Copper Climbing Again - Page 4 - Coin Community Forum

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coppertop5150 Pillar of the Community United States 958 Posts	Posted 11/10/2010 01:11 am the only hope for hoarders is a company buys the copper cents and ships them buy the million over seas where they are refined in china But even then the cost would have to be over 10$ a lb in order for a person to get 3-4$ a lb from a buyer that arranges the shipping , After all no one is gonna buy all that copper ship overseas with out making a profit. And if copper falls over night from 10$ to 3$ a lbs agian and 20million pennies are in a shipping contianer to china well someone just lost there but. Report this Post to the Staff
Conder101 Bedrock of the Community United States 17884 Posts	Posted 11/10/2010 11:06 am Quote: The law will never change on copper unless penny production was stopped Quote: With silver the coins were already replaced with clad coins in enough production that melting down the old ones would not cause a new demand for new coins. So why would they not do the same when the number of copper cents in circulation drops low enough that melting them would not cause new demand for new coins? Report this Post to the Staff
Maineman750 Pillar of the Community United States 3592 Posts	Posted 11/10/2010 12:39 pm Coppertop5150....it cost 1.6 cents to produce a penny in 2009.It is illegal to ship pennies overseas for the purpose of melting. And the percentage of copper pennies is dwindling. Actually it would make sense for the government to hoard copper pennies and melt them.It would one of the few times they would actually make a profit. Report this Post to the Staff
jbuck Moderator United States 188929 Posts	Posted 11/10/2010 2:44 pm Quote: So why would they not do the same when the number of copper cents in circulation drops low enough that melting them would not cause new demand for new coins? Exactly. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
coppertop5150 Pillar of the Community United States 958 Posts	Posted 11/10/2010 7:47 pm the cost as of today is 2 cents per each penny , Thats manufacture cost . The cost of rolling , bagging , shipping and distribution add more cost. But on the positive side , The usa mint makes a profit of quaters , dimes, and president dollars when they sell a quater at face value to a bank . They clear almost 15 cents profit , and the presidnet dollars the mint makes 90 cents each profit. as long as the mint makes such gains on the 25,1$ coins doubt they will stop making the penny the mint made around 900 million in 2009 profit in coin production. Report this Post to the Staff
hockingzig Pillar of the Community United States 1450 Posts	Posted 11/11/2010 07:39 am Coppertop,if it was just the cent losing money I would agree with you but presently the nickel is costing more also. With two coins with fairly high production numbers each year, it makes sense to stop producing one of them,especially when most people hate them anyway. Seems like an astute political move for Congress to show cost cutting(albeit a miniscule cost in the big scheme of things)with minimum outcry from the public who,in general hate the cent anyway. These days you have to think politics and spin rather than simple math. I predict 2012 will be the last year for the cent. Report this Post to the Staff
jbuck Moderator United States 188929 Posts	Posted 11/11/2010 11:03 am Quote: I predict 2012 will be the last year for the cent. I have been thinking 2015 at the latest, but 2012 is probably more realistic. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
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