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 Replies: 36 / Views: 4,296 |
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Bedrock of the Community
United States
14454 Posts |
I admit I didn't read all the posts in this thread but only a couple of them but I never saw it mentioned why the wheat cents are worth 3 cent now, it has nothing to do with them being wheat cents, its because they are copper. The cents today will never be worth 3 cents because they are not copper like they once were so if you hoard $1000.00 worth of 2010 cents you will have $1000.00 worth of 2010 Lincoln Cents in 100 years from now because there is basically no copper in the coins. If you save high grade coins there may be a small premium but it will never be like the Wheat cent is today because of what I mentioned above |
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Bedrock of the Community
United States
36782 Posts |
A pre-1982 95% copper cent currently has $.022 worth of copper in it at $3.35 a pound copper. A copper coated zinc cent has $.005 worth of copper in it, so not worth saving. A dealer in Phoenix is already buying $50 face bags of pre-1982 cents for $65. These coins will trade like 90% silver coins in the next few years. If melting these was not going to be an issue, the U.S. Mint would not have put a ban on exportation or melting. Seems like there wouldn't be much teeth to this since it was not done by Congress, but I wouldn't want to test them. Here's a link at the Mint regarding the ban. http://www.usmint.gov/pressroom/ind...lease&ID=724 |
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Pillar of the Community
United States
3294 Posts |
If you read the statement from the mint, it looks like the rule was for 120 days and would have expired 5 years ago
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Bedrock of the Community
United States
36782 Posts |
Yep, I read that in the Mint notice that it was to expire in 120 days. If you do an internet search regarding the ban, there is no where that it states that it was lifted or expired. This is currently on Wikipedia: As of August 10, 2011, a pre-1982 cent contains $0.0258142 worth of copper, which makes it an attractive target for melting by people wanting to sell the metal for profit.[37] The US Mint, which is a part of the US Department of the Treasury, in anticipation of the business of melting down US pennies and US nickels for profit, implemented new regulations[38] on December 14, 2006 which criminalize the melting of pennies and nickels and place limits on export of the coins. Violators can be punished with a fine of up to $10,000 USD and/or imprisoned for a maximum of five years. https://en.wikipedia.org/wiki/Penny...States_coin)http://copperpricestoday.com/melt-pennies/ |
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Pillar of the Community
United States
561 Posts |
Quote:
Or the Mayans were right and we are all only going to be here for another 6 months, so enjoy it! The Mayan calendar already ended. It didn't account for Feb. 29th every 4th year as leap year didn't exist at the time and therefore their calendar has already run its course. Sucks for people making plans based on the end of times due to the Mayan calendar. |
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Pillar of the Community
United States
2168 Posts |
But didn't the Mayans use the stars and planets to account for their calendar? I thought theirs was more accurate than ours?
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Pillar of the Community
United States
3294 Posts |
Quote:
A dealer in Phoenix is already buying $50 face bags of pre-1982 cents for $65. These coins will trade like 90% silver coins in the next few years. I kind of doubt they actually will for the simple fact that $1000 worth of silver weighs what, like 2 lbs? Even at a low price it would only be maybe 10 lbs. Currently, $1000 worth of copper is 300 lbs. I could see people putting away a small stash of silver worth a couple grand, but few are going to dedicate the energy to haul enough copper around to keep a similar value stash. It's easy to make a deal with a handful of silver coins. A lot tougher when you need a pickup truck to make a deal. |
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Pillar of the Community
Australia
4411 Posts |
Captainwiffo has summed it all up perfectly: Quote:
If you only triple your money over 50 years, that's about a 2.22% annual rate of return. That's not very good at all. Most investments do quite a bit better than that over the long run. Long run returns on stocks are something like 7%. Over 50 years, your money would multiply by about 29x. Even a conservative portfolio with lower risk, say half the rate of return (3.5%) would multiply your money by 5.6x.
If you feel that it's "safe" because it can't lose value (it's always worth at least face), you're wrong. It's worth less and less every year because of inflation. Even with current low inflation, it's still losing value. It's the same as stuffing cash in your mattress. |
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Pillar of the Community
United States
2168 Posts |
I just keep all of the before 82. I don't go out of my way but just keep in a coffee can. Why not? Real money. Just like nickels.
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Bedrock of the Community
United States
36782 Posts |
 it's money I don't miss and I don't have to roll it to take to the bank. I don't see any difference between trading in bags of pre-82 cents than I do in trading in bags of Wheat Cents, they both weigh the same and if you have a hoard need a pick-up truck to move them. I felt the same way when I bought my first bag of $1000 face 90% back in 1979. Bags of anything are heavy and bulky. I'm not recommending everyone run out and put their life savings in copper cents, I just don't see anything wrong with holding those you get now because they do have more value than just face. |
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Pillar of the Community
Australia
4411 Posts |
There's nothing wrong with hoarding copper cents but the OP is suggesting withdrawing unsorted coins, the majority of which are likely to be worthless zincs.
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Pillar of the Community
United States
2168 Posts |
Yes but you know all coin has some value at least! Paper has none. Any coin is really easy to keep and not miss but you still have the $$!
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Valued Member
United States
404 Posts |
Quote:
Yes but you know all coin has some value at least! Paper has none. Any coin is really easy to keep and not miss but you still have the $$! My Unc. silver and gold notes say differently. |
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Pillar of the Community
United States
2168 Posts |
Yes they do! Still can't convert to wha they say though! I'm talking of todays fiat worthless paper
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Valued Member
 United States
477 Posts |
Well "unsearched" rolls of wheat pennies sell for like 3 dollars, why not hoard rolls today and then in 40 years sell them for a premium, if you did this in the 1950s you would of made some profit, although perhaps it would of been beneficial to put it in the bank at that point, however I agree that the american dollar is decreasing in value, and will continue to do so, making any material investment probably a better idea. I agree that we are eventually going to have to cancel out the debt, as we are never going to have pay it off. By then it will be Americans taking a wheel barrow to the grocery store of USD to buy a loaf of bread lol
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Posted 06/12/2012 8:32 pm
