Mutilated coin program to end

[hobo finds]

https://www.coinworld.com/news/us-coins ... s-comments

[hobo finds]

I believe this will open the door for melting cents and Nickels. The recyclers processors will need a way to get rid of them...

http://www.globalmetalsandcoinrecovery. ... coins.html

[Corsair]

I believe this will open the door for melting cents and Nickels. The recyclers processors will need a way to get rid of them...

http://www.globalmetalsandcoinrecovery. ... coins.html

Interesting take. This is logical and makes sense, therefore it is unlikely the government will do it.

[JerrySpringer]

So, in a nutshell, if there is no mutilated coin recovery program, any mutilated coins will be nullified and probably not accepted by banks, etc. for exchange? How does this pave the way for the cessation of cent ( and maybe nickel) production? Is it just the timing of this that makes it suspect the fed wants to clean house of overhead costs as far as coin seigniorage goes?

[hobo finds]

If you have damaged dimes, quarters, half dollars and sba dollars if you can't turn those denomation coins you could melt them. But the cent and Nickel you can't melt. So no way for you to get rid of them for face or metal value

[JerrySpringer]

If you have damaged dimes, quarters, half dollars and sba dollars if you can't turn those denomation coins you could melt them. But the cent and Nickel you can't melt. So no way for you to get rid of them for face or metal value

I am really slow this week. I still don't see what the gap that happens will result in a melt ban being lifted. Not trying to be snarky or anything, I just don't understand whether the government is telling us one thing is a priority -ie- saving money on mutilated coin recovery and then letting the higher production cost coins like cents and nickels to keep being produced at a loss?

[hobo finds]

https://www.federalregister.gov/documen ... cent-coins

As you know in the United States we can't import or melt cents and Nickels. And yes if the damaged coin program is gone companies in other countries can't take advantage of it. Which I believe they did. But what about salvage places here in the USA ? They can't get rid of them? Just thinking it would make sense to lift the ban on all coins. And it could lead to the cent and nic being replaced, as you stated they cost more than face to make. Zincs were above cost for awhile as you know.

[hobo finds]

And if the melt ban was lifted would you sell for metal value or hold on longer for numismatic value?

[JerrySpringer]

And if the melt ban was lifted would you sell for metal value or hold on longer for numismatic value?

I'd hold on and treat the copper as a savings account that should hedge inflation. I don't know how much copper is still circulating in cents in the USA but it is probably less than a day's worth of copper ( ?) industrial use wise. A lifted ban would allow more trading of the copper cents and possible
barter equivalent if knowing that a copper cent could get 70% ( an example) of melt value any given day anywhere. I'd be happy to see a 1 cent Lincoln with 3 cents worth of copper get me $0.021 per a coin. That would make stashing away the cents for a 10 year period worth it ( and maybe more ROI if we are talking 10 years from now out and possibly copper going over $6/lb ).

[shinnosuke]

Is the following scenario possible under any set of conditions?

The US government finally admits that the Federal Reserve notes are essentially worthless after years of debasement through inflation. The paper is replaced by a CBDC and we turn our paper dollars in at a rate of, say, $100 notes for a new $1 of CBDC...so prices get back to normal after a long period of double-digit inflation. The metallic coins though are allowed to stay in the system, for a while, who knows how long, and ... AND ... they keep their value in the new system. That is, they are not reduced to 1/100th of a penny, nickel, dime and so on. A penny hoarder's dream, I know. But it would keep the Fed from having to deal with gajillions of tons of coins that would be returned if the exception were not granted.

Oh, and by the way, never give the authority to decide what is money to a bunch of central bankers. It always ends in failure.