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Replies: 29 / Views: 4,901 |
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Pillar of the Community
708 Posts |
I have orginally been hoarding pre-1982 copper cents, because, even though I hear there are simple ways to tell an 82 copper from an 82 zinc, I really don't know how to do it, and I figure, "Weren't most of the 1982 cents made out of copper, before they started using zinc, anyway?" So what? If I could even cash in on the deal, so I'll melt or recycle or sell a few zincs in with mostly coppers. So what?" Edited by Fox 07/13/2013 02:53 am
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Pillar of the Community
Canada
785 Posts |
It is illegal to melt, destroy or recycle any americain copper cent. And you could not sell it as copper bullion ether if you have zinc cents mixed in with it. I think you would be better off ether finding a way to seperate the 1982's or just hoard the pre 1982's. If you want to you could put all the 82's to the side and at the end of the box, you could weigh them all seperately (the coppers are heavier then the zincs). Or if you have a good ear you could do the ring test. (The copper would have a higher pitch sound). I would recommend any of these ways better then just throwing all the 82's into you're copper hoard.
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Valued Member
110 Posts |
It costs the us mint nearly 2 cents to make each penny so if they are in their right mind they will stop making them and slowly collect all the circulating ones and melt them like the r c mint. Maybe than you can do some thing with them.
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Pillar of the Community
Canada
785 Posts |
Most likely not. Even though the RCM stopped makeing pennies and started collecting them for melting, it is still illegal to melt them in Canada and it will probably never become legal for anyone other then the mint to melt them in Canada OR the US.
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Bedrock of the Community
13014 Posts |
Quote: it is still illegal to melt them in Canada and it will probably never become legal for anyone other then the mint to melt them in Canada OR the US. Exactly, if someones going to make money off of melting them its going to be the governments who took the loss making them in the first place.
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Valued Member
United States
213 Posts |
Just compare the rings of the two when hitting a solid surface. The pre-82's and some of the copper 82's have a higher pitched ring.
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Pillar of the Community
United Kingdom
837 Posts |
Another cheaper solution to the cost of making pennies in the US would be to do what they do here in the UK which is to make pannies have a steel core (93%) and them plate them with copper (7%) .
Funny enough our mint over here made copper pennies until 1991 ....
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Pillar of the Community
United States
807 Posts |
According to the reports published by the US Mint, no composition change is going to materially change the cent situation. By their accounting, about 1 cent of the cost is the workmanship, machinery depreciation, & related costs. Even if metal costs were zero, that would still remain. In fact, changing over to steel would raise the price, because it wears the dies out faster than zinc. Ditto the five-cent piece, which has about 5 c of metal & the same in workmanship & charges. Of course, the seigniorage on the dime, quarter, & dollar is sufficient that the Mint continues to show a positive balance of between 21 & 49 cents per dollar issued in the years 2010-11-12, so the cost is really meaningless.
Considering the annual mintage of billions of pieces, there are plenty which are just waiting to come out of the woodwork. I pick up a lot of them walking down the sidewalks, so I have a strong suspicion people fling them out of car windows. Suspend the coinage, without withdrawing them, & eventually they will find their way out of the sock-drawers of the nation, although that wouldn't bring forth the ones which have been tossed in wastebaskets. It might get to the point of banks allowing $1.01 on account for every hundred brought in, or merchants giving a small discount when paid in cents, but there's no reason for a shortage.
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Pillar of the Community
United States
5207 Posts |
I keep 1981 and before to keep it simple and speed thing up so I don't have to weigh every 1982 cent.
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New Member
United States
5 Posts |
I don't understand coin collecting apparently. What would the point be in hoarding pennies unless they are special coins in some way?
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Pillar of the Community
United Kingdom
837 Posts |
you guys are lucky find a lot of 1982 pennies , over here 1982 was the lowest mintage of pennies ..... @publius Interesting info about steel wearing out the dies faster, this is ironic because since our mint started issuing out lots of steel core 5p coins I have seen quite a few coins which show evidence of worn dies  Interesting suggestion about getting thse pennies out of peoples sock drawers 
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Bedrock of the Community
13014 Posts |
Quote: What would the point be in hoarding pennies unless they are special coins in some way? The copper pennies have a higher melt value than face value. So you can save up a bunch of them and sell say a lot of 100 dollar face value for 200 or 300 dollars on ebay as you can usually get 2-3X face value for them. Its not really collecting in the sense you would think of for making a dansco album of something, more of a way you can make some money off of things you find in your change. People are more interested in the copper the penny is made of then the penny itself in this c ASE
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Pillar of the Community
 708 Posts |
Nevermind me keeping the 1982s, now that I heard you can not sell the coins as copper bullion with zinc mixed in there and yes O KNOW it is illgal to melt copper, or ANY U.S. or Candian one cent coin, and U.S. five cent coins. (Hey, are people allowed to melt 1943 zinc plated steel cents? I wouldn't do it, because its a waste, and I know its not worth it, but is it legal?) Quote: Of course, the seigniorage on the dime, quarter, & dollar is sufficient that the Mint continues to show a positive balance of between 21 & 49 cents per dollar issued in the years 2010-11-12, so the cost is really meaningless.
I would, of course, be the first person to ask, "What about the half?"  Obviously the Mint still makes money on those, or they would not mint them anymore.
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Valued Member
United States
218 Posts |
As for telling the copper 1982 from the zinc 1982 I just give them a good solid flip off my thumb the 82 coppers will ring out A lovely sound the 82 zinc will just make no sound at all
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Pillar of the Community
United States
807 Posts |
Halves aren't struck for circulation anymore, haven't been in years. Finding a 2001 or later dated half in a roll is less likely than finding a Franklin. If you do, it came out of a set, & is as likely to be a proof as a "business" strike. Not to suggest ways of evading the law, but... it's still perfectly legal to melt US coins in Canada, or Canadian coins in the USA. You could always swap weight-for-weight with someone on the other side of the border. Of course this is easiest in places like Detroit, where you can just meet somewhere to make the handoff!
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Pillar of the Community
 708 Posts |
Quote: Halves aren't struck for circulation anymore, haven't been in years. Yes, I've heard this a million times from people on this board, but the Mint STILL makes money off of "minting" halves. I thought "that" was what you were talking about. And dollars haven't been struck for circulation for more than a year and a half either, so whats your point?
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Replies: 29 / Views: 4,901 |