Pennies & Nickels: Their Metals Are Worth More Than Their Face Value

penny.jpg Did you know?… The price for of the metal in pennies and nickels currently beats the face-value of the coins themselves.

Based on current metals prices, the value of the metal in a nickel is now 6.99 cents, while the penny’s metal is worth 1.12 cents, according to the U.S. Mint. Source

Since the metal is now worth more than the coin, it is feared that people will begin melting down the coins in order to sell the metals.

Could this be the beginning of the end for the dear old penny?

 

About Melting Coins

In light of the fact that people might start melting their pennies and nickels with hopes to sell the coinsand make a small profit, the U.S. Mint has put some interesting “new rules” into effect recently:

It is illegal to melt pennies and nickels. People who melt pennies or nickels to profit from the jump in metals prices could up to five years in prison and pay as much as $10,000 in fines.

It is also illegal to export the coins for melting. Travelers may legally carry up to $5 in 1- and 5-cent coins out of the USA or ship $100 of the coins abroad “for legitimate coinage and numismatic purposes.

It has always been illegal to alter coins with an intent to commit fraud, but before these new regulations, it was not illegal to melt coins.

Prices for metals have skyrocketed: Prices for zinc (which accounts for nearly all of the metal in the penny) have risen 134% this year. The price of copper is up 50% since the start of 2006. (Nickels are 75% copper and 25% nickel.)

Winning the penny war is up to you. Don’t let Abraham Lincoln’s visage be melted and turned into some Mr. Pibb can. Honest Abe deserves better. Source

 

Silver & Metal Content Calculators

Check out this Silver Coin Melt Value Calculator.

You can also find out the Base Metal Coin Metal Value of your coins.

And for a little more detail, try these Free Online Precious Metal Calculators. (Tip: Click the links on the far left, then look for “click here” to start each calculator.)

Lynnette Walczak

I like to help people find unique ways to do things in order to save time & money -- so I frequently write about "outside the box" ideas that most wouldn't think of. As a lifelong dog owner, I often share my best tips for living with and training dogs. I worked in Higher Ed several years until switching gears to pursue things I was more passionate about. I've worked at a vet, in a photo lab, and at a zoo -- to name a few. I enjoy the outdoors via bicycle, motorcycle, Jeep, or RV. You can always find me at the corner of Good News & Fun Times as publisher of The Fun Times Guide (32 fun websites).

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