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February, No. 235a

On December 14, 2006, the United States Mint announced new regulations to limit the melting and exportation of pennies and nickels. The goal is to prevent a shortage of small change in circulation. This article looks at the problem in historical context and suggests solutions.

Last Updated: 01/23/2007

What's a Penny (or a Nickel) Really Worth? (Special Issue)

François Velde

The author examines the reasons behind the United States Mint's recent decision to issue new rules on the melting and exportation of pennies and nickels in the broader context of our small change. These regulations were prompted by recent inquiries the Mint received asking whether melting coins was legal and by other anecdotal reports of “recycling and speculation.” What is happening and what is to be done about it?