Can i melt coins

This makes it very easy to trade between dealers and investors. Many of them use CoinFlation to calculate the value of silver in the coins that they are trading. Many gold coins are specifically manufactured to be traded as bullion.

Before , gold coins circulated regularly as a means of completing commercial transactions. Paper money was not widely accepted and only gold coins were worthy of completing large financial transactions. In , President Roosevelt recalled all gold coinage with the exception of "collectible gold coins" that have a numismatic value. Many people did not surrender their gold coins and claimed them as being part of their coin collection.

This saved them from being melted down into gold bullion and eventually stored at Fort Knox. When the spot price of gold starts rapidly increasing, many "generic" gold coins are traded for their bullion value and not for their numismatic value.

For example, there is approximately three cents worth of copper in a pre United States penny. However, if it is in S VDB Lincoln cent, even in well-circulated condition, this coin is worth hundreds of dollars more than its intrinsic copper value.

This same concept holds true for gold coins. When the price of gold rises to the point that the bullion value of the coin exceeds its numismatic value, dealers will tend to sell these coins to gold refineries that will melt these coins into gold bullion. Therefore, some collectible gold coins will be lost from the numismatic community forever. Edited by: James Bucki. Actively scan device characteristics for identification.

Use precise geolocation data. Select personalised content. Create an account. Edit this Article. We use cookies to make wikiHow great. By using our site, you agree to our cookie policy. Cookie Settings. Learn why people trust wikiHow. Download Article Explore this Article parts. Tips and Warnings. Things You'll Need. Related Articles. Article Summary. Part 1. Choose a non-metallic container. It should be more than large enough to hold the coins you want to clean.

Place a sheet of aluminum foil at the bottom of your container. Unroll a sheet of aluminum just large enough to cover the bottom of your container and cut to size. Boil water and pour it into the container. Pour water into a saucepan and bring it to a boil on a stovetop. You may want to wear gloves or oven mitts in case the water splashes. Add salt and baking soda to the container. Measure half a cup g of baking soda and one tablespoon 14g of salt.

Add them both to the water. Use a stirring stick to help the two substances dissolve in the water. Drop the coins into the solution. Be careful not to drop the coins too quickly, as this could cause the water to splash and burn you.

Make sure the coins are placed on the foil in a single layer. Remove the coins from the solution. Place them on a soft cloth and allow them to cool. Scrub any remaining grime with water and baking soda. If the coins are still dirty after their dip in hot water, you may need to give them a good scrub. Run the tap, keeping the water warm but not too hot. Take a pinch of baking soda, rubbing it onto the coin under the tap. The baking soda will mix with the water, creating a paste that makes for an efficient, non-abrasive cleaner.

You can use an old toothbrush to help scrub the grime from the coin. Dry the coins. Make sure the coins are rinsed thoroughly, clean of any grime or baking soda. Turn off the tap and use a dry cloth to scrub the coins dry. Part 2. Wear the right safety gear. At the very least, you should wear safety goggles to prevent heat or debris from harming your eyes. Consider wearing an apron and gloves to protect yourself as well. Place the coins in a crucible.

Crucibles are typically made of fire clay, and can withstand temperatures that would melt metal. However, as with any law, there are important details to consider before deciding to melt down coins. Pennies and nickels contain copper, zinc, and other metals that are of great monetary value. It is because of this that melting down these metals for the sole intention of selling to offshore or local metal scraping industries is illegal.

The selling of large amounts of melted-down nickels would be expensive for the government to reproduce over time. Melting pennies or nickels for jewelry such as rings or necklaces is also legal since this is a creative rather than business practice.

Gold and silver coins follow the same legal pattern as pennies and nickels. It is illegal to sell the melted-down metal for profit, but coin pressing and creative endeavors such as jewelry making are legal.

Gold and silver coins are circulated less than pennies and nickels, and the demand for them is low.