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Replies: 29 / Views: 8,387 |
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Pillar of the Community
United States
964 Posts |
I watched a couple of videos about hoarding, melting, and selling 95% copper pennies. When and If that ever becomes legal how will that affect copper pennies? I have a few Ideas but would love to hear from more experience collectors.
The Big Question is: If it were legal today, to melt pennies. What would be your strategy?
(I apoligize if there has already been a Thread on this Topic)
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Moderator
 United States
188440 Posts |
I am not hoarding them for melting, but for posterity. Eventually they will be melted, so it is my job to make sure some survive. 
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Valued Member
United States
202 Posts |
If it were legal to melt copper pennies as of today my strategy would not change. Copper is currently at $2.39 LB. I would hold and wait for a spike in price or leave it to my kids to do the same.
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Pillar of the Community
United States
513 Posts |
how would one remove the tin/zinc from melting "copper" cents?
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Moderator
 United States
188440 Posts |
They same way you remove the copper from melting 90% silver coins. 
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Pillar of the Community
United States
997 Posts |
Melting coins, including cents, is not normally practical for individuals, the cost of the equipment and consumables is too high to make it worthwhile for small quantities. It is also difficult for small operations to separate the various metals involved.
Commercial operations work on larger scales so can do it for a much more economical cost per unit in the aggregate. It is these operations that the laws against penny and nickel melting are geared, the government can care less if you melt your penny jar. The government also doesn't care these days about silver and gold coins as they are no longer commonly circulating, nor do they care much about melting clad coins since there is little cause to as the metals aren't worth enough for people to seriously consider it.
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Pillar of the Community
United States
6130 Posts |
If it were legal, I would probably take a jar or freezer bag of copper cents to the metal recycler when I bring my crushed aluminum cans. Might not net me much money, but the effort to drop a copper cent into a bucket is practically zero and does pay off over time: 
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Rest in Peace
United States
18456 Posts |
I've been saying this almost every time this topic comes up. copper has been down now for quite awhile. stop wasting your time and effort putting away copper cents. IMHO , Dump them now and use the money to buy some real nice coins. that's what I did and have NO regrets at all .
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Moderator
 United States
188440 Posts |
No need for me to dump them as I only I have about $60 face saved.
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Pillar of the Community
 United States
964 Posts |
I agree with you T-Bop but I also agree with jbuck. In 2011 when pennies cost 3 cents a piece I stored up 2 1/2 5gallon water bottles full of Copper Pennies. (Like a Squirrel on Steriods  ). When copper went down, I took them all back to the bank and bought silver. ( Yes I know, It took a long time to get all those pennies through the bank coin counter) But now I'm thinking I need to save some or the nice copper cents to preserve them before they all get melted down.  I always wished I was around to hoard silver coins back in the 60's. Will I be kicking myself for not hoarding Copper cents, if banks stop using them like they did with the Mighty Ike's?
Edited by Mr Click 10/14/2015 3:15 pm
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Moderator
 United States
188440 Posts |
Think of the future folder filling children and grand-children. 
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Pillar of the Community
United States
997 Posts |
I save copper pennies for these reasons:
1) They aren't making them anymore. 2) The design has changed since they made them last. 3) The newest are over 30 years old now. 4) They are still available for face value.
I know I am not going to get rich by saving them but it isn't going to break the bank either. I do occasional roll hunting and get a few hundred out of a box and also a few here and there when I actually use cash for purchases. When the jar gets full I sort them out. Some day they might be worth something, if not to me then maybe the kids.
It is different then the days after silver though. Regular people were snagging silver as fast as they could then not just the collectors. By 30 years after silver was removed from circulating coins (quarters and dimes) they were exceedingly uncommon to find.
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Rest in Peace
United States
18456 Posts |
OK; I can see where most of you guys are coming from. but hey ,the total mintage of all the copper memorials has to be astronomical . believe me my friends. They can do all the melting they want, and there would still be enough copper cents to sink an ocean liner. Now another thing; when all this is happening ,the price of copper is surely to drop down to almost nothing. (TOO MUCH METAL IN THE KETTLE )!
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Pillar of the Community
 United States
964 Posts |
T-Bop! I'll tell you one thing.... I like your mama better than Forrest Gumps!! 
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Pillar of the Community
United States
9395 Posts |
I've been hoarding copper cents, too. I must have one or two dollar's worth stashed away by now.
I don't suppose these will ever be worth much, compared to the silver coins I used to hoard back in the 1960s. Of course, it's not clear how much those silver dimes and quarters have really appreciated in inflation-adjusted terms during the decades that I've had them.
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Valued Member
United States
107 Posts |
It really depends on where you stand. I enjoy wheat hunting. Once I have gone through a box, I run them through a Ryedale. I have about 120lbs of coppers. Now I don't variety hunt, I would imagine I could sell them for more than the price of copper to a variety hunter since I am sure there are some 60-82 pennies that's worth searching for. I don't mind have a trivial amount of money tied up there. One day I might even decide to get familiar with those varieties and search myself. You can NEVER lose money on those.
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Replies: 29 / Views: 8,387 |