@threalist @dushman The manhole cover is a public good, granted by the state.
In its own frame of reference, it's the transaction of taxes against state investment in infrastructure.
The wealth is the covered hole hazard and functional sewer system. The manhole itself has no inherent extra value over its material outside of its context. If you have more manhole covers than manholes, the extra manholes are worthless.
Melting it down is money for the thief, then for the drug dealer, but also money for the scrapper, the ironworks, the miners providing coal to the ironworks.
Trying to isolate wealth creation or destruction in a model is always a processus of disregarding value exchanges as "not legitimate" like the drug deal, because it's in a black market parallel to the visible economy.