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 Replies: 15 / Views: 1,524 |
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New Member
United States
1 Posts |
 Hey folks, Not really a collector, just looking for clarification. I hear pre-1982 pennies are "worth more" due to the copper. For example, $1 face value is actually worth $2.3x Surely it's not that simple, what does this pertain to? Melting? Or is there actually a market out there? i.e., ebay, local shops/collectors... I only ask because I put my loose change towards savings and have noticed tons of old pennies. Would be pretty cool if I could easily turn $1 or $2 in pennies to $4. Thanks in advance for any help.
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Pillar of the Community
United States
4212 Posts |
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Pillar of the Community
Israel
2420 Posts |
According to what I've seen, recycling companies will offer ~1.75c per coin (based on 2.75$/lb copper weight (only the copper) for high grade copper).
Melt value is one thing, what you'll get out of it if you will be able to melt it one day is another.
Keep in mind that if you buy at 2c (or more) each, and save it till you can melt em', you are likely to lose purchasing power.
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Valued Member
United States
154 Posts |
No one's mentioned it yet, but I'm pretty sure the US government doesn't allow people to melt pennies as scrap. Maybe I missed something and that's changed though?
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Pillar of the Community
Israel
2420 Posts |
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I'm pretty sure the US government doesn't allow people to melt pennies as scrap You are right. For now. But the only reason there's even a market for these pennies is the possibility of melting them when it will be allowed in the future. If you ask me, the ban will surely be lifted as a way of providing cheap copper into the industry, and the remaining question is when. |
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Pillar of the Community
United States
1088 Posts |
I still pull out pre-1982 lincoln cents and save them. If they go up, great. If someday they allow melting for copper, alright. If none of this happens, I still saved up some money that I would have otherwise spent on something dumb probably.
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Pillar of the Community
United States
2311 Posts |
I really haven't been getting 1982's or before that are copper. Mostly 2012.
Edited by solotime
02/24/2013 3:26 pm
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Bedrock of the Community
13014 Posts |
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If you ask me, the ban will surely be lifted as a way of providing cheap copper into the industry, and the remaining question is when. They wont lift the ban. Even if the got rid of the penny and it was no longer used and they stopped caring they would be pulling them from circulation and melting them themselves so that they can make the money off of it as opposed to letting others make money off their loss. The best bet is to sell them and be done with it |
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Pillar of the Community
United States
979 Posts |
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Valued Member
Germany
138 Posts |
Andrian, it is also worth noting that some 1982 cents are made of copper. In that year, the mint made the transition from copper to zinc pennies, and so pennies with both metals are out there with 1982 on the front. But telling them apart requires weighing them or using something like a Rydel machine. So I think a lot of people just treat the 1982's as not copper.
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Valued Member
United States
218 Posts |
the way I tell the 82 coppers from the 82 zincs is to just give the coin in question a good flip in the air copper ones will ring out zincs you don't hear any ringing sound at all . a good hard flip is recommended so you don't have to flip twice . My 6 year old little girl can tell me by the sound of flipping them what is copper and what is zinc
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Valued Member
Germany
138 Posts |
jakeman: That is another way I left out. Still, most people I know who hoard copper just skip the 82s because they require more work.  |
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Pillar of the Community
708 Posts |
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Pillar of the Community
Israel
2420 Posts |
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they would be pulling them from circulation and melting them themselves so that they can make the money This argument can last a few years, but after that, no one will be giving them cents for face value, and in turn, they would favor supplying the market with cheap copper over dreaming of melting more themselves. |
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Bedrock of the Community
13014 Posts |
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This argument can last a few years, but after that, no one will be giving them cents for face value, and in turn, they would favor supplying the market with cheap copper over dreaming of melting more themselves. Its the federal government never under estimate their ability to make a policy last forever  Either way I dont personally see the appeal of hanging onto them for metal content for a few years if not decades as opposed to selling them on ebay or whatever and getting more than face anyway |
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Pillar of the Community
Israel
2420 Posts |
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never under estimate their ability to make a policy last forever I'm with you on this one  . Quote:
I dont personally see the appeal of hanging onto them for metal content for a few years Same can be said about silver/gold. All metals can be served as a hedge against inflation. That said, just like you wouldn't buy silver for 30% over what you can get melting it, I wouldn't buy copper pieces with such premium. Let alone if I can't melt it at will. (Selling online takes time and effort). |
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Replies: 15 / Views: 1,524 |
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Posted 02/24/2013 12:13 pm
