City's Manhold Covers Stolen for Scrap

[zoog]

Re: City's Manhold Covers Stolen for Scrap

oh well...

there goes my get rich quick scheme...

There was also this about making pennies out of steel, as I posted in this thread. The old AP link doesn't work any more.

WASHINGTON (AP) - Further evidence that times are tough - it now costs more than a penny to make a penny. And the cost of a nickel is more than 7½ cents.

Surging prices for copper, zinc and nickel have some in Congress trying to bring back the steel-made pennies of World War II, and maybe using steel for nickels, as well.

So when a couple grams of steel cost more than a penny, what would they be made out of next?

As far as the illegality of melting down currency for scrap... consider all these stories about various items being stolen and hauled down to the scrap yard, where apparently no one asks any questions about highly suspicious items like manhole covers, fire hydrant caps, bridge railings, organ pipes, etc. Get out your blowtorch and melt those pennies down into a big featureless blob of metal and see if the scrap yard even blinks.

[phirang]

Re: City's Manhold Covers Stolen for Scrap

Wait, I thought we're in an industrial-commodity deflation cycle?:rolleyes:

[nathanhulick]

Re: City's Manhold Covers Stolen for Scrap

Two reasons here in the USA:

1. Our pennies are not made out of copper; pennies are 99% zinc and nickels are 3/4 copper and 1/4 nickel
2. As of Dec. 2006, it's illegal to melt them down

A New Law Makes it Illegal to Melt Down Pennies and Nickels
December 14, 2006 (About.com)

The U.S. Mint has announced that a new regulation, effective immediately, makes it illegal to melt down U.S. Cent and Nickel coins. Due to sharply rising metal prices, the U.S. Cent (99.2% zinc and 0.8% copper core, plated with 100% copper) has a current melt value of 1.12 cents per coin. The nickel, (75% copper and 25% nickel) has a melt value of a hefty 6.99 cents per coin!

Important Features of the New Regulation:

Travelers leaving the U.S. are limited to taking $5.00 worth of pennies and nickels out of the country.

No more than $100.00 worth of pennies and nickels can be shipped out of the U.S. in any one shipment, and those only for "legitimate coinage and numismatic purposes."

Penalties for violation include fines up to $10,000 and 5 years in prison, plus forfeiture of the melted, shipped, or treated material.

The new law will have Interim Regulation status for 120 days, during which comments will be accepted for 30 days. Following the comment period, a decision will be made by Mint Director Ed Moy as to whether the law should become permanent.

This regulation is very similar to laws that were in effect during previous metals price surges, including the silver coin melting ban of 1967 - 1969 and the penny melting ban of 1974 - 1978. For further information about the new regulation, and to learn how to make comments regarding it, read the U.S. Mint Press Release.

Actually pennies made before 1983 are 95% copper and 5% zinc, while newer pennies are 97% zinc and the rest copper. The older pennies are worth almost 2.5 cents each, according to http://www.coinflation.com/coins/190...nny-Value.html

The new pennies are only worth about 1/2 a cent melted down.

You are probably thinking, what if someone invented a machine to sort pennies and separate the copper ones?

Well, someone has beat you to it

http://www.ryedalecoin.com/

Apparently there are people buying these machines who have literally tens of thousands of copper pennies stored in 55 gallon drums.

At some point, I am sure that people will start melting down pennies and nickels, whether its legal or not. After all, its not legal to steal metal and sell it to the scrap yards, but plenty of people seem to be doing that.

[metalman]

Re: City's Manhold Covers Stolen for Scrap

Actually pennies made before 1983 are 95% copper and 5% zinc, while newer pennies are 97% zinc and the rest copper. The older pennies are worth almost 2.5 cents each, according to http://www.coinflation.com/coins/190...nny-Value.html

The new pennies are only worth about 1/2 a cent melted down.

You are probably thinking, what if someone invented a machine to sort pennies and separate the copper ones?

Well, someone has beat you to it

http://www.ryedalecoin.com/

Apparently there are people buying these machines who have literally tens of thousands of copper pennies stored in 55 gallon drums.

At some point, I am sure that people will start melting down pennies and nickels, whether its legal or not. After all, its not legal to steal metal and sell it to the scrap yards, but plenty of people seem to be doing that.

if the gov't can melt down your paycheck with inflation, it's only fair that you melt down their shit coins with a blow torch.