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 Replies: 37 / Views: 3,629 |
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Valued Member
United States
117 Posts |
I have heard the the scrap value of copper is over $3.00 a pound - considering it takes about $1.67 to make a pound, has anyone ever recycled them for scrap?
To be honest, my eyesight just isn't good enough to differentiate the 1970 - 71-71-73 slight doubling's and RPM's - so, I have about 10 pounds of pre1982's that are just sitting around.
Any ideas?
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Forum Dad
 United States
24148 Posts |
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Valued Member
United States
208 Posts |
Someone correct me if I am wrong but isn't it is illegal to melt US coinage? I also collect Pre 82s and only have about 50 so far, it seems like I find one everyday. They have way more character then new cents. Edited by RangerXLT8
03/01/2007 8:57 pm
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Valued Member
 United States
117 Posts |
Would you like a few pounds!?
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Valued Member
United States
117 Posts |
Actually the law says you cannot alter money in order to gain profit from such. Have no idea on the recycling part, or if they would even take such. Sure hate to cash in for .50 cents what is worth $1.50...
I really dunno - what to do withh all of these. Right now, I have penny burn out!
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Pillar of the Community
United States
1626 Posts |
The following is a partial news brief I read from the mints web site: United States Mint Moves to Limit Exportation & Melting of Coins Interim Rule Goes Into Effect Immediately WASHINGTON — The United States Mint has implemented regulations to limit the exportation, melting, or treatment of one-cent (penny) and 5-cent (nickel) United States coins, to safeguard against a potential shortage of these coins in circulation. The United States Mint is soliciting public comment on the interim rule, which is being published in the Federal Register. Prevailing prices of copper, nickel and zinc have caused the production costs of pennies and nickels to significantly exceed their respective face values. The United States Mint also has received a steady flow of inquiries from the public over the past several months concerning the metal value of these coins and whether it is legal to melt them. Not sure if it is in effect or not? Edited by Tpatna
03/01/2007 10:41 pm
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Valued Member
United States
208 Posts |
Pennybright I will take a few pounds:)
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Pillar of the Community
United States
1952 Posts |
The U.S. Mint cannot make new laws as to how or what you can do with YOUR money.! that roll is for the lawmakers only and I don't see them giving it up to another Org. that would be un American lol it says on all bills legal tender for all debts both public and private. it don't say that on coins but only because they would have to make the coin bigger just to add that. in other words it is you money to do with what you please. if you want to melt it fine melt it. I have a few hundred pounds of copper cents just waiting for the right time to get rid of them. I don't think now is the time to melt though but only because it cost more to melt a cent now than it is worth. but that's the only reason.
Gary
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Forum Dad
United States
24148 Posts |
quote:
The U.S. Mint cannot make new laws as to how or what you can do with YOUR money.!
LOL... tell that to the people that lost 10 double eagles, I'm sure it will be comforting.  quote:
The new regulations authorize a fine of not more than $10,000, or imprisonment of not more than five years, or both, against a person who knowingly violates the regulations. In addition, by law, any coins exported, melted, or treated in violation of the regulation shall be forfeited to the United States Government.
http://www.usmint.gov/pressroom/ind...lease&ID=724Go ahead and melt 'em, makes me no never mind.  |
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Valued Member
United States
81 Posts |
I started this a few years ago and from what I find from the bank now I would have to guess that the feds are the ones melting them down. Anyway someone is collecting them besides just me. I collect 1982 and down. For some reason I tought the 1982 was more zinc but aparently they are mostly copper also.
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Valued Member
United States
117 Posts |
Hi - I find that I have pretty close to equal of the zinc and copper 1982 (inc. D), maybe more of the copper variety.
I weigh all of mt pennies and seperate the 3.1 from the 2.5, and then into decade catagory.
By the time I do all of that, I am pretty burned out on looking at them.
Guess I should explain how I have so many - there are a few homeless people around the small town I live in. Since I love to cook, and always cook to much, I need an outlet of mouths to feed. Well word got around that I collect pennies, and now I wake to find aa couple of hundred or more on my doorstep.
Which is very sweet. Most are pretty dirty, so I have to give them a rinse in some soapy water, (and I mean I HAVE to due to the mold). None the less, I (of course being a now penny junkie) HAVE to look through them - 'cause one never knows - sigh....So, over the course of several hot meals, I have more blinkety-blank pennies than I know what to do with, or have the patience to look through.
Some one suggested I make a penny statute. My luck I would weld / braze the $180,000.00 one smack dab in the middle, not realizing until after it was there.
Bottom line, I have more pennies than my poor vision can see.
As far as the laws go - I am still holding to "I dunno" and will stand at that - pennies in hand.
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Valued Member
United States
256 Posts |
I have about a 1000 +/- 1944D wheaties collecting dust in jars. Every time I notice the mini hoard I wonder what to do with them. I never considered ebay because I figured with the weight it would cost more to mail them than what someone would be willing to pay. |
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Valued Member
United States
117 Posts |
Hi Steve - in my own personal opinion, don't do ebay. It is a buyers market, and sellers only are there to pay the CEO's paychecks. This is my personal opinion experience. (Of course the diminishing of the value of the American dollar & ebay, I won't even get into my thoughts on that here). I just looked in my "The Complete Guide to Lincoln Cents" by David Lange - and under the 1944D Lincoln, "one of the most sought out pennies is the 1944d over S mint mark - it also says that a few of these cents were coined on zinc planchets by error. -And, there are no less than 12 repunched mintmarks for this date. - It goes on to say that "1944D are perhaps the the best made of the six issues from the years 1944-1945"... If you would like me to give you the rest of what this book says for that year, I would be happy to. PLEASE, DON'T SELL YOURSELF SHORT ON THESE. |
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Pillar of the Community
United States
882 Posts |
SE, If I was to ever sell my wheat cents I would sell the on ebay. I bought a 5000 count bag at a local coin shop for $120. As you can see bobby sold a 5000 count bag for over $300. People on ebay buy wheats for a lot for some reason... Ty |
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Forum Dad
United States
24148 Posts |
quote:
Hi Steve - in my own personal opinion, don't do ebay. It is a buyers market
If you know what you're doing there's nothing wrong with selling on ebay, pays the bills around here. quote:
and sellers only are there to pay the CEO's paychecks
Should the CEO's work for free? |
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Forum Mom
United States
5877 Posts |
To expand on Bobby's remarks, the listing fee on the auction linked above was only .65 (it would have been .55 but I schedule our listings.) The final fee was $11.32. The buyer paid with Paypal, so that fee was $10.24. The auction sold for $332.85 (that's .07 per coin since this was a 5000 coin lot). Do the math. The profit from this auction was $310.64. It certainly seems to me that a seller can make some money there!  By the way, we eliminated the prohibitive shipping issue by charging $10 and shipping them in a Flat-rate Priority Box. |
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Replies: 37 / Views: 3,629 |
Posted 03/01/2007 8:56 pm
