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 Replies: 16 / Views: 4,373 |
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Pillar of the Community
Israel
2420 Posts |
First of all - I'm well aware that melting pennies is illegal and I don't suggest anyone attempting it. Despite what you might guess from the title, I don't want to make a speculation thread about whether it'll be legal (or when) to do so. My concern is as follows: Many of us have been collecting copper pennies for their melt value, which today (copper @ 3.77$/lb) is 2.45c. The vast majority of those who collect, believe that some day in the not-so-far future, they will be able to melt their coins and sell the copper. But.. Did any of you check what you'll be getting for these pennies? did someone asked a metal recycling company what do they pay for 95% copper lumps? I think that while pennies sell for almost full melt on ebay and such, there will be no way to get paid anything close to that when finally melting.  EDIT: grammar. *** Moved by Staff to a more appropriate forum. ***Edited by supgog
02/02/2013 2:43 pm
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Pillar of the Community
United States
2311 Posts |
I don't know anything about it... But I do have like 5 rolls of copper pennies.
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Pillar of the Community
United States
1217 Posts |
I would think on the order of 80%, but thats just my feeling. I think I used ot get 75-80% or so on copper scrap. I have seen people getting anywhere from 1.5-1.7 cents/penny on ebay (includes shipping because lets face it that ios a cost that needs to be included). anyone else seen much different? |
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Pillar of the Community
United States
1195 Posts |
If someone were artistically inclined, perhaps with skills enough to operate their own foundry, they could make their sculptural art out of copper pennies, and get copper value out of them that way.  Saw some pennies used in a university student's art work on display in a campus gallery yesterday. |
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Pillar of the Community
United States
4212 Posts |
My g-kids sell theirs. A small priority box just holds 10 lbs, about 1550.
I think they average about $23 per. I dont think that inc. shipping.
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Valued Member
United States
143 Posts |
Good point, at current melt value you probably wouldn't make much of a profit. My belief, however, is that the price of copper will continue to rise. So when it is ok to melt there will be a profit. Selling them on ebay now isn't really worth it either because you get charged around 20% in ebay fees, killing your profits. |
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Pillar of the Community
 Israel
2420 Posts |
I'm not sure anyone will be getting anything close to 80% melt. This is what they usually pay for near pure copper (.99+).
I wouldn't be surprised if melting pennies will only yield 70% melt.
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Pillar of the Community
United States
1227 Posts |
Here's a further question:
Right now copper prices are high because the Mint uses so much of it.
What happens when they stop?
If our money no longer contains copper--and remember that ALL of our money does, from copper-coated cents to CuNi clad (that's a copper-nickel mix, for those of you who weren't required to memorize the entire periodic table)--what will happen to the demand for copper? It will drop, sharply. And what happens when the demand part of the supply-demand seesaw drops below the supply part for a given good, kids?
(I need a class that can obediently chant back at me "The price of the good will go down, Miss Ninalyn")
I have a few coppers saved in my closet, but I'm thinking of just spending 'em back into circulation. I don't see the price being worth it in the end.
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Pillar of the Community
United States
8517 Posts |
It's just something for me to do as I go through box after box looking for interesting finds. I'm working on my second 5 gallon bucket-o-copper. I'll always get face for them so it's a no lose type situation.
Oregon coin geek.....*** GO BEAVS ! ! ! ***
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Valued Member
United States
142 Posts |
Idk but I personally think copper art is beautiful. They form a great petina over time. Copper art is very expensive also. I hve my copper penny bucket as well. I only have around 35-40 pounds now but its better than nothing.
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Bedrock of the Community
United States
17884 Posts |
Quote:
Right now copper prices are high because the Mint uses so much of it. The mints use of copper is so small it would hardly register on the demand meter. I believe the mint uses somewhere around 1,500 tons of copper per year. In 2009 the US produced 1.3 million tons of copper. So mint consumption is around .1% of annual production. If the mint stops using copper and frees up that .1% I don't think it will have that much effect on the spot price. |
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Valued Member
United States
143 Posts |
The only thing I'd worry about dropping the price of copper long-term is asteroid mining.
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Pillar of the Community
United States
543 Posts |
That's a good point ninamason. We make billions upon billions of coins every year with copper which will curb our demand although demand is still highest in China for copper. Will the removal of copper in U.S. coinage affect that demand anyhow in China? Could cheaper copper prices make them use even more and drive the price back up? I am just being hypothetical.
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Bedrock of the Community
13014 Posts |
Wul well never use copper pennies again. Once you switch off you don't go back. You'd eventually face the same problems in the future. Chinas demand is in no way linked to our use age. The only way we have an impact on it is how much of their stuff we buy. The more we buy the more their economy grows the more copper is used. Coins are way down on the list of things copper is used for. At this point private mints making copper rounds and bars might even use more than the us mint. But everything from ammo to wiring and piping ect is made from it which is where the bulk of the usage lies.
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Pillar of the Community
Canada
3692 Posts |
It makes no sense to "melt" them. If you're selling them to a refinery you're not the one doing the melting, therefore, you're selling them. So sell them directly to the people who want them for being coins, not for being copper. There's enough copper in the world but not so much can be said for old coins.
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Valued Member
United States
102 Posts |
i started collecting copper pennies in 1977 when the goverment in a press release dated july 1977 that no longer will produce them I have a 55 gollon drum in coppers how much at 2.5 cents each do you think I have?
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Replies: 16 / Views: 4,373 |
Posted 02/02/2013 3:31 pm
