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 Replies: 20 / Views: 2,501 |
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Pillar of the Community
United States
1256 Posts |
Buying silver is a gamble, in the short term anyways. Keeping copper cents at face is not. Who will buy them? Easy, those that did not hoard and want them. May not be today but I'm willing to wait 10 years. I'm already having a hard time finding copper in boxes (0 to 20%). This time next year I'd bet it will be near impossible. I'm just making sure I have my cut. I'm not doing it because of expected copper prices, which is nice, but rather I think the LMC coppers will turn into the next wheaties. I can see the ebay ads now "Grandma's Unsearched Memorial Hoard". |
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Previously Banned Member
United States
71 Posts |
makes no cents at all - send them all to me!
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Pillar of the Community
United States
3592 Posts |
I'm betting that most people didn't think silver would hit $29 either...but Tim has summarized copper nicely...it's not a gamble..unless one considers the 1% interest they won't get
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Pillar of the Community
United States
1256 Posts |
Interest should be considered but it applies to all coins kept. Ok, I considered it. Now, back to the hording :)
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Pillar of the Community
United States
4989 Posts |
Agree anything you can buy at face is not really a gamble since you won't lose any principal. If the value of copper tanks and interest rates soar, you can always take your pennies back to a bank and exchange them for certificates of deposit. In the meantime, you aren't doing any worse than the average savings account.
Do not kid yourself, however, into thinking you are getting 2.7 cents of -value- for every copper penny found. At present, a hoard is probably worth little more than face, if that, once you factor in transport, melting, and refinement costs. Hence, the bet you make is on future appreciation not present value.
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Pillar of the Community
United States
628 Posts |
As long as I'm searching boxes of cents anyway, I sort out all the common copper. This takes very little time and not a lot of room to store. I'm not sure I'll ever get much for them. Worst case, I'll dump 'em into a coinstar.
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Pillar of the Community
United States
3592 Posts |
fenton..take alook at ebay sales of copper bullion cents..the larger lots such as $100 FV..are going for $150-$234.....I can make money today while enjoying my roll searching hobby |
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Pillar of the Community
United States
4085 Posts |
I am not a roll searcher, so I don't come across large quantities, but I do save all of my copper cents. I don't save them with the intention of melting them down - although if they increase in value because of that, it's a bonus.
I mainly keep them because, believe it or not, some of the oldest ones are approaching 50+ years old. That's like saving a 1920 wheat in 1970. I wish I had done more of that when I was a kid!
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Valued Member
United States
53 Posts |
I collect the copper cents. First of all, it's cheap to hoard them. For me, if I never do anything with them in my lifetime, I have not lost much....again, it's cheap to hoard them. My grandchildren might benefit if it ever goes to 10x. Who knows? Keep collecting them.
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Pillar of the Community
United States
2049 Posts |
Quote:
Does anyone really think copper will go to 10X face? That seems like a really far away price. I would think many many fundamentals would have to be in palcve for it to ever get above 5X. Did anyone think we would 20x face for silver in our lifetime? I'm still in disbelief over the current silver prices. The thing with copper cents is it's low risk and is at worst worth what you paid for. Seems like a win-win to me because you're covered if it goes upwards and if it falls to face value only you don't lose anything. |
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Pillar of the Community
United States
1213 Posts |
I'm a roll searcher too and I have no problem tossing all the coppers into storage tins. I'll keep them around and hopefully dump them some time down the road for 2 - 3 times face. If not, either put them back in circulation or pass them on to the kids to sell.
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Pillar of the Community
United States
958 Posts |
the decent 40's 50's ( all of them except maybe a few S and steel cents)common wheat cents are not worth more then 3 cents to a dealer that sells them for 5-10 cents
I took about 200 common wheats into a guy that paid 3 cents each he threw um on the table and just sorted out the ones that looked the best not looking at the date. and only took about half of them and looked at me with the rest and said " just spend um "
I did pull out anything in Fine and above.
The memorial cents have all been over minted in my opinion. But they might get to the point a dealer pays 3 cents each for and resells for 5 cents . Atleast the decent ones.
the only memorials that are scare(r) are the 68-74 S cents and thats all I am saving.
Now if the mint changes the comp of the cent to steel covered zinc . I say hoard copper
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Pillar of the Community
 United States
2600 Posts |
I agree with eveyrthing said thus far. The question still exists, though, with the problem posed by having copper color zinc cents, how does a dealer, or whom ever, process them in a profitable manor to make it worth while. Volume would solve the problem and it would appear that the guys like Brinks would have the ability to make it work. I don't see a local dealer being able to make money by the time they invest in the equipment and apply the labor required. It would seem that the right thing to do is sell them on ebay now before other start to find the stuff they have boughten does not move easily. The diff between cents and silver is the volume. A coffee can of silver is one thing, a 5 gal bucket of cents creates issues. |
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New Member
United States
2 Posts |
I have gone through about 9 bx of pennies now and I now have about 55lb copper cents (almost $80 worth) and 1 1/2 tubes of wheat cents. Not bad when the copper spot closed today at $4.195/lb. It can't hurt to hold on to them.
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New Member
United States
2 Posts |
I was holding onto to about 50 pounds of coppers, when I left for college, I took them to the bank. I'm going to be kicking myself when you can melt them!
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Replies: 20 / Views: 2,501 |
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Posted 12/03/2010 3:08 pm
