Given rising metal prices, the pennies and nickels in your pocket are worth more melted down than their face value - and that has the government worried. U.S. Mint officials said they are putting into place rules prohibiting the melting down of 1-cent and 5-cent coins. 

Officials said they had received a number of inquiries from the public in recent months concerning the value of the metal in the coins and whether it was legal to melt them. The new regulations are being published in the Federal Register and will go into effect as interim rules which will not become final until the government has a chance to consider possible modifications based on public comments.

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538 hits Rate me! Share Favorite | Flag 13 years ago by KikiPeepers

Should people be able to melt their own coins if they want to?
Given rising metal prices, the pennies and nickels in your pocket are worth more melted down than their face value - and that has the government worried. U.S. Mint officials said they are putting into place rules prohibiting the melting down of 1-cent and 5-cent coins.

Officials said they had received a number of inquiries from the public in recent months concerning the value of the metal in the coins and whether it was legal to melt them. The new regulations are being published in the Federal Register and will go into effect as interim rules which will not become final until the government has a chance to consider possible modifications based on public comments.

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13 yrs ago, 9 mos ago - Wednesday 12/27/06 - 8:39:55 AM EST (GMT-5)
pretty funny article. i dont think people should be able to go around melting coins though. and now todays random fact: it costs approximately 8/10 of 1 cent to actually mint a penny.
13 yrs ago, 9 mos ago - Wednesday 12/27/06 - 2:12:47 PM EST (GMT-5)
This is funny. I'd hate to be the one that got sent to prison with all the drug addicts and mass murderers because I melted coins.
13 yrs ago, 9 mos ago - Wednesday 12/27/06 - 2:45:48 PM EST (GMT-5)
Melting coins is the least of crimes...so sure, go ahead.
13 yrs ago, 9 mos ago - Friday 12/29/06 - 1:52:08 PM EST (GMT-5)
sure you cut them uo also :D
13 yrs ago, 9 mos ago - Friday 1/5/07 - 4:18:33 PM EST (GMT-5)
How would they catch you?
13 yrs ago, 9 mos ago - Friday 1/5/07 - 4:29:29 PM EST (GMT-5)
Yeah they should. It's my money, I earned it, I pay taxes for the government to create it. I'll spend it, melt it down, draw mustaches on Abe Lincoln with a Sharpie, whatever I damn well please.
13 yrs ago, 8 mos ago - Friday 2/9/07 - 8:35:56 PM EST (GMT-5)
And who is going to catch them? The penny police?
13 yrs ago, 8 mos ago - Tuesday 2/20/07 - 10:25:48 AM EST (GMT-5)
On 1/5/2007 4:29:29 PM omgwtfho wrote:
Yeah they should. It's my money, I earned it, I pay taxes for the government to create it. I'll spend it, melt it down, draw mustaches on Abe Lincoln with a Sharpie, whatever I damn well please.

But do you earn the physical money or just the value it represents? I was under the impression that the money itself is sort of still owned by the government.

I know over here it's illegal to deface a bill by writing on it or whatever.

Sure you earn the value it represents but the physical money itself is a tool to benefit society.

Like in this case, it's a case of personal benefit at the expense of society. If everyone melted down their coins it would stuff things up for everyone. It's like the issues raised by "The Tragedy of the Commons" by William Forster Lloyd.

13 yrs ago, 8 mos ago - Tuesday 2/20/07 - 10:54:14 AM EST (GMT-5)
Well, I do know that you can cash in with copper, depending on how it's made. Some coppers are more pure than others. If it's worth it, go for it.
13 yrs ago, 7 mos ago - Friday 3/16/07 - 9:24:46 PM EST (GMT-5)
That's why contries try not to use "valuable" metals in modern currency.

Of course, most currencies have another person's name on them (e.g. usually the leader of a country) - which implies that it is technically owned by that person (or the government that represents that person.)

13 yrs ago, 7 mos ago - Friday 3/16/07 - 9:39:16 PM EST (GMT-5)
On 2/20/2007 10:25:48 AM Tasdavil wrote:
I was under the impression that the money itself is sort of still owned by the government.

Yeah. The money is still owned by the government; what you hold in your hand is just a token of what a bank would have to pay you if you asked them to. It's a bit like a physical version of a debit card.

13 yrs ago, 5 mos ago - Saturday 4/28/07 - 9:06:32 PM EST (GMT-5)
No. All money is government property. Thats like saying you let someone borrow your car, and they should be allowed to sell it for something cheaper and keep the profit.
13 yrs ago, 5 mos ago - Saturday 4/28/07 - 9:15:00 PM EST (GMT-5)
No. How would you even go about melting it anyway?
13 yrs ago, 1 mos ago - Tuesday 9/11/07 - 12:53:29 AM EST (GMT-5)
who cares just let the freaks melt the coins
13 yrs ago, 1 mos ago - Tuesday 9/11/07 - 1:30:27 AM EST (GMT-5)
On 3/16/2007 9:39:16 PM Qpax wrote:
On 2/20/2007 10:25:48 AM Tasdavil wrote: I was under the impression that the money itself is sort of still owned by the government. Yeah. The money is still owned by the government; what you hold in your hand is just a token of what a bank would have to pay you if you asked them to. It's a bit like a physical version of a debit card.

You got it. That's the reasoning behind laws against destroying currency. You tear up a 20 dollar bill the government can sue you for up to 20 dollars. It's their money, it's just owed to you.



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