| Author |
 Replies: 39 / Views: 5,420 |
|
Pillar of the Community
United States
1247 Posts |
So pennies before 1982 are made of 97% copper...
there are approx 146 pennies per pound. copper is trading at 3.15 a pound... so $1.46 in money or $3.15 in scrap....
why isn't everyone scrapping pennies?
|
|
|
|
Valued Member
Canada
262 Posts |
pre-1982 [and some of that year] were made of 95% percent copper. As for why people aren't scrapping them, currently it's illegal.
Edited by MercuryDime
05/18/2012 4:59 pm
|
|
Pillar of the Community
United States
2269 Posts |
MercuryDime is correct. A few years ago a bill was passed making it illegal to melt down all US cents. It also outlaws shipping large quantities over seas. The government didn't want people shipping copper cents out of the country to be melted. Although, a lot of us here on the forum have been saving pre-1982 Lincoln cents. In bulk lots, they sell quite well on places like E-bay.
|
|
Pillar of the Community
United States
1510 Posts |
Im sure the "doomsday Preppers" are
Retired USAF 1983-2003
|
|
Valued Member
United States
397 Posts |
That is the main reason: You can't melt them down to cash in on them, and you can't ship more than $5 worth of pennies to another country to melt them for you. Of course, as it was mentioned, you can still sell them in bulk on ebay for the copper price to other people hoarding them (sometimes for full copper value, sometimes for less). Just be sure to mention in your listing that you only ship within the US. It just depends on what you want to focus your effort on. I stash away my copper pennies into a water jug I plan on sorting through later on (I also have some wild dreams of selling any decent quality coppers for their collecting value... even though I know that wouldn't be much more than their copper value if that). As far as 1982 coppers, only some of them are copper, the rest are zincs and not worth saving for their metal. You can tell by the weight of the coin (copper is heavier). |
|
Valued Member
United States
410 Posts |
I find the wording of theur export ban odd. You can only take $5 out of the country when traveling but individuals can ship up to $100.
|
|
Pillar of the Community
United States
745 Posts |
I think the same bill was passed making it illegal to melt down all US 1 cents, also applies to Nickels too! but can we can melt silver coins, is that because they don't make silver coins anymore?  So if US stops making Penny...then we can MELT THEM    Edited by Penny4Me
05/18/2012 10:12 pm
|
|
Pillar of the Community
United States
2269 Posts |
The one thing I never understood with the law was not being able to melt down copper cents. I understand that Silver coins are just fine to melt, because they are no longer minted for circulation. We didn't stop producing Dimes, Quarters, and Half Dollars, we just changed the composition.
Technically copper Lincoln cents are no longer minted for circulation either. Though in 1982 like the Dime, Quarter and Half Dollar, the Cent composition was also changed from a copper/zinc cent to a zinc/copper plated cent.
I have heard one reason being, the amount of cents taken out of circulation would lead to a cent shortage. I believe this was the same reason stated by the government in the 1960's, when referring to silver coinage. I don't know the exact details of the law, but I feel like heard this line once before.
|
|
Bedrock of the Community
United States
17884 Posts |
Spider you are absolutely correct on all counts. If they allowed the melting they run the risk of a rapid dissappearance of a significan;t portion of the circulating cents before they could replace them with Zincolns resulting in a shortage. They faced the same problem back in the late 60's with the dimes and quarters so they made the melting of the silver coins illegal. The silver coins were still slowly pulled for circulation and eventually most of the dimes and quarters in circulation were clad. At that point the no melting law was repealed because removal of the last traces of circulating silver coinage would not have a serious effect. I would expect that once the percentage of copper cents in active circulation drops below a certain point the anti melting law for cents will probably be repealed as well.
|
|
Bedrock of the Community
United States
20753 Posts |
Laws or no laws, Copper coinage is taken to smelters all the time. They are melted and it is now impossible to say this block of Copper was ever a coin. Electricians BORROW Copper wires and cables, take them to smelters along with the Copper coins and all are melted together. There are laws about sending money out of the country, bringing some in and lots of other laws. We also have laws about murdering someone and oddly enough, that is still done too.
|
|
Valued Member
United States
397 Posts |
@just_carl: I don't think think anyone is saying it doesn't happen. I think for most it is just too much of an effort. Those of us, including myself, who hoard coppers find it much easier to sell the coins on ebay thn to find a smelter willing to break the law. |
|
Pillar of the Community
 United States
1247 Posts |
and then you have to deal with the ethical issues of the whole thing... as my said, "well if you sell them on ebay to someone who will melt them, then you are aiding someone in breaking the law..." |
|
Valued Member
United States
397 Posts |
@stampvirgin: But how do we know that the person we sell them to on ebay will melt them? I don't think everyone would, most would just hoard them as well hoping for the day to legally melt them... or resell them later when copper is higher. |
|
Pillar of the Community
United States
2269 Posts |
I don't think the act of selling copper cents on ebay, to a buyer who melts them is aiding in breaking the law. As a seller on ebay, I have no idea what a buyer does after he receives the item. If I drove him to the refiner to melt the cents, then I would be aiding in breaking the law. They don't prosecute Hertz, because they may have rented a car to someone who used it to break the law. |
|
Valued Member
United States
397 Posts |
Spider5689: "As a seller on ebay, I have no idea what a buyer does after he receives the item." Exactly. I agree. *Eyes the water jug of coppers*, Almost 2 inches full now.... =) |
|
Valued Member
United States
410 Posts |
I suspect that a lot of the people that buy copper cents on ebay are simply hoarding them. It is a lot easier to let someone else spend the hours to sort zinc from copper. |
| |
Replies: 39 / Views: 5,420 |
Posted 05/18/2012 5:23 pm
