| Author |
 Replies: 9 / Views: 4,445 |
|
|
Pillar of the Community
708 Posts |
This is a curiosity question that I have been thinking about recently. Does the government allow the melting of silver wartime nickels? Or are they protected by the melting ban as well?  |
|
|
|
Pillar of the Community
United States
4901 Posts |
|
|
Pillar of the Community
United States
4212 Posts |
I believe the point is mute. With the time/labor involved for 40%,
you'd probably about break even. You'd probably need about a ton of the Jeffs to make real $$, especially now.
|
|
Moderator
 Australia
16810 Posts |
"War alloy" nickels are specifically exempted from the ban on melting nickels: Quote:
The prohibition contained in ยง82.1 against the exportation, melting, or treatment of 5-cent coins shall not apply to 5-cent coins inscribed with the years 1942, 1943, 1944, or 1945 that are composed of an alloy comprising copper, silver and manganese. Curiously, silver half-dimes are not equally exempted. I suppose it was thought unnecessary, given that (a) they all pretty much have a numismatic value far above bullion value no matter how beat-up they are, and (b) technically, they're " Half Dimes", not "5 cent pieces". Still, it seems to me that a lawyer with too much time on their hands could easily prove that silver half-dimes are indeed a silver coin that is illegal to melt. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
|
|
New Member
United States
33 Posts |
I get asked this question a few times a year from people in my computer recycling forum.
I always say no not illegal BUT the war times are a part of history for this country. It showed a time where everything had to change...even our change...to help win a war.
Most of the time I would end up buying them for a little over melt just so they would not. Worked out good since I got a few AU/UNC out of the deal for that price.
|
|
New Member
United States
48 Posts |
Why would someone do that? It has just 35% silver in it, the rest is copper and manganese. The melt value comes to hardly a dollar. Instead selling it off as a numismatic coin will fetch more money. Not worth the effort.....
|
|
Pillar of the Community
United States
4212 Posts |
Jeez, of course I meant 35%. Thanks for the freindly heads up.
I was looking at a 40% lot on CL abit ago.
|
|
Pillar of the Community
 708 Posts |
Well if you can melt War Nickels for their silver content, why is it any different for pre-1982 copper pennies? I mean, it seems like about the same situation, in my opinion. (Obsolete metal composition for the coins) Edited by Fox
07/05/2013 05:37 am
|
|
Moderator
United States
187862 Posts |
Because melting copper cents (which probably account for about 20% of cents in circulation) will cause a shortage. Replacing them would waste even more money than is being wasted now.
The solution, of course, is to eliminate the cent. Canadians appear to way smarter and more courageous than us.
|
|
Pillar of the Community
United States
2270 Posts |
Quote:Well if you can melt War Nickels for their silver content, why is it any different for pre-1982 copper pennies? I mean, it seems like about the same situation, in my opinion. (Obsolete metal composition for the coins) Silver was protected by law from being melted from shortly before it became profitable to melt them until the FED began melting the coins in about September of 1968. It's very difficult to enforce laws against destruction of coins if you're doing it yourself. The Indians have had a lot of experience with this for the last few decades as they continually debase their coins. If a melter is melting pennies or nickels it can be very difficult for them to ascertain whether they are legal or illegal. Think of it as the government wants first crack at the profits. Time don't fly, it bounds and leaps.
|
| |
Replies: 9 / Views: 4,445 |
|
Posted 07/03/2013 02:58 am
