American notes
Copper, zinc and nickel in U.S. coinage worth more as scrap
By: Dorothy Kosich
Posted: '15-DEC-06 08:00' GMT © Mineweb 1997-2006
RENO, NV (Mineweb.com) --Rising copper, nickel and zinc prices have ordinary Americans literally pondering the melt-down of the U.S. penny and the nickel for scrap.
The problem is real enough to prompt the U.S. Mint to issue regulations to prohibit the melting or treatment of all one-cent and five-cent coins.
In a news release issued Thursday, United State Mint Director Ed Moy said, “We are taking this action because the nation needs its coinage for commerce. We don’t want to see our pennies and nickels melted down so a few individuals can take advantage of the American taxpayer. Replacing these coins would be an enormous cost to taxpayers.”
The news regulations also prohibit the unlicensed exportation of these coins, except for travelers who are allowed to take a maximum of $5 in these coins out of the country. Individuals may ship up to $100 in pennies or nickels out of the country in one shipment for legitimate coinage and numismatic purposes. The regulations are modeled after old Department of Treasury Regulations prohibiting the exportation, melting, or treatment of silver coins between 1967 and 1969, and other regulations prohibiting the exportation, melting or treatment of one-cent coins between 1974 and 1978.
Persons who knowingly violate the regulations could face a maximum prison sentence of five years, or a maximum fine of $10,000 or both. In addition, any coins exported, melted or treated in violation of the regulation are forfeited to the U.S. Government.
The U.S. is seeking public comment on the interim rule, which will be effective for 120 days from the time of publication. During a 30-day comment period from the time of publication, the public can submit written comments to the United States Mint on the regulations. After considering public comment, the Director of the U.S. Mint will then issue a final rule.
The interim rule can be found on the website at www.usmint.gov. Those wishing to provide comment must submit them in writing to the Office of Chief Counsel, United States Mint, 801 9th Street, N.W., Washington D.C. 20220 by January 14, 2007.
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