Mutilated Coin Processing - Scrap Metal Value

[ozcopper]

Interesting the Royal Australian Mint doesn't even pay face value for damaged coins.


The scrap value payable by the Mint is based on the lesser of face value and the average London Metals Exchange price, for metal components in the coin?s alloy, over the calendar month preceding the claim less a fee reflecting losses, handling and administration fees incurred by the Mint.
Alloy

scrap value payable / kilogram

cupro-nickel ( 5c, 10c, 20c & 50c )


$14.56

aluminium bronze ( $1 & $2 )


$10.50

February 2022 prices/ March 2022 redemption

Link: https://www.ramint.gov.au/mutilated-coin-processing-scrap-metal-value

 

[STKR]

I was wondering about this with the price of nickel shooting up. Makes you wonder when it will be smart to stack government coins.

A kilo of 5c coins equates to $17.66. I guess you'd have to mutilate them first...

 

[shinymetal]

Yea, I'd say it's probably worth it, Nickle still hasn't opened trading again yet :| should be interesting when it reopens.

I'm pretty sure you aren't aloud to deliberately deface currency though, and if you walk into the bank with 50kg of 20 cent coins that have been run over by a tank that might make them think you did it on purpose. lol 

 

[STKR]

I think you're right. From memory it's illegal to deface a coin with the queen's head on it. I reckon you could get crafty and melt them completely into a block of cupronickel. It's like urban mining with government-backed supply  ;D

Apparently they're meant to be 75% copper and 25% Nickel. The prices of both have shot up considerably and don't look like they're backing down anytime soon. We're set to reach peak copper mine production in 2030, so who knows, our government may melt them down themselves at some point in the not-too-distant future.

 

[ozcopper]

Just look how NZ shrunk their coins!