Step 5: Polish your new ring
After that you are done.
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Mutilating coins dates back to when they were cut and weighed and worth whatever metal they were made out of. It was a common criminal act to skim off, say, silver from a bunch of quarters (example only) and recast new coins (or whatever they liked) passing off the minimized quarter as though it were still worth 25 cents, while making a profit off of the removed portion. We no longer have a gold standard economy, so the concept is no longer legitimate. While the law hasn't been revoked, so it is possible to be prosecuted in theory, the only circumstance under which that would happen would be if a cop really wanted you for something else, but couldn't get to you. Or if you really did melt down part of a quarter, spend the rest normally, and make a profit the old fashioned way. But it'd be tough with only old coins to worth with.
Our dollar would be worth a lot more if people went around destroying money... the more scarce something is, the more it's worth. Viva la art!
"Sec. 331. Mutilation, diminution, and falsification of coins
STATUTE-
Whoever fraudulently alters, defaces, mutilates, impairs,
diminishes, falsifies, scales, or lightens any of the coins coined
at the mints of the United States, or any foreign coins which are
by law made current or are in actual use or circulation as money
within the United States; or
Whoever fraudulently possesses, passes, utters, publishes, or
sells, or attempts to pass, utter, publish, or sell, or brings into
the United States, any such coin, knowing the same to be altered,
defaced, mutilated, impaired, diminished, falsified, scaled, or
lightened -
Shall be fined under this title or imprisoned not more than five
years, or both."
Just an FYI...