Melting Pennies

chevrolet454ss,

you have so many misconceptions that it makes my head hurt

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You could always to try find those smashed penny machines like at zoo or park. I would rather run them Thur those smashed penny machines and then sell to scrap yard as number 2 copper

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You actually want to spend 50 cents to smash a penny to sell for scrap? Those elongators arent free...

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There another loophole I found on selling USA pennys as scrap metal. If you live close to Mexico border. You can drive them across mexican border into Mexico and sell USA pennys for scrap metal in Mexico.

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The melting ban also included an export ban- you cannot take large quantities of coins outside of the country.

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But if us government bust you its still jail time and fines.

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I really don't think this is the place for you to be describing how to carry out illegal actions and condoning said actions

...but think of the young collects that are not collecting yet! is worth making them pay 10X because someone wanted 3 cent for 1 now? I don't think so!

amac44 makes a good point!

I have been hoarding my copper because, well, I am a hoarder. But that aside, I think the real (long-term) investment potential is to keep them until everyone else melts theirs for scrap, then sell them for their numismatic value since at that time, they will be scarce! To maximize return, do not dump them on the market all at one time...

But seriously, I cringe when I read stories of how millions of coins were melted by the government. I also cringe while thinking about scrap dealers doing the same. Even if the ban were lifted, I would not be inclined to do it.

Biokemist6,

Sorry about adding in Mexico part or not the legal export of pennys. It was an joke or whatever.

You were talking paying 50 cents to smash an penny . You have it wrong. I was talking about buying those machices from an the vending machines companies and set them at all home or office and rig them to run without paying 50 cents per pop . They cheaper to run becides those smelters .

Main reason I got back into coin collecting in Oct of 2006 was reading about cents being worth more in metal. This was before melt ban.

I was going spend maybe 20000 on machines to start melting down us nickels and pennies and go into scrap metal business of turning US coins into scrap metal to be sold as scrap. At same time I was trying get contracts with armored trucking companies on buying pallets or large amounts of USA coins .

At time I thinking about I could turn 10000 worth coins into 20000 dollars after I destroy them since copper price and nickels are worth melted.

The onley way to make an living doing it before the melt ban is melt down or destroy thousands of pallets or tons of copper pennies at same time. Say 3000 pounds at an time like I was going do.

I even called us government and asked them about before melt ban before I did anything. I may be the reason and serval other companies were asking we if can do it. So after we talked with them they put an ban in place. I not onley peaple asking about it at time.

After melt ban was set by the USA government . I called the Canada there government and talked with there lawyers. I going to drive up there and start buying trucks of coins from there banks and bring into USA to start selling them as scrap metal in USA. At time it was good idea since the exchange was .70 per dollar.

Reason I never did do Canada thing was it would cost to much to truck the stuff back to Texas where I live. The price of fuel would kill me or I would need to sell my house and cars and all my stuff to move to the Canada border state in the USA.

As of point there is company called Jackson metals in Ohio who is doing it with Canada pennies and nickels. This guy is also working with an Ohio congressman Space on trying to get the us government to remove the melt ban. I hope it works since it will create 35 jobs in Ohio. You can read about its in newspaper in Ohio and on net.

If the us government does get rid of ban and the prices on copper stay the same or higher I may buy the machines to start doing that. Intill I cant do anything

The prices on Canada nickels has crashed and they not worth doing it and its dead. After you run all those machines and pay to get coins and short them. You may only be making say less than 2 cents per cent or less. I would need to figure it on paper to say for sure.

Its legal to destroy coins from overseas in the USA . they do it all time. I may check Mexico coins to see if you cant make money doing it since exchange rate is 11 to 1 over there.

Intill ban is gone we are stuck and can just hoard copper intill something happens with the Ohio Congressman Space.

Regards Chevrolet454

What bikemist6 said and more.
For one thing chevrolet454ss you just have to learn to shorten your post. Every time I see one with your name I pass on reaading it. Sorry but just way to long. Takes up way to much room on this forum or maybe I'm just to old and get bored with excessively long, repetitive posts.
As to melting of coins. This depends on where you live. In large city areas it goes on all the time. Just as we have laws against murder, stealing, etc., any law is only good if it can be enforced. In a large city invironment there are metal recyclers everywhere and many will take coins for melting, under the table of course. You just have to know them. If you know an electrician or plumber real well you may want to check with them. Around here they take in old piping or wiring to such metal recyclers and throw in piles of coins. That ban on melting coins is only as good as it can be enforeced and there are not many coin police out there watching metal recyclers you know. Jewlers also take in coins and melt them. How would anyone know if a charm was once a coin?

Right now the melt value of pre 1982 cents is 2.0 cents (assumes 5% zinc, ignoring the tin in pre 1962 cents). I'm pretty sure you can sell bags of wheat cents to a local coin dealer for 2-3 cents each. It might not be too long before you can do that for pre 1982 cents, much like people deal in bags of junk silver coins as bullion. I'd wait a few years and see what copper prices do, and what happens after the cent gets either debased or discontinued. It would probably be a better return on investment.