Before you spend a penny...

[gordonartist]

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.

Gordon.