Thinking of getting rich by melting down pennies and nickels to take advantage of higher metal prices? Think again — Uncle Sucker's got a new law and will put you in jail if you get caught at the crucible.
There have been no specific reports of people melting coins for the metal, Mint spokeswoman Becky Bailey says. But the agency has received a number of questions in recent months from the public about the legality of melting the coins, and officials have heard some anecdotal reports of companies considering selling the metal from pennies and nickels, she says.
Under the new rules, it is illegal to melt pennies and nickels. It is also illegal to export the coins for melting. Travelers may legally carry up to $5 in 1- and 5-cent coins out of the USA or ship $100 of the coins abroad "for legitimate coinage and numismatic purposes."
Huh — never thought of melting a coin for profit. Until now. Sounds intriguing. I smell a business model.
