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Because of the value of the materials, today it remains illegal to export or melt one-cent and five-cent coins. ... A penny saved is a penny earned: arguments for eliminating the one-cent coin.
A penny, on its face, is worth one cent. $0.01 U.S. dollars. On the other hand, that same penny -- if melted down for the copper it contains -- could be worth quite a bit more. Due to the fact ...
Currently, pennies are 97.5% zinc and 2.5% copper, and at current prices of those metals, each new penny has a theoretical "melt value" -- what you'd get if you melted down pennies and sold the ...
Similarly, in 1965, the US government had to switch from silver to copper-nickel clad quarter coins because the silver value of the coins had exceeded their face value and were being melted down by individuals for profit. The same occurred to 5-franc coins of Switzerland, which up to the year 1969 were minted using a silver alloy.
In 2009, new coins were minted only for the 10, 20 and 50 centavo denominations. [50] New Zealand eliminated one- and two-cent coins of the New Zealand dollar in April 1990, and the five-cent coin in October 2006. [51] At US military bases overseas, AAFES rounds up or down to the nearest one-twentieth denomination of currency. [52]
It became illegal for UK residents to continue to hold more than four gold coins dated after 1817, or to buy any gold coins unless they obtain collector licence from Bank of England. The reasoning was to prevent people from hoarding the gold, while the cost of living and inflation increased. [36] This act was repealed in 1971.
The alteration or lightening of U.S. coins for fraudulent purposes is illegal. [10] It is generally legal to melt down coins for the use of their constituent metals, but the Treasury Department has occasionally prohibited melting down and mass exportation when the value of the metal exceeds the face value of the coin.
1932-D Lincoln (Wheat) Penny — Auction Record: $25,200 (February 2021) 1940s 1940-D 5C, FS (Regular Strike) Jefferson Five Cents — Auction Record: $21,737.50