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Thursday, December 14, 2006

New rules outlaw melting pennies, nickels for profit - USATODAY.com

New rules outlaw melting pennies, nickels for profit - USATODAY.com:

WASHINGTON — People who melt pennies or nickels to profit from the jump in metals prices could face jail time and pay thousands of dollars in fines, according to new rules out Thursday.

Soaring metals prices mean that the value of the metal in pennies and nickels exceeds the face value of the coins. 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.

That has piqued concern among government officials that people will melt the coins to sell the metal, leading to potential shortages of pennies and nickels. (more)

(via boing boing)


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