| Author |
 Replies: 19 / Views: 6,970 |
|
Valued Member
Canada
262 Posts |
Would there ever been enough value to redeem them, considering they're 95 or 98 percent pure depending on country?
|
|
|
|
Pillar of the Community
United States
2602 Posts |
May already be worthwhile. Lots of folks get cents from the bank, separate the coppers from zincs, and then sell the coppers for 2x face value on ebay. That was happening a lot about a year ago, but haven't checked that section of ebay lately to see if copper cents are still selling at 2x face value. |
|
Valued Member
 Canada
262 Posts |
I have much better luck in my area looking for copper than silver, so maybe I should try it too.
|
|
Valued Member
United States
98 Posts |
If you're only goal is to make money on the copper value it's questionable whether time & effort will pay off ... the price of copper will go significantly higher in the future (changing the law prohibiting melting the cents would help, too). If you're like me and you're happy to search the rolls for wheats/errors/varieties anyway, then it's a no-brainer.
|
|
Bedrock of the Community
 United States
12811 Posts |
Yeah, if you're already going through boxes of cents for errors, varieties, wheats, filling a collection or whatever, it's easy enough to just throw the coppers into a jar. I've not collected enough to really make it a storage issue, but I've only done about 10 boxes of cents at this time. I've got a big glass jar that's about half full that I picked up from Target for 5 bucks. I usually score somewhere in the 15-20% range.
|
|
Pillar of the Community
United States
863 Posts |
I keep the ones that I get in my change. they are already at least 30 years old. they will probably become like wheat pennies one day down the road. at the very least your grand kids might appreciate them in 20 years when pennies are no longer used.
|
|
Bedrock of the Community
13014 Posts |
All depends on how much work you want to put in. Will you get rich, no. But you could pick up some extra bucks to use towards whatever if you wanted.
Like everyone else said if you already search penny boxes its a no brainer. You could go out of your way every now and then to do it or you could just keep what you find every day.
Either way its a no risk attempt at extra money. Worse comes to worse you have face value which is what you paid for it anyway
|
|
Pillar of the Community
United States
2224 Posts |
Edited by copper nickel daddy
05/21/2012 12:58 pm
|
|
Pillar of the Community
United States
3278 Posts |
Probably not, but a lot of us are doing it to some degree.
|
|
Valued Member
United States
410 Posts |
Take a look at a typical ebay seller selling $100 face $160.00 Sale Price - 10.85 (USPS medium flat rate box) - 19.20 ( ebay fees) -100.00 (Face cost) = 29.95 (Net profit) Assuming 20% copper per box you would need to sort 5 boxes to find $100 copper pennies. Add in the gas / time to buy 5 boxes and return the zinc plus the trip to the Post Office. If you are already roll hunting pennies that is $30 bucks in your pocket. However, if you are going to hunt copper specifically to make money and you would most likely do better getting a second job delivering pizzas. |
|
Pillar of the Community
United States
2651 Posts |
JSH- Just wondering where you got your information from?
|
|
Valued Member
United States
410 Posts |
I started by looking at completed listings on ebay to see recent selling prices. There was a seller that sold several $100 face lots for $160 w/ free shipping. (He also had several lots that didn't sell @ $160) The shipping showed USPS medium flat rate box. I looked up the price to ship a USPS medium flat rate box which is $10.85 if you have an account and print the label online. It is more if you go to the Post Office. I sell quite a bit on ebay and my average ebay / Paypal fee is 12%. 12% of $160 is $19.20. $100 of pennies of course cost $100 at the bank I don't sort pennies but from reading this forum is seems the average box of pennies is 20% copper. My local pizza place has openings for delivery drivers. They pay $7.25 plus mileage + tips. So selling $100 of pennies on ebay equals about 4 hours of delivery pizzas assuming you don't get any tips and the mileage credit covers your vehicle costs. You will owe more taxes selling on ebay than working at the pizza place because you will have to pay both sides of FICA. |
|
Rest in Peace
United States
1943 Posts |
I simply take them to my local dealer who is paying 1.25 cents each for them. In my mind it beats ebay. He was just getting ready to raise the price to 1.5 cents each when the market dropped. |
|
Valued Member
United States
410 Posts |
$0.0125 each isn't bad if you are already sorting pennies. The math isn't so great if you are going to sort pennies simply for copper though.
1box = $50
Assume 20% copper ($50x.2=$10)
$10x.25=$2.50
$2.50 per box of pennies. Again it comes down to how much your time is worth. How long does it take to sort a box of pennies?
|
|
Pillar of the Community
United States
863 Posts |
sell on craigs list. than you meet face to face and dont have the taxes
|
|
Valued Member
United States
410 Posts |
Taxes are still owed regardless of whether you sell pennies on ebay, Craigslist, your local dealer, or a yard sale. Selling privately on Craigs list just makes it easier to cheat on your taxes. |
| |
Replies: 19 / Views: 6,970 |
Posted 05/19/2012 4:25 pm
