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Replies: 22 / Views: 4,918 |
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Valued Member
United States
368 Posts |
This topic plays right into the other topic "Should the penny be removed from circulation". Basically, since 2012, after CRH and getting back change, I have amassed around 1,000 (give or take) BU Zincoln cents (MAINLY shield). They are in an airtite canning jar and seem to be holding up pretty good. But looking at it, is it really worth saving them? Probably have around 600 2013-D BU cents alone. Seems like a shame to bring them into the bank. 12/13: alright, so now, same question regarding circulated copper LMC and the occasional LWC. (Around 10,000) Edited by schris252 12/13/2014 8:06 pm
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Moderator
 United States
187950 Posts |
Hold on to them. When the mint finally ceases making them for circulation, there will be businesses that resist rounding; they might buy them from you for a small fee. Maybe. 
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Pillar of the Community
Canada
1118 Posts |
I just sold some cents for that very reason up here. Old machine can't round up/down so local law firm took $5 of pennies off me.
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Pillar of the Community
1325 Posts |
Should you save the pennies you have set aside? That is a question only you can answer. Are hey for your set, your own enjoyment, or speculation? You got $10 tied up. Do you need the $10 bad enough to decide today if you must keep them, or can you wait a while and think about it? Are they taking up too much room or can you wait a while and think on it?
Nobody knows what tomorrow will bring in speculations, that is why the stock market is so risky. At least you will have $10 up until the point where pennies will no longer be honored as money. You will probably have forewarning of that happening, so there is no rush right now to decide unless you are just ready to decide.
Just keep them on a low shelf while you decide. You don't want to drop that many pennies in a glass jar and not be able to dodge them and have to clean up broken glass.
Edited by shadz 12/13/2014 01:12 am
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Pillar of the Community
United States
2661 Posts |
What will it hurt to hold onto them? The only thing you are losing by keeping them is the 0.05% in interest that you might earn if you put them in a savings account.
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Pillar of the Community
United States
900 Posts |
I save every single brilliant uncirculated Lincoln Cent I find. It doesn't matter how new (or old) it is. Any coin in MS66, or better, condition is worth something. Almost anything with value is worth saving. Some day my grandchildren may be very happy that I did so. I know I would have been happy if my grandfather had done so.
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Pillar of the Community
United States
589 Posts |
Quote: The only thing you are losing by keeping them is the 0.05% in interest that you might earn if you put them in a savings account. And who cares about loosing $1 a year by keeping $2000 tied up in the great (and oddly legal) Ponzi scheme that is Banks. (Side note, if you have 200,000 cents on hand, CONGRATS!)
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Pillar of the Community
United States
1748 Posts |
Spend them or dump them in a charity box. The real cent died in 1982. They will eventually start to corrode as all Zincolns do. It is their destiny. The copper layer is just too thin to stop it. Zinc is an extremely reactive metal. If I were going to save any present circulation coin en masse, it would be nickels. Worth nearly face value just in the metal content alone.
Edited by DoubleEagle20 12/13/2014 4:45 pm
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Moderator
 United States
23522 Posts |
There are enough Shield Cents alone to give every single American a dollar's worth of them.
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Bedrock of the Community
United States
20753 Posts |
NO. Do not save any pennies. NONE at all. Just send them to me and I'll take the burden of what to do with them off of you.  
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Pillar of the Community
United States
900 Posts |
Quote: They will eventually start to corrode as all Zincolns do. Seems like a pretty good reason to conserve and save them.
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Valued Member
 United States
368 Posts |
thanks all for your inquiries. I have decided to keep the zincolns
Edited by schris252 12/13/2014 8:06 pm
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Pillar of the Community
United States
1748 Posts |
Reminds me, I have to file a small hole in the side of one and see if I can use coke to dissolve the zinc core. I heard it will leave just the copper shell. Sorta neat if it works. If not coke, then hydrochloride acid based toilet bowl cleaner should work.
Edited by DoubleEagle20 12/13/2014 8:54 pm
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Pillar of the Community
1325 Posts |
Drop one in pepsi and forget about it and you will have swiss cheese lincoln. I did this on accident trying to clean some while drinking and plop. jsut got fed up and walked away and forgot the pepsi can until I poured it out later and the penny was silvery copper with holes all in it but jsut a shell. the inside was black as night. Seems there are plenty of holes in the copper already.
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Pillar of the Community
United States
1748 Posts |
Ill hafta give it a try shadz. Sounds like home chemistry fun.
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Bedrock of the Community
United States
19935 Posts |
Nothing wrong with saving for the future. You could cull your hoard by going through and taking out only the best.
Personally, I only save the highest grade coins anymore. I started a roll set collection years ago and today it's amazing. I have a full, BU tube (sometimes more) for each issue of the memorial cents. I sort my tubes with the weakest coins on top of the roll. When I find a new contender, I pour out the top 10 coins and see if the new coin will beat them. If so, I toss the loser and replace with the new one. Then I quickly resort the roll based on the grade of the new coin - the coins in the tubes are ordered (roughly) by grade with the best ones in the bottom.
Currently I have a lot of rolls for which I don't think I'll ever find better coins. They are probably 66-68 coins - I put a dot on top of the tube for those issues so I know there's basically no point in trying to replace a coin (saves time while searching). It's a rare day when I find anything better for my top-pop tubes.....when I do, I start another roll for the issue. I can't bring myself to toss a nice, high grade coin into the wild again. So, for some issues, I have multiple tubes. Anyhow....this is how I handle those BU cents. GOOD LUCK!
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Replies: 22 / Views: 4,918 |