It's illegal to melt Pennies, so their value is stuck at "face" period. End of story.
Didn't read through the entire thread so this may have been commented on, but this is 100% wrong. It is illegal to alter a coin in an attempt to commit a fraud, like altering a nickel to try and pass it off as a quarter or cutting chunks out of 100 coins to make a new one. Melting a coin down for it's raw materials is committing no fraud so the Title you are referring to does not apply. People have been melting down silver quarters/dollars and copper pennies for as long as it's been profitable, no legal action has come of it.
New regulations in 2006 (finalized in 2007) were enacted to limit coin melting.