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pennrj430
New Member
United States
47 Posts |
 Posted 03/13/2010 08:28 am
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Hi everyone, this is a question mainly for those who search pennies. Some people say to hold onto the copper pennies. Does this mean hold onto all pennies from 1982 and back? Or just the nicer looking ones? Is this worth the storage space? Just asking because I'm looking through a bank box now and there are dozens of pre 1982 pennies so far, and I'm only up to roll 19. So far I've been only pulling out the wheats (about 10), some really nice looking coins that look uncirculated and ones I needed to fill my holes. Also found 2 Indians, but not the best shape.
Thanks
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hemisboats
Valued Member
United States
461 Posts |
Posted 03/13/2010 08:48 am
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I believe it is up to you if you want to keep the copper pennies however if you believe, like most, that the US dollar will continue its slide and ultimately crash then the hierarchy of precious metals for coins becomes gold, silver and then copper! We are saving the copper but it is up to you.
I mean you have people stealing copper wire out of abandoned housing for the scrap value. Look at it this way, if the dollar does crash you have some copper to barter with if it does not crash you still have one penny for each penny you saved. So, as my wife says, if you have the room why not save them.
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925dealer
Valued Member
United States
258 Posts |
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StJoeBlues
Valued Member
United States
242 Posts |
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pennrj430
New Member
United States
47 Posts |
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CoinHunter53562
Pillar Of The Community
USA
1196 Posts |
Posted 03/13/2010 11:08 am
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I used to actively buy boxes from the bank to mine the copper cents out of there. The wheat cents, occasional Indian Head cents, and foreign coins were a bonus. After awhile though, these do get heavy and bulky. I still pull the copper cents out of my pocket change, and from time to time will buy a box to sort through, but nowhere near what I was doing before.
Still, the above points made by others are spot on (no pun intended). If inflation occurs as the dollar weakens, then the intrinsic value of the copper cents will go up. If inflation never gets outof control, or we experience deflation, then the copper cents still are worth what you paid for them - one cent. So it's a win-win situation in a way with hedges against both inflation and deflation. :)
Here's another way to think of it. If inflation does run rampant as some predict, others may start doing the copper hoarding that a few do now. And some make an analogy back to 1965 when the US Mint switched from 90% silver coins to clad coins, and the silver ones were snatched up. If you could go back in time and gather all the silver coins you could at face value, you would do this right? Well some think/predict that copper cents will be worth 5-10x face value in the future, so getting them now at face is a huge advantage over those that don't see where the dollar may be headed.
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John1
Pillar Of The Community
United States
2240 Posts |
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CoinHunter53562
Pillar Of The Community
USA
1196 Posts |
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SDcoinguy
Pillar Of The Community
United States
776 Posts |
Posted 03/13/2010 12:15 pm
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i dont have a scale... I just flick the coins.. and if they RING.. they are copper.. is this a safe way to determine the copper content
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Oldest Roll/Loose Finds:
.01 - 1894 IHC
.05 - 1902 Liberty V
.10 - 1918-S Merc
.25 - 1935 Wash
.50 - 1964 Kennedy
http://sdcoins.ecrater.com/ |
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CoinHunter53562
Pillar Of The Community
USA
1196 Posts |
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Scooby Due
Pillar Of The Community
United States
1836 Posts |
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John1
Pillar Of The Community
United States
2240 Posts |
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BadThad
Pillar Of The Community
USA
5618 Posts |
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Jason11006
Valued Member
United States
132 Posts |
Posted 03/14/2010 12:58 am
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I just sold $75 in copper cents to a guy for $100 on craigslist. I know they are worth more but hey I got a free $25 out of the deal. I still have more. I keep them because if they do lift the melt ban everyone is gonna start to melt these coins making the ones I keep rare. so if you keep them they are always worth 1¢. if the dollar fails they are worth more. if they let you melt them they are worth more. if copper keeps going up they are worth more.
I've always looked at coin roll hunting as buying a lottery ticket in which you cant lose. (unless of course you get shorted a penny or 2. and they are all zincs).... you are guarenteed to get you money back plus you might find copper, wheat or indian head pennies!
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Metalman
Moderator
USA
6917 Posts |
Posted 03/14/2010 01:25 am
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I keep any and everything that I like.
storage will not be a problem unless I move into a three bedroom house.
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