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 Replies: 46 / Views: 6,043 |
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Pillar of the Community
United States
3499 Posts |
Poll Question
At present I have about $200 worth of copper LMC's and they are just taking up a lot of space. I know that it is illegal to melt them right now, and this is why dealers are not treating them as small copper bullion coins. Since it is most likely that the bill will pass in 2012 which will prolong this ban on melting, is it really worth holding onto such a bulk of common pennies? It has just occurred to me that using the $200 to buy a nice, rare coin could ultimately be more satisfying and take up much less space.
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Valued Member
United States
312 Posts |
Current copper price is around $3.36 a lb.
I think if you can get a nice coin with the value of your hoard, go for it.
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Pillar of the Community
United States
4000 Posts |
It will be interesting to see what the vote is on this.
At 3.36/lb, that makes them worth around .022 cents/piece or double face value. (is that math right?)
So, you have, what, 3-4 boxes?
Hmmm.
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Pillar of the Community
United States
6326 Posts |
Since I don't hoard Copper.....my vote was easy ! ...  |
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Pillar of the Community
United States
1409 Posts |
I am saving my copper - but I'd spend it for the right coin in a NY minute.
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Moderator
 United States
188110 Posts |
If you can afford to keep a copper hoard and buy a nice coin, then that is what I would do. I am keeping my copper hoard, as small as it may be compared to some people! If you would rather have a nice coin and spending the hoard is the only way to afford it, then make yourself happy and get a nice coin!  |
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Pillar of the Community
 United States
3499 Posts |
Scooby Due- Oh, well I have 8 $25 Brinks boxes full of rolled copper cents.
I just can't help but think of all the nice $200 coins out there that would be so much easier to store and would probably be interpreted as more impressive (and sane) by non-collectors than the hoard.
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Pillar of the Community
United States
2600 Posts |
Have replied to other topics on this so voted but was not going to comment, then, I started wondering. I am guessing that they will not be able to allow people to start melting cents for copper as long as cents are being minted, or am I incorrect? So, the question is, how long do they intend to continue making them. I will be interested in what you guys think. Jim  |
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Pillar of the Community
United States
3499 Posts |
Jim1953- Very true! By allowing the melting of pre-1982 cents they would then be opening the door to the possibility of people melting more recent coinage. This problem has plagued many other countries, such as India where Rupee coins were taken out of circulation and melted in order to make razor blades. By contrast, is it not legal to melt pre 1965-silver US coinage? So this does argue that there can be differentiation under the law regarding melting of US coinage. |
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Pillar of the Community
United States
4000 Posts |
Oh, I thought you meant $200 in copper value, not face value - my bad.
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New Member
United States
40 Posts |
Spend them. Then I may be able to hoard them.
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Pillar of the Community
United States
1523 Posts |
Turn them in and do 200 dollars of roll searching.
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Pillar of the Community
United States
3499 Posts |
bugzilla46310- yup, it just might make someone's day to find my boxes of solid copper.
Halfwitty- honestly, my days of roll searching may be coming to an end. It used to be really fun, but now I just don't have that kind of time. Plus I would just rather buy a nice darkside coin than hold onto a bunch of stuff found out of circulation that is not worth too much above face.
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Pillar of the Community
United States
1523 Posts |
I hear ya.I enjoy searching but I'm sure I will get over it at some point as well.
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Valued Member
United States
236 Posts |
On Halwitty's comment; too bad the banks don't have a roll exchange program.  |
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Pillar of the Community
United States
2424 Posts |
i just sold a $25 box for $71.. so, there if you are patient, you could sell them and THEN take the money to buy an even nicer rare coin!
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Replies: 46 / Views: 6,043 |
Posted 03/17/2010 1:17 pm
