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 Replies: 52 / Views: 4,857 |
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Pillar of the Community
United States
757 Posts |
it occurs to me that it'd be impossible to tell it was pennies if it were melted though
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Pillar of the Community
United States
687 Posts |
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it occurs to me that it'd be impossible to tell it was pennies if it were melted though Only if you melt them yourself. Add anyone else into the equation and you've got a witness! |
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Valued Member
United States
71 Posts |
Impossible to tell, probably. But I guess my question is more along the lines of, do you think it's worth it to search for and hoard pounds upon pounds of copper pennies (when a pound of copper is currently at $3.82), only to melt it all down by yourself (edit: or with tight-lipped friend  )? I guess I might be jumping the gun on the whole melting prospect (metal is metal whether in penny form or not), but you catch my drift. This isn't rhetorical. I'm actually wondering after looking through today's pocket change  Edited by gundawg89
11/03/2010 03:44 am
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Pillar of the Community
United States
3592 Posts |
One thing I remember is sorting through silver dimes in the late 60's early 70's....we only kept the merc's....oh how I wish we had hoarded all the silver.So, yes I'm hoarding copper pennies. Nothing to lose by doing so, and a very good chance to double or triple my money.I can always spend the pennies in a pinch.
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Valued Member
United States
364 Posts |
Again with the melting concerns. Guys....guys....look, a base metal coin is a store of base metal value. You don't have to melt them to turn a profit. You make money when you sell silver coins. You don't have to have a smelter to do that.
It's all about intrinsic value, baby!
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Valued Member
United States
364 Posts |
And might I add I'm really glad I have my two tupperware containers of copper cents right now :)
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Pillar of the Community
United States
757 Posts |
yeah. you know I think I'm going to buy a coin comparitor and set something up for sorting the coppers.
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Pillar of the Community
United States
757 Posts |
and secondly...if they're not melted, then you're not able to get a premium for them. suffice to say I've considered it and, BECAUSE IT'S ILLEGAL, advise no one to do it, as I myself will NEVER melt them, bc I want to be in compliance with the law, as I'm sure everyone else here does, and because the law isn't just the law, it is doing what's right. ;)
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Moderator
 United States
188770 Posts |
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Again with the melting concerns. Guys....guys....look, a base metal coin is a store of base metal value. You don't have to melt them to turn a profit. You make money when you sell silver coins. You don't have to have a smelter to do that.
It's all about intrinsic value, baby! I agree! A melted slab of copper needs to be assayed, which is not free and will cut into your profit. I do believe that cents would be worth even more if you could melt them because the market for them would increase. At this time, the only legal markets for them are bullion traders and speculators (those waiting for the melt ban to be lifted). If they could be legally melted, then the industrial markets would get in on the purchasing of cents (that they can melt and use for their industrial application). However, I would also expect the industrial prices of copper to come down some with the increased supply. Too much to speculate on. I will just continue to sit on my little hoard and smile. |
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Pillar of the Community
United States
625 Posts |
A cent is 3.11 grams of .950 pure copper bullion. No need to melt it. Just like monetized bullion/junk silver you know what its composition is and is guaranteed by the US government. Bullion from other sources are not so no need to melt it down.
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Pillar of the Community
United States
1256 Posts |
The energy required is really beyond small operations regardless of the metal source. It's fun but its not going to be profitable. IMHO
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Pillar of the Community
United States
3294 Posts |
A company that wants to use copper probably wants higher purity then 95% though, so you will not be likely to get full value.
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Valued Member
United States
71 Posts |
Lots of good opinions and information here, thanks guys! I guess there really is nothing to lose by stashing copper pennies away. I've always known the pre-82's were copper, but I never realized just how quickly they seem to be disappearing until reading this thread. Check your change! I only found 4 coppers in about $8 worth of circulated coinage...so many Zincoln's!
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Valued Member
United States
71 Posts |
Just remember I have bag of Canadian change with lots of old pennies that I never thought I would use. Bonus!
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Pillar of the Community
Canada
3692 Posts |
What would you melt them down into? They're close to pure and are assayed already. If you're planning to make wire or pipe then I'd understand. But as it is, coppers are already monetized. If they don't circulate then they're worth nothing. Honestly, I hope people do melt their hoards so that my Very Good coins are worth more than face. Think about how much old real money you'd be destroying to fulfill your desires to have new fiat money.
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Replies: 52 / Views: 4,857 |
First Page
Posted 11/03/2010 02:05 am
