Do crooks melt pennies for copper? I watched a youtube video wherein someone used a chemical process to remove the zinc from the inside of a penny thus leaving only the copper. He claimed that crooks do this to obtain copper to sell.
Is it possible to do this?
Would the copper be worth more than a penny? (A penny is made of a metal composition of 97.5% zinc and 2.5% copper)
If so, is this a thing?
And yes, I realize there are a lot of fake YouTube vids out there…
It is only pre-1982 and some 1982 pennies that are mostly copper. The formula changed from 95% copper to 2.5% copper. The pre-1982 pennies have more copper in than than 1 cent. The last I heard it was about 1.7 cents. But I think you’d have to have a a large number of them to make extracting the copper worthwhile.
And even if you had 1,000,000 pre-1982 pennies and it was cost-free to to the extraction you’d only profit by 700,000 cents or 7000 dollars. There must be better ways to earn that much as I doubt it’s seas to find many pre-1982 pennies lying around.
It’s also illegal to do so, though that presumably would not bother crooks.
Zinc is worth about 1/3 as much as copper so post-1982 pennies are certainly not worth melting down.
A penny weights 2.5 g so taking your number there is 0.0625 g of copper per penny. Copper is currently running $0.14/oz so each penny has 0.0022 oz of copper in it or $0.0003 per penny. I doubt there are crooks who are both stupid enough to turn $0.01 into $0.0003 and smart enough to run the chemistry.
It has for some years now cost the U.S. Mint more (in terms of the price of metal) to make both pennies and nickels than the face value of those coins. (See It cost 1.7 cents to make a penny this year, and 8 cents to make a nickel from The Washington Post back in 2014.)
The U.S. government is sufficiently concerned that “crooks” might take advantage of this to make a profit by melting down those coins that it has enacted a federal regulation, 31 CFR § 82.1 against the practice:
No, that part I found plausible.
Nickels are edging up there. With the current price of copper and nickel, an American five cent coin contains metal that’s worth just under three and a half cents.
Don’t waste your time messing with modern nickels - focus on the ones from 1942 to 1945. They contain 35% silver, and appear to be worth a minimum of $1 each.
Collecting pre-1982 pennies and waiting for the day when melting them down is legal is a THING. I don’t know if it was a radio show or podcast, but it was all about these…hobbyists?..who spend their evenings tearing open rolls of pennies in search of the copper ones, and their days rerolling the zinc pennies to take to the bank and exchange for different rolls to sift through in the evening. Some even post Instagram pics of themselves with their hoard. I guess this is the sort of thing you take up when trainspotting gets too exciting.
ETA: it was on NPR
It actually isn’t illegal to melt those. From 31 CFR § 82.2 (Exceptions):
(My guess is those would have enough numismatic value that no one would likely want to melt them down anyway.)
Uh, the regulation says nobody is allowed to “export, melt or treat” these coins. So it’s technically illegal to have loose change in your pockets when crossing a border or boarding a plane to another country?
Only if you have very deep pockets. Up to $100 at a time can be exported for use as money, and up to $5 can be taken by a traveler for any reason.
They’re quite common. I just pulled the change out of my pocket and two out of the three cents were the old ones.
And the Op claims they take a post 1982 mostly zinc penny and melt it for the copper (after getting rid of the zinc) (loose lips zinc sheep)
New pennies are 2.5% copper plating, so no way.
That was six years ago. Pre-1982 pennies are incredibly rare these days so anybody still going through all that must be doing it for the lulz, not profit. Back when they were still about two-thirds, I went through some rolls and set them aside, for use in penny-squisher machines as it turns out better than the plated zinc slugs. I’m still going through that stock.
If I loaded up on pennies and nickels and walked or drove into Mexico from the US, I doubt any would check me for overage.
If I loaded up on pennies and nickels and walked or drove into Mexico from the US, I doubt any would check me for overage.
No- but if you had a million of them in bags, they would likely say something.
Not at the border, they wouldn’t. The military checkpoint a dozen miles in-country might want to look but they’re mostly interested in firearms. A million US pennies weigh about 2500 kilos so I’d need a sturdy van. Cover the bagged pennies with soiled underwear; troops don’t like digging through dirty laundry. And if they found pennies, they’d shrug. No weapons. Trivial crap - the van is worth more than the cargo.
They make it up in volume…
Years ago, I read about entrepreneurs illegally smuggling rupee and 5-rupee coins into Bangladesh to be turned into cheap razor blades. Can’t really stop that black market, just stop minting low-denomination metal coins. Paper/plastic or just cancel them once inflation has run its course.