Copper & Nickel Vs Silver? - Coin Community Forum

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Author	Replies: 5 / Views: 1,543
Jim1953 Pillar of the Community United States 2600 Posts	Posted 05/27/2007 1:29 pm After reading ageka's post on nickels, it caused me to wonder about what seems to be an obvious discrepancy. It seem clear that a lot of scrap silver coinage is being melted, though much is going into war bags. These coins are still legal tender but no one seem concerned about their fate. Why is there such an uproar about copper cents and nickel coins being destroyed for their metal value. Or, since silver coins are no longer in production, does this give them a different type of status? Jim Report this Post to the Staff

longnine009 Pillar of the Community United States 1247 Posts	Posted 05/27/2007 5:46 pm Because if they are melted they can't be re-valued to 5c and 10c Report this Post to the Staff
Conder101 Bedrock of the Community United States 17884 Posts	Posted 05/30/2007 08:22 am The silver coins were all drawn out of circulation long ago and replaced with the clad coins so melting them has no effect on the number of coins available. With the cents and nickels they are afraid that if people start hoarding and melting them in large quantities it will result in a massive coin shortage and hamper commerce. Back in the 1960 they had the same concerns with the silver coins and they also passed laws forbidding the melting of silver coins. The silver ban lasted until around 1972 by which time the silver had been slowly drained from circulation and replaced. If they were to change the metal on the one and five cent piece, or phase them out, once the current type was no longer n active circulation the melting ban will probably be dropped on them as well. Report this Post to the Staff
Jim1953 Pillar of the Community United States 2600 Posts	Posted 05/30/2007 12:28 pm Thx, condor, makes good cents. Jim Report this Post to the Staff
MajMike New Member United States 8 Posts	Posted 10/11/2007 4:07 pm Also, the pdf posting on the mint's site specifically exempts War Nickels from the ban on exportation/melting. Report this Post to the Staff
trdhrdr007 Pillar of the Community United States 2335 Posts	Posted 10/11/2007 4:56 pm I don't think the mint is worried about a shortage of coins. The real problem is that it costs more to replace the coin than face value. This has happened more than once throughout US coinage history; resulting in changes in weights or metal composition. If it cost less in raw materials & labor to produce the coin the government wouldn't care how many you destroy. In my opinion, one of the main reasons for the State Quarters & the new dollars is profit for the mint. It costs considerably less than face value to produce these, & a lot have been hoarded. That results in an interest free loan to the government. Report this Post to the Staff
	Replies: 5 / Views: 1,543

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