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Melting pennies for fun and profit
by Acidus at 3:10 pm EST, Dec 14, 2006 |
The United States Mint, concerned that rising metal prices could lead to widespread recycling of pennies and nickels, has banned melting or exporting them. According to calculations by the Mint, the metal value of pennies, which are made of copper-coated zinc, is now more than one cent. The metal value of 5-cent coins, made from a copper-nickel blend, is up to 7 cents. Adding in the costs of manufacturing means the Mint now spends 1.73 cents for every penny and 8.74 cents for every nickel it makes. Until 1982, pennies were made of 95 percent copper. The commodity metal value of one of those coins, which still make up a large percentage of the pennies in circulation, is 2.13 cents, according to the Mint.
The funny thing is, a guy name Darrin I used to work with was doing exactly this. He was collecting large quantities of coins because the metal in them was worth more than monetary value of the coin. Of course "large quantities" is relative, he had collected a few hundred dollars worth of coins. |
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RE: Melting pennies for fun and profit
by Hijexx at 10:58 am EST, Dec 15, 2006 |
Acidus wrote: According to calculations by the Mint, the metal value of pennies, which are made of copper-coated zinc, is now more than one cent. The metal value of 5-cent coins, made from a copper-nickel blend, is up to 7 cents. Adding in the costs of manufacturing means the Mint now spends 1.73 cents for every penny and 8.74 cents for every nickel it makes. Until 1982, pennies were made of 95 percent copper. The commodity metal value of one of those coins, which still make up a large percentage of the pennies in circulation, is 2.13 cents, according to the Mint.
At pennies per paper bill production cost, the mint probably makes up the difference with paper money :) |
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RE: Melting pennies for fun and profit
by skullaria at 2:38 pm EST, Dec 15, 2006 |
kitco.com is my friend. :) |
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Melting pennies for fun and profit
by k at 3:47 pm EST, Dec 22, 2006 |
The United States Mint, concerned that rising metal prices could lead to widespread recycling of pennies and nickels, has banned melting or exporting them. According to calculations by the Mint, the metal value of pennies, which are made of copper-coated zinc, is now more than one cent. The metal value of 5-cent coins, made from a copper-nickel blend, is up to 7 cents. Adding in the costs of manufacturing means the Mint now spends 1.73 cents for every penny and 8.74 cents for every nickel it makes. Until 1982, pennies were made of 95 percent copper. The commodity metal value of one of those coins, which still make up a large percentage of the pennies in circulation, is 2.13 cents, according to the Mint.
Time for plastic coins y'all. With RFID's in them... |
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