Yes, war nickels can be melted down. All US coins from pennies to silver dollars are made from 91. 67 percent copper and 8. 33 percent nickel, which are both metals that can be melted. Prior to 1965, US nickels contained 35 percent silver.
As such, melting coins of this vintage can be profitable depending on the silver content. However, be mindful of any potential legal restrictions on modifying coinage. In some jurisdictions, melting coins may be against the law.
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Can you sell nickels for melt value?
Yes, it is possible to sell nickels for melt value. When coins are sold for melt value, it means that the sale price of the coins is based on the intrinsic, or metal, value of the coins and not on their collector value.
For example, when it comes to nickels, the melt value of a nickel is the face value of the coin (which is five cents) plus the value of the metal, which is the sum of its copper and nickel content. The current melt value of a nickel is 4.
98 cents based on current metals prices and is subject to change over time. To sell a nickel for melt value, you would need to find a buyer willing to buy your coin for close to the melt value. If you can’t find a buyer, then you may need to melt the coins to get the current melt value.
How much is a war time nickel worth at Melt Value?
As of April 2021, a war time nickel is worth approximately $2. 48 when factoring in the current Melt Value. This is based on the melt value of a nickel being worth $0. 08308 and multiplying it by the 30.
0675 grams of a war time nickel.
It is important to note that the melt value of coins like the war time nickel does not necessarily correlate to their numismatic (collectible) value, which is typically much higher than their melt values due to the rarity of a particular coin and the potential demand that can drive its value up.
Although the war time nickels are no longer minted, they can still be found in circulation or online and the current prices fluctuate based on the market demand.
When did melting coins become illegal?
Melting coins has been a practice for hundreds of years, often to produce valuable scrap metal. However, it became illegal in the United States in December of 2006 when President George W. Bush signed the Counterfeit Detterant Act of 2005.
The act included a provision prohibiting the melting down of US coins for their scrap metal value, thus making it a felony. Other countries have followed suit, enacting similar laws due to concerns about circulating counterfeit coins.
Melting coins for scrap metal is still legal in some countries, however, such as Mexico and South Korea.
What is the punishment for melting coins?
The punishment for melting coins varies depending on the jurisdiction and type of coin being melted. In the United States, melting or mutilating coins is considered criminal damage to government property, and one could be subject to both civil and criminal penalties.
For example, if you are caught melting coins, it is considered a violation of 18 U. S. Code § 331 and could result in fines of up to $10,000 and/or imprisonment for up to five years.
Special consideration is given to some coins, such as collector coins that have been already melted down, however, any attempt to melt coins that have yet to enter circulation is considered a felony in the United States and could result in fines up to $50,000 and/or a prison sentence up to 10 years.
In Europe and other countries, the penalties can be even stiffer. According to the EU Directive 2018/822, criminals could face up to two years in prison and/or a fine of up to €50,000. Additionally, some countries may also file criminal and/or civil lawsuits to recover damages as a result of melting coins.
What coin is illegal to own?
The answer to this question depends on the jurisdiction, as it varies from region to region. In some areas, coins that are not legally declared as currency may be illegal to own, while in other places they may be perfectly legal.
In the United States, some of the coins that are considered illegal to own include the Confederate States of America coinage and commemorative coins issued by other foreign governments. In addition, certain counterfeit coins may be illegal to own or possess.
It is always important to understand your local laws prior to owning any coins as there can be serious consequences for attempting to own or possess coins that are illegal.
Is it against the law to melt silver coins?
In the United States, melting silver coins is not necessarily against the law. However, it is illegal to deface or mutilate coins since it is a violation of 18 U. S. Code § 331. This law makes it illegal to “fraudulently alter, deface, mutilate, impair, diminish, falsify, scale, or lighten any coins that are minted and coined at the mint of the United States.
” Because melting a silver coin is not fraudulent, it is generally not illegal in the United States, but individual states may have their own laws and regulations.
Additionally, it is illegal to melt certain silver coins that are deemed “numismatic,” which is the practice of collecting different coins. Numismatic coins usually come with a much higher premium than silver coins because they are valuable to collectors.
If a silver coin is deemed to be numismatic, it makes it illegal to melt the coin since it is “defacing” or damaging the coin. So, it is important to understand that coins that contain historical, artistic, or intrinsic value are not allowed to be melted.
Can you legally make jewelry out of coins?
Yes, you can legally make jewelry out of coins. Depending on their origin, and the purpose for their use, coins can be used for a variety of craft projects, including jewelry. In the United States, coinmaking laws are set by the Design and Mintage Clauses of the U.
S. Mint. These rules state that you cannot use coins to make jewelry for commercial purposes, but you can make jewelry for yourself or as gifts. Any money you make from selling coin jewelry must be reported as income.
You also can’t mutilate, deface, or alter coins, including making jewelry out of them, without written permission from the Secretary of the Treasury. When working with coins, it’s important to be aware of the laws regarding altering coins and using them for craft purposes.
Are wartime nickels worth anything?
Yes, wartime nickels are worth something. Early Jefferson nickels made from 1942 to 1945 were made from a silver alloy because of World War II. This alloy consists of 35% silver, 56% copper, and 9% manganese.
Because the metal content in these coins is worth more than its face value, they are worth more than just five cents. They are generally considered to be worth between 50 cents and a few dollars, depending on the condition of the coin.
The 1944-D nickel is especially valuable because it is a key date coin and can be worth over $500 in high grades. Even nickels minted after 1945 are worth checking out since coins made in 1946, 1947, and 1948 also contain silver.
Be sure to take your coins to a professional to have them appraised to get an accurate value.
What is the rarest wartime nickel?
The rarest wartime nickel is the 1942-1945 silver Jefferson war nickel. This nickel was produced from 1942 to 1945 and is made out of 35% silver instead of the usual 8% used in other nickels. The silver content of the coin led to it being used as a small denomination in times of shortage, especially during World War II.
Because of its silver content, it is much rarer than other wartime Jefferson nickels, leading to it being highly sought after by collectors.
What makes a 1943 S nickel valuable?
A 1943 S nickel is a highly sought-after and valuable coin due to its rarity and desirability. The 1943 S-mint nickel was minted in very small quantities, due to the US government redirecting resources to support the war effort.
As such, only around 20,580,000 1943 S nickels were minted, making it significantly less common than other nickels from the era.
Additionally, there are certain 1943 S nickels that are even more rare and valuable due to a minting error. These coins were made with a large die crack which produced flakes and fragments of metal over the surface.
As such, these coins are even more coveted than regular 1943 S nickels.
Given its rarity and desirability, a 1943 S nickel can be quite valuable depending on condition. One in good condition can fetch a price in the hundreds of dollars, while one with a die crack can sell for thousands of dollars.
As such, the 1943 S nickel is an highly sought-after coin amongst collectors and numismatists.
Are war nickels junk silver?
No, war nickels are not considered junk silver. War nickels were minted between 1942 and 1945 to help with the war effort and contain 35% silver alloy. They typically contain 0. 0563 troy ounces of silver and thus they have a higher silver value than nickel-clad steel or copper-nickel coins.
While they are worth more than face value because of their silver content, the premium associated with them is often lower than other 90% silver coins like dimes, quarters and halves. War Nickels can be worth more than their face value and they make an interesting addition to any coin collection.
How can you tell if you have a silver war nickel?
To tell if you have a wartime silver nickel, first look for the mint mark on the reverse side of the coin. War nickels minted between 1942 and 1945 have a large “P” mint mark on them, indicating they were made at the Philadelphia Mint.
War nickels minted between 1942 and 1945 that have a small “s” or “d” mint mark on them were made at the San Francisco or Denver Mints respectively.
Other features to look for on a wartime silver nickel are a raised “V” on the reverse side of the coin, which is a crest of the Bald Eagle, and the inscription “In God We Trust” is slightly recessed.
The obverse side of the coin features a representation of Thomas Jefferson and the inscriptions “Five Cents” and “Liberty. ”.
To confirm if your wartime silver nickel is genuine, take it to a professional coin grader. They’ll be able to evaluate your coin, confirm its current condition and year of minting, and provide an accurate value.
What year nickels are not silver?
All nickels produced since 1965 are composed of 75% copper and 25% nickel, and are not silver. Prior to 1965, some nickels were made with over 75% silver and 25% copper, but these are highly sought after modern collector’s items due to their silver content.
In some cases, these silver-heavy nickels may be worth significantly more than their copper-nickel counterparts.
