| Author |
 Replies: 52 / Views: 4,858 |
|
|
|
Valued Member
United States
71 Posts |
The issue of melting comes up when you look at your hoard for what it is being valued at (a pile of copper). The only way someone is going to buy a sizable portion of copper, besides pure investment, is to actually make use of the metal. In this case, it would need to be melted down, and thus it would have to be legal in the United States to do so.
|
|
Pillar of the Community
United States
3592 Posts |
I believe it was illegal to melt silver coins at one time also...once the the demand for copper is high enough,they will change the laws as they did for silver.And...just as silver,they don't need to be melted to have value.I have $75 in copper pennies that I've hoarded in the last 4 weeks while roll searching....it's a no brainer to set them aside.
|
|
Valued Member
United States
71 Posts |
It may seem like a no-brainer to set them aside, but are you banking on the penny failing? Sounds like it... $75 in copper in the last month...that's about 5 lbs in copper per week... Exactly how much time are you devoting to setting aside 20 lbs of pennies per month?
|
|
Pillar of the Community
United States
3592 Posts |
I get a $50 bag every week plus what my friends and neighbors give me.I don't worry about the time involved...us retired guys need something to do.Not doing it for the copper, but figured while I'm searching,it is just a bonus.
|
|
Pillar of the Community
 United States
1450 Posts |
Copper up 12 cens to $3.90 this morning ad climbing steadily. Silver at $25.50 ad climbing steadily. Could be a big day for metals!
|
|
Bedrock of the Community
United States
17884 Posts |
Quote:
A company that wants to use copper probably wants higher purity then 95% though, so you will not be likely to get full value. Companies that want to USE silver usually want higher than 90% purity too. That doesn't keep them from buying silver coin. You want pure copper? Still cheaper to refine 95% pure copper than to produce it from the raw ore. The only time the issue of melting the cents (other than by the refiners) has meaning is if you are trying to evade the current laws against melting them. Once the law is changed, there will be no reason to melt down your cents before selling them. I would expect the law to be changed once the percentage of copper cents in circulation drops low enough that it isn't worth the effort to search them out of circulation. Maybe 1 to 2%. Right now they are down to about 25%. |
|
Pillar of the Community
United States
3294 Posts |
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.
|
|
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.
|
|
Pillar of the Community
United States
625 Posts |
Quote:
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
|
|
Pillar of the Community
United States
3294 Posts |
A lightweight eh? I was thinking more along the lines of this baby.  |
|
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?
|
|
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
|
|
Pillar of the Community
United States
757 Posts |
bwahahahaha! you might as well collect scrap airplanes and put those domes to good use.
|
|
Pillar of the Community
United States
1450 Posts |
Looks like we may see $4 by days end!
|
|
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.
|
| |
Replies: 52 / Views: 4,858 |
First Page
Previous Page
Posted 11/03/2010 7:57 pm
