mint bans melting cents, and nickels

[Dick]

this from Numismatic News:
U.S. Mint imposes ban on melting cents and nickels
Melting U.S. cents and nickels was banned Dec. 14 by the U.S. Mint. Interim regulations went into effect that also prohibit export or treatment of the coins.

"We are taking this action because the nation needs its coinage for commerce," said Mint Director Edmund C. Moy.

Travelers may take up to $5 in cents and nickels out of the country and individuals may send $100 face value out of the country in any one shipment for legitimate coinage and numismatic purposes.

Violating the ban can result in a fine of not more than $10,000, or imprisonment of not more than five years, or both.

The interim rule is effective for 120 days and the public has 30 days to comment by writing the Office of the Chief Counsel, United States Mint, 801 9th St. N.W., Washington, DC 20220.

It currently costs more than face value to produce cents and nickels.

Will this ban provoke action in Congress to change the cent and nickel? Send your thoughts by e-mail to Numismatic News editor Dave Harper at david.harper@fwpubs.com. Include your city and state with your message.
Dick

[wavysteps2003]

As predicted awhile back, it was bound to happen. Many varieties will go into the melting pot and it will be interesting to see how the market preceives this action. Wheaties @ $0.10 a piece, all Lincoln's before 1982 @ $0.04 cents a piece?. Indian heads @ $3.00 a piece? I wonder, LOL.

WAVYSTEPS2003 aka BJ Neff

[Bob P]

I have to address this issue with sarcasm...I just have to!
I certainly understand their rationale, but can the mint itself make rules/laws like that at the drop of a hat? I know we all knew something would happen like this. Who enforces it...the Secret Service?? I can see them arresting someone, and then assessing a fine of 10 grand when they see little Tommy out back with a cup-o-pennies and a cigarette lighter. He may not succeed in melting them, but he was trying.
Of course we need the cents and nickels for commerce. Haven't they minted about 50 gazillion of them already? What happens next? Maybe a strict limit that collectors can have no more that 100 cents and 25 nickels? You know we need them for commerce!
I would guess there would have to be an enforceable limit, like a warehouse that melts down 20 tons a day or something could get busted.
I can't imagine being told that I can only bring so much of my money out of the country with me. "Sorry Mr. Piazza, you have $5.11 worth of pennies in your possession". "thatll be $10,000 in fines (payable in pennies and nickels of course cause we need 'em for commerce), and 5 years in the big house. 'Next time you'll think twice before buying something for five bucks overseas". I really didn't realize that so much of our small coinage is valued so much overseas to warrant this action.
I have a brilliant idea! Why don't we start calling pennies nickels, and nickels big dimes? The dimes should be bigger than nickels anyway...shouldn't they?? That way there, if we call them something else, they won't cost more to make them than they are worth!
OK...I feel better now. I need to go cancel my overseas reservations, and hide the smelting pot in the garage. Take care!!

[Earwig]

Go to a bank in canada and try to buy a roll of nickels lol. They are so scared your gunna buy them to take away and melt b4 the royal mint reclaims them. They ask you for ID and then when they find out your american they tell you to go to the money exchange. And they have just enough nickles to make change there. Had a friend in canada go for me and they sold him 25 rolls

Eric

[Dick]

I can see it now! There will be a member of the Secret Service department, imbedded in all the recycling centers, so when I take my aluminium cans and copper cents, large, and small, foreign, and domestic, they will know, and I will get "busted"! Now the muggers will insist on your pennies, or your life!@
I too, was wondering when it would come to this. Why didn't they make the same ruling when they melted all those SILVER dollars? Nothing was said that you can't do that, as the hordes came in with carloads, truckloads, even wheelbarrow loads of silver, in any form recognized?
It's Christmas! Bah Humbug! I thought I could ship all my wheaties overseas, like all the jobs are being dione.
Dick