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 Replies: 29 / Views: 8,401 |
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Valued Member
United States
107 Posts |
It really depends on where you stand. I enjoy wheat hunting. Once I have gone through a box, I run them through a Ryedale. I have about 120lbs of coppers. Now I don't variety hunt, I would imagine I could sell them for more than the price of copper to a variety hunter since I am sure there are some 60-82 pennies that's worth searching for. I don't mind have a trivial amount of money tied up there. One day I might even decide to get familiar with those varieties and search myself. You can NEVER lose money on those.
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Valued Member
United States
52 Posts |
When the United States eliminates the penny (one-cent) coin, the value of those copper cents, whether bullion or numismatic, will sky rocket. Look at what happened in Canada when the Royal Canadian Mint eliminated the penny there. Astronomical amounts of copper memorials or not, when the U.S. starts pulling back the deposited pennies out of circulation and melts them, the supply will drop dramatically. There will most likely be a huge, temporary boom in price as people scramble to buy them. |
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Rest in Peace
United States
18456 Posts |
That could be. We shall soon see   |
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Moderator
 United States
189340 Posts |
Quote:
When the United States eliminates the penny (one-cent) coin... What a glorious day that will be.  |
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Valued Member
United States
52 Posts |
I guess the question I'm thinking about is does where does one draw the line? I mean, there's sorting by hand, sorting by little machine, buying small amounts, and then you see the people offering to sell tons. I mean, there's risk with any buy of course, and copper is a hard one to guess. But then again, it's useful, and if you have a bunch of money to sit on and are thinking long term, will copper pennies go the way silver coins went up in value in a few decades? Tough call. I have to imagine if rumors start to fly the penny is on the way out, those big sellers will just stop selling and it'll be too late. Right now I'd imagine you can buy pretty cheap.
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Moderator
United States
189340 Posts |
Quote:
I mean, there's sorting by hand, sorting by little machine, buying small amounts, and then you see the people offering to sell tons. The only thing that I do is sort by hand. I am not going to invest in a machine and certainly not buying them. Holding for now because on my scale the holding is cheap. Maybe something will happen or maybe I will just give them to my son. I am not planning my future around them.  |
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Pillar of the Community
United States
4963 Posts |
Quote:
Of course, it's not clear how much those silver dimes and quarters have really appreciated in inflation-adjusted terms during the decades that I've had them. Think about it this way: Even if the silver didn't gain any value in the last half century, if you had put the money in the bank you would have lost way more due to inflation. At least silver has intrinsic value. Quote:
When the United States eliminates the penny (one-cent) coin, the value of those copper cents, whether bullion or numismatic, will sky rocket. I don't know- there will still be many, many billions of them. Look at the dollar coin- they temporarily stopped minting them after 1981, but the price of Ikes and SBA's never skyrocketed. Edited by Numisma
10/25/2015 03:46 am
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Pillar of the Community
United States
1195 Posts |
Numista - there's a big difference In the mint simply stop making them (but leaving in circ) and the mint pulling them from circ like Canada does. In the latter case, they could drop in numbers considerably.
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Pillar of the Community
United States
4963 Posts |
Oh. I didn't know Canada actually pulled them from circulation.
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Pillar of the Community
Canada
519 Posts |
Pennies in Canada are actively being pulled from circulation via an alloy recovery program. They are 98% copper up to and including 1996. Which means that if you can still get Canadian pennies (as I can) a very substantial percentage of them are copper. In a matter of months I accumulated ~30 000 copper pennies which I returned to the bank for a number of reasons.
I have however thought of a few small scale strategies to economically melt copper pennies (you can find a number of "how to" videos on YouTube. The most interesting (and least expensive) involves taking a large fresnel lense out of an old rear projection tv and letting the sun do the work :).
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Valued Member
United States
52 Posts |
Not only did Canada pull pennies out of circulation, but the price of a just a regular box of Canadian pennies sky rocketed in price. It was crazy watching prices. Of course, you'd have to get the timing right. But imagine if you were one of those big copper penny hoarders sitting on like 50 ton. OF course, it might take time to sell into the market at higher prices without flooding (since many people would do so), but if you could sell slowly over say ten years and have steady profit from it, that's a good deal.
Of course, that still goes back to proper timing.
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Pillar of the Community
Canada
3049 Posts |
All speculative... #1 the price of copper has to go above the face value... #2 you have to be able to melt the coin... currently in my area there are no metal recyclers that will take pennies U.S. or Canadian. #3 there are laws that prohibit melting and defacing currency. If you're hanging onto a bunch of pennies... great but I just don't see it as a smart "investment" vehicle. If you had more of an industrial operation.. perhaps a shop with some pallet storage racks.. Then loading up on a pallet or two of U.S. boxes of pennies may be great .. then wait for them to go out of circulation and sell 'em on ebay for 2 or 3 times face... great! Ride that wave until it expires... I know of one operation in Vancouver that did that on ebay and did okay with 3 pallets of pennies. But other than a quick flip I just can't justify holding that much money for long term speculative play. |
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Pillar of the Community
 United States
964 Posts |
 Copper penny almost worth face value |
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New Member
United States
28 Posts |
Maybe my grand kids will be able to profit from my hoarding of copper pennies . I hand sort so I don't have a whole lot but 15+ lbs now I guess. Cheap enough too. |
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Pillar of the Community
United States
964 Posts |
I think the shrug sayes it all |
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Replies: 29 / Views: 8,401 |
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Posted 10/23/2015 08:43 am
