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 Replies: 22 / Views: 3,594 |
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New Member
United States
32 Posts |
Hey everyone I have a few questions that you might be able to help me with: First, is it still worthwhile to hold on to the pre-1982 pennies for their copper? I mean really, what is the likelihood of them ever allowing us to melt them down? Are people willing to buy them still (in bulk of course)? As far as scrap silver - I think the easiest way to find that is to go through some bank roles tirelessly. But then once you have a good amount of silver, what do you do on it? Sit on it? *** Edited by Staff - Please Review the rules that you agreed to when you registered. *** |
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Pillar of the Community
United Kingdom
837 Posts |
Hi ath459  to CCF I think its worthwhile holding onto pre-1982 pennies for their copper , but you have to be realistic .....you have to be looking into this as a long term venture its not a get rich quick kinda thing, sooner or later the price of copper might spike especially if western economies start to grow and demand ramps up. China is also a key consumer and China has a vested interest in keeping copper prices above certain value so I doubt the copper price will hit a serious slump . As to whether the Gvt will allow you guys to melt copper I doubt it while the penny is still legal tender but if the penny is scrapped fingers crossed it can go either way  The good thing about copper pennies is you dont lose because (1) they are still money  (2) you can offload them to another hoarder at a premium if dont want to wait for the melt ban any longer .... (3) the reason I mentioned above about the copper prices If you are thinking of scrap silver as well, I would also advise to sit on it. Silver prices flactuate wildly either way but sooner or later a spike will happen and when that day comes you had better be sitting on a huge stash Considering how its not so easy to amass a some silver coins you had better get started and again this is something you should be looking into as a long term venture..... If you are realistic and patient you could win big ! Best of luck |
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Pillar of the Community
Canada
3692 Posts |
Yes, but not for metal content. Save them because you love old coins or in the event that they become harder to find in the wild. I'm saving them to go through in 10 or so years to search for as of yet undiscovered varieties or to give away to new collectors.
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New Member
 United States
32 Posts |
Thats a great point. When you said "I'm saving them to go through in 10 or so years to search for as of yet undiscovered varieties or to give away to new collectors." Are you referring to pennies?
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Valued Member
United States
64 Posts |
i sit on my silver goodies because prices were much higher then than now and I'm waiting for them to get higher again
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Pillar of the Community
Canada
3692 Posts |
Copper pennies, nickel quarters, nickel dimes, nickel nickels, and cupronickel nickels. $1 and $2 coins are hard to keep ($$$) so I only keep the varieties that are known to date. I still find silver dimes (in Canada), got 4 since the summer, and 1 steel-chromed nickel. I keep all US nickels I come across regardless of date - they make great hobo nickel canvasses.
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Moderator
 United States
187446 Posts |
I am saving the bronze cents so they will not get melted.  |
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Pillar of the Community
United Kingdom
837 Posts |
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I am saving the bronze cents so they will not get melted Thats the spirit  |
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Pillar of the Community
United States
937 Posts |
Remember if you save pre 1982 for melt there a few things to know besides it is illeagle to melt them in the USA.
1. the spot price is for newly smelted copper of .999 or better
2. Recyclers will not pay spot or even spot minus % they buy old copper pure as #1 or #2 (#1 would be heavy gauge bare wire 12ga or higher)#2 is copper tube and sheet.
3.Pre 1982 copper cents are only 95% copper so they would be bought as bronze, not copper.
As someone who has dealt rather extensivly with scrap metals my advice is do not hold your breath on them every being saleable scrap metal in the USA in your life time.
For those of you who know a guy buying them, sell him all you can!
You may do better holding them for 4 or 5 decades to sell them for 2 cents each at the LCS.
3.
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Pillar of the Community
United States
8137 Posts |
I do not save the copper cents because they take up too much space and money to save. I save silver and sell when it is high and use the money to buy a coin I want for my collection.
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Pillar of the Community
United States
996 Posts |
I occasionally get a couple boxes of cents and root through them for the pre-82's and a few other things. The last couple boxes I also pulled out the 2009's as well as a few dozen Canadian's and a couple other foreign coins. I also pull these from change and find a couple each week. I have a few thousand pre-82's LMC's saved, they really don't deter from savings or take up a lot of room. I have a couple lamps that the wife made from Mason jars to put little sewing notions and other cute crap into that have been converted to bronze cent holders. If I set them aside and forget about them for a couple decades they might be an interesting thing to go through in my retirement. I don't ever intend to melt them and eventually the government will get smart and stop making the Cent like Canada did and then I will likely save a few boxes of Zincolns as well. |
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Pillar of the Community
United Kingdom
837 Posts |
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I will likely save a few boxes of Zincolns as well Given the stories (and pictures) here about zinc rot , I think its also a good idea to hang onto any high grade early to mid 1980`s zincolns as they will become surprisingly hard to find in more than a decade from now ...... |
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Bedrock of the Community
United States
17884 Posts |
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I think its also a good idea to hang onto any high grade early to mid 1980`s zincolns as they will become surprisingly hard to find in more than a decade from now ...... The problem is how to keep them nice once you have them. |
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Pillar of the Community
United States
1132 Posts |
Melt value aside, when has a coin EVER changed its metallic composition & the market of collectability for the previous composition NOT increased? (100% copper, NS-12, bronze, steel, brass?) History repeats itself. The fact of the matter is even in the current composition a penny costs more than a penny to make. It's a safe bet they will NEVER make them out of 95% again. That makes them desirable. The desirability is only going to increase as the number in circulation dwindles. In 20 years we're gonna be talking about "the good ol' days" of going through a roll & 1/4 of them being 95%. Mark my words, the people that didn't hang onto them are gonna be kicking themselves in the pants.
Edited by CopperCastle
10/06/2014 10:16 pm
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Bedrock of the Community
United States
20753 Posts |
By me Electricians gather Copper and even Aluminum Wire and cable for taking to metal recycling places. They also throw in Copper Coins, Copper plumbing fittings taken from redo sites. The metal recycling places will take anything metal with no questions asked. And most can't speak English so wouldn't know how or what to ask. Someone I know is an Auto Mechanic and when he too takes metal to those places, he throws in all the Copper pennies he has gathered too.
Such laws are sometimes funny since there is really no Copper Police. Metal recycling places could care less what the metal is or was.
As to your question. Yes you should save as many as you can. If for no other reason except to stop those like I've mentioned above.
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Pillar of the Community
United Kingdom
837 Posts |
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The problem is how to keep them nice once you have them Try airtight coin holders .... Quote:
It's a safe bet they will NEVER make them out of 95% again. That makes them desirable. The desirability is only going to increase as the number in circulation dwindles. In 20 years we're gonna be talking about "the good ol' days" of going through a roll & 1/4 of them being 95%  |
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Replies: 22 / Views: 3,594 |
Posted 10/05/2014 11:01 am
