Lincoln Memorials 95% Copper - Page 2

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Author	Replies: 24 / Views: 4,987	Page: of 2

Groszy Pillar of the Community United States 589 Posts	Posted 12/28/2014 11:57 pm Being illegal to melt them only applies to those who are looking to sell the metal. Want a copper sink? Get enough old cents, and you can legally melt them down and hammer them into a sink. If you start doing that to sell the sinks...there might be a problem... That's basically what I'm doing. Saving copper for future projects that will require tons of copper (and obtaining the raw metal for less than the spot price is always nice) Who cares about hoping to double profit one day? Save enough and make yourself a copper roof...those things last centuries. Asphalt, best chance, only lasts 30 years. That's doubling your profit every few decades; rather than a one-time deal. Think about your progeny, before yourself. Report this Post to the Staff
LeoS Valued Member United States 174 Posts	Posted 12/29/2014 01:17 am I think we can/will be able to look at Canada to see what happens. Can Canadians now melt their cents? If so, what are recycling centers paying? If the RCM is recalling pennies and melting them, what will the impact be on older pennies, considering that some that get turned in will be 1940s, 50s, etc? Report this Post to the Staff
Connicoins Valued Member United States 118 Posts	Posted 12/29/2014 02:09 am allranger: Sorry for my delayed response...but I see your point...I have thousands of pennies and I have noticed how the newer zinc (1983 and up) do not hold up as well. I throw these in a different slot. Per ratio, I have more zinc than copper in this slot. Interesting point of view. Thank you ! Report this Post to the Staff
Tryna Pillar of the Community United States 937 Posts	Posted 12/29/2014 10:54 am Quote: Tryna...we are not talking about wheat cents. The title of the thread is clearly "Lincoln Memorials 95% copper" so bringing up Wheat cent prices is irrelevant don't you think? It is very relevant. It is the only coin with the same composition and weight as the LMC It is the only coin with anything like comparable mintage figures. It is the only coin that can be used in an historical analysis of what can be expected of 95% copper Lincoln Memorial cents. Quote: Instead of posting about common Wheat cent prices with fluctuations in the copper spot price, why don't you post about LMC copper cent bulk prices during the high's and low's of the copper spot price since that's the subject of this thread? Because there is no legitimate market for 95% Memorial cents. No law abiding conscience recycler will purchase them as scrap copper no matter what the spot price of newly smelted copper is. I have been unable to find any Local Coin Shop who will pay anything for circulated rolls of Memorial cents. In fact I see them refusing to buy rolls of uncirculated Memorial cents. So just where is there a market for 95% circulated Memorial cents? Quote: I understand some ebay auctions go unsold. If a seller is being too greedy and asking too much, then people will stay away. I gave a quick example of an auction that ended at 1.4 cents per LMC, plus shipping. So it shows there are people out there willing to pay over 1 cent each and I know this happens often on another forum I frequent. Are there people on ebay willing to buy Memorial cents at a premium? Yes. But these people are rather few and far between. When I researched ebay completed items less than 10% of the listings were sold. Therefor if someone asks a question such as the op; Quote: Is it still worth wild to save these ? I know it still costs more than face value for the mint to make Lincoln cents. but with the price of copper down below $3.00 a pound My answer is: Quote: Start with a coin shop, ask if they buy them. Then go to a pawn shop to ask if they buy them. The contact a metal recycler to see if they buy them. The answers they give you will let you know if it is worth saving them or not. If still questioned The only honest answer is to compare LMC to LWC. Same composition, a smaller overall mintage, and over 50 year history of an extremely FLAT market. Yes there are forums full of people talking about what a good thing it is to save them. Save them if you wish. But, know and understand that any premium you pay for them is not money spent wisely, any money spent on shipping is money spent unwisely, and any money spent on storage is lost. They have no investment value and absolute minimum speculation value. There is no anger or malice here just analysis and evaluation and my opinion. I think I am accurate on this. If you wish to save them then do so. If you know someone buying them for a premium then sell them every one you can, if you are paying a premium for them contact me and I will sell you all I can find. Report this Post to the Staff
CoinHunter53562 Pillar of the Community United States 2049 Posts	Posted 12/29/2014 11:44 pm Tryna...no you can't compare LMC's to LWC's because LWC's have a higher premium that has nothing to do with their copper content. People like to collect them over the past 50 years because it's a different coin design no longer minted. And FYI...looking at the mintage figures, they are not really comparable. The highest minted Wheat cent figure was around 1.1 billion. For LMC's, there are dozens and dozens over 2 billion. So as usual, you are wrong. Buffalo nickels have the same composition and weight as Jefferson nickels, no? Some people also stack nickels for their metal composition, yet Buffalo nickels have a higher premium despite the ups and downs of the copper and nickel markets. Care to explain why Buffalo nickels have a premium over Jefferson nickels despite the same metal composition? And I bet the Buffalo nickel common prices haven't changed much despite the fluctuations in the copper and nickel markets over the years. I'm not wasting my time debating with you because frankly your posts are so full of inaccuracies that it makes my head hurt. Report this Post to the Staff
CoinHunter53562 Pillar of the Community United States 2049 Posts	Posted 12/29/2014 11:49 pm Quote: But, know and understand that any premium you pay for them is not money spent wisely, any money spent on shipping is money spent unwisely, and any money spent on storage is lost. They have no investment value and absolute minimum speculation value. Ok I lied, one more post. I'm not paying a premium myself, and I bet the majority chiming in here saying they are a good thing to save are doing what I do. And that is plucking them from their pocket change. And again, who is talking about accumulating so many that you have to spend money on storage? Since they have no investment value, I might as well put any disposable income into something like the stock market because that always goes up right? Ponder this...how many investments have zero downside (again, going off the assumption that the LMC's are acquired at face value and no additional money is spent on storage options)? Report this Post to the Staff
Henry2 Valued Member United States 106 Posts	Posted 12/30/2014 04:48 am I believe if you can sell them now for a profit do so, to many what ifs in holding them for a long term investment and in fact you might actually lose money, not actual money but purchasing power. Say you have $500 in coppers today, you hold them for 30 years and you are still not able to melt them or their value doesn't increase, you basically lost money, that bag of chips that used to be $3.00 are now $6.50 at the store. Even if you could sell them at 2 cents a pop you would basically be breaking even years down the road. Don't get me wrong I used to pull all coppers myself but I flipped them as soon as I could, it ended up not being even worth the hassle of pulling them out of circulation for the time spent. Report this Post to the Staff
Tryna Pillar of the Community United States 937 Posts	Posted 12/30/2014 09:19 am Couinhunter, Stack that copper high! You have convinced me there is a market for 95% LMC. I see the the error of my argument now. Truly, thank you for this discussion Report this Post to the Staff
Misterpostman Valued Member Australia 208 Posts	Posted 01/09/2015 09:26 am Suppose you save 10,000 of them, are after they are legal to melt, you get 5 cents each for them. You have $500, $400 of which is profit. Yes, you would make some money, but that is a pretty optimistic scenario. A lot of people have less than 10,000, and the price may linger around 2 or 3 cents for years, especially considering that there will be many other people looking to sell them once melting is legal. So anyone who wants to save them, fine, you may make a bit of money, but to me it is not worth it, and I say that as someone who does invest time in garage sales in search of coins or sterling silver, which has produced only modest results thus far. Report this Post to the Staff
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