There are literally thousands of people chasing this idea, so you are not alone. There are people looking for investors to chase this idea. There are better ideas. Real estate is coming back, stocks, bonds, etc. All of these are better ideas. All you will end up with is a lot of pennies. I have already seen people falling for this Ponzi scheme, because that is all this is. Well ok there buddy lets go back to math class. He was saying that pennies weigh a pound.
So , pennies weigh a ton. Pennies are worth closer to 2 cents each, intrinsicly. Faults on both fronts. He was talking about how much money you would have to convert into pennies to make a ton. Pete, you wrote this comment in Fast forward 8 years and what are your thoughts now? The penny is slated to be discontinued in The laws regarding melting coins, while still in place regarding pennies and nickels, will no longer be enforced once these coins are no longer recognized as legal tender.
Once silver disappeared from circulation and the amount of cupro-nickel coinage took over, silver coins became obsolete as legal tender. The same thing will happen to pennies and nickels. The rest is simple math. Finite resources vs an ever growing world population. Not cool Brian, I hope you replace the pennies you take. If not, you are the worst kind of person. On an interesting side note—Pre copper pennies are loaded with impurities.
These elemental impurities include platinum, palladium, rhodium, moly, tellurium, etc. Just recently, mining researchers have found a way to refine tellurium from copper wire refining slag slime.
Extracting tellurium from pre- copper pennies, it would seem, would be much easier and far less expensive than slag extraction. Hoard on! No one seems to factor in the value of the copper penny as collector value. I am saving copper pennies for my retirement in 30 years or so.
These pennies are going to have some things going for them. I hand sort pennies myself and hoard up the copper as well…. But I am not really doing it for the copper value… rather I do it for the value of rare pennies such as double dies etc… Keeping the pre 82 pennies is just a bonus as far as I am concerned.
But the value of the errors and such far far far outweighs ANY copper hoarding… I generally pull in an extra 20,, dollars A year finding rare coins and varieties in circulation and selling them online or locally. I do search pennies daily and it takes about hours a day to do it. If they ever lifted the melt ban then I would certainly cash in the vast amount of copper pennies I have. But this article is right….
Unless its from me lol. Which is better? Copper is everywhere! Well, I can only say that there is one consideration that has bean completely overlooked…Numismatic value. The more you collect, the better your chances of aquisition. Sure, it takes time, but some have much more time than others. Consider this in the equation. Thanks and God bless. Great point! That being said, in a SHTF scenario, nuministic value means nothing.
Fact is, the value does exceed the fiat value. That is very well said! What are your thoughts on buying copper billion? For example. What about buying scrap copper wire or scrap copper pipes for less than spot price? Yes I agree with your statement, but silver coins a re not Are you willing to make the the same starement thats its better to buy Both silver and copper coins have a known value and are already bought and sold at coin shops and on ebay.
Sikver having a better upside for supply and demannd reasons. Coppers value would drop in a defaltionary depression but not a hyperinfaltionary depression. Silver is also a industrial metal and the price would drop in a delationary depression. I can remenber people making the same dump truck argument ten years ago when when comparing silver to gold.
Yes, but copper pennies are not made of pure copper. While copper is a base metal and not a precoius metal, the same seven reasons could be applied to silver coins. Yet people pay over scrap or metal value for them. I dont see the differance. Also, the premium being paid for. The copper pipes in your house are all. I do however agree Silver is easier to store and carry. Silver can also go down in an economic crash though as history has shown.
The long term is good for anything measured in dollars though. All good points; the biggest point of caution for copper pennies is that lesser informed people think that copper pennies are worth spot price, but they most certainly are not.
And in a SHTF scenario, bottled water, beef jerky and toilet paper would make better money than copper or silver. Pre lincoln pennies are made from low grade non-. There was no need to make a copper penny.
It did not need to conduct electrical current. Because elect. These impurities include gold ,silver,platinum, paladium, rhodium, tellurium-to name a few. Yes, you have these impurities in your pre- lincoln pennies in minute quanities — all waiting for some future metal science guy to find some way to do cheap extraction.
It was just recently they found a way to remove tellurium from slag. Yes your pennies have trace tellurium. Perhaps as a precious metal, people are more willing to pay over spot, so when needing to sell, that works to your advantage. If selling pennies, you might get over spot if selling individual pennies, but half-cent by half-cent profit might not make it worth your while. If you have say a hundred pounds of mixed pennies, is it best to just deposit them, or sell for scrap.
There are no wheat pennies in the amount of lbs. Calculate the time value of buying pre sorted copper pennies over hand sorting them. Then you can do an article titled always buy copper pennies, never hand sort them. Your logic is flawed. You can sort through penny rolls while watching TV or sitting on your lunch break. So there is no reason to dismiss what the writer is saying. Your plan, though, smacks of laziness and poor planning.
Appreciate the information. Yes, I enjoy collecting pennies in addition to scrapping: Christmas Blessings to all. I collect pennies, but not for their scrap value, I just like old pennies. When I find one I want, I ask my manager for permission to trade out a penny from my wallet for the penny I want. I was going to encase it in casting resin and mount it in a frame with a map of the city he was born in and some facts about the year and his life.
It never ended up happening because my brother, who was supposed to be helping me with it, never actually did help. It goes to show the value of something, regardless of its stated value.
Kirk, I also am a big collector of pennies. I have been collecting for over 40 years now and I am always learning about the different pennies and the history of them. From a penny collector Poe. True, I put one on my scale and it came up as 3. Pre pennies will also make a different sound when dropped on the ground compared to Post penny. Any one selling copper pennies should understand the penalties if you are going to try and save your pennies for scrap. That was covered in the article.
Melting silver or gold coins is fine. Virginia, I realize your post was years ago, but I feel compelled to mention that to bullion collectors the current melt ban is a bummer, but most feel like that will eventually be lifted once congress realizes that the market is telling them that the copper is worth more than a cent, that it has better use as anything other than a penny. And consider silver dimes and quarters — many were melted down, but many are still being used as bullion.
I agree with not paying a premium, one should be getting these for face value, but their value is apparent when you can go to eBay and find them being sold as bullion.
Copper Pennies are a great investment! And you dont know how to read the article. The last two sentences before reason 1. This is sound advice — collect, sort, save all you want just dont pay to do so. It depends on the type of copper pipe, but I can tell you that it takes copper pennies to make 1 pound of copper. It takes about pre lincoln cents to make a pound of copper. Old timers told me that a man who has metal is never broke.
You keep your worthless federal reserve notes. That house in the country with old cars piled around it? It is time for this old bit of fan-fic: Bernanke, trying not to slip in the patches of blood on the floor, struggled with Greenspan. The older man moved like a snake that moved like a former Fed Chairman who moved like a ninja. Improvising a tourniquet from the remains of the snake left over from the earlier simile, Bernanke moved on through the hallways.
I just had to reply to this. You are exactly right. Who wants those banknotes? I have been buying thousands of dollars worth of coins and I never spend coins. I am getting ready for the collapse of the fiat dollar. I am buying up silver, copper, cupronickel and saving even the zinc pennies.
Copper pennies are already worth over face value. Zinc is closing in on face value and soon will surpass it. Nickels will be worth over a nickel again in no time. I am even banking on clad. The current dimes and quarters will be worth over face. When I get my check I immediately start converting it to coin. This is for real. Paper dollars are going to be worth nothing. All paper assets. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment.
Notify me of follow-up comments by email. Notify me of new posts by email. Don't subscribe All Replies to my comments Notify me of followup comments via e-mail. You can also subscribe without commenting. Copper pennies: The safest bet in years… But what has everybody been missing? Heck, they have for a few decades Some coin hoarders are aware that in Canada their mint has been pulling and melting all high value metal coinage for about 6 years.
Tommy L. August 25, at am. Denise September 4, at pm. Connor Naylor September 7, at pm. This sounds like a spectacular find. Ethel Bennecoff October 13, at pm. Silver Savior July 18, at pm. And again no melting is even required. This is for coins as they are with a known composition! Harry February 10, at pm. Silver Savior January 14, at am. Mike December 31, at pm.
Mark my word , It will be worth it! ScrapMetalJunkie January 1, at pm. Thanks for your comment, Mike. I Agree! Silver Savior January 1, at pm. Jeffy June 3, at pm. Ric December 10, at am. Do you still have the cents for sell? Call me I have pennyes for sale Reply.
Han goodman April 11, at am. Don July 18, at pm. I wonder if people were saying that about silver dimes 58 years ago. Scott Bayzath July 20, at pm. Hank April 27, at am. Sandy Garcia January 24, at pm. Silver Savior January 30, at pm. Last I looked the nickel and the zinc cent were about even in metal value vs face value and we all know that nickels had a metal value above face in so I think the zinc cent will be worth more than face shortly Another reason I was saving them was because in an article came out saying they might revalue the cent to 5 cents and 5 cents to 10 cents.
Hoy Hawkins January 26, at pm. Silver Savior January 26, at pm. Tonym January 26, at pm. I would have bought your stash Reply. Scott July 20, at pm. I have a large amount of pre copper pennies if your interested. Corinne Robinson December 28, at pm. Dan July 29, at pm. Thanks for your time and consideration Dan Reply. Jason Carr December 29, at am. CJ Will December 11, at pm. Silver Savior December 12, at pm. To support that idea I am pretty sure we will have massive inflation down the road.
Titus O'Flizebutt August 28, at pm. I have pennies and will sell them for ten bucks. Brandon Kaiser June 29, at pm. Gary Weller August 12, at am. Karen and all family Reply. Silver Savior July 31, at pm. Connor July 31, at pm. Tony January 30, at am.
Their penny process has already begun Reply. Thx for the article Reply. Silver Savior July 14, at am. Joe s December 3, at am. No opportunity costs in my mind Reply. Derek October 19, at pm. Grumpy Old Man September 23, at pm.
Derek October 18, at am. Dave H. September 21, at pm. Dave Reply. Derick O August 9, at am. Adam C. September 24, at pm. LJR October 16, at pm. Eric July 3, at am. Derek July 6, at pm.
Robert June 27, at pm. Hoy Hawkins June 28, at am. Hereford Bull June 21, at pm. Hoy Hawkins June 22, at pm. Derek June 22, at pm. Ryan August 18, at am. Derek August 18, at pm.
The Big M March 22, at pm. Derek March 25, at pm. Ed Owens March 12, at am. Derek March 27, at pm. Derek S. January 14, at pm. LoL Reply. Sam January 4, at pm. Connor January 14, at am. Grey March 25, at pm. Jose January 1, at am. Derek S January 2, at am. This is not worth the money in most cases for several reasons.
The first is that copper pennies are readily available at face value. The second is that there is no guarantee that the ban on melting pennies down will ever be lifted. Simply picking up a roll or box of pennies at your local bank could net you a few copper pennies, for example, if you take the time to sort them. If you decide to start collecting copper pennies, please follow this list of suggestions. This will help you maximize the potential return on your investment and keep you from breaking any laws regarding the scrapping of currency.
DO investigate any pennies from the year more closely—some of these are copper as well! DO get pennies from a legitimate source such as a bank or, look for copper pennies in your pocket change! DO keep your pennies secure.
But it's not just any and all pennies, Henry is only interested in those that are dated from and earlier because those are the coins made with 95 percent copper. Much like the resurging obsession with gold, the price of copper has skyrocketed in recent years and the rising price has led to some unusual sprees.
Thieves have been exploiting the value hidden in obscure items, stripping copper wiring from phone and utility cables, from construction sites, even from a year-old copper bell that was stolen from a San Francisco cathedral. In San Diego, so much copper wiring has been stolen from eight different city parks, that soccer teams can't practice because the field lights stopped working.
But penny hoarders aren't thieves, just opportunists. If you think only a sucker would pay two cents for a penny, you're missing out on a business opportunity that Adam Youngs, who runs a massive penny sorting operation in Portland, Ore. Youngs' operation, the Portland Mint, is locked inside a secure facility that deals with armored cars -- selling and shipping to clients in every state -- and works in pennies by the ton.
He said he has clients with deep pockets who are storing huge sacks of pennies and he has inquires from hedge funds.
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