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 Replies: 24 / Views: 3,039 |
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Valued Member
Canada
135 Posts |
I agree the shear numbers of pennies make it tougher to predict what will be worth and what when.
Although 5 years is not too far away and $5 to the penny is good appreciation.
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Pillar of the Community
Canada
937 Posts |
Consider the last Canadian paper one dollar bill, which was discontinued in 1986. Everybody it seems kept a small stack -- there's far less of them than there are pennies, and unless the bill is mint it's still only worth a buck. I still spend the circulated ones (when I find them) and it's been over 25 years since the last one was minted. I agree that due to metal content the penny will go up in value, but don't hold your breath hoping to make a fortune. There's too many hoarders (and I'm one of them!) hanging onto to those lovely coppers for them to be worth much in circulated condition.
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Valued Member
United States
161 Posts |
1 cent = $5 in 5 years?
Seems too good to be true esp if everyone is doing it. Not sure I can agree with this one.
How have pennies performed in other countries where they were abolished.
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New Member
 Canada
34 Posts |
pennysaver most of the ones that you likely have are worthless circulated coins that might be good for their metal value but nothing else to anyone. I am talking about ones that are in mint state condition going way up in value. There are far less penny collectors out there collecting perfect pennies compared to the copper hoarders. Like any other coin people will want the ones in the best condition and will pay a larger premium on them while ignoring lesser examples.
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Pillar of the Community
Canada
937 Posts |
I agree that the ms pennies will always be worth more than those which are circulated, but here's an awful lot of collectors out there who save BU rolls or take ms pennies out of circulation whenever they find them, and that keeps a relatively large number of high grade pennies available to collectors. I think that the 2012 penny is a good example. Do you see many in circulation? Boxes and boxes of rolls on ebay, etc, but no-one seems to be opening them up and spending them - they're all being saved in mint shape because it was the last year. Because of this I think the 2012 (both magnetic and non-magnetic) in ms shape will always be common, and therefore unless varieties or errors are found, will command little to no premium based on grade alone. Saying that I think that earlier years will certainly be worth more in the high grades, but there have been so many millions minted every year from the 1960's and up that the availability will far outweight the demand. Now if you're talking about extremely high grades -- say ms66 or ms67 -- then yes, those pennies regardless of year will always be worth something as most people don't find them in grades that high. My own personal opinion is that $5 is a little optimistic for high-grade cents, at least for the foreseeable future. |
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Valued Member
United States
125 Posts |
And what's worse. Even if the penny does get discontinued, the law could very well stay in place banning people from melting the pennies. So I would have to say predictions surrounding huge appreciation on the 1 cent is unrealistic.
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Pillar of the Community
Canada
937 Posts |
You bring up a good point, CWS. Is it worth it to send pennies out of country to melt them down? Silver, especially dollars and half-dollars, are worth sending away to melt to scrap, but pennies? And how long would it take to save up enough older copper pennies to make it worth your while to take a load to the melting mills? Even if you roll-hunted like a fiend it would take a while. Though it's my understanding that in Canada the mint (via the banks) will be pulling and melting down the pennies for their scrap value, so it would appear that our pennies are going to disappear in huge numbers. Thought: what are they going to do with the American pennies they find in the bank rolls? Send them back to the U.S.? Do some sort of a "penny-exchange" program? I don't think it would be right for our mint to melt down the coins of another country.
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Pillar of the Community
Australia
4411 Posts |
Australia abolished our 1c coin over 20 years ago. Even in mint state not are lucky to be worth 20c. There are a few dates which are of course more sought after but the majority are not. I very very highly doubt that after 5 years common date MS coins will be worth more than $1 let alone $5-10.
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Valued Member
United States
161 Posts |
CWS - I thought it was legal to melt them in Canada just not here in the USA?
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Replies: 24 / Views: 3,039 |
First Page
Posted 08/10/2012 8:53 pm
