The queen is dead.... shes melting!! Shes melting??
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So the lizard queen has been dead for a few month now and with the roll out of the King Charles coins now in full swing, it wont belong before the 1 and 2p(£0.01 and £0.02) coins have his effigy on them.
Now the wicked witch of the west is dead, im wondering to myself if its now "legal" to melt down all her pre-1993 copper coins and make a small proft....
For UK pennies: Copper one-penny and two-pence coins made before 1992 are 97% copper. There is 6.9 grams of copper in a pre-1992 two-pence piece and 3.45 grams of copper in a pre-1992 penny. At current copper market prices, the copper value of a one-penny coin is £0.02382018 pounds. The copper value of a 2p coin is £0.04764036.
That doesnt look right!! I know my mistake.... the coins contain 97.5% copper and not 100%. So this means that there is £0.017865135 and £0.03573027
Still profitable.
Short answer is.... its fuzzy, but NO!
It is illegal to melt or break up coins in the UK. According to the UK Coinage Act 1971, one cannot melt or break any metal coin which is, or has been, current in the United Kingdom after 16th May 1969 (on that day, Parliament approved the Decimal Currency Act).
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So for now, its best bet to hold off melting those copper coins you find down the back of the sofa. So even though Lizzy Windsor shuffled off this mortal coin last year, you still cant melt her face off coins
40+yr old, trying to shift a few pounds and sharing his efforsts on the blockchain. Come find me on STRAVA or actifit, and we can keep each other motivated .
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If you melt them yourself who would know but you. The same laws are here in the US, but when silver spiked to $48, plenty of smelters were burning up those old coins.
I'm sitting on a quantity of copper Canada 1 Cents coins too.
There is a similar law in Canada concerning the same question but I can't find my original source of that.
You can sell the coin as scrap copper. That means you can still profit from it !
Are these coppers that quite expensive
It's sound like a more profitable choice.
We lost the penny in Canada awhile ago now talks of the nickel, I think it's wise to collect them and accidentally drop a bunch in a hot crucible