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 Replies: 53 / Views: 7,384 |
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Pillar of the Community
United States
2269 Posts |
For the last year I have been setting aside every pre 1982 Lincoln Cent. Being the last noticeable year the mint produced copper cents, I have been finding less and less of them in circulation. When I first started to collect Lincoln cents a bank roll would yield about 80% copper cents including an occasional LWC. Lately I have been finding very few of them. It also got me thinking about a possible composition change that has been talked about recently. Is setting aside pre 1982 LMC a good idea, or am I just hoarding relatively common cents that have little value?  Thanks Christopher *** Moved by Staff to a more appropriate forum. *** |
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Valued Member
United States
76 Posts |
I set aside all mine. At the metal value of 2.4 cents why not? I don't do the Ryedale thing and have buckets full of pennies because I think my time, energy, and funds are better spent on obtaining gold and silver. Just my 2 cents!
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Valued Member
United States
397 Posts |
I set aside my copper pennies (I also am setting aside my 1982 pennies as if I am not mistaken some of them are also copper because it wasn't until partway through the year that the mint switched over).
I figure if some day we get rid of the penny, or we are allowed to sell the pennies at the price of the metal to be melted down, I will be ahead of the game than if I started saving after that announcement.
I also figure if I do it for a while, and then I get sick of it and decide not to do it anymore, I can still trade in those pennies for more for roll hunting, or even cash them in and maybe have enough for a real nice coin.
I guess down the road I don't have a moment where I think to myself "I wish I had been saving copper pennies...".
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Rest in Peace
United States
9104 Posts |
 , RealMetal and MadMortician! Quote:
or we are allowed to sell the pennies at the price of the metal to be melted down, Already happened. On large lots, you can make about 50% clear on ebay. |
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Pillar of the Community
 United States
2269 Posts |
50% is not too bad, considering I invest one cent for every one I take out of circulation. Although I know the Government had a law against melting cents, I have no idea if it expired or was lifted.
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Pillar of the Community
United States
1195 Posts |
I've started doing likewise, MadMortician, and already have 1 lb sitting in three paper rolls.
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Bedrock of the Community
13014 Posts |
Most people are holding onto them incase the law is every lifted. Its not really a bad idea to do. I wouldnt spend a lot of hours and money on it but if you hold onto them over time youll have a worth while investment and can sell them for a profit for something. At the very least its a no risk investment plan. Worst case you can still get face value for them which is what you paid anyway
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Pillar of the Community
United States
2224 Posts |
I'm sitting on several hundreds of dollars worth, and counting. I don't go through rolls specifically to pull copper, but since I search for varieties I keep the copper.
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Pillar of the Community
United States
1195 Posts |
Quote:
I wouldnt spend a lot of hours and money on it but if you hold onto them over time youll have a worth while investment and can sell them for a profit for something. At the very least its a no risk investment plan. Worst case you can still get face value for them which is what you paid anyway It was sentiment like this that I found here that got me started hording copper. |
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Bedrock of the Community
13014 Posts |
argentum I can certainly see how. I myself have personally debated it for quite some time. I have the feeling I probably will end up doing it at some point since it is risk free, just have had my eye on other coins to keep me busy at the moment.
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Pillar of the Community
United States
1770 Posts |
ive been sitting on thousands of dollars worth of cents for many many yrs, theres literally no risk its money I dont really need right now only problem it basically takes away most of a room hahaha plus a filled closet  |
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Pillar of the Community
United States
1704 Posts |
When the law authorizing the striking of cents in 1793 a limit was set on the legal tender status of them. Cents are legal tender in amounts up to but not exceeding $5.00 and that law is still in effect. Any bank or merchant can legally refuse to accept any quantity of cents in excess of $5.00 and it is still illegal to melt cents for their metal content. Ed ANA LM-3175 |
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Pillar of the Community
United States
2295 Posts |
It takes so many thousands of cents to really make any worthwhile money, I don't see the point. And it is a huge if, if you can ever get them sold for that much. Smelters need to make money, so they will take a cut. It is possible to double your money, but a very long shot.
And the main reason why I don't save them is that I doubt the government will ever let anyone melt them, since they would want the profit for themselves. The way Canada is doing it, will probably be how the US will do it. Canada is going to have their banks pull them from circulation and send them in to their mint, to be recycled, which will start this fall. I just don't understand why they are going to mint millions of cents this year and then just start pulling them from circulation a few months later.
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Valued Member
United States
98 Posts |
Bottom line is that people will buy them right now, even with the ban on melting them in effect, and you can clear a 50% profit. Accumulating a meaningful number of them is time-consuming process, though. If you are searching rolls anyway, then it's all gravy. Otherwise to make your time worthwhile you need to bank on being able unlock their full copper value at some date in the future.
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Moderator
 United States
187702 Posts |
Quote:
Bottom line is that people will buy them right now, even with the ban on melting them in effect, and you can clear a 50% profit. True. There is no need to melt them to make a profit. |
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Valued Member
United States
192 Posts |
i save all of mine, and Nickels too,,, they are 75% copper,,I think...No spending copper in this house!
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Replies: 53 / Views: 7,384 |
Posted 04/28/2012 4:03 pm
