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 Replies: 34 / Views: 8,285 |
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Valued Member
Canada
370 Posts |
With the penny slowly being taken out of circulation I am reluctant to part with any of mine that I have collected in my loose change jars over the years. The question is how should I store these coins?  I am looking for the most cost effective way of storing them. But I would also like to ensure the no major damage will happen to the coins over the 10, 15, 20 years they go untouched. Suggestions? |
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Pillar of the Community
Australia
4411 Posts |
First of all I would be tossing aside any coins with any signs of corrosion. Next I would be putting them in small plastic tubs (not PVC) with a couple silica gel satchels, changing them everynow and then.
I dont think it would at all cost efficient to put them in 2x2s or even plastic sleeves.
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Pillar of the Community
Canada
2427 Posts |
Personally, I would sort through the pennies and pull out any Key dates or error coins.
As for the rest, unless they are in a high mint state condition, get rid of them.
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Valued Member
 Canada
370 Posts |
Why would I want to get rid of them. Once they are gone I will never be able to get them back. And isn't the melt value of older pennies worth more then face value?
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Pillar of the Community
Canada
1354 Posts |
I've been saving mine as well. The copper ones only. If you go to the bank you can get the cardboard boxes that they ship the pennies in and out of the bank with. They nicely hold 50 rolls or just toss them in loose. And it's a very compact box. I find this the cheapest, space friendliest way. I've gone into the bank and asked for a few and they just give them to me.
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Bedrock of the Community
Australia
21788 Posts |
I would put them in wide mouthed polyethylene terephthalate (PET) jars, with the labels removed. I use these for the bulk storage of many different things besides coins, e.g. nails, screws, nuts & bolts, powders and secondary containment for poisons.
This is the clear plastic used for Coke bottles. You can very easily see what is contained inside, and they won't shatter if you accidently drop them.
Roll the coins in acid free paper if a more chemically secure environment is required, perhaps with a small packet of silica gel inluded with them as well.
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Pillar of the Community
Canada
2427 Posts |
The vast majority of jarred pennies will never be worth anything more than a penny.
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Pillar of the Community
Canada
2427 Posts |
Just my friendly opinion.
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Pillar of the Community
Canada
2781 Posts |
 Quote:
Why would I want to get rid of them. Once they are gone I will never be able to get them back. And isn't the melt value of older pennies worth more then face value? because storing them "en masse" will cost more than they will ever be worth. pull out and save the top 1/100th of one %, cash in the rest and buy silver. as far as never getting them back... with 18 trillion billion ever minted, I am sure there will be some to be had if you really want one! the ones that are worth money now are the only ones that will be worth something 5-10-15 (or 100) years from now. yes melt value of copper is worth more than the penny, BUT, the penny isn't being demonitized, its being pulled from production, and so it will still be illegal to melt them. can't even legally export to make it worth while. my math might be off but 180ish pennies ($1.80) per pound at todays scrap yard prices you could in theory make $1.00ish per pound profit. (IF you can find someone who will actually buy them from you - trust me, scrap yards dont want them even for 1/2 a cent) just for fun, i think you could get 800,000 - 1,000,000 pennies in a 45 gallon drum. it would weigh around 5,000-5,500 pounds, and be worth around $12,000-$14,000 in scrap ($8,000 - $10,000 in cash)... good luck putting that in your pickup and taking it to the local scrap yard (or even to the bank at face value for that matter!) Edited by Wade
06/17/2012 1:20 pm
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Pillar of the Community
United States
2130 Posts |
I have thousands of copper cents. I don't plan on getting rid of them anytime soon. The 3 reasons for me to hold them is;
1- They are worth more than face
2- With the possibility of them being discontinued, I expect them to increase even more in value than they are worth in melt.
3- Storage is not a problem, as digging it my yard is very easy.
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Pillar of the Community
Canada
2781 Posts |
1. they are only worth more than face if you can find someone willing to pay more than face, which you wont unless it is key / semi key / MS65. 2. anything minted in the 100,000s of millions will NEVER be worth more than melt. 3. I would love to see the looks on archeologists face when they dig up your hoards and say "oh gods, not ANOTHER pile of worthless pennies"  Edited by Wade
06/17/2012 2:11 pm
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Valued Member
Canada
56 Posts |
Put in to one pound packs and store in bucket with your nickels. Then arrange your silver the same and have close by for when we have a economic collapse and the end of plastic and back to bullion.
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Pillar of the Community
Canada
1354 Posts |
It's interesting how not many people actually answer the question being asked...I believe it was how to store the pennies he wants to keep not how many people feel they are worthless and "if" he should keep them. And if a penny is only worth a penny then I would not see ebay bids at 5X face. Not saying it is the smartest buy but it is happening. |
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Valued Member
Canada
56 Posts |
Sorry CoinChick I will rephrase my answer then.
I vacuum seal all my key dates that I come across in roll hunting or buy for my kids ,this I hope will save the coins from oxidation and corrosion.
This to will eliminate moisture as well. The plastic is PVC free so hopefully no damage to the coins in 50 to 60 years. I check every time I show them to family and friends and no problems yet.
Hope that helps barriecarson
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Pillar of the Community
United States
745 Posts |
Most plastic tubs/containers have a Recycle number on bottom, I seen 1-6..
Know what number is for plastic with PVC to avoid these as coin storage?
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Valued Member
Canada
56 Posts |
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Replies: 34 / Views: 8,285 |
Posted 06/17/2012 08:53 am
