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 Replies: 52 / Views: 5,929 |
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New Member
United States
25 Posts |
Iteresisting thread, I've been saving the copper from my roll searches. Got about 50.00 dollars so far . I think I'll just hold onto them and see what happens, a penny's always worth a penny (hopefully) so I'm not really losing anything holding them.
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Bedrock of the Community
United States
19961 Posts |
Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
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Pillar of the Community
United States
1409 Posts |
IMHO - that is a temporary reaction, rather than a sustained issue that will drive the market conditions past the next 30-60 days.
I own a couple of copper mining stocks, and trust me, if this "panic" results in a quick 10% or more jump, I'll sell them off and buy them back later when they drop after everything in Chile' is resolved.
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New Member
United States
44 Posts |
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".
And so will go the days of buying 5 dollars of copper for 2.50. Without warning it will be over! I will be kicking myself in the butt the rest of my life till I am an old man saying I could have retired off of this. I will tell my poor children that I knew it was a good idea to hoard as much copper as possible. But I didn't get that much because I didn't think it would be cut off so abruptly, I thought I had more time.....
History ALWAYS repeats itself 1933 1964 1982
So to get back on topic I think you know what my vote is.
"Hoard Baby Hoard!"
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Bedrock of the Community
United States
19961 Posts |
silvermaching - Yea, for now it's kind of like free money!
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Pillar of the Community
United States
1409 Posts |
Don't get me wrong, I'm hoarding, saving all of my copper cents. I just think this quick swing in price, is just that - a quick swing. I do believe we'll have $5 copper within 18 months though.
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Pillar of the Community
United States
1882 Posts |
Quote:
I will be kicking myself in the butt the rest of my life till I am an old man saying I could have retired off of this. I will tell my poor children that I knew it was a good idea to hoard as much copper as possible. Let's be generous and say someone could get $10/lb profit on copper. It would take 1.6 MILLION pennies to make $100K. Moving around 10,000 lbs of copper is some work. Then figure all the work to collect it all. On top of that, I couldn't retire on $100K. A part-time job to fund retirement doesn't look so bad in comparison.  Yet for some reason I tend to throw the coppers into a small stash.  |
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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
188770 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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Replies: 52 / Views: 5,929 |
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Posted 03/01/2010 08:46 am
