Four arrested for melting coins

http://news.webindia123.com/news/sho...4583&cat=India

"stonej" wrote in message
oups.com...
http://news.webindia123.com/news/sho...4583&cat=India

Call me ignorant, go ahead, but is it really illegal melt down coinage to
make jewelry? Even in the US? I did not think it was illegal.

Fill me in...

Jonathan_ATC

"Jonathan_ATC" wrote in message
k.net...
"stonej" wrote in message
oups.com...
http://news.webindia123.com/news/sho...4583&cat=India

Call me ignorant, go ahead, but is it really illegal melt down coinage to
make jewelry? Even in the US? I did not think it was illegal.

Fill me in...

Jonathan_ATC

AFAIK, (*and* IANAL!) it is legal in the US so long as there is no intention
to defraud.

Here in Australia (and other Commonwealth countries ?) it is illegal to
deface the Queen's currency. That would include melting for bullion.
Demonetized currency (in our case this means pre-1966) is fair game, though,
but they're generally worth more than melt value, so you'd be silly to melt
them.

No idea about India, but I would guess from the article that its not on.

--
Jeff R.

is it really illegal melt down coinage to
make jewelry? Even in the US? I did not think it was illegal.

31USC5111:

(d)(1) The Secretary may prohibit or limit the exportation, melting,
or treatment of United States coins when the Secretary decides the
prohibition or limitation is necessary to protect the coinage of the
United States.
(2) A person knowingly violating an order or license issued or
regulation prescribed under paragraph (1) of this subsection, shall be
fined not more than $10,000, imprisoned not more than 5 years, or both.

Regards,
Tom

"winwin" wrote in message
oups.com...
is it really illegal melt down coinage to
make jewelry? Even in the US? I did not think it was illegal.

31USC5111:

(d)(1) The Secretary may prohibit or limit the exportation, melting,
or treatment of United States coins when the Secretary decides the
prohibition or limitation is necessary to protect the coinage of the
United States.
(2) A person knowingly violating an order or license issued or
regulation prescribed under paragraph (1) of this subsection, shall be
fined not more than $10,000, imprisoned not more than 5 years, or both.

Regards,
Tom

So, I decide to melt down some SAE's and make 100 oz ingots, no problem as
it doesn't affect coinage of the USA? LOL!

Jonathan_ATC

That explains why my jeweler friend only melted french 'angels' to make
rings and jewelry. this was back in 1980.

--keith

"winwin" wrote in message
oups.com...
is it really illegal melt down coinage to
make jewelry? Even in the US? I did not think it was illegal.

31USC5111:

(d)(1) The Secretary may prohibit or limit the exportation, melting,
or treatment of United States coins when the Secretary decides the
prohibition or limitation is necessary to protect the coinage of the
United States.
(2) A person knowingly violating an order or license issued or
regulation prescribed under paragraph (1) of this subsection, shall be
fined not more than $10,000, imprisoned not more than 5 years, or both.

Regards,
Tom

never mind -- i am getting too old. i forgot that there were no us bullion
coins in 1980.

--k

"Fletch" wrote in message
...
That explains why my jeweler friend only melted french 'angels' to make
rings and jewelry. this was back in 1980.

--keith

"winwin" wrote in message
oups.com...
is it really illegal melt down coinage to
make jewelry? Even in the US? I did not think it was illegal.

31USC5111:

(d)(1) The Secretary may prohibit or limit the exportation, melting,
or treatment of United States coins when the Secretary decides the
prohibition or limitation is necessary to protect the coinage of the
United States.
(2) A person knowingly violating an order or license issued or
regulation prescribed under paragraph (1) of this subsection, shall be
fined not more than $10,000, imprisoned not more than 5 years, or both.

Regards,
Tom