4 ms·

The melt value of a copper penny (1982 or prior) is worth more than the face value. However, it's illegal to melt down legal tender currency. AND, fun fact, it'

The melt value of a copper penny (1982 or prior) is worth more than the face value. However, it's illegal to melt down legal tender currency. AND, fun fact, it's illegal to leave the US with more than $5 worth of pennies, so you can't drive to Canada with a bag of pennies and melt them there. So some people are now starting to hoard copper pennies, waiting for the day when pennies are no longer legal tender, and then...they'll make a modest profit, I guess.

harryh 6y ago
In case anyone else is curious, apparently a pre-1982 penny could be worth about 1.8 cents when melted down: http://www.coinflation.com/coins/1909-1982-Lincoln-Cent-Penny-Value.html http://www.coinflation.com/coins/1909-1982-Lincoln-Cent-Penn...
yetanta 6y ago
The thing is melting it costs money too. Also most pennies have other metals mixed in for durability. Usually zinc. So to get the copper value you have to get those other metals out. That also costs money. Most places that recycle metals do not take pennies for melt value. They usually just do not want to mess with it. I would estimate it would have to be closer to 4-5 cents per penny before it would be profitable. But that is just a guess.
x3n0ph3n3 6y ago
> it's illegal to leave the US with more than $5 worth of pennies, so you can't drive to Canada with a bag of pennies and melt them there. What law would that violate?
- bazzargh 6y ago
  https://twitter.com/crimeaday/status/739973139539632128 https://twitter.com/crimeaday/status/739973139539632128 "31 USC §5111(d)(2), 31 CFR §82.1(b) & 82.2(a)(2) make it a federal crime to leave the US with more than $25 worth of pennies in your pocket." Most of that is about penalties but 31 CFR §82.2(a) has the $5 and $25 rules: https://www.law.cornell.edu/cfr/text/31/82.2 https://www.law.cornell.edu/cfr/text/31/82.2 (I just guessed A Crime A Day had tweeted about this, US law seems to be mostly legacy code...)

harryh 6y ago

In case anyone else is curious, apparently a pre-1982 penny could be worth about 1.8 cents when melted down: http://www.coinflation.com/coins/1909-1982-Lincoln-Cent-Penny-Value.html http://www.coinflation.com/coins/1909-1982-Lincoln-Cent-Penn...

yetanta 6y ago

The thing is melting it costs money too. Also most pennies have other metals mixed in for durability. Usually zinc. So to get the copper value you have to get those other metals out. That also costs money. Most places that recycle metals do not take pennies for melt value. They usually just do not want to mess with it. I would estimate it would have to be closer to 4-5 cents per penny before it would be profitable. But that is just a guess.

x3n0ph3n3 6y ago

> it's illegal to leave the US with more than $5 worth of pennies, so you can't drive to Canada with a bag of pennies and melt them there. What law would that violate?

bazzargh 6y ago
https://twitter.com/crimeaday/status/739973139539632128 https://twitter.com/crimeaday/status/739973139539632128 "31 USC §5111(d)(2), 31 CFR §82.1(b) & 82.2(a)(2) make it a federal crime to leave the US with more than $25 worth of pennies in your pocket." Most of that is about penalties but 31 CFR §82.2(a) has the $5 and $25 rules: https://www.law.cornell.edu/cfr/text/31/82.2 https://www.law.cornell.edu/cfr/text/31/82.2 (I just guessed A Crime A Day had tweeted about this, US law seems to be mostly legacy code...)