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 Replies: 14 / Views: 1,575 |
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New Member
United States
1 Posts |
Are there any other countries that are like the US and have coins in circulation where the metal value is worth more than the face value?
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Moderator
 United States
56855 Posts |
 to CCF. Good question. I'm sure there is. John1  |
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Pillar of the Community
Canada
3733 Posts |
Canadian nickels, before 1981 have 7 1/2 cents worth of nickel in them.
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Bedrock of the Community
United States
17884 Posts |
Barring the occasional silver coin that still pops up, the US doesn't have coins in circulation with metal values greater than the face value. The copper cent in theory, if you could get the copper spot price for the copper in them, would be more than face value, but the price for the alloyed copper is much lower than the spot price making the metal value in the copper cents is only about 1/2 a cent apiece. The problem with the cents and five cent pieces is that the material cost PLUS the manufacturing and distribution costs exceeds the face value considerably. But the metal value is below the face value. The Canadian nickels that silverwolf mentions are worth more than face is because those coins were pure nickel and contain four times as much nickel as ours.
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Pillar of the Community
United States
6130 Posts |
Only a few countries come to mind:
- Canada, like the US has neither demonetized nor significantly resized its old silver dimes or quarters, so they could in theory pop up from time to time.
- Switzerland has not changed its coinage significantly since the 1930s, so 1/2, 1, 2, and 5 franc silvers could show up (but I don't think they do often)
- Japanese silver 100 yen from the 50s and 60s are the same size as the current 100 yen, although once again I don't think those ever show up in change.
Interestingly, just about every other country has either had a major currency revaluation or else a complete regime change since the 1960s when silver would have circulated.
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Bedrock of the Community
Canada
24885 Posts |
To the Forum. |
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Moderator
United States
187702 Posts |
to the Community! |
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Pillar of the Community
Russian Federation
5172 Posts |
I think technically the Russian 1 kopek coin still circulates (though barely), and its scrap metal value is (again, technically) either just above its face value or at least very close to it. Similar considerations probably apply to the Philippines 1 sentimo (and/or its earlier version). There are probably many other examples of extremely-low-value technically-still-circulating coins around the world whose metal value is above their face value because the latter is so low (rather than because the former is particularly high). ...Oh, right, found two much clearer examples - the South Korean 1 and 5 won coins. (The pre-2006 10 won would have qualified as well, but the post-2006 versions no longer do.) |
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Bedrock of the Community
United States
17884 Posts |
The thing is, once the metal value of a coin (defined as the value of the metal after recovery costs) exceeds the face value of the coin, the coins are rapidly removed from circulation because it becomes profitable to turn the coins into metal. Seveal years back,nickel hit over $20 a pound. If it had stayed there instead of dropping back down, the nickel five cent pieces would have disappear even though they made melting them illegal. In the late 60's melting silver coins was illegal, but everyone, including the Federal Reserve, busily pulled as many silver coins out of circulation as they could.
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Bedrock of the Community
United Kingdom
17896 Posts |
According to a 2016 article about British decimal 1p and 2p coins: Quote:
There is 6.9 grams of copper in a pre-1992 two-pence piece and 3.45 grams of copper in a pre-1992 penny. At current copper market prices, the copper value of a one-penny coin is £0.0157 pounds. The copper value of a 2p coin is £0.0314. It's illegal to melt these coin in the UK, so someone wishing to profit from them would have to take a large quantity abroad and then melt them: it's doubtful if this would cover costs unless a really huge number of coins was involved. Incidentally, pre-1992 1p and 2p coins are still very common in circulation and some circulation 2p coin in 1998 were also struck in the pre-1992 bronze alloy. |
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Bedrock of the Community
United States
20753 Posts |
Quote:
It's illegal to melt these coin in the UK, so someone wishing to profit from them would have to take a large quantity abroad and then melt them: And I'm sure no one would think of actually melting a coin IN the UK since it is illegal.  Why we too have things that are illegal so that is why our crime rate is so low. I wonder if the material in our paper money too has gone up in costs to match or exceed it's value.  |
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Bedrock of the Community
United States
17884 Posts |
Quote:
There is 6.9 grams of copper in a pre-1992 two-pence piece and 3.45 grams of copper in a pre-1992 penny. At current copper market prices, the copper value of a one-penny coin is £0.0157 pounds. The copper value of a 2p coin is £0.0314.
This is why I mentioned in my first post that you wouldn't get copper market price for the copper in these coins (unless you went to the expense of refining the copper to remove everything from it). The market copper price is for PURE copper. The price for alloyed copper is MUCH lower So the real world value of the copper in those coins is less than they stated. This would most likely keep them from being melted even if it wasn't illegal. |
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Pillar of the Community
United States
834 Posts |
I've thought about this question a few times and Swiss coins did come to mind because their designs have changed so little over the years (as @Finn235 rightly said). However, technically, many Swiss coins - especially the nickel and silver coins - have been withdrawn from circulation or demonetized entirely: https://www.snb.ch/en/iabout/cash/id/cash_coins#t4So, because they look similar, it's possible to find these old coins in circulation, but highly unlikely... |
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Pillar of the Community
Canada
5239 Posts |
@jeffbuckes, according to the website, all but the 2 centimes can still be exchanged for face value at the swiss national bank.
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Pillar of the Community
United States
834 Posts |
@oriole True, but the coins have been withdrawn from circulation. I'm sure that some of the old silver coins are still banging around out there, just like you'll still find a silver dime once in a blue moon in the US... But, the old Swiss coins are no longer legal tender. PS: not trying to be a PITA, just trying to answer the OP. :) Quote:
F-5) Are silver coins still legal tender?
Silver coins (½-franc to 5-franc pieces) have not been legal tender since 1 April 1971. However, the Swiss National Bank still exchanges them at face value.
F-6) Can bronze coins (1-centime and 2-centime coins) still be used for payments?
The 1-centime coin has not been legal tender since January 2007, and the 2-centime coin since January 1978.
F-7) Which coins that have been withdrawn from circulation are still exchanged?
Circulation coins which have been withdrawn from circulation are exchanged by the Swiss National Bank at 100% of the face value for a period of 20 years after the withdrawal from circulation. The exchange period is unlimited for withdrawn circulation coins that correspond to the legal tender coins in terms of dimensions and imagery and also for withdrawn 5-franc silver commemorative Source: http://www.swissmint.ch/e/downloads...l/FAQ-en.pdfEdited by jeffbuckes
10/26/2019 11:54 am
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Replies: 14 / Views: 1,575 |
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Posted 10/22/2019 12:06 pm
