Coin Community Family of Web Sites
Like us on Facebook! Subscribe to our Youtube Channel! Check out our Twitter! Check out our Pinterest!
Username:
Password:
Save Password
Forgot your Password?

Welcome Guest! Need help? Got a question? Inherit some coins?
Our coin forum is completely free! Register Now!

Copper 1p And 2p Coins

 
To participate in the forum you must log in or register.
Author Previous TopicReplies: 13 / Views: 506Next Topic  
Valued Member
United Kingdom
102 Posts
 Posted 03/31/2020  2:03 pm Show Profile   Bookmark this topic Add Collector28 to your friends list Get a Link to this Message
With the copper in pre-1992 1p and 2p coins (as well as some 1998 2p coins) worth more than the face value of the coins, I was wondering if anybody here thinks it would be a good idea to start casually saving them, or if anyone has already started?

I know it might not be an entirely accurate analogy, but silver used to circulate and many elderly people must wish that they had saved some - should we be doing the same with copper?
Edited by Collector28
03/31/2020 2:05 pm
Valued Member
United Kingdom
372 Posts
 Posted 03/31/2020  2:17 pm  Show Profile   Check PaddyB's eBay Listings Bookmark this reply Add PaddyB to your friends list Get a Link to this Reply
A good question!
A quick measurement suggests about 140 2p bits to the Kilo, so 2.80 face value. Last time I scrapped any bronze I got 3.40 per kilo, so at present there is only a little in it.
First issue is that I think it is still illegal to scrap current coin of the realm - so you will have to find a crooked scrap man, or melt them down yourself. (Outdated coinage, such as the old pennies and halfpennies are OK to scrap.)
Then you have to decide whether 60p per kilo profit is worth the effort, or guess how long it would be before the margin was big enough.
Valued Member
United Kingdom
102 Posts
 Posted 03/31/2020  2:22 pm  Show Profile   Bookmark this reply Add Collector28 to your friends list Get a Link to this Reply
@Paddy - you are of course entirely correct, at present it'd hardly be profitable unless you could acquire a truly huge volume and find a crooked scrap worker. What I'm more trying to assess is whether long term - 20, 30, 40 years down the line, you could make a substantial profit on it (or if it'd be better to just put it in the bank and earn a bit of interest).
Valued Member
United Kingdom
102 Posts
 Posted 03/31/2020  2:27 pm  Show Profile   Bookmark this reply Add Collector28 to your friends list Get a Link to this Reply
I don't reckon there's any harm in putting a few pounds of them away, worst case scenario you can always just exchange them in many years - but are the people who are putting enormous volumes of them away really going to get much out of it?
Pillar of the Community
United Kingdom
6721 Posts
 Posted 03/31/2020  3:27 pm  Show Profile   Check NumisRob's eBay Listings Bookmark this reply Add NumisRob to your friends list Get a Link to this Reply
I put aside pre-1992 bronze pennies - but only because I prefer using them rather than copper-plated steel ones in Penny Press (squashed penny) machines!
Pillar of the Community
Canada
3425 Posts
 Posted 03/31/2020  3:48 pm  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
Over 20 to 40 years, it would be a lot of bother and weight to carry and store. Silver was a really concentrated value compared to copper.
Valued Member
United Kingdom
372 Posts
 Posted 03/31/2020  4:07 pm  Show Profile   Check PaddyB's eBay Listings Bookmark this reply Add PaddyB to your friends list Get a Link to this Reply
I think you have to take into account the effect of inflation too. Although 2p doesn't buy much at the moment, it is likely it buys much more now than it would in 20 years time. And if inflation hasn't happened, then it is likely the value of copper hasn't gone up - so either way, you haven't really gained!
The equivalent thought on silver also applies. In 1919 a silver halfcrown would have bought you about 15 daily newspapers at about 2d each (using that as a measure). Assuming a typical daily newspaper today costs about 70p, you would need 10.50 to get 15 of them. But a silver halfcrown from 1919 currently scraps for around 5...
Bedrock of the Community
Australia
16950 Posts
 Posted 03/31/2020  9:11 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
Pre 1992 1P and 2 are not copper; they are composed of bronze.
To make money out of accumulating bronze coins, where the intrinsic value is greater than the face value, you would need an awful lot of them (100kg or more).

British silver coins need a smaller accumulation, but most of the low condition silver coins have already been melted.

Collect copper wire instead. It's pure, therefore no assay or refining costs.

I used to go scavenging on Council dumps as a kid, looking for scrap metals - mainly copper and bronze. Can't do that now - it's illegal, mainly driven by safety requirements. Besides, the Councils want to keep the scrap metals for themselves, so they can make money, instead of the scavenger kids.
Valued Member
United Kingdom
102 Posts
 Posted 04/01/2020  06:26 am  Show Profile   Bookmark this reply Add Collector28 to your friends list Get a Link to this Reply
Interesting response, @sel_69. Of course you are right in them not being pure copper - just seems to be the adopted term for them. Didn't think anybody here would say it would be a good idea to save them, but was intrigued nonetheless as to what the exact thoughts of people were :)
Valued Member
United Kingdom
372 Posts
 Posted 04/01/2020  06:41 am  Show Profile   Check PaddyB's eBay Listings Bookmark this reply Add PaddyB to your friends list Get a Link to this Reply
Although they are not pure copper, I believe they are around 95%, with the rest being tin and zinc in the modern recipe. When I took a bucket load of pre-decimal pennies to the scrap man last year he was well aware of this but was happy to give full copper price. So at least for him the distinction was irrelevant.
Valued Member
United Kingdom
102 Posts
 Posted 04/01/2020  07:30 am  Show Profile   Bookmark this reply Add Collector28 to your friends list Get a Link to this Reply
@Paddy - hope you checked them for the better dates/nicer examples first
Valued Member
United Kingdom
372 Posts
 Posted 04/01/2020  09:37 am  Show Profile   Check PaddyB's eBay Listings Bookmark this reply Add PaddyB to your friends list Get a Link to this Reply
Of course! How do you think I built my collection?
Because I buy bulk lots at auction and people bring me their unwanted coins at market, I have quite a turnover of mostly rubbish pre-decimal coins. I check them all thoroughly and keep anything scarcer or in better condition, but I cannot hang on to the rest forever, so eventually I have to do a scrap run.
Valued Member
United Kingdom
102 Posts
 Posted 04/01/2020  10:27 am  Show Profile   Bookmark this reply Add Collector28 to your friends list Get a Link to this Reply
@Paddy can relate to having that problem - have loads of rubbishy pre-decimals that I've sorted out from all the times I've bought/been given large amounts. I can't bring myself to scrap them though, I'm rather hoping I'll meet a younger enthusiast and then they can have a nice starter gift
Bedrock of the Community
Australia
16950 Posts
 Posted 04/01/2020  6:35 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
The reason why bronze scrap can still get a good price is that
bronze scrap and be re cycled for making new bronze products.
Exact assay is and subsequent refining is not needed in most cases is not needed - (just XRF analysis), because the proportion of admixture metals to make bronze is relatively low, and easily adjusted in the melt for making new bronze.

Same applies for zinc alloy brass, (as with tin alloy bronze).

Admixture of tin, in the region of 1%-5% is most common, sometimes with the lesser quantities of other admixture metals, such as aluminium or nickel normally in the proportion of no more than 1% -3%, (such as aluminium-bronze alloys).



Absolutely no use collecting copper-nickel coins as scrap, because the face value is waaaay in excess of the metal value.
  Previous TopicReplies: 13 / Views: 506Next Topic  
 
To participate in the forum you must log in or register.

Coin Community Member eBay Sales

Certified Coins   Certified VAMs   Certified Errors  




Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2020 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited.
Contact Us  |  Advertise Here  |  Privacy Policy / Terms of Use

Coin Community Forum © 2005 - 2020 Coin Community Forums
It took 0.84 seconds to rattle this change. Powered By: Snitz Forums 2000 Version 3.4.05