Mint bans melting coins
WASHINGTON -- 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.
Because of the prevailing prices of metals, the cost of producing pennies and nickels exceeds the coins' face value.
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.
AP
Copyright 2006 Associated Press. All rights reserved.
Because of the prevailing prices of metals, the cost of producing pennies and nickels exceeds the coins' face value.
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.
AP
Copyright 2006 Associated Press. All rights reserved.
1 Comments...
Crazy! Sadly (or happily depending on how much you like to use pennies), I think this new rule, and the attention that it might bring, may cause the death of our beloved cent!