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 Replies: 28 / Views: 3,417 |
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Pillar of the Community
 Canada
1177 Posts |
@shirayasha so youre saying melt them myself into bars? that's a good idea, how ...
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Valued Member
United States
141 Posts |
well in the current day and age, thats illegal, but its speculation as it stands whether the penny melting ban will be repealed or not.
-nevertheless I'm pretty sure people have probably gotten away with it, and probably do it small scale, I'm not sure how one would get tracked down, but there are penalties if actually caught melting them
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Pillar of the Community
Canada
1177 Posts |
realistically if I melted them into bars, as long as copper stays then I can make profit but if it drops then I lose money
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Bedrock of the Community
13014 Posts |
Quote:
realistically if I melted them into bars, as long as copper stays then I can make profit but if it drops then I lose money Thats true and you could probably get away with it for a while but realistically if you get caught it will cost you far more than you ever made and depending on how many you made may or may not end up in jail. Its really not worth the risk when you can already sell them on ebay for over face value |
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Pillar of the Community
Canada
1177 Posts |
thanks basebal21! have you ever heard of anyone doing this? any articles or news reports! curious!
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Pillar of the Community
United States
4008 Posts |
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have you ever heard of anyone doing this? any articles or news reports! curious! Check the "police blotter" section of the local newspapers or the national papers on-line. Ought to be a few stories in there about the Secret Service busting people for this. A Google search fro "Secret Service" and "coins" might turn something up. |
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Valued Member
United States
141 Posts |
i personally havent heard of anyone get in trouble for melting pennies on a small scale, because I would imagine it would be hard to trace, its not like you have the feds in your backyard seeing if your melting a pound of pennies into a bar.
-once the pennies are melted, I dont think they can trace the bar back, so I feel like it would be hard to catch a small time penny melter, but just the fact that its against the law is enough to scare me
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Pillar of the Community
Canada
1177 Posts |
i wouldn't take a chance, :) I don't want to lose my life over trying to make a few extra bucks (thus why it kicks me up seeing young teens come into pawn shops with gold rings ect) chances are they will get caught :P
-J
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Pillar of the Community
Australia
4411 Posts |
If you find a scrap metal yard that will take them then the risk is on them as they are the ones actualy melting them.
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Pillar of the Community
Canada
1177 Posts |
this is true, well i'll look around a bit, I don't really want to focus on copper as I am not opening up gold into an investment so copper kind of feels like nothing when you've made that first 900$ gold purchase!
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Pillar of the Community
Canada
1723 Posts |
I see that people are buying on ebay because of a flat rate box...but here in ontario canada I dont know of anything like that....its all geared to weight. |
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Bedrock of the Community
13014 Posts |
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i wouldn't take a chance, :) I don't want to lose my life over trying to make a few extra bucks Which is the wise choice. The real problem with melting is if you do it on a small enough scale to not get caught its not worth the time and effort for what youd make, while if it is financially worth it youre much more likely to get caught. Quote:I see that people are buying on ebay because of a flat rate box The flate rate box really is kind of the key to their ebay success. Cheap shipping for the weight keeps the premium on the coins where if you pay 40 for shipping there goes the profit for the coins. |
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Valued Member
United States
106 Posts |
I don't believe they will lift the ban on melting pennies and people shouldn't wait for it to happen. If you can flip them for a profit on ebay or CL that is the way to go. Those who say hold on to them they are still worth face never tell you that while yes they are still worth face the purchasing power of that face value will decrease over time. If you have $100 face and hold them for 10 years and the ban never got lifted you lost out, what do you think that $100 dollars will buy you 10 years from now? |
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Replies: 28 / Views: 3,417 |
First Page
Posted 10/01/2012 4:26 pm
