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Where Are The Bronze Lincoln Memorial Cents Going?

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35797 Posts
 Posted 09/15/2021  10:33 am  Show Profile   Check nss-52's eBay Listings Bookmark this reply Add nss-52 to your friends list Get a Link to this Reply

Quote:
the very idea of hoarding copper cents for their melt value, with the attached time and transportation costs, is surely the definition of lunacy.
There were some that thought this about silver coins back in the 1960s. I was alive back then, but could not afford to hoard any amount of money.
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Australia
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 Posted 09/15/2021  10:53 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
Collect scrap copper wire instead.
The copper wire is pure, therefore no re refining costs.

Easiest way for a licensed copper recycler to separate copper clads from solid bronzes is to send them through an automatic weighing machine, which separates them by weight.

I would assume the the U.S. Mint would not do this, but have it done under contract.
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 Posted 09/15/2021  2:26 pm  Show Profile   Bookmark this reply Add nick10 to your friends list Get a Link to this Reply
The % of bronze cents is dropping slower than I'd expect. My notes from roll searching in 1997 show 22% bronze LMCs. In 2021 that portion dropped to 19%. That's about a 15% decrease in circulating bronze LMCs across the past 24 years. At that rate of decrease, there will still be a bronze cent or two per roll 150 years from now, when it seems the mint will still be churning out cents.
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 Posted 09/15/2021  2:43 pm  Show Profile   Bookmark this reply Add ijn1944 to your friends list Get a Link to this Reply
My mountain of searched copper memorial cents--from XF to low MS--is going back into circulation.
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 Posted 09/15/2021  3:31 pm  Show Profile   Check NumisRob's eBay Listings Bookmark this reply Add NumisRob to your friends list Get a Link to this Reply
Pre-1982 copper cents seem to be commoner in circulation in the USA than pre-1992 bronze pennies are in the UK. I only had 14 bronze coins in a 1 bag I got from the bank recently.

One reason the older coins are declining may be the increasing popularity of smashed penny machines, both in the US and in the UK. You get better results elongating a pure copper or bronze coin than a copper-plated zinc or steel one. When you put a post-1982 cent into a smashed penny machine, it often comes out with grey streaks and a flaky surface.
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 Posted 09/15/2021  5:05 pm  Show Profile   Bookmark this reply Add grospoisson to your friends list Get a Link to this Reply

Quote:
"My obligatory demand: STOP MINTING CENTS FOR CIRCULATION! (yelling is intentional)

Then give us BRONZE cents in the annual proof and uncirculated Mint sets."



Hey jbuck you really do hate those things don't you? Do you guys think that prices will rise on cents (ever so slowly) if they are discontinued?
Probably not since there are so many.
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 Posted 09/16/2021  10:57 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
I do not hate the cent. I still want them to be made as an NIFC coin.

I do hate that they cost more to make than they are worth. It is the worst kind of wasteful government subsidy.

You know how they say if you do not vote you cannot complain?

Well, I say you cannot complain about government waste if you support a circulating one cent coin.
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 Posted 09/16/2021  5:35 pm  Show Profile   Check BadThad's eBay Listings Bookmark this reply Add BadThad to your friends list Get a Link to this Reply
w/ jbuck

The even bigger issue is the transportation costs. We're shuttling around millions of pounds of pennies in America EVERY SINGLE DAY. Those on the left should be screaming about the energy and emissions waste and those on the right about the pure government waste. Given both sides agree, why are they still in use today?
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 Posted 09/17/2021  12:15 pm  Show Profile   Bookmark this reply Add cladking to your friends list Get a Link to this Reply

Quote:
Given both sides agree, why are they still in use today?


It's simple enough. There are people making money lots of money forcing these coins on Americans and lying about the need for the toxic little slugs.

"Americans for Common Cents receives funding from about 40 separate organizations,[7] including Jarden Zinc Products, the company that sells zinc coin blanks to the U.S. Mint. In 2012, Weller, a lobbyist, was paid $340,000 by Jarden Zinc to discuss issues relating to minting with members of Congress and the US Mint.[9] Weller has acknowledged this funding, saying that "We make no secret that one of our major sponsors is a company that makes the zinc 'blanks' for pennies."[10]"

edited to add link; https://en.wikipedia.org/wiki/Ameri...Common_Cents

Even the chief lobbyist is raking in 340k.

Jarden Zinc Products is associated with some big name congressmen whose names I will not mention.

Simply stated the generation that railed against the "status quo" enshrined it when they got a piece of the pie. ...Almost every piece of the pie. ...It rarely gets cut up any longer.
Time don't fly, it bounds and leaps.
Edited by cladking
09/17/2021 12:16 pm
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 Posted 09/17/2021  12:19 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
Power corrupts... it's all about the Benjamins Zincolns baby.
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 Posted 09/17/2021  4:55 pm  Show Profile   Bookmark this reply Add Oldfordman to your friends list Get a Link to this Reply
Those copper cents are getting piled in my closet.
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 Posted 09/17/2021  8:16 pm  Show Profile   Bookmark this reply Add cladking to your friends list Get a Link to this Reply

Quote:
Do you guys think that prices will rise on cents (ever so slowly) if they are discontinued?


Yes!

It looks like prices of moderns are going up right now but discontinuing the cent will focus more attention on this denomination that has become worthless in change.

The simple fact is that many of the memorial cents are grossly underappreciated in nice Gem condition and a few in chBU.

But the real potential someday will be the zincolns because those stored poorly will not last. The attrition on these is just sky high. You can still find a 1984 in change but it's going to be spotted and ugly.
Time don't fly, it bounds and leaps.
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 Posted 09/17/2021  10:39 pm  Show Profile   Bookmark this reply Add coinnewcomer1 to your friends list Get a Link to this Reply
Well even hoarding tons of silver coins can reach the point the returns are equaling the time and effort required to go through them for varieties, errors before storing them to be hauled to the refiner. And lest we all forget, in 1992 the spot price of silver was $4.00 an ounce. So then a Washington quarter's bullion value was about 70 cents. Still significantly higher than its face value and historically higher than the period before 1974 (not adjusted for inflation). However, this illustrates its volatility. If we adjust historic silver prices for inflation we see the US Mint had good reason NOT to produce silver dollars in 1919 and 1920 because the silver spot price was $1.35 which is about $18.50 in 2021 and therefore matching market prices at times for the period 2018 - early 2020. Note though in 1920 all lower denominations at the $1.35 price equaled face value. Fortunately silver spot price fell precipitiously --- to about 50 cent per ounce with the nadir being 1933 - 1934 when it was about 25 cents. This price history illustrates how hoarding silver for depression actually may NOT be a good idea because the things that will be of great value will be the very essential and tools needed to produce/procure them: food, water, clothing, shelter. As a hedge to inflation --- well that is based on limited evidence.

I think the only valid argument to save copper, silver and gold solely for bullion value is that natural sources of these metals (that is from natural mines) are predicted to be exhausted before the end of the 21st century. Of course who knows what may happen that may make this not matter --- we find affordable ways to mine planets or the Moon for these metals, or efficient ways to recycle these metals for reuse. Heck scientist are even studying phytomining, the science of mining minerals from plants (some plants contain, for example, high concentrations of zinc in their leave) but their are several perils to turning this into industrial use but still interesting.

I concur with those who have noted how fragile post-1982 cents are due to their predominance of zinc and the issues with the copper coating. Spotting too is an issue compounded by the lower relief being lowered from 1983 until 2010 so that many Lincoln cents today have designs looking as flat as a pancake. For those new to numismatics, all I can say is get the 2021 proof set and compare the two Quarters - the Tuskagee as with all America The Beautiful suffered the same flattening of relief as the Lincoln cents but the 2021 Washington Crossing The Delaware actually raised the relief of Washington and had the reverse almost incuse making one of the most attractive quarters in quite some time (the ATB Quarters had some excellent designs but I always thought the low relief didn't help). Anyway, I digress. My acquisition strategy is to keep any nice red post 1983 cent (ideally uncirculated or AU58) I can find as well as nice pre1982 cents. Basically, my approach is a little more numismatic than bullion driven. I don't bother searching out varieties or errors --- I mean if there is a visible doubling with the naked eye (not with a special coinscope you paid $100+) of course I will set it aside and keep. Another reason for this strategy is just how difficult it is to find from post 1982 cents those that are NOT corroded, have ugly toning or riddled with spotting.

As these photos show, it is possible to find a nice post 1982 Lincoln cent coin roll hunting but it isn't easy. Pardon that the photos are a little grainy, the ISO I chose may have been too high or my hand simply slightly unsteady!



Edited by coinnewcomer1
09/17/2021 10:46 pm
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 Posted 10/05/2021  12:17 pm  Show Profile   Bookmark this reply Add JTCC to your friends list Get a Link to this Reply
coin roll hunter here, I pull every single one of them I could get my hands on in circulation, no matter the condition. miss the good'ol days that we actually had money in our currencies.
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