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 Replies: 9 / Views: 1,034 |
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Valued Member
United States
486 Posts |
I know you are not allowed to melt nickels or pennies. but is it legal to melt down old silver coins?  -PP |
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Pillar of the Community
United States
749 Posts |
Yes it is! Sure Silver is up and all but to destroy the very coins we collectors collect, Baffles me. |
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Moderator
 United States
6563 Posts |
Silver coins are no longer in circulation
Normal coins such as cents and nickels are currently being used as currency. Melting them down diminishes the supply and therefore is illegal.
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Pillar of the Community
United States
2270 Posts |
It's not illegal to melt dimes and quarters.
Time don't fly, it bounds and leaps.
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Bedrock of the Community
United States
12437 Posts |
Pre-1965 silver is not always melted when sold for silver value. Face value bags of $100 and $1000 are frequently purchased as a way to hold silver as well.
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Pillar of the Community
United States
2600 Posts |
Clad is correct, as of right now (as I understand it) it is only cents and nickels that you cannot melt. Go figure. Jim |
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Pillar of the Community
United States
2335 Posts |
Unless you have a need for silver there isn't any point in melting coins. Coins are readily sold for close to melt, & in coin form are easily identified as to weight & silver content. If you melt them at home into an ingot they would have to be assayed at an additional cost before they could be sold.
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Moderator
United States
6563 Posts |
I guess for the same reason that it's not illegal to melt down your car keys Cause No One Does It  but I assume it's illegal to melt down someone else's  |
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Pillar of the Community
United States
2224 Posts |
I thought that I had heard rumors that Congress may lift the ban on melting pennies for copper. If they all disappeared from circulation, there would be plenty of zinc cents to take their place.
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Bedrock of the Community
United States
20753 Posts |
Regardless of legality there are many that melt all types of coins for all types of reasons. And with no concern as to dates or mint marks. Many jewlers melt coins for the manufacture of jewlery every day around this area. Piles of cents are thrown in with batches of wires and cables at some metal recylers. Many Nickels are added to the accumulated shell casings from shooting ranges for melting. To many with no knowledge of coin values, this is profitable. It would be completely impossible to attempt to tell every one that some coins are worth way more than the melt value. And many just don't care.
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Replies: 9 / Views: 1,034 |
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Posted 03/02/2008 6:46 pm
