| Author |
 Replies: 13 / Views: 1,862 |
|
|
Valued Member
United States
321 Posts |
How's that title for ya? Anyway, what are everyones thoughts on the value of copper in pre 1982 American cents? Will the Gov change the laws so people can sell these for melt? There was a Yahoo story posted about this recently. Also, a friend of mine at the local coin club said there is almost 30 cents in copper in each pre 1982 cent. How true is that?
|
|
|
|
Pillar of the Community
Australia
7096 Posts |
I think the melt on copper cents is 3 cents
|
|
Pillar of the Community
United States
651 Posts |
it's about or just under 3 cents worth of copper.
|
|
Valued Member
United States
410 Posts |
I don't see the law against melting pre-1982 pennies changing any time soon. We made the switch from copper to zinc pennies almost 30 years ago. We would have to eliminate the penny in order for melting to happen and I don't see that happening. Makes too much sense (and cents).
|
|
Moderator
 Australia
16810 Posts |
Selling them "for melt" is perfectly legal. Actually melting them isn't.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
|
|
Pillar of the Community
Australia
7096 Posts |
I can't see why you can't just take them to the scrap metal buyers and get the scrap copper price for them.
I have heaps of copper pennies and half pennys and would rather cut off my hands than sell them for scrap.
But then there was never as many Aussie coppers minted as the US cent.
The highest mintage of 54.59 million was for the 1964 penny and the lowest was 3000 for the 1930.
A total of 755.363 million pennies were minted and there are 76 differant types for an average mintage of under 10 million per mintage .
The vast majority of these would have been melted down after the inception of decimal currency in Aus in 1966
|
|
Moderator
Australia
16810 Posts |
They can't take them to scrap metal merchants because they won't accept them; the scrap metal merchants know (or they should know by now) that they're illegal to melt in America right now.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
|
|
Rest in Peace
United States
9104 Posts |
Tell your coin club friend you'll take 15¢ for yours and he can double his money.
Melting will happen, it's just a matter of how soon. If the gubmint had any sense, they'd eliminate cents and nickels.
|
|
Pillar of the Community
Australia
7096 Posts |
 Bigfred what can you actualy buy with a 1 cent or even a 5 cent coin today,Phase them out and bring in $5,$10,$20 and $50 coins made in SILVER. Then we can tell if our money is worth what it is made of  |
|
Pillar of the Community
United States
5849 Posts |
It's not a matter of what you can buy with a cent or a nickel. It's a matter of being able to make change.
Besides, do you really think merchants will be willing to give up the practice of pricing things at $xxx.99 to make the price look like a bargain? Or what about gas stations that are still selling gas for multiples of tenths of a cent?
|
|
Bedrock of the Community
United States
14454 Posts |
if the price of one copper cent was ¢30 everyone would be hoarding them because at 30 times face value is a considerable profit
|
|
Pillar of the Community
United States
4008 Posts |
Originally, prices were set to $xxx.99 so that the clerks in stores HAD to make change and record the sale. Later on it devolved into a sales gimmick. Gasoline sales are a real gimmick, IMHO, with their xxx 9/10 pricing.
Personally, I would just as soon give up the penny and the nickel as items of commerce. I can't remember the last time I bought anything worthwhile with either one. Yes, one can use them to make change but if we did not have them anymore I suspect that change would still be made, only to the nearest dime instead.
|
|
Valued Member
 United States
321 Posts |
Thanks for all of the posts and replies. Interesting topic.
|
|
Rest in Peace
United States
9104 Posts |
Quote:
It's not a matter of what you can buy with a cent or a nickel. It's a matter of being able to make change. If you want exact change, pay with plastic or check. It doesn't make sense to make a coin at a cost of 2¢ each so you can give someone four of them in change. Let's see, I owe you four cents, so let me give you eight cents worth of production instead of a nickel. Any time it costs more to make a coin than its value in commerce, it's time to eliminate it. |
| |
Replies: 13 / Views: 1,862 |
|
Posted 12/11/2011 9:10 pm
