Is melting gold coins illegal?

globalbullionsuppliers.com - Is Melting Silver Coins Illegal? - Global Bullion Suppliers

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Is it illegal to melt or deface silver coins?

Depending on the country, some silver coins are illegal to melt. For the purposes of this article, I will be focusing on the legality of melting coins in both the United States and Canada. If this topic is of interest to you, please keep reading...

Melting coins in Canada

The Currency Act and The Canadian Criminal Code clearly state that no individual shall melt down, break up or use otherwise than as currency any coin that is legal tender in Canada. Thus, melting silver coins that have legal tender in Canada is illegal. However, if the coin is exported, the Canadian government has no jurisdiction over your actions in the United States. Therefore, although melting silver coins in Canada is illegal, there are ways around it and of course, it does happen. For a list of Canadian coin melt values, click here.

Melting coins and the United States of America

It is legal to melt silver or gold coins in the US. The reason behind this decision is most likely to do with there not being any silver or gold coins in circulation. Therefore melting them would have no effect on day-to-day transactions. For a list of melt values on U.S silver coin - click here. It is however, illegal to melt pennies and nickels in the United States. This was originally a temporary regulation which came into effect in 2007 for 5 months, but the legislation remains until present time. Additionally, it is illegal to carry more than five dollars worth of pennies and nickels outside of the United States when travelling.

Post Melt - What is left in Silver Coins?

Generally speaking, the value of a coin is based on how many were actually produced. However, the value of silver US coins may hinge to a greater extent on how many were lost. Most melting took place in 1979 and 1980 when silver bullion soared to an all-time high of $50 per ounce. The idea is that no one can tell exactly how many silver coins were either properly collected or melted.

The real question is why would you want to melt your silver coin?

Typically, bullion retains more value as a minted coin. This is because the coin mintage can indicate more than just its rarity but more the numismatic value.

Do your own due diligence or consult a professional advisor.

While Global Bullion is educational and informative, nothing on this website constitutes professional investing advice.

Neither we nor our contributors are smarter than you.

We also do not share in your profits, and therefore will not share in your losses.

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Which pennies are worth keeping?

Rare Pennies 1914-S Lincoln Penny. 1944-D Lincoln Penny (Zinc-coated steel) 1909-S VDB Lincoln Penny. 1872 Indian Head Penny. 1969-S Lincoln Penny-Doubled Die Obverse. 1926-S Lincoln Penny. 1877 Indian Head Penny. 1914-D Lincoln Penny. More items... •

thesprucecrafts.com - The Top 16 Most Valuable Pennies - The Spruce Crafts

Some little pieces of copper can be worth some huge dollar amounts. For the world's rarest and most coveted pennies, values are well over $100,000 and approaching $2 million. But, of course, rarity is a significant factor in determining a penny's worth. Condition is another; coins that stayed out of circulation may retain their original coloring and fine details, significantly adding to their value. And some coins are made more valuable simply by being unintentional, as with the 1943 Lincoln pennies that were mistakenly made with bronze rather than steel. Finally, demand is the factor that drives value the most. Almost every collector of United States coins began collecting the Lincoln penny. Most of them pulled the coins out of circulation. As a collector, you eventually reach the point where you need to purchase your coins from a coin dealer or at auction to achieve the quality you want. Since pennies hold a special place in almost every coin collector's heart, demand for high-quality coins can drive the value through the roof.

Rare Pennies

Read on to find out what makes these 16 coins the most valuable U.S. pennies, based on over 250,000 public records and auction sales figures.

1914-S Lincoln Penny

1944-D Lincoln Penny (Zinc-coated steel)

1909-S VDB Lincoln Penny

1872 Indian Head Penny

1969-S Lincoln Penny-Doubled Die Obverse

1926-S Lincoln Penny

1877 Indian Head Penny

1914-D Lincoln Penny

1864 Indian Head Penny-"L" on Ribbon

1943 Lincoln Penny (Bronze Alloy)

1856 Flying Eagle Cent

1909 Lincoln Penny (VDB Matte Proof )

1943-S Lincoln Penny (Bronze)

1958 Lincoln Penny (Double Die Obverse)

1944-S Lincoln Penny (Steel)

1943-D Lincoln Penny (Bronze)

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