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 Replies: 24 / Views: 3,822 |
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Pillar of the Community
United States
1187 Posts |
I currently collect pre-1982 LMC's in good condition. Any coin with any sort of green corrosion gets put back into circulation. I was wondering what the opinion is on LMC's ever gaining numismatic value. For example even the 1950's LWC's are worth 3-5 cents (which is above melt value if it were legal). Since production of LMC's was quite a bit higher do you think they will ever see the 3-5 cent range for coins in decent condition? Are there any real key dates right now for LMC's intended for circulation or is it way too early to tell? Either way I have fun collecting them but was just curious. So far I have found that the late 1960's/early 1970's "S" cents are probably the rarest to me. |
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Pillar of the Community
United States
1192 Posts |
I think it would be a long while until that happens due to the higher mintages. There also have to have a market. Common circulated nickels like the 1938 is still just worth a nickel.
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Pillar of the Community
United States
3755 Posts |
The value is in condition. None of them are uber valuable, but MS 66 or so and up are certainly worth more than 5 cents.
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New Member
United States
4 Posts |
They probably will never have a significant value due to high mintages. There were 141 billion minted from 1959 to 1981 for circulation, compared to just 26 billion for all of the wheat years. However, you may want to keep a certain number of good condition pre-1982 Memorials for future numismatic purposes (varieties, helping a new collector get started, etc.) because they are increasingly less common in circulation due to copper hoarders.
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Bedrock of the Community
United States
20753 Posts |
I predict that by the year 2372, plus or minus a year or two, all of them will be worth way over 2 Cents each.
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Moderator
 United States
187702 Posts |
At some point people will start melting them because they can. This will affect value. They questions are when will it happen and how much will it affect survival rates.
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Bedrock of the Community
United Kingdom
17901 Posts |
I'm still finding MS Queen Elizabeth II British pennies in dealers' junk trays over here for 10p each, and they've been out of circulation now for 44 years. (And in 1967 you could have bought more for a pre-decimal penny than you can now with 10p). So I think you've got a very long time to wait before common daye LMCs have any real numismatic value.
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Pillar of the Community
United States
1566 Posts |
The answer is when the bronze is worth more than 3-5 cents. Numismatic value? Never, too many were minted.
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Pillar of the Community
 United States
1187 Posts |
jbuck - that is kind of what I am thinking. When (if) they make it legal to melt down pennies, I could see some of the heavy copper hoarders cashing in if the value gets to 2-3 cents per penny. Obviously depending on which years/mints those hoards had would determine which key dates would emerge. Is there anything close to a key date with LMC's at this point? |
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Bedrock of the Community
Australia
21786 Posts |
The only ones that should increase in value sometime in the next 50 years or so, are the well recognised scarce errors and varieties. That is not the reason why so many collect pre '82 LMC's. The reason why the series is so popular is that they are easily accessible in pocket change for face value, or with CRH, and for those who have great interest, provide many hours of fun in building a highly detailed collection. As a collateral interest, you end up knowing how coins are made, and how errors happen. You stand the very great risk of expanding your interests into other areas of American numismatics that can last a lifetime. |
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Pillar of the Community
United States
6130 Posts |
I would actually bet that if the copper LMC becomes legal to melt, we would see something akin to the passenger pigeon--mass meltings of hundreds of pounds at a time, and suddenly they're gone. The closest analogy we have are the old Chinese cash coins. At a fixed value of 1000 to a tael (40g or 1.3 oz) of silver, the face value would have been about 1.5-2 mills each by the US silver standard. 300 years later, I can get them for anywhere between 25 cents and $2. |
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Pillar of the Community
Canada
3049 Posts |
Take $1000 worth of coppers and the most conservative guess as to how long it will take to gain a 100% profit... ie: they're now worth 2 cents each...
Take the same $1000 and same time line and how well would you do either in the market as an investment or buying just ONE coin...
This may help your "investment" strategy
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Pillar of the Community
United States
589 Posts |
Quote:
When (if) they make it legal to melt down pennies There is no law that says that the melting of cents or nickels is illegal. That the melting ITSELF if illegal. No, it is perfectly legal. The law only provides that if you melt with fraudulent intent, then it's illegal. So, go ahead and melt those cents! I'm saving mine to eventually melt down into a copper roof. However, I need a lot more (got about $10 thus far), and need to do more test melts before I'm ready for the big time melting of probably half a million or so cents. So long as I don't sell those copper shingles when I'm done, it's all good. In other words, in about a decade (when I'm hoping to do the melt), you all can thank me for taking tons of coppers out of the equation. |
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Pillar of the Community
United States
1187 Posts |
I don't expect to get rich. I enjoy CRH and it's essentially free. I only get boxes when I'm already out so I'm not wasting gas. I only dump my coins in coin star when I'm already going to the store. I get the no fee Amazon gift card which is essentially good as cash to me since I shop there a lot. I've just noticed I don't get too many coppers back in change and I'd imagine over the next 5-10 years it will become even more difficult to get them. Essentially I guess I am just hoarding but I enjoy it. I also get a good amount of CND and wheat pennies as well! I was just curious if the community ever thought they would gain numismatic value. Even if it becomes legal to melt them I will hold onto mine as many are AU condition and I enjoy collecting them. |
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Bedrock of the Community
Australia
21786 Posts |
LMC's have their analogy in ancient coins with LRB*'s:
* = Late Roman Bronze (coins).
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Pillar of the Community
United States
1132 Posts |
Quote:
There is no law that says that the melting of cents or nickels is illegal. Federal Register:Prohibition on exportation, melting or treatment of 5 cents & 1 cent coinsTitle 31, Subtitle B, Chapter 1, Part 82 "Except as specifically authorized by the Secretary of the Treasury (or designee) or as otherwise provided in this part, no person shall export, melt, or treat: (a) Any 5-cent coin of the United States; or (b) Any one-cent coin of the United States. §82.4 Penalties. (a) Any person who exports, melts, or treats 5-cent coins or one-cent coins of the United States in violation of §82.1 shall be subject to the penalties specified in 31 U.S.C. 5111(d), including a fine of not more than $10,000 and/or imprisonment of not more than 5 years. US Government Publishing OfficeEdited by CopperCastle
03/13/2015 02:24 am
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Replies: 24 / Views: 3,822 |
Posted 03/11/2015 9:41 pm
