| Author |
 Replies: 28 / Views: 3,413 |
|
Pillar of the Community
Canada
1177 Posts |
so I currently have about 100$ worth of copper pennies, and I've sat on them for about a year and I truly have no belief or motivation to store them, I don't have a lot of space and I think three ounces of silver will be worth more than copper in the future. sure if the penny ban gets lifted I have ~220$ in copper but who thinks they will get lifted any time soon, should I just return them to the bank and get 3 oz of beautiful Ag or make a spot to store them, opinions appreciated. Edited by jakedacc
09/30/2012 10:12 pm
|
|
|
|
Pillar of the Community
Canada
1723 Posts |
Im waiting for the ban to be lifted and then melt. I will take 2x face for it anyday. Copper is one investment....silver is another. Thing with the copper is it doesn't take much space to fill 1 or 2 five gal pails and have them sitting around and you will always have your face value.
|
|
Pillar of the Community
 Canada
1177 Posts |
actually samsnate, I never realized that! I did spend a solid few hours of my life sorting them, so why get rid of them, this is why I love the coin forum! always the best advice!
-J
|
|
Pillar of the Community
Canada
834 Posts |
Too many people here are waiting for the government to lift the ban, I'd try to flip them on ebay or Craigslist hey if you make a few bucks bonus, before any ban is lifted. Also factor in the following if a ban is lifted there will be tons of people coming out of the woodwork to melt their pennies and the price of copper would crash another factor in melting is costs, first no refinery or scrap yard pay you spot, next copper pennies are not pure copper, So that 2x face value gets eaten up fairly quick |
|
Pillar of the Community
United States
3540 Posts |
Flip for 2x face, reinvest in another $100 face, the other $100 in your favorite bullion, and start the process over again. :)
|
|
Pillar of the Community
Canada
1177 Posts |
any clue where to get 2x FV, do that many people jump on an ad for copper pennies
|
|
Bedrock of the Community
13014 Posts |
The ban wont be lifted anytime soon if ever. Its more than likely even if the penny is eliminated the government will just try and get all the pennies back to melt for metal value. The best bet is to just put large lots on ebay and make a little money off them. You can fit a lot of them in a flat rate small USPS priority mail box(not sure if canada has something like that) to keep shipping costs down. I dont think its worth it to go out of the way to get these, but if you roll search or can get them for face value doesn't hurt to store them up till you have a large lot to make money off of after shipping. And yea these do pretty consistently sell on ebay for over face, some people thing copper is going to go through the roof and others are happy to wait till the ban is lifted or complete meltdown where they can just melt them themselves. I'm sure some people just melt them themselves anyway |
|
Pillar of the Community
Canada
1177 Posts |
thanks guys! appreciate it
|
|
Pillar of the Community
United States
3294 Posts |
Quote:
Also factor in the following if a ban is lifted there will be tons of people coming out of the woodwork to melt their pennies and the price of copper would crash It is unlikely that enough pennies are saved to crash copper prices. It takes over 300,000 pennies to make a ton, and over 15 million tons of new copper is already mined each year. I think if we melted down all the copper pennies ever made, it wouldn't even come to 10% of 1 year of copper production. |
|
Pillar of the Community
Australia
4411 Posts |
Why would the government lift the ban so that YOU can make profit from pennies when THEY could be making it instead?
In Australia 1c and 2c copper coins were removed well over 20 years ago. It is still illegal to melt them and people still take them to the bank where they are sent to the reserve bank and melted, leading to profit for the government.
Despite it being illegal to melt copper 1c and 2c in Aus I still sell them to scrap metal yards for about 1.5 x face value. I would imagine that as time passes Canadian scrap metal dealers will also begin to melt them.
|
|
Pillar of the Community
Canada
1177 Posts |
I didn't know scrap yards Do that!
|
|
Valued Member
United States
310 Posts |
Well scrap yards aren't suppose to melt them, but yeah, that's where I'd take them if the ban was lifted. Around here they won't take them, so I guess we have honest scrap yards.
|
|
Pillar of the Community
1283 Posts |
Take them to the bank and cash them in, not worth it in my book to save them plus they are illegal right now to melt so why bother.
|
|
Bedrock of the Community
13014 Posts |
Quote:
I didn't know scrap yards Do that! Honest ones dont. But once theyre melted you cant tell where it came from so some risk it |
|
Pillar of the Community
Canada
1177 Posts |
maybe i'll try a few! what's the average price they pay for a penny?
|
|
Valued Member
United States
141 Posts |
my only experience with copper bars is that if you can make copper bars, they sell for a high premium. from my knowledge you cant really buy copper bullion bars anywhere close to spot, so owning physical copper in bar form is kind of a gimmick to me, since you have to buy at ridiculous premiums. -this being said, copper pennies are a great way to get your hands on 95% copper. and with premiums being so high on bullion bars, I dont think you would have any trouble at all getting close to spot, as a matter or fact, you could get a high premium on ebay probably selling copper bars, just because its more of a novelty item. |
| |
Replies: 28 / Views: 3,413 |
Posted 09/30/2012 10:21 pm
