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 Replies: 164 / Views: 29,137 |
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Pillar of the Community
United States
745 Posts |
Les, you just gave me a great idea...I'm in SE Michigan and Canadian pennies show up even more, like 5 per roll.
So I will start searching US rolls. with my luck I may have had a few of these back in 2006 and spent them in Ohio.
Back then I didn't know to look for Magnetic cents with no P
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Pillar of the Community
Canada
1984 Posts |
I have a theory on why these coins may apparently be becoming more common..... Could it be that the high price of copper is causing a huge reduction in the number of circulating copper cents, thus making newer cents more common overall? There have been some postings on this site which suggest that there are people out there screening huge numbers of cents for copper. With old cents worth about $0.03 in coppper, maybe people are pulling them (and old nickels) out of circulation and melting them down. Do any roll searchers have views on the overall prevalence of copper cents versus what they saw three or four years ago?
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Pillar of the Community
United States
745 Posts |
GOOD IDEA...I am pulling out all the 98% copper cents found in rolls and sending back the newer dates.
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Pillar of the Community
Canada
1984 Posts |
But what do you do with them? I don't get the copper bullion "investing" going on now. It is just way to hard to store, buy and sell (due to weight issues). Nickel is a little better but not much. Even silver is a pain. I once did my aunt a favour and took 10 100oz silver bars into the Bank of Nova Scotia to sell....back when silver was $7....I took them in a gym bag and I nearly wrecked my shoulder. There is a reason why gold is the accepted investment metal. It is portable, relatively valuable, and easily traded without a lot of scrutiny. Why bother with copper? Or nickel? Or silver? Or platinum? If the world melts down and people don't want paper currency, they won't be clamouring for rolls of Canadian copper cents.
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Pillar of the Community
United States
745 Posts |
so you said: old cents worth about $0.03 in coppper,
But we get them for 1c each at 3c copper value... That's 300% $
Be like getting gold at $600 oz today.
Back in 1964, I never knew that little 10c dime would be worth $3 today $$$
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Pillar of the Community
Canada
902 Posts |
There are three guys selling this coin on ebay & they seem to have an endless supply. |
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Valued Member
Canada
235 Posts |
I am guilty of hoarding copper cents. I have a big bucketful, I have no idea really why I am doing it but it just felt like the right thing to do. I was thinking if they get rid of the penny, as the Canadian senate has floated around, and IF copper goes through the roof, maybe I can fund a nice vacation somewhere warm :)
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Pillar of the Community
Canada
2428 Posts |
Which year was it when they stopped making the copper cent
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Valued Member
Canada
235 Posts |
1996.
I only hoard 1979 and earlier, they have about 3.2 grams of copper, 1980 and above have about 2.4 grams. I know, its kinda stupid, I really don't have idea why I am doing it.
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Pillar of the Community
Canada
2428 Posts |
If you enjoy doing it than thats all that matters hopping-rabbit.
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Valued Member
Canada
235 Posts |
Copper is about 4 dollars per pound right now, making a .98 pure copper penny worth about 3 cents. Lets say 20 years from now copper is up to 15 dollars a pound (not unfeasible) now your penny is worth 10 cents melt. But then there is inflation to consider....anyways this is a little off topic, apologies.
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Pillar of the Community
United States
745 Posts |
darryldarryl, well our thinking  is not coming true!  r...9 just spent $1225 todaay on the MS64 and now he is still buying all 2006 MAGNETIC PENNY NO P NO RCM LOGO His Winning bid of US $86.99 for a RAW coin that may appear to be stained? Does BILLIONARE Bill Gates live in Canada?   Edited by Penny4Me
09/11/2011 10:00 pm
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Bedrock of the Community
United States
10635 Posts |
Maybe this guy is trying to buy up all of the coins to control the market on them?
Les
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Pillar of the Community
United States
745 Posts |
ya but there are maybe 50,000 2006 MAGNETIC PENNY NO P NO RCM LOGO out there with many that own 2 or more, so he would $300,000+ or more to get them all. One even showed up in Ohio! |
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Pillar of the Community
Canada
2428 Posts |
You are right Penny4Me! This guy obviously has very deep pockets. How many do you think he has purchased to date? I wish I was stupid so that I could get into some bidding wars with him and beat him on every auction!   Edited by darryldarryl
09/12/2011 7:13 pm
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Replies: 164 / Views: 29,137 |
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Posted 09/07/2011 11:44 pm
