Did you know?… The price for 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?
A Little About Melting Coins…
- 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: The price for zinc (which accounts for nearly all of the metal in the penny) has risen 134% this year. The price for copper is up 50% since the start of this year. (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.)