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The E-Sylum:  Volume 9, Number 51, December 17, 2006, Article 7

U.S. MINT BANS COIN MELTING

This is not big news to E-Sylum readers - with the reports we've seen
about other countries banning coin melting, it was only a matter of
time before the U.S. would follow suit.  Once of the first reports hit
the Associated Press wire on Thursday and was published by the Chicago
Sun-Times:

"Given rising metal prices, the pennies and nickels in your pocket
are worth more melted down than their face value -- and that has the
government worried.

"U.S. Mint officials said Wednesday they were putting into place
rules prohibiting the melting down of 1-cent and 5-cent coins, with
a penalty of up to five years in prison and a fine of up to $10,000
for people convicted of violating the rule.

"A nickel is 25 percent nickel and 75 percent copper. The metal in
one coin costs 6.99 cents for each 5-cent coin.

Modern pennies have 2.5 percent copper content with zinc making up
the rest of the coin. The current copper and zinc in a penny are
worth 1.12 cents."

To read the complete article, see:
Full Story

The New York Times noted "The Mint is also testing dozens of cheaper
alternative metal compositions in the expectation that Congress will
mandate a change when it meets in the new year."

"In an interview yesterday, Edmund C. Moy, director of the Mint,
said officials were aware of only a few people asking if it was legal
to melt coins for their metal value. Without the ban, which takes
effect tomorrow, it would be.

The new ban also forbids exporting pennies or nickels in any significant
quantities. While the Mint is not concerned about touristsí pocket change
or numismatic collections, it wants to block wholesale export of coins
to countries where recycling them for their metal content could be
economically viable."

To read the complete article, see:
Full Story

  Wayne Homren, Editor

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