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When will copper be legal to melt?  
 

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New Member
United States
42 Posts
 Posted 08/27/2010  02:33 am Show Profile   Bookmark this topic Add Zombieswat to your friends list Get a Link to this Message
I see how some people are hoarding copper pennies for the metal, I've even started a stash of my own.
So, when will the Feds let's us have our 'big' payoff? When there's enough zincolns around to cover the potential losses of circulating pennies?
Anyways I'm not expecting this to change in the next 20 years but I'm wondering if someone has a better idea of when this big melt will take place.
Pillar of the Community
United States
524 Posts
 Posted 08/27/2010  08:39 am  Show Profile   Bookmark this reply Add BLUESZONE to your friends list Get a Link to this Reply
When they decide to get rid of the cent altogether. Then they will happily let you melt them down to take them out of circulation. When that will happen I'm not sure. Several other countries have already ended the cent and I think Canada may be next.
Bedrock of the Community
United States
14148 Posts
 Posted 08/27/2010  08:48 am  Show Profile   Bookmark this reply Add BadThad to your friends list Get a Link to this Reply
I just keep saving copper cents until they do. Nobody knows, but eventually it will happen based on history with silver. When it does happen, the copper hoarders are going to cash in!
Lincoln Cent Lover!
Valued Member
United States
380 Posts
 Posted 08/27/2010  08:56 am  Show Profile   Bookmark this reply Add remmy1100 to your friends list Get a Link to this Reply
Ummmm... it still illegal to melt silver. I doubt EVER because of silver coins. The Fed would rather recoup all the copper for themselves to melt and NOT let you/us do it.
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United States
624 Posts
 Posted 08/27/2010  09:39 am  Show Profile   Bookmark this reply Add AGCoinHunter to your friends list Get a Link to this Reply
When the dollar is demonetized for the "new" dollar. And no, its not illegal to melt silver, remmy1100. Only illegal to manipulate it with intent to fraud. Melting it does not constitute fraud.
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United States
4482 Posts
 Posted 08/27/2010  09:43 am  Show Profile   Check daviscfad's eBay Listings Bookmark this reply Add daviscfad to your friends list Get a Link to this Reply

Quote:
it still illegal to melt silver.


Not its not the melt ban was lifted in may of 1969
Spencer Davis
Learning, Turning, & Earning
Bedrock of the Community
United States
12593 Posts
 Posted 08/27/2010  10:13 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply
As with silver the ban will probably be lifted when the percentage of copper cents in circulation drops below 1% and it isn't worthwhile for the government to continue withdrawing them from circulation themselves.

I don't know if the government is actively withdrawing the copper cents, but they did actively withdraw the silver during the period when it was illegal to melt it and while at the same time they were telling the public that the silver and clad would co-circulate for a long time to come so there was no reason to pull the silver out. (do as I say not as I do) Today they say the cent isn't going away, that the copper and zinc cent will stay in circulation Oh and you can't melt down the copper. Is it just me or is there a sense of deja vu in all of this?
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United States
3294 Posts
 Posted 08/27/2010  10:46 am  Show Profile   Bookmark this reply Add nod2003 to your friends list Get a Link to this Reply
I am not sure that it will really be worth it to melt the cents though. They are only 95% copper, and most of the copper demand is 99.9% pure. The added cost of further refining is going to drastically cut down on the profitability of melting the cents. Granted, the same is true for 90% silver coins, but it is a question of scale. Refining silver costs roughly the same as refining copper, so if that cost is $.25 a lb, then that would be 7.5% of the value of the copper, and only .09% the value of the silver.
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United States
2637 Posts
 Posted 08/27/2010  3:42 pm  Show Profile   Bookmark this reply Add morgans dad to your friends list Get a Link to this Reply
Just a thought.... Why would anyone want to melt down copper Cents for the "melt value".

I do not see the logic, anything, coinwise, you can find to melt and bring a profit?

I just do not see the reasoning/rationale, behind this topic.

I have too collected well over 50,000 cents , still waiting to "search' some of them and place them, with the others in dated rolls,not to mention the errors, varieties, etc. I could not imagine melting these 95% copper coins, I liken it to "where did all the older silver coins from days gone by go, into collections, hoarded, MELTED......I hope to be able to find pre 1982 copper cents in years to come, I really miss getting SLQ'S, SILVER HALVES, QUARTERS, DIMES, in change.........I hope the same future does not take place for this coin, just another opinion.....
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United States
3294 Posts
 Posted 08/27/2010  3:46 pm  Show Profile   Bookmark this reply Add nod2003 to your friends list Get a Link to this Reply
I suspect though, that they eventually will be melted, because 100 feet of copper wire is a lot more useful to more people then a small copper disk.
Valued Member
United States
380 Posts
 Posted 08/27/2010  3:51 pm  Show Profile   Bookmark this reply Add remmy1100 to your friends list Get a Link to this Reply
Ummm... Silver is still on the books at the Federal Reserve as a debt of the united states, therefore is still legal tender. This is straight from a Secret Service agent I spoke with who specializes in this stuff. We were chatting because I had received some bangkok Peace dollars (counterfeited in Bangkok) and it is what it is. You CANNOT legally melt silver Morgan, Peace, Roosies, Washingtons, or War Nickels until the Fed takes them off their books. (and they plan on NEVER doing it) The only way around this is to send the coins out of Country where the laws do not apply.

Sure you can put them in a pot and melt them down, but you cant do it "legally".
Edited by remmy1100
08/27/2010 4:02 pm
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United States
15697 Posts
 Posted 08/27/2010  4:25 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply

Quote:
Just a thought.... Why would anyone want to melt down copper Cents for the "melt value".

I do not see the logic, anything, coinwise, you can find to melt and bring a profit?

I just do not see the reasoning/rationale, behind this topic.

What your saying is so true but you must remember that the mentality and education of many people limits their capabilities to know anything except the basics. And as to the actual melting of Copper, Silver, Gold or anything, I really don't see why so many even talk about it as if it was a major crime. You all are aware that there is really no metal melting police, right? No metal melting inspectores either. Your chances of getting caught doing something really horrible, like putting a slug in a parking meter, are far greater than melting coins.
And as to those laws, remember there are also some kind of laws against murder, rape, robberies, etc. I suspect that those too have about the same amount of getting caught as metal melters.
We just had several robberies in a few days in my area and all with the same two people. If they hadn't attempted one last one next to a police station they would still be out there.
An electrician near me told me how much Copper Coins are thrown in with batches of wires and cable for melting by his co-workers. A few jewlers at a flea market I visit told me they never heard of such laws and even if they did, big deal.
just carl
Valued Member
United States
380 Posts
 Posted 08/27/2010  4:30 pm  Show Profile   Bookmark this reply Add remmy1100 to your friends list Get a Link to this Reply
Now THAT I agree with. But the laws are written for honest law abiding citizens to follow them. And IF by chance you do get caught... well.. I dont even know what the punishment would be. I imagine it would depend on your intent and a host of other things. but overall I agree with the statement by Just Carl.
Edited by remmy1100
08/27/2010 4:31 pm
Pillar of the Community
United States
2089 Posts
 Posted 08/27/2010  5:14 pm  Show Profile   Bookmark this reply Add trdhrdr007 to your friends list Get a Link to this Reply
Here's a quote from a Federal Government website concerning the melting of coins. This pretty clearly states that, while there was a time period when it was against Treasury regulations to melt silver coins that is no longer the case.


Quote:
The authority granted to the Secretary by the Coinage Act of 1965 has been invoked on two prior occasions; in both instances the regulations were implemented as interim rules that were later made permanent until rescinded. In 1967, during the transition from silver to cupro-nickel clad coinage, then-Secretary Fowler authorized regulations that prohibited the exportation, melting, or treatment of all U.S. coins containing silver. 32 FR 7496 (May 20, 1967). In 1974, to stem the unprecedented increase in demand for one-cent coins attributable to speculation that the metal content of the coin would soon exceed its face value, then-Secretary Shultz invoked this authority, approving regulations that limited the exportation, melting, or treatment of one-cent coins. 39 FR 13881 (April 18, 1974). These prior regulations were rescinded in 1969 and 1978, respectively, when the prohibitions were no longer necessary to protect the Nation's coinage. 34 FR 7704 (May 15, 1969); 43 FR 24691 (June 7, 1978).


Edited by trdhrdr007
08/27/2010 5:18 pm
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United States
543 Posts
 Posted 08/27/2010  5:46 pm  Show Profile   Bookmark this reply Add StJoeBlues to your friends list Get a Link to this Reply
If you are keeping copper Lincolns as bullion, then you would never want to melt them. As a minted cent, people know the copper content, just as they know the silver content of ASEs. It's a known amount, issued by the government. Melted down, who knows what purity you would get.
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Canada
3630 Posts
 Posted 08/27/2010  9:26 pm  Show Profile   Check Libertad's eCrater Listings Bookmark this reply Add Libertad to your friends list Get a Link to this Reply
St. Joe's, that's a good point. Governments around the world have always been guilty of that.
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