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In the US, it is illegal to melt down nickels ( and technically half dimes, but the collector value of half dimes exceed their melt value) and pennies. All other denominations can be melted, though, in the current market, the only legal to melt coins that would bring a profit if melted down would be the silver coins which can easily be resold on the open market for a higher profit just selling the coins to investors than paying someone to refine the silver.
What else can I help you with?
Is it legal to melt down 1964 Kennedy 50 cents coins for scrap silver?
Yes, it is legal to melt down silver coins for scrap. Many coin dealers and jewelry stores will buy them from you at melt prices along with refiners. The only coins illegal currently to melt down in the US are pennies and nickels. Silver coins were illegal to melt down before a lot of copper-nickel coinage was circulating but it is legal now.
Is it illegal to melt silver and gold coins?
No, all denominations of US coins are legal to melt, except for pennies and nickels. However, most US gold carries a high premium over melt value and it is generally more economical to sell silver coins to a coin dealer because most of them are running out of inventory and will pay a lot of money for them and you won't have to worry about refiner fees.
What is the value of a 1951 Canadian Dime?
In US dollars it has a melt value of $1.37. It is illegal to melt these coins for the metal they contain.
What is the melt value of Canadian coins?
In US dollars it has a melt value of $1.37. It is illegal to melt these coins for the metal they contain.
Can you spend Canadian coins in the US?
No, Canadian coins are not generally accepted as legal tender in the United States.
Why did the US mint stop using silver to make coins?
Silver is a precious metal, and just like gold, it's going to be expensive so they stoped using it because they realized that people could melt the coins down and have a ton of money in silver.
Value of 1964 us quarter?
For collectors it runs about US$2 for coins in "very fine" and "extra fine" condition. Coins in worse condition get less. Interestingly the "melt" value (intrinsic value of the metal in the coin) as of 23 April 2010 is about US$3.25 - so you could get more by melting it down than selling it to a collector -
Is it illegal to melt US coins?
It is illegal to shred, tear, or mar or otherwise deface any US currency. This includes melting coins. An exception is made for penny smashers. In addition, no one would probably be too bent out of shape if you melt one penny or one nickel. But the destruction of US currency is a federal crime.
When did it become legal to melt silver coins?
If you are asking about melting silver coins in the US, it is not illegal. I think Canada may have laws against it as do many other countries but as of today the USA does not deem it illegal. There is a recent law (regulation by the Mint) that prohibits melting pennies and nickels for their metal value, as the value of the metal exceeds the face value of the coin. You may still use them as artistic material for sculpture, etc. As the Mint does not produce silver coins anymore, they have no interest in those coins. Bullion producers buy them and melt them by the ton.
Can us coins be melted?
Since 2006, it has been illegal to melt U.S. pennies or nickels. The penalties include upwards of 5 years in prison, a $10,000 fine, and confiscation of all metals and equipment used in melting. However, the melting of silver and gold coins IS legal.
How to calculate the silver value of a US coin?
See the website link below for a list of US silver coins made for circulation and their melt value.
Are US retailers required by law to accept US coins in payment for goods?
No, retailers are allowed to accept whatever in payment for goods, be that US coins, Chinese Coins, gold and silver coins, or toothbrushes. A retailer can refuse to honor some or all US coins. However, since US coins are legal tender, a company cannot sue you for not paying a bill previously agreed upon in US dollars for paying in US coins. But at the point of purchase, a retailer can demand payment in whatever and can refuse US coins.
