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ΜΟΛΩΝ ΛΑΒ&
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Discussion Starter · #1 ·
Not too long ago, I started a thread regarding a perceived surge in old(er) coins back in circulation.

I had heard that the current coins have been further debased than coins from '65-'82. I was right.

The melt value of a penny up to 1982 (95% copper) is $0.0185968.

The melt value of a 1983-2009 penny (95% zinc) is $0.0048275.

That's right. A post '82 penny is worth less than half of its weight in metal whereas a pre '83 penny is worth nearly twice as much in its weight in copper.


Remember to check your dates!

http://www.coinflation.com/
 

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ΜΟΛΩΝ ΛΑΒ&
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Discussion Starter · #4 ·
You know there is 200 billion pennies in circulation. If the government decided to back the pennies with the metal they contain we would turn 2 billion dollars of fiat currency into hard currency over night. That would be the opposite of minting new currency.
The problem is that there is currently a ban on melting US mint coins by the private sector. Very few people are permitted to do this.

The link in the OP has an interesting article on this that I just read after posting the thread.

I looks like the ban may get lifted in the not too distant future.
 

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The problem is that there is currently a ban on melting US mint coins by the private sector. Very few people are permitted to do this.

The link in the OP has an interesting article on this that I just read after posting the thread.

I looks like the ban may get lifted in the not too distant future.
You know the government does make a profit melting old coins?

Plus you dont need to melt it to back the currency. In order to back the currency the metal just has to be in it.
 
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