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 Replies: 16 / Views: 2,728 |
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Pillar of the Community
Canada
3692 Posts |
Yes, SD, but by doing that you've helped a lot of people get their hands on some for relatively cheap. In the end, it all balances out. Bloomberg predicts $4 copper.
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Pillar of the Community
United States
1256 Posts |
Nice!! China's booming but they'll feel the crunch trying to urbanize under these prices. It's not just the quanity but quality. Harder and harder to find good metal.
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Valued Member
United States
364 Posts |
Thanks for the update...I've been casually culling copper pennies here and there, and already have 20-30 pounds worth.
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Bedrock of the Community
United States
19963 Posts |
Thanks for the post! End the USA melting prohibition! The other good thing, if they end the prohibition and the value is high enough dealers will start trading in Cu. That would ROCK! We could simply take our copper to a dealer to unload for a nice profit.
I'm sitting on a 5 gal pail of tightly packed cents, about $300 face. I guess I'll continue to sit on it.
Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
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Pillar of the Community
United States
2120 Posts |
Quote:
I guess I'll continue to sit on it. Literally and figuratively. :D |
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Pillar of the Community
United States
2424 Posts |
how would I melt the copper cents anyway? jsut heat them up? what about the Zinc
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Pillar of the Community
 United States
1450 Posts |
Only the pre 1982 cents have any real copper value. They were at 2.5 cents each in metal value this morning,the zinc cents are worth about .25 cents each I believe(but don't quote me on the zinc cent metal values).
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Pillar of the Community
United States
2661 Posts |
Makes you wonder if Uncle Sam will be sorting out the copper cents and replacing with freshly minted 2010's or 2011's and making a profit for the Government.  What am I saying!? Those clowns up in D.C. don't have enough brains to think that one up. |
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Pillar of the Community
United States
4212 Posts |
Wow! That's great you made a profit. People around here think they're getting ripped at just 2x face, unless they're MS.
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Moderator
 United States
189053 Posts |
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We could simply take our copper to a dealer to unload for a nice profit. Or trade it for store credit towards the coins that we really want for our collections.  |
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Bedrock of the Community
United States
17884 Posts |
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What am I saying!? Those clowns up in D.C. don't have enough brains to think that one up. Don't kid yourself, the Fed did it with silver in the 1960's, I could easily see them doing it with copper today. Wouldn't surprise me if they were already doing it. Quote:
this morning,the zinc cents are worth about .25 cents each I believe(but don't quote me on the zinc cent metal values). If that .25 cent value is for the copper content then the cent is going to be cost the mint over face value again shortly if it isn't already. The zinc content of the Zincolns is worth .58 cents each. That gives it a total metal value of .83 cents. |
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Valued Member
United States
182 Posts |
Using the latest metal prices and the specifications above, these are the numbers required to calculate melt value:
$1.0847 = zinc price / pound on Oct 18, 2010.
.975 = zinc %
$3.8304 = copper price / pound on Oct 18, 2010.
.025 = copper %
2.5 = total weight in grams
.00220462262 = pound/gram conversion factor (see note directly below)
The NYMEX uses pounds to price these metals, that means we need to multiply the metal price by .00220462262 to make the conversion to grams.
1. Calculate 97.5% zinc value :
(1.0847 Ã- .00220462262 Ã- 2.5 Ã- .975) = $0.0058287
2. Calculate 2.5% copper value :
(3.8304 Ã- .00220462262 Ã- 2.5 Ã- .025) = $0.0005277
3. Add the two together :
$0.0058287 + $0.0005277 = $0.0063564
$0.0063564 is the melt value for the 1982-2010 zinc cent on October 18, 2010.
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Pillar of the Community
United States
1409 Posts |
I've got about a couple hundred lbs of copper that I need to wrap and put back in the boxes, finding the time seems to be the issue for me.
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Valued Member
United States
341 Posts |
How would you turn in cents for melt? ( assuming that time would come) How would a dealer go about verifing that they are all copper? If someone were to bring in a large amount it would be pretty tedious to check dates, but thats the only way I see to do it. Silver is easy to check quickly.
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Pillar of the Community
United States
625 Posts |
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How would you turn in cents for melt? ( assuming that time would come) How would a dealer go about verifing that they are all copper? If someone were to bring in a large amount it would be pretty tedious to check dates, but thats the only way I see to do it. Silver is easy to check quickly.
Machines out there sort out CU cents already. Ryedale is the name of the machine. There are many dedicated sorters out there now sorting out as much CU as they can. The melt ban will eventually be lifted and they will be cashing these in. |
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Replies: 16 / Views: 2,728 |
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First Page
Posted 10/18/2010 12:58 pm
