Comments on: Lincoln Pennies Should Be Melted; Forget the 5 Years in Jail

By: John

John — Sun, 04 Dec 2011 05:09:51 +0000

By permitting the melting of the coins we’re permitting the underlying commodity to flow from a less desirable use to a more desirable use. To prohibit that is foolish, Gresham’s law applies.

By: factchecker

factchecker — Thu, 15 Sep 2011 07:55:53 +0000

Yup, perhaps when zinc is worth a cent, here we go again (production costs 1.4)
, you would be better off working an extra hour a min, but better than silver in which you spend hours or days and end up with 1 or 2 coins out of a thousand.

While where at it withdraw the penny, and its cost to business, we rid half cent.

By: Rob

Rob — Sat, 21 May 2011 14:42:35 +0000

…a statement at the time by United States Mint Director Edmund Moy

“The new rule safeguards the integrity of U.S. coinage and protects taxpayers from bearing the costs to replace coins WITHDRAWN from circulation”

Millions of pre-82 cents are being withdrawn (hoarded) every month and stockpiled in buckets by copper kooks like me. These coins will never see circulation again, except as sold in $100 face lots or ton units to other speculators. So, what is the difference between melting outright today and hoarding to melt at some future date? The coins are still effectively “withdrawn” from normal commerce.

Is another ban likely on hoarding? Apparently, the Mint Director can decide this without having to go through Congress.

By: Patrick Weaver

Patrick Weaver — Mon, 09 May 2011 00:21:42 +0000

Ethan,

No offense, but you clearly have no idea what you are talking about.

It takes “about” 150 pre- 1982 pennies to get a pound of copper.
Probably a little less after you extract the zinc.

Im sure your number is based on post -1982 pennies with only copper coating of .08%..yeah you would be an idiot to try to make money that way.

By: crazy coin guy

crazy coin guy — Wed, 13 Jan 2010 22:45:54 +0000

regardless of weather you are going to melt them or not the penny is worth more than double its value in copper….to learn more about how you would sort the zincs from the coppers and why and who is doing this now visit my website.

By: Ethan

Ethan — Tue, 30 Sep 2008 11:34:44 +0000

You cannot own US currency, thus you cannot (legally) do whatever you like with it. If you could legally own US currency, then you could also legally make your own, but we all know where that’ll get you!

By: Paul

Paul — Mon, 29 Sep 2008 21:08:10 +0000

I collect pennies because I love US coins. I don’t melt them down, however, if I own a pemmy, I can do whatever I want with it. No one can tell me what I can and cannot do with my coins or cash. Period.

By: Ethan

Ethan — Thu, 01 May 2008 11:50:08 +0000

“And here’s the kicker…” That kind of confused me too. I suspect that thought didn’t fully make it into print.

As for the currency issue, the US Constitution (which is the basis for all federal law, or is supposed to be at least) says in article 1 section 8 that Congress can coin money and regulate its value, but it doesn’t state what materials may be used. However, it specifically says “coin”, and doesn’t allow for printing paper money, and that was by design (see http://www.usconstitution.net/constfaq_a8.html#Q154). Original paper money could be redeemed for coin. It seems that the Supremes decided in 1871 that paper money was okay, because they said so (law out of thin air, basically.)

On the other hand, it is totally legal for regular Americans to print money and mint coins, so long as we don’t copy the current design of US coin. Getting other people to accept your unique currency though is another story… bet you could do it with gold and silver though! Also, note that it’s legal to recreate old designs, at least according to the constitution. And since the government is not authorized to print paper money, it seems they should not be able to stop people from printing their own “Federal Reserve Notes” just as the Feds do! 😉

By: Charles M. Barnard

Charles M. Barnard — Wed, 30 Apr 2008 22:03:53 +0000

“And here’s the kicker… How can anyone mentally picture a person getting sent to prison for 5 years one day and then the very next day make money… It doesn’t sit right.”

You’ve got ME confused. “…then the very next day make money…”

Where and how do they ‘make money’ the very next day?

By: Charles M. Barnard

Charles M. Barnard — Wed, 30 Apr 2008 21:42:00 +0000

Given that the US Government is barred from creating ANY currency which is not made of gold or silver, none of the currency, nor rules about what you can do with it are legal.

Still, I don’t think that melting 1 & 5 cent pieces, even older ones, is worthwhile. Older coins will usually have value to collectors.

Probably, the rule is yet another silly rule passed to direct attention away from something else which they are doing.

Manufacturing them out of plastic is a good switch, as would doing so for paper bills. They last longer and have essentially no value in and of themselves.

There is a an argument for even smaller values, as electronically transmitted intellectual property could be profitable at extremely low prices, should the transaction costs charged by the financial industry be more reasonable.

But if I find myself destitute, I will certainly make a point of videotaping myself melting coins in front of treasury officers–5 years in prison might be an improvement over starving on the streets.