Mint bans melting coins now worth more as liquid than loot

[alkemical]

http://www.suntimes.com/news/nation/172582,CST-NWS-mint14.article

Mint bans melting coins now worth more as liquid than loot

Mint bans melting coins now worth more as liquid than loot

December 14, 2006
WASHINGTON -- 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 Wednesday they were putting into place rules prohibiting the melting down of 1-cent and 5-cent coins, with a penalty of up to five years in prison and a fine of up to $10,000 for people convicted of violating the rule.

Because of the prevailing prices of metals, the cost of producing pennies and nickels exceeds the coins' face value.

A nickel is 25 percent nickel and 75 percent copper. The metal in one coin costs 6.99 cents for each 5-cent coin.

Modern pennies have 2.5 percent copper content with zinc making up the rest of the coin. The current copper and zinc in a penny are worth 1.12 cents.

AP

[TailgateNut]

http://www.suntimes.com/news/nation/172582,CST-NWS-mint14.article

Mint bans melting coins now worth more as liquid than loot

Mint bans melting coins now worth more as liquid than loot

December 14, 2006
WASHINGTON -- 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 Wednesday they were putting into place rules prohibiting the melting down of 1-cent and 5-cent coins, with a penalty of up to five years in prison and a fine of up to $10,000 for people convicted of violating the rule.

Because of the prevailing prices of metals, the cost of producing pennies and nickels exceeds the coins' face value.

A nickel is 25 percent nickel and 75 percent copper. The metal in one coin costs 6.99 cents for each 5-cent coin.

Modern pennies have 2.5 percent copper content with zinc making up the rest of the coin. The current copper and zinc in a penny are worth 1.12 cents.

AP


Who would've thunk it: your penny jar is a better investment than the market;D

On a serious note, In my business I constantly need to watch for materials which have a "habit" of dis-appearing due to their recycling value. Plumbing and electrical contractors just about have to have armed guards to protect their stockpiles.

Steel prices have gone throught the roof.
Copper has more than doubled in the last two years.

What's not funny is that we (US) sell scrap metals to china, they ship it there, then they sell us piping at lower prices than we can buy it here including their shiping costs. We are definately a mentally challenged country!

[alkemical]

Somehow we learned to think backwards.

[TailgateNut]

Somehow we learned to think backwards.


Some of "us" don't even think, nor pay attention. As long as they don't **** with "our" favorite sit-com, all is well in "our" world!

[alkemical]

So what are you watching?

lol

[TailgateNut]

News and comedy! It provides a balance which keeps me as sane as possible!

[alkemical]

I stopped watching the news for the most part. I hit up news sites like i did today.

I've watched alot of king of the hill latley.