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Mint bans melting coins now worth more as liquid than lootChicago Sun-TimesDec. 15, 2006 |
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 WASHINGTON -- Given rising metal prices, the pennies and nickels in your pocket are worth more melted down than their face value -- and that has the government worried. U.S. Mint officials said Wednesday they were putting into place rules prohibiting the melting down of 1-cent and 5-cent coins, with a penalty of up to five years in prison and a fine of up to $10,000 for people convicted of violating the rule. Because of the prevailing prices of metals, the cost of producing pennies and nickels exceeds the coins' face value. A nickel is 25 percent nickel and 75 percent copper. The metal in one coin costs 6.99 cents for each 5-cent coin. Modern pennies have 2.5 percent copper content with zinc making up the rest of the coin. The current copper and zinc in a penny are worth 1.12 cents. 
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