New rules outlaw melting pennies, nickels for profit

USA Today reports:

People who melt pennies or nickels to profit from the jump in metals prices could face jail time and pay thousands of dollars in fines, according to new rules out Thursday.

Soaring metals prices mean that the value of the metal in pennies and nickels exceeds the face value of the coins. Based on current metals prices, the value of the metal in a nickel is now 6.99 cents, while the penny's metal is worth 1.12 cents, according to the U.S. Mint.

That has piqued concern among government officials that people will melt the coins to sell the metal, leading to potential shortages of pennies and nickels.

"The nation needs its coinage for commerce," U.S. Mint director Ed Moy said in a statement. "We don't want to see our pennies and nickels melted down so a few individuals can take advantage of the American taxpayer. Replacing these coins would be an enormous cost to taxpayers."

So,it's not really your money,it's the government's.According to this logic: anything the government wants to do that "benefits" commerce is justified.