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Pillar of the Community
United States
1602 Posts |
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I like his posts, lots to read. I wish you could "subscribe" to another member hah. Actually, with the new feature that Bobby just added, you can. See that little white bubble in the post header? That can be used to follow a members recent posts! Edited by Biedercoins
07/09/2016 07:51 am
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Moderator
 United States
54282 Posts |
As of July 8, 2016 the melt value non-zinc plated Lincoln cents is $1.41 per $1.00 face. That's the metal value, not what you could get selling them to a smelter if that was legal. Amassing enough cents to accumulate a significant store of increased wealth is going to take a lot of time and take up a lot of space. It only takes 145 such cents to make a puond. When you gather just $2,900 in copper cents, you will have something that weighs a literal TON (but it will be worth $3,306 in metal-about $400 "profit"), but if it crashes through your floor, the repair costs will be more than your "profit". If you live in an apartment, and it kills your downstairs neighbor, well you will have even bigger problems.
When I was much younger, silver coins circulated freely. When they quit making them, I WANTED to save them all, but I just could not afford to spend all my income on that endeavor. I still managed to save a few hundred quarters, but if I had kept all that passed through my hands I would have "gone broke" before the price of silver rose enough to actually sell at a gain.
Show your financial support of the Coin Community Family (click here)See my topic on Mexican Numismatic Medals (click here)Edited by nss-52
07/09/2016 08:18 am
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Pillar of the Community
United States
4809 Posts |
I think folks can collect or hoard what they want if that makes them happy. The question whether to hoard copper cents comes up here often enough, and many have contributed pros and cons to the idea. I think if folks want to hoard their copper cents, they may want to do some Advanced Searches here and read through the dozens of threads. My feeling is that a number of folks hoarding cents will stop...and find a better subject or metal to invest in (i.e. save enough copper and zinc cents to buy silver and gold bullion). Waiting for a day where the government allows copper cents to be melted may never come and if it does, a decade of increases on precious metals and 401(k) holdings will have passed.
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Valued Member
 58 Posts |
All good points. I guess it's like anything else, pros and cons and people on both sides.
I do invest in stocks as well, and in the stock market they call it Dr. Copper - if the world economy is well Dr. Copper gives you a gauge of how healthy it is with its price. I think it will appreciate IF the world economy can get firing on all cylinders.
But it is fun to grab discontinued Canadians, Wheaties, IHs and Copper cents just as a hobby.
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Bedrock of the Community
United States
20753 Posts |
Some of the problems with hoarding, using melt values, etc. is where can they all be used? You can say this or that is worth this at melt but just who is going to give you that? Most people I know simply dump old Cents in with Copper Cables when they take them to a meal recyler. Around where I live, most of these place don't care what it is as long as it's metal. You can try taking a pile of old Cents to a coin store or coin show but you would be lucky to get anywhere near what you think.
As to hoarding something for tomorrow. A long time ago, myself ad a friend started to hoard those Bicentennial Quarters. After about 10 years of hoarding I took my stash of about 1,000 to a coin show. I asked all over how much I could get for those. Most dealers said $.24 each as sort of telling me no one wants them. The next day they all went to a bank. Today, after 40 years, their value is still about the same. So HOARDING? You could do better with a savings account in a bank.
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Moderator
United States
34425 Posts |
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Most dealers said $.24 each as sort of telling me no one wants them. Hmmm, I do have a bunch of bicentennial quarters.  "If you climb a good tree, you get a push."
-----Ghanaian proverb
"The danger we all now face is distinguishing between what is authentic and what is performed."
-----King Adz
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Pillar of the Community
United States
4409 Posts |
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The same with currency such as Jackson 20's that will soon be phased out with new pictures. Anytime a bank teller gives me an extra crisp $20 I put it in a holder.
Unless it is a star note from a low print run, an error, or a low serial number I doubt there is much earning potential for holding on to these. Inflation will likely eat up any potential gains. The wheels of government are slow and the proposed redesign of the $20 will take years before it actually happens. The representatives and Senators from Tennessee will decry the removal of Jackson. There will be hearings and testimony. In the end, nothing will have changed. Just my Two Cents worth. -MV |
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Valued Member
58 Posts |
All good points. I have never gotten into currency but everytime I hear of a change I start saving things. But I suspect it's like action figures and comics - the rare ones are the ones they made at first with small runs when no one cared. Now they have huge runs and everyone is watching for the next score, so no one scores lol.
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Pillar of the Community
United States
4409 Posts |
When the new colorized currency came out I went to the bank and got $100 worth of the $5's and $10's. I still have them even though they are ordinary notes. I think I set aside a few $20's and 2 $50's though I wound up spending one of the fifties on a coin purchase. There is a great currency forum on CCF too http://www.coincommunity.com/forum/...p?FORUM_ID=8 showing a lot of different ways people enjoy the field of currency. -MV |
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Valued Member
58 Posts |
Thanks for the link. I keep saying this but I'm so happy I found this website. I literally have no one in my life who's into coins, currency, PM or collecting. Having a very busy weekend reading all I can :)
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Pillar of the Community
United States
4809 Posts |
I saved a 1934 $20 I got in the 80s delivering newspapers. It's in pretty decent shape too, but net value, around $22. If I knew that then...I'd have played many more video games at the arcade. Who knew I was denying myself.
The thing to probably do is to go out and get yourself a $20 bill that has real earning potential and save that. Spend the rest.
Regarding comic books, when you think of the numbers printed, that explains why there is significant value in some issues. When it comes to currency and the constant reprinting of notes, the scarcity/rarity evaporates. It needs to be distinct on some level in order to garner attention and value. Any commonly available bill will not garner much of anything.
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Valued Member
58 Posts |
I like the idea of star notes and low serial numbers, or funny serial numbers, or maybe even birthdate serials... Something fun to do with the money that goes through my hands on a daily basis  |
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Bedrock of the Community
United States
20753 Posts |
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Hmmm, I do have a bunch of bicentennial quarters. Lots of people do. Exactly why they are worthless. Well not worthless, but a bit over the $0.24 I have been offered. Just always remember. Whenever someone tells you it is WORTH THIS OR THAT, ask where you can get that much for it. Ever watch the TV show Antique Road Show? Notice how they are careful saying things like "At the RIGHT auction, you MAY get". This is a sort of hint that what you have may or may not be really worth what they say. Stuff is only worth what you can sell it for. |
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Valued Member
58 Posts |
To be honest I'm taking Cladking's advice and reading his articles and focusing on tough dates he mentions in modern coinage (tough to get in high quality). Eventually they will be scarce. The things we disregard today could surprise us in the future.
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Pillar of the Community
United States
992 Posts |
For banknotes, some stuff that was dirt cheap in the 1960s is worth decent money today, so I've got a box of currency sleeves, filled with items that are not expensive today, or is just becoming hard to find, but I feel will rise in value in the future. Not just a few years, but 50 years ahead. When I'm gone, it will be left with my attorney for safekeeping (he's already been paid for the service), and given to a relative. Hopefully, it will be a real windfall to them.
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Posted 07/09/2016 08:16 am
