| Author |
 Replies: 35 / Views: 6,020 |
|
Pillar of the Community
United States
2734 Posts |
|
|
|
|
Valued Member
United States
289 Posts |
I just saw this posted on a different news site. Hmmmmmmm.
Perhaps when my wife sees this, she may not think I've completely lost my mind on the 2 buckets we have, thus far.
I'm wondering about the 500$ machine they write about for sorting out the copper coins? Any ideas on this?
We should have a new post on how many pounds each of us have in Copper cents :)
|
|
Valued Member
United States
466 Posts |
I still don't think it will go "mainstream"
I mean if the law changes I might change the way I go through penny boxes, but I wonder how easy it will be to dump the copper pennies?
I feel like since so many pre 1982 pennies are around right now the demand wouldn't really be there for them, but thats just a quick thought.
Anyone else have an insight on selling the hoarded coins if and when it becomes legal to scrap them?
|
|
Rest in Peace
United States
3039 Posts |
Lotsa people have sold them on ebay including myself. Twice I've sold 5000 of them for about $80. Flat rate shipping is about $11. ebay takes a big cut so I only sell them when I'm really strapped for cash which unfortunately is almost always. |
|
Valued Member
United States
257 Posts |
The $500 machine spoken of is a Ryedale Apprentice.
|
|
Pillar of the Community
United States
524 Posts |
If this was the one I read this guy is taking a real chance telling every one he has 5 gallon buckets of money beside the house in a shed. I think they even said his name. Easy to look up an address.
|
|
Pillar of the Community
1028 Posts |
Well, I only search cent boxes every so often, but I have noticed copper cents disappearing faster than they would have through normal yearly loss. For someone to notice this on a grand scale tells me that quite a few people are removing copper from circulation, not just a few collectors. Copper cents are starting to become uncommon in circulation, and at this rate, they will be "rare", which I will call 1 per roll or less within just a few years.
There is no doubt IMO that a large scale hoarding effort is occurring. The questions remains, will it be worth it. Those that are buying cents for a premium are jumping the gun as far as opportunity IMO.
|
|
Pillar of the Community
United States
3345 Posts |
As biggfredd once said, the money is in selling, not hoarding. Thats what I do-I hoard til I have about 40-50lbs than sell them on ebay. |
|
Pillar of the Community
1028 Posts |
Quote:Thats what I do-I hoard til I have about 40-50lbs than sell them on ebay. That's just really not worth it. After your shipping costs and fess, what are you making, a couple dollars. If you are searching them yourself, the time it took you to do this would amount to worse pay than sweat shop labor. If you bought a machine, it'll take you years to recoup your purchase cost. Lets not forget the additional time and money lost in having to drive to the bank to pick up boxes and to return zinc cents. I think being a homeless person for a few hours a day would amount to a better net gain than attempting to sell copper cents on ebay. |
|
Valued Member
United States
297 Posts |
Quote:
hesgut
. . . . a homeless person for a few hours a day . . . You have just solved the national unemployment problem. Pay the homeless and the unemployed minimum wage to sort copper pennies for you and throw in a bonus for any key dates they find for you. |
|
Pillar of the Community
United States
1796 Posts |
Hehe on a related note I'm actually in the midst of programming a web cam to identify pennies on sight by *date* by using a bit of AI to make my box searches faster. Nearly to the point of applying for a patent. The plan is to get it working well enough to search for key dates... And then, the world!
Well, less back pain from hunching at least. :-)
|
|
Pillar of the Community
 United States
2734 Posts |
Quote:
Pay the homeless and the unemployed minimum wage to sort copper pennies for you and throw in a bonus for any key dates they find for you. Brilliant!  |
|
Pillar of the Community
United States
997 Posts |
Coinstar machines used to detail copper and zinc cents, I wonder if they are culling coppers and not returning them to circulation?
I noticed this on receipts the first couple times I used them but lately they aren't shown separately.
|
|
Bedrock of the Community
United States
10635 Posts |
Quote:
Hehe on a related note I'm actually in the midst of programming a web CAM to identify pennies on sight by *date* by using a bit of AI to make my box searches faster. My magnifier can identify coin dates by sight too, unfortunately it's my sight that's used to power it.  |
|
Pillar of the Community
United States
3345 Posts |
@hesgut- I dont really sort just for the copper- and I make more than a few dollars per sale. Its also fun searching
|
|
Rest in Peace
United States
9104 Posts |
Quote:
I'm wondering about the 500$ machine they write about for sorting out the copper coins? Any ideas on this? Do you have access to a million cents to search? If you can't do it on that scale, I don't see where it would be worthwhile. |
| |
Replies: 35 / Views: 6,020 |
Posted 12/04/2011 10:56 am
