RhubarbSenior Member
Posts: 856 Joined: 24 Jan 2007 Location: West Georgia
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Posted: Mon Nov 05, 2007 7:58 am |
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Melting cents could be legal if recently introduced legislation, which appears to be on the fast track in the House of Representatives, is approved by Congress.
The bill’s sponsor claims that permitting the melting of cents will save Americans millions of dollars and revive a business in his district. Information published in the Federal Register, however, tells a different story.
The price of copper has escalated over the past three years. The spot price of copper closing Oct. 25 was $3.58 a pound. Most Lincoln cents up to 1982 include 95 percent copper, except the war year of 1943, and weigh 0.11 ounce, thus 145 copper cents weigh a pound. So, 95 percent copper cents with a face value of $1.45 have a copper value of $3.40.
This is just part of the story. CoinWorld.
Rhubarb
_________________ There is no shame in not knowing; the shame lies in not finding
out.
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