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Author Topic: Costly Copper  (Read 2541 times)

ROBERT

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Costly Copper
« on: 15/05/2006 10:57:13 »
" Last Update: Saturday, May 13, 2006. 3:22pm (AEST)
Mint warns over smelting coins as copper price soars

Britian's Royal Mint issued a warning to any speculators who might be tempted to cash in on the rocketing value of copper by melting down 1 pence and 2 pence coins.

Newspapers have been quick to point out that as demand from the booming economies of China and India pushes copper steadily towards $9,000 a tonne, the metal in the humble coins is now worth almost double their face value.

Since September 1992, Britain's 1p and 2p coins have been made of copper-plated steel.

But before that date they were made of 97 per cent copper, which as the best conductor of electricity is the metal that traditionally benefits most from building booms.

The Royal Mint, which makes and distributes Britain's coins, said in a statement there were 6.33 billion 2p coins in circulation - although it did not break down the number into pre and post-1992 - and warned that it was an offence to "deface" the coinage.

"Even if it were legal, the practicalities involved in melting down such huge quantities of coins would seem to us to make it a highly improbable task for the average consumer," it added."
http://www.abc.net.au/news/newsitems/200605/s1637754.htm
 

« Last Edit: 05/06/2006 13:16:55 by ROBERT »


 

ROBERT

  • Guest
Re: Costly Copper
« Reply #1 on: 15/05/2006 17:24:02 »
Those who want to avoid eyestrain resulting from reading the year on 2p coins may wish to know that
 the post 1992 coins will stick to a magnet, the pre 1992 (97% copper) coins will not stick to a magnet.
« Last Edit: 15/05/2006 17:24:31 by ROBERT »
 

ROBERT

  • Guest
Re: Costly Copper
« Reply #2 on: 05/06/2006 13:18:49 »
Don't try this at home:-

" Electrocution death apparently linked to copper theft
07:13 AM EDT on Tuesday, May 30, 2006

MIDDLESBORO, Ky. (AP) -- Authorities in southeastern Kentucky think a man who died by electrocution might have been trying to steal copper wire.

The Bell County coroner says 20-year-old David Avant was found among live wires near a utility pole that had been cut down.

Authorities are investigating whether Avant and two others who were injured earlier this month were trying to take out copper from the utility line or transformer.

Officials across the state have said thieves are targeting copper because of its rising price. Utility lines can be good sources of copper.

But an official for the Kentucky Association of Electric Cooperatives questions the thieves' actions.

Dennis Cannon says people are risking their lives for something that's not worth it.

Copper can yield up to $1.75 a pound at a scrap yard."

http://www.whas11.com/topstories/stories/WHAS11_TOP_coppertheft.37dddf0f.html
« Last Edit: 05/06/2006 13:20:14 by ROBERT »
 

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Re: Costly Copper
« Reply #2 on: 05/06/2006 13:18:49 »

 

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