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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 ...
The Currency Act states that "no person shall melt down, break up or use otherwise than as currency any coin that is legal tender in Canada." Similarly, Section 456 of The Criminal Code of Canada says: "Every one who (a) defaces a current coin, or (b) utters a current coin that has been defaced, is guilty of an offence punishable on summary ...
Getting rid of the penny, which cost the government 3 cents each, could end up costing the Treasury Department money if it has to make more nickels, which cost nearly 14 cents each to make and ...
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.
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]
The penny has been used for almost as long as the United States has been a country. According to the U.S. Mint , pennies were first introduced in 1793 and were made out of copper back then.
Coins with untouched original surfaces are generally more desirable than those that have been cleaned, although lightly cleaned coins with no damage done may still receive a normal coin grade. Improper cleaning can result in a coin's surface being damaged beyond repair, which is why expert attention is needed for potentially valuable coins.