennies plus a $5 limit for nickels.
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Replies: 9 / Views: 1,967 |
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Posted 11/18/2007 1:58 pm
