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 Replies: 52 / Views: 4,856 |
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Pillar of the Community
United States
3592 Posts |
People may not buy and sell copper pennies as easily as silver,but anything I can double my money on without risk is once again a no brainer.My CD's certainly don't come close.
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Pillar of the Community
United States
625 Posts |
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Condor, I agree to some extent, but here is the difference. Copper is a bulk commodity where the vast majority of use is industrial things like wire and pipes. Silver also has industrial applications, but it is far less of a bulk commodity. You see hoarding $1000 worth of silver is pretty trivial. It will only weigh a couple of pounds and can easily fit into a bank box (5-6 rolls of quarters). $1000 of copper on the other hand will weigh 250 lbs and will probably at least be a couple of cubic feet (800 rolls or so of pennies if my math is right). It would seem to me that if people want to store wealth in metal, they would not do it in copper like they would with silver. Why I had this built....   Edited by AGCoinHunter
11/04/2010 1:07 pm
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Pillar of the Community
United States
3294 Posts |
A lightweight eh? I was thinking more along the lines of this baby.  |
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Pillar of the Community
United States
1256 Posts |
That's nice nod. I can see where you drop the pennies in at the top. Is that a zincoln sorting just under the chute? Clever design :)
What happens when you fill it up, move on to Dome #2?
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Pillar of the Community
United States
3294 Posts |
If my calculations are correct, this building could hold all the copper pennies ever created by the US (roughly 188 billion) about 30x over so I should be ok.
That also give a value of $5.2 billion of copper in all the 95% pennies made.
Edited by nod2003
11/04/2010 4:53 pm
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Pillar of the Community
United States
757 Posts |
bwahahahaha! you might as well collect scrap airplanes and put those domes to good use.
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Pillar of the Community
 United States
1450 Posts |
Looks like we may see $4 by days end!
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Pillar of the Community
United States
958 Posts |
The law will never change on copper unless penny production was stopped
Why would the govt say ok melt away when it cost 5-6cents to make a new penny and ship it to a bank
makes no sense.
With silver the coins were already replaced with clad coins in enough production that melting down the old ones would not cuase a new demand for new coins.
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Pillar of the Community
United States
958 Posts |
the only hope for hoarders is a company buys the copper cents and ships them buy the million over seas where they are refined in china
But even then the cost would have to be over 10$ a lb in order for a person to get 3-4$ a lb from a buyer that arranges the shipping , After all no one is gonna buy all that copper ship overseas with out making a profit.
And if copper falls over night from 10$ to 3$ a lbs agian and 20million pennies are in a shipping contianer to china well someone just lost there but.
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Bedrock of the Community
United States
17884 Posts |
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The law will never change on copper unless penny production was stopped Quote:
With silver the coins were already replaced with clad coins in enough production that melting down the old ones would not cause a new demand for new coins. So why would they not do the same when the number of copper cents in circulation drops low enough that melting them would not cause new demand for new coins? |
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Pillar of the Community
United States
3592 Posts |
Coppertop5150....it cost 1.6 cents to produce a penny in 2009.It is illegal to ship pennies overseas for the purpose of melting. And the percentage of copper pennies is dwindling. Actually it would make sense for the government to hoard copper pennies and melt them.It would one of the few times they would actually make a profit.
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Moderator
 United States
188770 Posts |
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So why would they not do the same when the number of copper cents in circulation drops low enough that melting them would not cause new demand for new coins? Exactly.  |
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Pillar of the Community
United States
958 Posts |
the cost as of today is 2 cents per each penny , Thats manufacture cost .
The cost of rolling , bagging , shipping and distribution add more cost.
But on the positive side , The usa mint makes a profit of quaters , dimes, and president dollars
when they sell a quater at face value to a bank . They clear almost 15 cents profit , and the presidnet dollars the mint makes 90 cents each profit.
as long as the mint makes such gains on the 25,1$ coins doubt they will stop making the penny
the mint made around 900 million in 2009 profit in coin production.
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Pillar of the Community
United States
1450 Posts |
Coppertop,if it was just the cent losing money I would agree with you but presently the nickel is costing more also. With two coins with fairly high production numbers each year, it makes sense to stop producing one of them,especially when most people hate them anyway. Seems like an astute political move for Congress to show cost cutting(albeit a miniscule cost in the big scheme of things)with minimum outcry from the public who,in general hate the cent anyway. These days you have to think politics and spin rather than simple math. I predict 2012 will be the last year for the cent.
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Moderator
United States
188770 Posts |
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I predict 2012 will be the last year for the cent. I have been thinking 2015 at the latest, but 2012 is probably more realistic. |
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Replies: 52 / Views: 4,856 |
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Posted 11/04/2010 1:06 pm
