U.S. MINT, OHIO METALS FIRM SQUARE OFF OVER MELTING OF CENTS Pubblico Deposited
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- 2007-11-18
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