Is It Illegal to Melt U.S. Coins? (2024)

FAQs

Is it illegal to melt American coins? ›

Many online debates have popped up over the legality of melting down U.S. coins. It is not illegal to melt, destroy, or modify any U.S. coins in the United States.

It is not illegal to melt, form, destroy, or otherwise modify US coins, including pennies, unless the objective is fraudulent or with the intent of selling the raw materials of the coins for profit. Projects that use coins as materials are entirely legal in the United States.

If a coin is out of circulation and not recognised as legal tender, can I melt it down? If it's not legal tender then it's not technically classified as a coin, and you can melt that down.

It is legal to melt silver or gold coins in the US. The reason behind this decision is most likely to do with there not being any silver or gold coins in circulation. Therefore melting them would have no effect on day-to-day transactions.

The Mint has made it illegal to melt coins in the past as well, from 1967 to 1969 it was illegal to melt silver coins, as the price of silver at the time was higher than the face-value of the coin (Which it still is, though the U.S. only produces silver coins as bullion, and they are sold just a bit above silver price) ...

In the United States, burning banknotes is prohibited under 18 U.S.C. § 333: Mutilation of national bank obligations, which includes "any other thing" that renders a note "unfit to be reissued".

Again, melting pennies for a profit is currently illegal under US law. (And you can't export the money to another country to do the melting there either.) But if it was legal, the decision to melt pennies for profit is ultimately up to you.

The only time it ever makes sense to melt down coins is when the face value or collector's intrinsic value of that coin is less than the value of the metal used to make the coin.

Now you may be wondering why someone would not try to sell one of these coins if it could be worth over $1,000,000. The answer to this is that it is illegal to own one of these coins. Because no 1964-D Peace Dollars were released into circulation, they are still government property that someone stole in the past.

What coin is illegal to own? ›

Of all the coins ever made by the U.S. Mint and its various branches between 1792 and today, there is only one coin that is illegal to own: the 1933 $20 gold piece. In 1933, the United States Mint manufactured the last gold coins ever made for circulation at face value.

It's illegal to melt pennies an there is an obscure federal law that makes it illegal to transport more than $5 in pennies out of the country. Penny hoarders know this of course, but they also know something else.

Do banks still take pennies in Canada in 2022? The banks have not said anything about discontinuing the acceptance of pennies as of yet. However, it is possible that they will stop taking them in the future since the government is trying to phase them out.

It's also illegal to tear a dollar bill and even flatten a penny under the weight of a locomotive on the railroad tracks. The laws making defacing and debasing currency a crime have their roots in the federal government's use of precious metals to mint coins.

So, is it illegal to write or draw on money? It is, in fact, illegal to deface money, and in this case US dollars to the point that it becomes unusable. As quoted from the Secret Service official website: “Defacement of currency is a violation of Title 18, Section 333 of the United States Code.

Not only legally, but literally. Yes, you can't use a photocopy machine to copy money. If you try to print currency notes using any modern printing or scanning device, they will refuse to assist you in this criminal effort.

You want to focus on hoarding pre-1982 U.S. pennies, which contain 95% copper content, making the coin at least twice as valuable as its 1 cent face value. (Post-1982 pennies are not worth collecting, as they contain only 2.5% copper content -- the rest is zinc.)

Generally, it is better to leave your antique metal currency alone than it is to try and erase all the grime and grit off of those coins. Cleaning or polishing rare coins devalues them. So, if you're planning on selling them, get an appraisal before attempting to clean your coins.

So for the past 30 years, pennies have been made with an alloy comprised of 97.5% zinc and 2.5% copper, but pennies minted before 1982 are 95% copper and 5% zinc. The price of copper has more than quadrupled over the past 10 years. So a penny produced before 1982 is worth 2.2 cents based on the metal it contains.

Is it better to sell silver coins for melt? ›

The typical silver dollar contains around $20 worth of silver. However, some silver coins are worth even more than the value of the silver in the coin. Called collectible or numismatic coins, these are coins collectors will pay extra for due to their rarity or age. Melting them down would be a waste of money.

Here are some common mistakes: 1- Touch your coins: Simply touching your coins with your bare fingers is enough to damage the coins, especially the higher grade ones. Fingers contain oils and minuscule debris that when touching coins can cause them to become discolored and have scratching.

The Department of the Treasury implemented similar regulations prohibiting the exportation, melting or treatment of silver coins between 1967 and 1969, and 1-cent coins between 1974 and 1978.

Not only is it illegal to scrap copper pennies or any US currency but it can come with a costly fine and a visit to prison. Many times scrap yards are asked by people if they take pennies or other coins for scrap.