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 Replies: 52 / Views: 5,932 |
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Pillar of the Community
United States
1409 Posts |
Well Steve, that is why we'll need $400/lb copper to retire!
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Pillar of the Community
United States
1882 Posts |
lol...if copper his $400/lb, don't think I'll be able to afford to retire. How much will a loaf of bread cost?
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Valued Member
United States
393 Posts |
Some of the talking heads were on one of the business channels a while back. They all agreed that everyone should be invested in precious metals as a hedge bet. One said that people were lazy about gold and silver because you have to make an effort to purchase it. He said he is advising his clients to save pre 82 cents. It wasn't hard to do and didn't require a large investment all at one time.
Lets face it, cents will be eliminated at some point in time. I believe when that happens the ban on melting will be lifted, and every body's hoard will be worth 2 or 3 times face. And compared with everything else, they take up relatively little space.
I also believe hoarding will speed up the process to eliminate the cent once and for all.
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Pillar of the Community
United States
1409 Posts |
I'll probably sell off $25 lots of copper cents on ebay at some point. If, like most of the auctions I'm seeing, I can pull a 15-30% profit from that, I'll be OK with it. |
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Pillar of the Community
United States
1406 Posts |
Everyone is only thinking of the copper value right now. What about the numismatist value? Wheat pennies are trading at 5 - 15 times face for average circulating examples. Now I realize that mintage's were lower but couldn't the copper Lincolns be the ' Wheat penny' of the memorials? With everyone ready for the melt ban to be lifted, a growth in our hobby, and copper prices on the rise, I see possibilities for the coppers future. $5.00 a roll? May happen sooner then you think! |
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Moderator
 United States
188924 Posts |
Quote: Now I realize that mintage's were lower but couldn't the copper Lincolns be the ' Wheat penny' of the memorials? Yes. Especially if people start melting them in large volumes. |
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Pillar of the Community
 United States
2424 Posts |
"History ALWAYS repeats itself 1933 1964 1982"
what happend?
one question: what happens once most of the metals are sent to the smelters? (silver, gold, copper)
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New Member
United States
44 Posts |
SD I was referring to the last us circulated gold dated 1933, the last circulated silver dated 1964 and the last year for copper cents in 1982. I do realize other coins are still copper but I was just trying to make the point that hoarding coins during those two time sure payed off. Just like I believe the cents will in the future.
As far as needing millions of cents to make anything substantial you are absolutely right. And I'm working as fast as I can on that :)
I highly doubt anything above $5 copper and that would be insane. Energy prices would have to go through the roof to drive it that high, but hey I hope it does, as long as its doesn't mean a much worse quality of life for the majority of the people on the planet, or for the planet itself.
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New Member
United States
44 Posts |
$400 a pound copper is only $28.57 per troy oz. Doesn't sound to bad in oz lol..... only almost twice the price of silver at the moment :)
Ohh and a loaf of bread will be $269.99. ohh no wait, by then the smallest denom will be a $100 FRN so it will be $300 per loaf....lol
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Pillar of the Community
United States
1285 Posts |
Jbuck, captain, That's is exactly why I am putting them away. IMO there will be folks making an instant profit off the melting and then the numismatic value will go higher after a while. I figure in about 10 years a Pre 82 would go for around 10 to 20 cents or higher. Anything before 70 may go even higher than 40 cents as it is almost 1/3 of the 70's I come across in the boxes I search (guesstimate) and wheat's MAY go for about a $1. Silvermachine, I do agree that when it gets nearer to the melt they WILL limit the amount of pennies you can buy. Same can be said for the nickels. I had one teller ask me If I was melting them. My answer was - I wish someone would and told her to put away anything pre 82.  As far as melting goes - Cu prices will DROP when the melting begins and then once said supply is off the market will rebound. Longer term all natural resources WILL be higher than today's prices in 20 years. There are estimates for Au to be 2,500+, Pt 5,000 and Pd 2,500 per oz respectively. Pt and Pd have some serious supply constraints going forward due to the cost of extracting. It's worth doing some serious DD on Pt and Pd. Time will tell. Peace |
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Bedrock of the Community
United States
17884 Posts |
Quote:
I've got this feeling that one day I will go into a bank and ask for a box of cents. The teller will say "here you go but its the last one we have and we can't order any more". "Well why is that" I will reply? "Well we don't know but the coin processors are no longer allowed to distribute cents". "The fed just stopped making them and told all armored carriers to send them all back to them". I don't think you will ever see that happen. Te Fed wouldn't want to have all the Zincers, they would ather the public keep those. So they will withdraw the copper cents the same way they withdrew the silver coins with large separating machines and they will simply run all of the cents that come through their hands through them. Cents will come in from the banks mixed and the only cents returned to the banks will be the zinc cents supplemented with new zinc cents to make up for the copper cents they pulled out. Eventually the amount of copper recovered will be low enough that it won't be worthwhile for them to continue trying to recover it. At that point melting will be allowed again, and they will probably finally discontinue the cent. |
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Bedrock of the Community
United States
19961 Posts |
Quote:
don't think you will ever see that happen. Te Fed wouldn't want to have all the Zincers, they would ather the public keep those. So they will withdraw the copper cents the same way they withdrew the silver coins with large separating machines and they will simply run all of the cents that come through their hands through them. Cents will come in from the banks mixed and the only cents returned to the banks will be the zinc cents supplemented with new zinc cents to make up for the copper cents they pulled out. Eventually the amount of copper recovered will be low enough that it won't be worthwhile for them to continue trying to recover it. At that point melting will be allowed again, and they will probably finally discontinue the cent. I agree with that! Well written! Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
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Valued Member
United States
258 Posts |
Assuming nothing goes wrong I paid $.20 listing fee, $7.40 final value fee and $3.00 paypal fee. Kind of a rough way to make $19.00 (less if we take into account the value of wheat pennies at more than face) but a profit is a profit. Probably made .50 an hour plus I got to keep a few pretty coins..... Sincerely, John Leckrone http://cgi.ebay.com/ws/eBayISAPI.dl...ISSA:US:1123Edited by 925dealer
03/07/2010 10:37 am
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Pillar of the Community
United States
1409 Posts |
I do hate how the ebay/paypal fees EAT into profit, but they are mostly a necessary evil.
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Bedrock of the Community
United States
19961 Posts |
Quote:Assuming nothing goes wrong I paid $.20 listing fee, $7.40 final value fee and $3.00 paypal fee. Kind of a rough way to make $19.00 (less if we take into account the value of wheat pennies at more than face) but a profit is a profit. Probably made .50 an hour plus I got to keep a few pretty coins..... Sincerely, John Leckrone http://cgi.ebay.com/ws/eBayISAPI.dl...ISSA:US:1123 No such thing as a bad profit! |
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Replies: 52 / Views: 5,932 |
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Posted 03/01/2010 3:12 pm
