NEW FEDERAL REGULATION PROHIBITING EXPORTATION, MELTING, OR TREATMENT OF UNITED STATES ONE-CENT AND 5-CENT COINS
On December 12, 2006, United States Mint Director Edmund Moy approved an
interim rule that generally prohibits the exportation, melting, or treatment of
United States one-cent coins (pennies) and 5-cent coins (nickels), which became
effective upon publication in the Federal Register on December 20, 2006.
Because of the rising commodity prices of copper, nickel and zinc, the value of
the metal content of both pennies and nickels now exceeds their respective face
values. Accordingly, there is concern that speculators could remove pennies and
nickels from circulation and sell them as scrap metal for profit. Widespread
withdrawal of pennies and nickels from circulation could cause coin shortages,
and it would be extremely costly to replenish them, given prevailing metal
prices and production costs.
This measure has been implemented to protect the coinage of the United States.
A violation of the new restrictions can lead to a fine of up to $10,000,
imprisonment of up to 5 years, and forfeiture of the subject coins or metal.
The authority for implementing this regulation is Title 31 of the United States
Code, Section 5111(d).
Now I doubt this regulation prohibits you from taking some spare change across the border when you go to Canada or Mexico, but if you take more than $5 in change in these coins out of the country, or if you ship more than $100 in these coins out of the country in any one shipment for legitimate coinage and numismatic purposes you're in trouble.
A copy of the Federal Register with this regulation can be found here.
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