Melt down your pennys and nickels?

[journeyoftheanimals]

OK I am pretty new here and do not own a MD yet but I am sure you will see quite a few posts from me popping up. Here is my thought and questions for tonight. Please forgive me if this has been brought up already, but here goes.

I have been reading a lot about MDing and coins and so forth. I have been reading lately how the price of the metals in pennys and nickels is getting to the point where pennies and nickeles may be worth more melted down then if they were just face value.

Here is a small clip from something I was reading.

"Considering that the melt value of silver coins began exceeding their face value in the late 1960's, we can make an educated guess as to how much longer this commodity bull market has to run. If we assume that we are basically at the same stage as the late 1960's or early 1970's in this bull market, we have about a decade to go before this thing tops out. "

So do you think we will get to the point where people are hording their nickels and pennies within the next 10 or 15 years?

[journeyoftheanimals]

Sorry here is another good quote about nickels.

"As of February 7, 2007, the value of the metal in the coin is approximately seven cents [6] due to the rising cost of the metals from which the coin is made. This makes it an attractive target for melting by people wanting to sell the metal at a profit. However, the United States Mint, in anticipation of this practice, implemented new interim rules on December 14, 2006, subject to public comment for 30 days, which criminalize the melting and export of pennies and nickels.[7] Violators can be punished with a fine of up to $10,000 and/or imprisoned for a maximum of five years."

[bloodyknees]

I see this "melt down" comment come up once in a while. I wonder if the cost of the meltdown has been factored into this. The cost of fuel (propane, natural gas, electric power, or whatever) would certainly add to the expense.
Al

[Metalman]

Before you start melting or for that matter promoting the melting of the cents and nickel coins ,,you may want to check the new laws concerning such activity ,, it is now illegal to melt either of these two coins for the purpose of selling the base metals .

Metalman

[journeyoftheanimals]

Originally Posted by Metalman

Before you start melting or for that matter promoting the melting of the cents and nickel coins ,,you may want to check the new laws concerning such activity ,, it is now illegal to melt either of these two coins for the purpose of selling the base metals .

Metalman

I was not trying to promote anything. Sorry if it came across that way. I metioned the laws surounding this.

"As of February 7, 2007, the value of the metal in the coin is approximately seven cents [6] due to the rising cost of the metals from which the coin is made. This makes it an attractive target for melting by people wanting to sell the metal at a profit. However, the United States Mint, in anticipation of this practice, implemented new interim rules on December 14, 2006, subject to public comment for 30 days, which criminalize the melting and export of pennies and nickels.[7] Violators can be punished with a fine of up to $10,000 and/or imprisoned for a maximum of five years."