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 Replies: 27 / Views: 5,017 |
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Pillar of the Community
United States
790 Posts |
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Pillar of the Community
United States
997 Posts |
Quote:
Do you think the US Mint will every implement an alloy recovery program like Canada? At this time I doubt it. The costs vs. reward is just not enough to do so, even when copper prices were higher. Unless all coins are going to be made of the same alloy (like Canada does) then there would likely not even if prices go up. The private sector would take care of it, either by individuals or companies like CoinStar. The US has 4 different compositions currently made and 5 in common circulation. the hardware needed to pull one type out and ignore another of the same size to go through hundreds of billions of coins probably isn't worth while. I thought I read someplace that the US mint tried this with silver coins back in the 60's, but I don't recall the details and whether it was successful. The Canadian program is simpler due to scale (a tenth the size of US coinage figures) and that the coins remaining/put back are all of the same composition. They can start by size and pull out all the cents, then pull everything except the plated steel. |
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Moderator
 United States
188660 Posts |
I keep all of mine. I am not expecting to get rich, I just want to keep them from being melted.  |
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Pillar of the Community
United States
1037 Posts |
I save my copper Lincoln's in one box and Zincoln's in another.
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New Member
United States
13 Posts |
Lol where to begin!!
I've been saving them since early 08. Have approximately 5 tons or so now and yes I have even moved twice in that time frame. Both times weren't hurried moves so could take some each time. Store them in 5gal buckets. Not TOO bad to move when half empty but still not fun. I live near Canadian border so get a lot of Canadian pennies too. I sort out them, wheats, and CU's. Actually found a F 26s last week and have probably found 20-25 vdbs over the yrs. 50-75 Indians as well.
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New Member
United States
48 Posts |
I keep all of mine, I don't have 5 tons of them, but in case my Grandson does get into the hobby it would be a great start for him. Just think if your Grandparents or Great Grandparents had done the same what fun you would have had! I don't do it for monetary reasons or for melt value (last I heard that is illegal) correct me if I'm wrong. I probably would cash them in if I needed to, but who would want to search the same cents again if you got them back  |
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Pillar of the Community
United States
4085 Posts |
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Just think if your Grandparents or Great Grandparents had done the same what fun you would have had!  This is a big reason why I save the ones I find. |
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Pillar of the Community
United States
2205 Posts |
Seems to me that the trouble one would go through to hoard the amount needed to make any kind of money on melting them wouldn't be worth it.
I mean, realistically, how much money could someone make by melting a bunch of copper pennies?
Edited by jpsned
10/22/2016 3:09 pm
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New Member
United States
13 Posts |
At current copper prices not worth it. When copper was $4/lb a penny was worth 2.5c+. With the two little machines I had, I could sort $8+ a minute or $450 an hr. Of that 450, $125Ish was copper which had a full value of approximately $300. Granted these are all max scenarios but I know many, many people that were selling on ebay and getting .02c each for years.A Guy shared pictures with us of his warehouse and all he did was coin sorting and wrapping. Made most of his money from pennies! |
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Valued Member
United States
408 Posts |
I used to have many of those copper pennies. I got tired of storing them though, so I sold them years ago on ebay. My price was 2.1X the face value. You don't realize how heavy they are until you try to lift $100 worth of those pennies. Stretch before you lift. lol |
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Valued Member
United States
110 Posts |
I save the copper cents and I have been sorting through coins since 1980. The 1959 to 1982 coppers, Canadian cents, 2009 cents, and wheaties go into separate glass jars. The zincolns go to coinstar in exchange for an Amazon e-card (no 8% fee if you select the e-card option.) The accumulation so far is three gallons of the coppers, one gallon of wheats, one gallon of Canadian cents, a third of a gallon of 2009. It makes me happy. Also, as an aside, there is an "urban legend" of a business man in the 1920's who would at the end of the week dump any pocket change into a metal box. That would be an amazing hoard of coins. But most likely they were cashed in during the great depression. |
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Valued Member
United States
54 Posts |
Only recently have I been going through the loose change around my house looking for pre1982 pennies and wheat pennies. Maybe have a little over 100 in all. I now check any change I get back from purchases, too. Yesterday I told my husband, "I just got a 1968 penny." but I think I was the only one between us who got that little second of happiness over it. ha ha ha.
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Pillar of the Community
United States
790 Posts |
It's silly, really, but I also look at every bit of change handed to me as an opportunity, and smile a little when I see a copper. Not gonna knock those small moments of joy.
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Pillar of the Community
United States
613 Posts |
I, too, jar the coppers. Can always sell them in bulk some day I suppose. Could be a lot of fun for a young collector some day maybe.
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Valued Member
Canada
458 Posts |
who knows they could do this already with out telling anyone
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Replies: 27 / Views: 5,017 |
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First Page
Posted 10/16/2016 10:08 am
