The E-Sylum:  Volume 9, Number 22, May 28, 2006, Article 16

COIN MELTING A POSSIBILITY IN TAIWAN

According to the China Post of Taiwan, coin melting in that
country could be imminent.

"Whether the melting has started in Taiwan on a scale large
enough to cash in on the surge of metal prices is not known,
but non-numismatist entrepreneurs certainly are looking into
the possibilities of amassing a trove of small change to make
the quick buck.

With the gold price hitting US$700 an ounce, one kilogram of
lowly nickel can fetch close to ten pounds sterling -- 9 pounds
45.7 pence to be exact -- in London, where the same weight of
once cheap copper is sold at three pounds 89.6 pence.

Ubiquitous aluminum? One pound 35 pence a kilo.

That makes it lucrative to get hold of at least one million NT$1
coins, melt them and sell them as ingots, according to an
enterprising newly converted numismatist.

"You spend only NT$1 million," says the entrepreneur. "And
you get NT$1.26 million."

"That is not quite right, the Central Bank of China points out.

For one thing, it's against the law.

Anyone found to have purposely destroyed the legal tender shall
be sentenced to not over one year but not less than seven years
in prison, the law says.

Moreover, a Central Bank expert says, it's not profitable at
all to melt and sell."

"He may be right," the enterprising numismatist adds, "but
you will do much, much better, if you collect the old NT$1 coins."

The old coin, known as the plum change for the flower on the
back side, is no longer in use as the legal tender. "You don't
have to worry about the long arm of the law," he adds."

To read the complete article, see: Full Story

  Wayne Homren, Editor

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