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 Replies: 11 / Views: 2,115 |
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Pillar of the Community
United States
4333 Posts |
Wondering why it is legal to melt US silver coins that are out of production, but not copper coins such as the cent (penny). When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Bedrock of the Community
 United States
12477 Posts |
I guess generally speaking, the copper cent is the only coin readily available for face value that is worth more in melt value. The nickel is also illegal to melt (except for War Nickels) but, its melt is less than face.  As far as I know, all other coins can be melted legally. In Memory of Crazyb0 12-26-1951 to 7-27-2020
In Memory of Tootallious 3-31-1964 to 4-15-2020
In Memory of T-BOP 10-12-1949 to 1-19-2024
Edited by spru
05/14/2017 9:30 pm
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Moderator
 United States
34426 Posts |
"If you climb a good tree, you get a push."
-----Ghanaian proverb
"The danger we all now face is distinguishing between what is authentic and what is performed."
-----King Adz
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Bedrock of the Community
United States
12477 Posts |
Thanks for the link Spence. That was certainly a great discussion on the topic.
I only wish biggfredd was still here. I've read many older topics he was involved in and would have liked to interact with him.
In Memory of Crazyb0 12-26-1951 to 7-27-2020
In Memory of Tootallious 3-31-1964 to 4-15-2020
In Memory of T-BOP 10-12-1949 to 1-19-2024
Edited by spru
05/14/2017 10:05 pm
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Pillar of the Community
United States
6130 Posts |
In theory, the Mint makes the exact amount of coins needed to fuel the economy. Copper cents still make up 15-25% of the circulation supply, depending on where you live and who has been using Coinstars in your area. If all of those coins disappeared overnight, it would take a heck of a lot of minting (at a loss) to recover those numbers.
Plus, if anybody is going to be melting old coins en masse, you can guarantee the guv'mint will want the monopoly on that gig.
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Bedrock of the Community
United States
12477 Posts |
Quote:
If all of those coins disappeared overnight, it would take a heck of a lot of minting (at a loss) to recover those numbers. Good point. I assume that inflation will mean that the production cost deficit will only grow as time goes on until cents are done away with entirely. From a business perspective, it already doesn't make cents.  In Memory of Crazyb0 12-26-1951 to 7-27-2020
In Memory of Tootallious 3-31-1964 to 4-15-2020
In Memory of T-BOP 10-12-1949 to 1-19-2024
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Pillar of the Community
United States
1913 Posts |
Quote:
I assume that inflation will mean that the production cost deficit will only grow as time goes on until cents are done away with entirely. From a business perspective, it already doesn't make cents. The cent is going away eventually. It's just a matter of how much money will be wasted before it happens. |
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Valued Member
United States
493 Posts |
Why?, because the penny is still in circulation, you find up to 12-14 wheats in a $25 box. Melt on copper cents is currently 168% of face, and for Zincolns it's 65%, topped out a over 70% not long ago, at which time their was a bit of talk by some politician of ending the penny.
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Moderator
United States
54282 Posts |
I assure you, the non-Zincolns are disappearing.
Some Zincolns take themselves out of circulation (disintegrate).
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Valued Member
United States
493 Posts |
But where are they going?
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Bedrock of the Community
United States
12477 Posts |
Quote:
But where are they going? I would assume primarily copper-hoarders. It's really just speculation at best currently. In Memory of Crazyb0 12-26-1951 to 7-27-2020
In Memory of Tootallious 3-31-1964 to 4-15-2020
In Memory of T-BOP 10-12-1949 to 1-19-2024
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Pillar of the Community
 United States
4333 Posts |
Thanks for the comments everyone, I believe you've quenched my curiosity regarding the copper melt ban.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Replies: 11 / Views: 2,115 |
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Posted 05/14/2017 9:29 pm
