Top best answers to the question «Is it illegal to melt gold bars»
Gold and Silver Coins
It is illegal to sell the melted-down metal for profit, but coin pressing and creative endeavors such as jewelry making are legal. Gold and silver coins are circulated less than pennies and nickels, and the demand for them is low.
10 other answers
No, it's not illegal, but I would recommend letting the melted gold solidify before trying to sell it.
More infamous was what gold bugs term The Great Confiscation' of 1933, when the Roosevelt government declared that it was no longer legal for private citizens to "hoard" gold coins and bullion. Any...
It’s not illegal to melt gold or silver US coins for their precious-metal value. Otherwise tens of thousands of jewelers, metal dealers, and so on would all be in jail. Strangely enough, it IS illegal to melt cents and nickels, which are base-metal coins.
It is illegal to buy or sell bullion bars except at a bank that has a precious metals license (and very few have them)… it is a criminal offense to buy or sell a gold bar from a friend or relative… transporting bars has strict rules and can send you to prison if you break them… it is illegal to take bullion bars out of the country… buying and selling foreign-made bars is also illegal.
Nevertheless, deciding when it makes sense to melt down extra gold pieces is a very personal decision. It can become a necessity if you've lost your job, have serious medical problems, or if some ...
Gold and silver coins follow the same legal pattern as pennies and nickels. It is illegal to sell the melted-down metal for profit, but coin pressing and creative endeavors such as jewelry making are legal. Gold and silver coins are circulated less than pennies and nickels, and the demand for them is low.
Silver-gold concentrates can be smelted too. Under this consideration, a concentrate must contain at least 20 oz/t of gold. Obviously, if the higher grades are better and 50 oz/t is a good average value. It is important to mention that a silver-gold concentrate obtained by flotation has a high silver content.
Assuming that you're in the United States, you absolutely can sell gold bars on the open market without drawing attention from the authorities if you turn the bars over to the authorities and tell them that you found them, for example, when you were digging in your backyard.
It could be a fun hobby to do with friends or in your yard…melting and molding your own scrap metal ingots. While it may make for entertaining times or cool YouTube videos, if you are looking to make the most scrap money from your metal , we don’t strongly suggest never melting your own scrap ingots.
To cheaply smelt your own gold you need to have access to a high temperature furnace. For a do-it-yourselfer this shouldn't pose a huge challenge. The first thing to do is determine the amount of gold to smelt. This will inform the size of the furnace. Small tin coffee cans or large trash cans make for good starting points in this regard.