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Can I Melt Down Coins for the Metal?

Posted By Jim On 01/18/2012 @ 7:16 am In Personal Finance | 4 Comments

If you read my post about finding the melt value of junk silver coins [3], you probably wondered to yourself whether it was possible for you to melt the coins down yourself. It’s definitely possible but it’s also illegal.

The Mint outlined new rules [4] in 2006 that said it was illegal to melt coins, it’s illegal to export coins for melting, and you can carry up to $5 in pennies and nickels out of the country or ship $100 abroad for “legitimate coinage and numismatic purposes.” While pennies and nickels were explicitly called out in the 2006 rules, other coins were included as a result of previous rules.

What happens if you break it? The regulations authorize a fine of no more than $10,000 and/or up to five years in prison. Pretty stiff stuff.

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[3] melt value of junk silver coins: http://www.bargaineering.com/articles/melt-value-junk-silver-coins.html

[4] outlined new rules: http://www.usmint.gov/pressroom/?action=press_release&ID=724

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