Is the copper in Pennie’s worth more than the penny now?

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Old pennies (pre-82 + some 82) were struck on 95% copper bronze planchets that have approximately 2.5 cents worth of metal value. Under federal law, it is illegal to melt them for scrap. All nickels including new ones have about 7.5 cents worth of copper and nickel metal content, and they are also illegal to melt under the same law.

What’s the penalty?

Probably costs a significant amount in energy and resources to melt and reforge anyway.