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Time To Lift The Ban On Melting U S Cents

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Author Replies: 21 / Views: 676Next Topic
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Pillar of the Community
United States
1450 Posts
 Posted 09/20/2020  7:50 pm Show Profile   Bookmark this topic Add hockingzig to your friends list Get a Link to this Message
If you have not noticed,the price of copper has crept up to $3.09 per pound. That means pre-82 cents are worth 2 cents each in metal value. I think it is time to lobby our Congresspeople to lift the melt ban. There are more than enough post 82 cents to fill the need. What do you all think?
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United States
3833 Posts
 Posted 09/20/2020  8:48 pm  Show Profile   Bookmark this reply Add tdziemia to your friends list Get a Link to this Reply
- I think you might be sitting on a lot of pre-1982 cents
- I think the scrap price of bronze is a lot lower than $3.09/lb
- I think there is a shortage of coin at the moment, but that by 2022 we will not need any pre-1982 cents.
Pillar of the Community
United States
1450 Posts
 Posted 09/20/2020  10:27 pm  Show Profile   Bookmark this reply Add hockingzig to your friends list Get a Link to this Reply
You are right on all counts. I think copper will rise a bit more and it would be nice to unload some of my pre 82s for at least some profit.
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United States
11034 Posts
 Posted 09/21/2020  12:50 am  Show Profile   Check spruett001's eBay Listings Bookmark this reply Add spruett001 to your friends list Get a Link to this Reply
It looks like the copper cent melt is about $0.0185 at the moment. It would have to be higher, in my opinion, to warrant selling for scrap considering the markdowns for refining costs and such.
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Bedrock of the Community
Australia
17398 Posts
 Posted 09/21/2020  02:36 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
The U.S. Treasury needs the money just as much as the U.S. taxpayers do.
One problem for us:- Congress is on their side.

I wouldn't worry too much, and as a result, I wouldn't bother.
It would take a lot of effort for a single person to accumulate commercial quantities of pre '82s to sell back for melting and refining.
There will always be lots of pre'82s for collectors.

Same situation for withdrawn Aussie bronze coins.

For silver and gold coins? That's a different matter, and has a different range of considerations for the collector.

Pillar of the Community
United States
1450 Posts
 Posted 09/21/2020  06:50 am  Show Profile   Bookmark this reply Add hockingzig to your friends list Get a Link to this Reply
Spruett001,I don't know where your melt number comes from,but a s of 6 am copper was $3.0904 making melt value over 2 cents. I agree the price needs to go up but at the rate of speed Congress moves ,let's start the process and by the time it passes we will probably be looking at digital money.
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United States
16973 Posts
 Posted 09/21/2020  08:57 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
as of 6 am copper was $3.0904 making melt value over 2 cents.

It would be if you could get spot copper price for them, but a more realistic real world scrap price would be about 78 cents a pound from a scrap metal dealer. So 78 cents for about $1.46 face value.
Gary Schmidt
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United States
19658 Posts
 Posted 09/21/2020  10:30 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
That law is just one of many that are useless. Where are the coin police that watch smelters? Melting coins has been gong on for a long time now by me. And no one is arresting people that do that anyway. Jewelers melt Silver coins all the time and Electricians throw Copper coins in with Copper wire taken to smelters all the time. No coin police around either.
just carl
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United States
90863 Posts
 Posted 09/21/2020  11:29 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
I am not holing my breath, but I am holding my copper cents to save them from your vicious desire to melt them!
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United States
9036 Posts
 Posted 09/21/2020  12:17 pm  Show Profile   Bookmark this reply Add TNG to your friends list Get a Link to this Reply
And I thought State Quarters and Presidential dollars were heavy when we cashed in several thousand dollars for face at the bank. Personally, I don't think messing with copper Lincoln cents is worth the work involved.
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United States
269 Posts
 Posted 09/21/2020  10:12 pm  Show Profile   Bookmark this reply Add mikem007 to your friends list Get a Link to this Reply
Agree with other post, who would know if you break the Law and melt some coins! In 2012 I was inside of a large refinery for a technology project and was amazed at the barrels of silver coins waiting to be melted. Problem is that there is an energy cost to melting that might eat up your profit.
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4049 Posts
 Posted 09/22/2020  02:56 am  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
I agree, you won't get current melt value due to refining costs. I've been scrapping almost 50 years.
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28774 Posts
 Posted 09/22/2020  10:27 am  Show Profile   Check nss-52's eBay Listings Bookmark this reply Add nss-52 to your friends list Get a Link to this Reply
One ton of "copper" cents. About 300,000 coins.

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90863 Posts
 Posted 09/22/2020  12:20 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
One ton of "copper" cents. About 300,000 coins.
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United States
16973 Posts
 Posted 09/22/2020  11:02 pm  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
In 2012 I was inside of a large refinery for a technology project and was amazed at the barrels of silver coins waiting to be melted.

Melting silver coins is legal.
Gary Schmidt
Pillar of the Community
United States
1179 Posts
 Posted 10/09/2020  4:13 pm  Show Profile   Bookmark this reply Add Big-Kingdom to your friends list Get a Link to this Reply
the cent isn't pure copper, it's 95% copper, 5% zinc alloy. I don't know exactly what class it will fall into maybe #2 copper, but I'd think in the brass category which is like $1.40 a pound, and they will pay even less than that. some of them were
95% copper, 2.5% tin, 2.5% zinc, (1864-1942, 1947-1962)
some were 95% copper, 5% zinc, (1944-1946, 1962-1982)

Not worth the time or effort, probably never will be. Refining it to 100% copper again is going to eat up whatever above it's face value of profit for you it would be.

it's why the "we buy gold and silver" places don't also have copper and brass on their signs, and why you gotta take your copper to the scrap yard dude because he loads it up in containers and sends it to China to be refined and recycled back to #1 copper.

And honestly, there's plenty of scrap good copper that takes far less refining out there between wires and pipes for the scrap guy to ever want to mess with pennies unless it became seriously profitable for him to do it.
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