The CoinNews Saturday eNewsletter and the short post Sunday morning included information about the Sunday night 60 Minutes news segment titled, Should We Make Cents?
Morley Safer reports on how the penny and nickel are worth less than the U.S. government cost to manufacture them - the penny almost two cents and the nickel almost a dime.
5-cent nickels contain 75% copper and 25% nickel. 1-cent pennies contain 2.5% copper with the remaining zinc. The price of these metals have each gone up significantly and for over a year now, their melt value has been worth more than their real value. Or, more to the point, it costs the U.S. government more to make the penny and nickel than what they’re worth.
You’re tearing out plaster from a bathroom wall and suddenly wads of cash appear before your eyes. The cash hoard is enormous with a face amount totaling $182,000.
Better yet, it’s not just any old cash, but 70-year old bank notes in great condition with some on the rare side. Suddenly, the $182,000 starts to seem small.
There’s just one problem. The wall you were ripping out wasn’t yours. You’re a contractor working on renovating a home.
You do the right thing. Instead of taking the money without saying a word, you notify the homeowner. Like you, she’s excited.
At first everything is amicable. Then the reality of the find sets in and the situation becomes a legal battle.
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