Certainly a lot of people are hoarding them, including me I am ashamed to admit, which is why they will probably never be worth more than face value. Sort them for varieties and for copper/ nickel only if you like doing that. I have actually stopped hoarding because of the size of the pile I have now.
technically only the mint can legally melt the coins,
doesn't stop you from hoarding on the chance they demonetize them (then it's ok to scrap), or unless you find an unscrupulous scrap dealer.
but consider it takes about 140 pennies ($1.40) to get $2 in scrap. in order to make any real profit you would have to save on a large scale... but collecting, storing, & then moving 1 ton of pennies in order to make $600 doesn't sound like a lot of fun.
keep the ones you like, coin star the rest and move on to something else
Follow-up: I found a video on youtube that shows a guy dumping his Canadian pennies in a US Coinstar machine. He dumped 70 Canadian pennies and received a voucher for 61 US cents (70 cents les the 11.9% fee). It was an interesting demonstration. I've never tried this, but here's the video:
Well as for me, I hoard all pure copper Canadian pennies, all US pennies (saving for a trip down south) all pure nickel Canadian nickels, old pre-1999 Canadian quarters, all half dollars I could get my hands on, and any silver! Currently I have so much Canadian copper pennies I probably have over 100 pounds of them lying on shelves.
I think it makes some sense to hoard the copper cents but not nickels etc. The cents are worth about 2x face at the moment, but nickels etc have a long way to catch up before their bullion value exceeds face value. I'm sure someone did the math already. Anyone have the numbers on hand?
Do you have flat rate shipping like we do in the US? If you do, and you have someone you trust in the US, it may make sense to mail the change to them and have them cash it in using your Amazon.com account.
If you do the math, it is very lucrative to convert Canadian pennies to copper. Approximately 150 pennies to the pound ( $1.50 ) A current pound of copper is $2.75 U.S. or $3.71 Canadian. The difference is $2.71 per pound Gross times .98% which equals $2.65 per pound.
That is based upon pre 1996 pennies for Canada and pre 1984 for the U.S. If copper increases in value over the next year, the difference increases.
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Posted 11/29/2018 9:32 pm
