Five-Cent and One-Cent Coin Federal Regulations

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Five-Cent and One-Cent Coin Federal Regulations

Postby Copper Catcher » Tue Feb 01, 2011 9:22 pm

Prohibition on the Exportation, Melting, or Treatment of 5-Cent and One-Cent Coins

http://www.federalregister.gov/articles ... cent-coins
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby Rodebaugh » Tue Feb 01, 2011 9:29 pm

"Two commenters suggested that existing 5-cent and one-cent coins be physically altered; one suggested punching holes in the center to decrease their melt value, and the other suggested encasing them in a ring of metal and increasing the denomination of the coins. Two commenters suggested the United States Mint begin producing a two-cent coin or a three-cent coin."

Where these commenters high on drugs?
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby PennyPauper » Wed Feb 02, 2011 12:38 am

Very good read.
"this regulation's purpose is to protect the Nation's coinage by ensuring there are sufficient 5-cent and one-cent coins in circulation to meet the needs of the United States."

Six commenters stated that the public would hoard the coins and remove them from circulation. The United States Mint is aware that 5-cent and one-cent coins may be hoarded. However, the legislative history of 31 U.S.C. 5111(d) indicates that when Congress passed the Coinage Act of 1965, section 105 (the predecessor provision to 31 U.S.C. 5111(d)), it did not intend on prohibiting hoarding because of concerns that such prohibitions would be difficult to enforce and that citizens might unknowingly violate the regulations. The United States Mint does not intend to prohibit the hoarding of 5-cent and one-cent coins but, consistent with the legislative intent of 31 U.S.C. 5111(d), has implemented these prohibitions on exportation, melting, and treatment to reduce the incentive to hoard these coins.

Hoard On!

And war nickels are exempt.

(d) The prohibition contained in § 82.1 against the exportation, melting, or treatment of 5-cent coins shall not apply to 5-cent coins inscribed with the years 1942, 1943, 1944, or 1945 that are composed of an alloy comprising copper, silver and manganese.
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby 68Camaro » Wed Feb 02, 2011 6:32 am

Interesting footnote on the war nickels; thanks for pointing that out!
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby 68Camaro » Wed Feb 02, 2011 6:37 am

Also from this, to confirm their intent, it should be temporary:

"It is anticipated that this regulation will be a temporary measure that will be rescinded once actions are taken, or conditions change, to abate concerns that sufficient quantities of 5-cent and one-cent coins will remain in circulation to meet the needs of the United States."

Frankly, by now, there are enough zincs, and few enough coppers in circulation that it wouldn't do any harm to repeal this from pennies since most are zincs and it wouldn't have any overall affect on penny circulation. It's the nickel that's the main current issue.
In the game of Woke, the goal posts can be moved at any moment, the penalties will apply retroactively and claims of fairness will always lose out to the perpetual right to claim offense.... Bret Stephens
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby 68Camaro » Wed Feb 02, 2011 6:49 am

It has probably been covered elsewere, but to put all into a single convenient thread, and to prevent duplicative research, what's the legality of melting 40% and higher precious metal coins (silver, gold, etc)? Legal or not?
In the game of Woke, the goal posts can be moved at any moment, the penalties will apply retroactively and claims of fairness will always lose out to the perpetual right to claim offense.... Bret Stephens
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby PennyPauper » Wed Feb 02, 2011 7:23 am

IMO it's ok to melt 40% and anything not a 5cent or 1 cent. not legal advice,consult your own legal professional
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby Rodebaugh » Wed Feb 02, 2011 7:35 am

68Camaro wrote:It has probably been covered elsewere, but to put all into a single convenient thread, and to prevent duplicative research, what's the legality of melting 40% and higher precious metal coins (silver, gold, etc)? Legal or not?


Yep....you can melt them. All and any silver or gold alloy US coins.
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby tn-dave » Sat Feb 05, 2011 10:15 am

68Camaro wrote:Frankly, by now, there are enough zincs, and few enough coppers in circulation that it wouldn't do any harm to repeal this from pennies since most are zincs and it wouldn't have any overall affect on penny circulation. It's the nickel that's the main current issue.


I sure agree with this. I don't think there would be any kind of penny shortage but it would be wild with every nickel currently in circulation available for metling.
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby STINGER » Sun Feb 06, 2011 12:38 am

Are these laws written where penny ban and nickel ban can be lifted separate? If not nickels are far from being covered with junk so will we be waiting on all nickels to be hoarded and replaced and the ban is lifted on both?
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby VWBEAMER » Sun Feb 06, 2011 2:09 am

I just want to know when the Mint got the power to make law. I'm pretty sure only the congress can make laws.

EDIT: Never mind, see that they have the power to prohibit melting or exportation.

Still, i got to think these things are going to start melting if the metal value get too much higher, law or no law.
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby highroller4321 » Mon Feb 07, 2011 2:55 pm

STINGER wrote:Are these laws written where penny ban and nickel ban can be lifted separate? If not nickels are far from being covered with junk so will we be waiting on all nickels to be hoarded and replaced and the ban is lifted on both?


The way the law is written there is no seperation. In order to release just one of the denominations they would have to amend the bill.
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby VWBEAMER » Mon Feb 07, 2011 6:22 pm

I asked this in the silver forum, but I'm guessing the ban also covers silver nickels.
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby JadeDragon » Mon Feb 07, 2011 6:35 pm

VWBEAMER wrote:I asked this in the silver forum, but I'm guessing the ban also covers silver nickels.


No there is an exception to the ban for silver nickels. Read the linked info.
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby NashuaSolstice » Wed Feb 09, 2011 2:17 pm

how soon do you all think the melting bans will be lifted if at all?
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby wiper » Thu Feb 10, 2011 7:07 pm

you tell me when the penny/nickel is discontinued and/or has they composition changed, and i'll tell you when the melting ban will be lifted. :)
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby HPMBTT » Sat Apr 09, 2011 8:11 pm

JadeDragon wrote:
VWBEAMER wrote:I asked this in the silver forum, but I'm guessing the ban also covers silver nickels.


No there is an exception to the ban for silver nickels. Read the linked info.


Yes, Jade is correct. There is an exception for the war nickels (35% Silver).
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby eric273 » Thu Apr 28, 2011 11:36 pm

If only that ban would be lifted
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby aaa30040 » Mon Aug 15, 2011 7:36 am

Are there any restrictions for a US citizen, located in the US, melting Canadian coins?

Are there export restrictions on Canadians shipping coins to the US?
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby CoinHuntingObsession » Mon Aug 29, 2011 8:13 pm

Rodebaugh wrote:

Where these commenters high on drugs?

probably were, or born missing their frontal lobe.
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby pennymanofmoney » Sun Nov 06, 2011 7:13 pm

Interesting. This law will fail though when copper and nickel get so expensive as it would be worthwhile to melt them, even it means evading the law.
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby Cu Penny Hoarder » Thu Feb 16, 2012 9:46 pm

Of course you can melt them...






Just don't get caught :)
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby transistor » Sun Mar 04, 2012 1:48 am

Really though, how could you get caught if you melted it yourself? Once it's melted, is there any way the feds could prove it was once pennies?
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby Engineer » Fri Mar 09, 2012 11:08 pm

transistor wrote:Really though, how could you get caught if you melted it yourself? Once it's melted, is there any way the feds could prove it was once pennies?


Yes.
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Re: Five-Cent and One-Cent Coin Federal Regulations

Postby Prince By-Tor » Sat Mar 10, 2012 1:21 am

aaa30040 wrote:Are there any restrictions for a US citizen, located in the US, melting Canadian coins?

Are there export restrictions on Canadians shipping coins to the US?


Im not sure but im asuming that it is still illegal for usa to melt canada coins
The laws in us and canada are the same for coins
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