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The E-Sylum: Volume 10, Number 47, November 18, 2007, Article 23 U.S. MINT, OHIO METALS FIRM SQUARE OFF OVER MELTING OF CENTS [Another article was published this week on the Ohio firm fighting the U.S. Mint's ban on cent melting. -Editor] "An Ohio metal company is banking on a change in federal law to make a pretty penny off the lowly 1-cent piece. Jackson Metals believes it can make a profit and save the U.S. Mint more than $18 million annually through a plan to sift through roughly 5 billion pennies a year and cull high-copper-content coins made before 1982 whose components are worth 1.7 cents. "The firm in Jackson County, south of Columbus, would like to melt those older pennies and sell the metal to companies that make brass products like doorknobs and plumbing fixtures. "Melting pennies has been illegal since last year, when the Mint banned the practice to prevent shortages. Melting nickels also is illegal. Mint spokesman Michael White says it costs the federal government 1.67 cents to make a penny and 9.53 cents to make a nickel. Increased worldwide demand for metals in recent years has caused steep increases in the value of the copper, zinc and nickel used to make coins, he said. "Luhrman's congressman, Democrat Zack Space of Dover, has introduced a bill to overturn the Mint's penny-melting ban. A hearing on the bill, which is backed by House Financial Services Committee Chairman Barney Frank, was canceled last week because of a scheduling conflict. A new hearing date has not been set. "Mint Director Edmund C. Moy was scheduled to testify against the bill. "Moy said when the penny-melting ban was announced: 'We don't want to see our pennies and nickels melted down so a few individuals can take advantage of the American taxpayer. Replacing these coins would be an enormous cost to taxpayers.' "While it waits for a verdict on its plan to pinch pennies from pennies, Jackson Metals has kept its workers busy combing through Canadian nickels to find coins minted between 1946 and 1981 that were made of pure nickel and are currently worth 14.3 U.S. cents. "They've also been sorting through $14 million worth of half-dollar coins from throughout the country to cull silver coins made before 1964. "'I think we've recovered the last of the silver coins,' says Luhrman. 'Our process is very thorough.' " To read the complete article, see: Full Story Wayne Homren, Editor The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org. To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@coinlibrary.com To subscribe go to: https://my.binhost.com/lists/listinfo/esylum | |
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