I Need Some Opinions

I am with coinsrus on this one. to the forum.

I keep all 95% copper cents as well. At one time this year, the copper value was close to 2 1/2 to 3 cents per penny and the pennies were selling for around $90 per $50 face value. So some people were making a nice profit on these. Copper prices are way down right now but what does it hurt to save these? The worst case scenario is that they are worth 1 cent each...exactly what you paid for them.

I guess I am bias, I can't stand seeing those little coins in my pocket so I sure as heck don't want them laying around my house.

I only keep Lincoln's up to 1979 and only if there is minimal damage. If they do lift a ban for melt I will then spend the time to grade and 2x2 some of them. I will roll some up from now and then and try to find a key date to spend them on it save lots of room. I agree with nlp use glass jars for storage and also keep out of the sun the attic is the best storage place warm,dry and dark.

Got a question for you veterans out there, what's the main motivation for hoarding Cu pennies? Since it's illegal to melt them? is it to sell them on ebay?

Although I don't hoard them, I do save the copper one's I come across. They're worth well over face value now and I believe they'll bring 10 cents each in the "near" future. Near meaning within 10 years.

Consider this, from 1964 until about 1972 the government also had a law making it illegal to melt down silver coins. While the law was in place the government set up at least two machines at a couple of the Federal Reserve banks and all of the dimes, quarters, and halves that came through the Fed went through the machines which separated the silver from the clad. The clad went back out, and the silver was melted down by the government. Once the amount of silver coming back through the Fed dropped to a trickle they repealed the law. During that period the metal premium over the face value of the coins was very low Just like the value of the copper over the face value of the cent is very low.

But by the mid 70's silver coins were worth 3X face and there was a steady market buying a selling them and in sending them off to the smelter. Copper cents have come back down, but it wasn't that long ago that they had a metal value of 3X. People tend to think "A cent is worth 3 cents? Not worth fooling with.". In small amounts that's true, but that makes a $50 bag, which really isn't that much, worth $150 and suddenly it seems worthwhile.

It would not surprise me at all to find that the government is quietly separating out and keeping the copper cents right now while the law keeps the smelters from competing with them just like they did with silver back in the 1960's. The percentage of copper cents in circulation IS dropping. Once it drops low enough, my bet is the law will be repealed. Then, just like after the silver melting ban was dropped, as the metal prices rise the hoards of copper will start coming on the market.