Story about a company melting pennies

[scyther]

A story was posted on here a few months ago... maybe more than a few... about a company that melted pennies before it became illegal. Does anyone remember where that was? I can't find it.

[Romalae]

Is this (Pincher Processing LLC) what you are looking for?

[scyther]

Yeah, that was it. Must have been a link posted here. Thanks.

[TwoPenniesEarned]

That's the coolest copper story I've ever read!

[PennyPauper]

That's the coolest copper story I've ever read!

Indeed.

[Numis Pam]

That's the coolest copper story I've ever read!

+1 Just amazing!!

[68Camaro]

Is this (Pincher Processing LLC) what you are looking for?

Is SLV banned on GIM now? That's what it seems to say, or am I mis-reading something.

[68Camaro]

...the Mint ... responded, "The bearer of the coin is entitled to the face value that the coin conveys, but the actual coin is the property of the US Treasury, issued by the mint to facilitate commerce."

I"ve heard this before, but never the basis for it. I think it's a legal scam by the lawyers from the US Mint. Does anyone know of any law behind it?

Almost makes me want to melt all my non-cent metal now, while it is legal to do so.

[Morsecode]

That's the danger of confusing "regulation" with "law". Just because it's been ok to melt silver coin for 40 years doesn't mean a Treasury memo couldn't reverse that with a little political nudge in that direction.

[scyther]

...the Mint ... responded, "The bearer of the coin is entitled to the face value that the coin conveys, but the actual coin is the property of the US Treasury, issued by the mint to facilitate commerce."

I"ve heard this before, but never the basis for it. I think it's a legal scam by the lawyers from the US Mint. Does anyone know of any law behind it?

Almost makes me want to melt all my non-cent metal now, while it is legal to do so.

I don't believe that was the case from the beginning, when money was based on the amount of metal in it. They probably "interpreted" it that way since it kind of makes sense in a fiat economy (and since it was convenient, obviously)... but that shouldn't retroactively apply to silver coins, or even copper ones if they didn't say that earlier. They probably just made it up.

[Kurr]

Good story but don't forget about Jackson Metals either.

[JerrySpringer]

A story was posted on here a few months ago... maybe more than a few... about a company that melted pennies before it became illegal. Does anyone remember where that was? I can't find it.

Nice avatar Scyther, lol.

[JerrySpringer]

Almost makes me want to melt all my non-cent metal now, while it is legal to do so.

You didn't build those non-cent metals though. Remember that. I wonder if people have made anything or can own anything without government getting a say in it ( well, at least without government wanting to get involved either).

[scyther]

A story was posted on here a few months ago... maybe more than a few... about a company that melted pennies before it became illegal. Does anyone remember where that was? I can't find it.

Nice avatar Scyther, lol.

Thanks lol. I might keep it; I've been looking for an avatar but I can't find anything suitable...

[scyther]

Almost makes me want to melt all my non-cent metal now, while it is legal to do so.

You didn't build those non-cent metals though. Remember that. I wonder if people have made anything or can own anything without government getting a say in it ( well, at least without government wanting to get involved either).

To be fair, the government really did "build" those coins. But I still think we should be able to melt them. Continuing to circulate silver or gold coins would be absurd; anyone can see that. It's the same story with copper, even if it's not as much of a difference from face value.

[beauanderos]

good article, great story thx for posting

[cesariojpn]

Almost makes me want to melt all my non-cent metal now, while it is legal to do so.

You didn't build those non-cent metals though. Remember that.

I didn't build my car (okay, initially.....) yet i'm free to have it scrapped when it's useful life is over.

[Rodebaugh]

Good story but don't forget about Jackson Metals either.

Bingo..... Jackson Metals made this guy's operation look like a kid's lemonade stand. This is not a slam on the guy. Rather a colorful way to exhibit larger players involvement. Simply put....The were cooking with a dozen plus folks on the clock.

[Robarons]

Also heard that when the melt came into effect Jackson Metals tried to stay in the game sorting silver out from halves. Not sure how long that lasted, but cool ever the less

[scyther]

Good story but don't forget about Jackson Metals either.

Bingo..... Jackson Metals made this guy's operation look like a kid's lemonade stand. This is not a slam on the guy. Rather a colorful way to exhibit larger players involvement. Simply put....The were cooking with a dozen plus folks on the clock.

Any links or good information about that? I've heard of Jackson Metals, but don't know much abut it.

[Robarons]

Used to be alot of information on Jackson metals here. And if not at this forum, at old realcent.

We talked alot about his company in 2007-2008

[scyther]

Is this (Pincher Processing LLC) what you are looking for?

Is SLV banned on GIM now? That's what it seems to say, or am I mis-reading something.

It seems so... do you know him? Maybe we can ask him if he's involved in destroying Canadian pennies now that the penny has been eliminated. From his account:

In the end, I was told that they looked forward to working with me in the future -- especially if Canada decided to eliminate the penny. WOULDN'T THAT BE THE CONTRACT! It was looking more likely in 2007 than in the deflationary environment we are in now.

I wonder...

[AGCoinHunter]

That was a great read, thanks for bringing this up.