| Author |
 Replies: 40 / Views: 22,624 |
|
Valued Member
United States
433 Posts |
First of all just wanted to say I'm back, it's been a while since I've last posted but am getting back into it.     I'm just wondering if you guys think it's actually worth it to keep the copper pennies when crh. Back in the day I had around 200lbs of copper pennies but needed to cash it it due to college bills.  I am going to get back into crh pennies and was trying to get some opinions on keeping the copper ones. So is it worth it or not? And remember HAPPY HUNTING |
|
|
|
Moderator
 United States
56855 Posts |
Quote:
So is it worth it or not? Unless you line up a buyer before hand,no. There is no shortage of copper. John1  |
|
Pillar of the Community
United States
1602 Posts |
I keep them temporarily (6 mo.) to go back and look for goodies I missed the first time around.
|
|
Pillar of the Community
United States
3210 Posts |
If you got the room and patience go for it....also if you think the mint will cease production on pennies in the near future because their cost is nearly double to make than their face value. I don't bother with copper....I stick with silver cause it's legal to melt and somewhat easy to find while copper pennies are still technically illegal to melt
|
|
Rest in Peace
United States
18456 Posts |
 I have commented on this question many times on this forum in the past on this subject. I don't recommend hoarding copper cents. first of all for the last year or so copper prices have been dropping steadily , it's down to what ? about $1.97 per pound. I put the brakes on saving them when the price was at $2.55 a pound , because I thought it was a losing investment. dumped them all and bought a few real nice gem bu Mercury dimes with the dump money. 2nd , It is against the law to melt copper cents. So who is going to buy them from you ? 3rd ,Be honest , have you or any other CRH finding it hard to find Lincolns before 1983 ? Hmm, I don't think so ;because there is enough copper cents out there to sink a battle ship. So the moral of the story is . DON'T DO IT. Dump now and buy those semi-keys or better that you always wanted !  |
|
Bedrock of the Community
Australia
21788 Posts |
As a kid, I used to scavenge copper and brass scrap from rubbish dumps. The best copper to collect is copper wire, because the copper needs to be pure for electric wiring.
A friend of my father's was a scrap metal buyer, so selling what I had scavenged was never a problem.
I bought a HO scale model electric train set (Marklin) over a period of time with the proceeds. The locomotive was a model F800 Pacific, of the German Federal Railways. I was 19 years old when I sold the train set.
With a little extra added to those proceeds, I then bought a Coronet Head Double Eagle. That was the second gold coin I had bought, the first was a Sydney Mint Half Sovereign
|
|
Valued Member
United States
424 Posts |
It depends on what you want with them. If you are looking to turn any sort of profit, then don't bother. If you are feeling the need to hoard something then this could be a good choice. I can see the news release now:
AP - A lonely old man has died in his basement apartment surrounded by his only friends. Hundreds of thousands of old Lincoln copper coins. For those of you that are unfamiliar with these archaic items, they were once used in everyday commerce but have been obsolete for more than thirty years. The body of the deceased and the coins will be cremated and safely disposed of in the World Hazardous Waste facility on the moon.
Your choice man.
|
|
Valued Member
United States
186 Posts |
Quote:
If you got the room and patience go for it....also if you think the mint will cease production on pennies in the near future because their cost is nearly double to make than their face value. I don't bother with copper....I stick with silver cause it's legal to melt and somewhat easy to find while copper pennies are still technically illegal to melt. *** Edited by Staff to add quote tags. Please use them in the future. Posts are very difficult to read without them.***[/i] Well Canada/Australia no longer makes the penny and Britain no longer makes the Halfpenny, but they still haven't appreciated in value since their withdrawal and shouldn't any time soon. Let's not forget that some silver dollars circulated well into the 1960s, and with the high supply of pennies, those should last many decades even without any more new ones. Only the WAM's and double dies should be collected. The best coppers to collect in general are the pre-1934 cents (large and small), Two Cents, and Half Cents. Later wheat cents don't have much appreciation potential due to their availability, similar to common, lower grade V nickels and Buffaloes. Until some ban is lifted AND copper reaches $4 a pound, don't waste your time on copper bullion. Edited by yelimsexa
01/21/2016 09:24 am
|
|
Bedrock of the Community
United States
11951 Posts |
I would say no .... not worth it.
I try to understand CRH. If someone is doing it to stay
busy or maybe the challenge of putting a set together
from circulation I see the interest.
I feel in most cases the effort put into searching bank
boxes of coins does not pay off in the long run.
I tried it when I was younger and did not even pay for
gas money with the finds.
I did much better when I started metal detecting. I would
find a occasional good coin, but I took all the regular
dug coins and bought junk (90%) silver with it.
Doing that I put thousand away, it is really what launched
my coin collection into what I have today.
All I am suggesting is find a way to make some extra money
in your spare time. Then buy good coins over decades.
You will be very happy with your collection when your older.
More so than if you had bags of pre 1982 cents.
|
|
Valued Member
United States
186 Posts |
im staring to dump all mine back to the bank slowly..
in 4-5 years I had over 400 dollars worth.
they took up too much room for me and what was the point
especially when the price of CU has dropped so much and the cost
of shipping has gone up too
|
|
Pillar of the Community
United States
964 Posts |
Agreed Snowman24, I dumped mine a couple years back and bought silver.  Example of my thinking anyways: If I kept my $1000.00 hoard of copper pennies and silver went up to say $40/oz in the next couple of years I would be stuck with $1000.00 in pennies. If I turned in my $1000.00 of pennies and bought silver at $14/oz and silver goes up to the aforementioned $40/oz I would make a big profit and I could always go back and start a new hoard of copper pennies for basically free. right or wrong that is my thinking on the subject.  |
|
Valued Member
 United States
433 Posts |
Yeah that's kind of what I have been thinking too. Basically it's just something to do due to it being illegal to melt them still. I also already fill up my Penny folders except for those dang early LWC. Thanks for the input! |
|
Moderator
United States
188770 Posts |
I am keeping them because I can.  I am not expecting to get rich from them. The truth is I am keeping them so they will not be melted when the ban is eventually lifted. I plan on giving them to the kids (son, nieces, nephews, grandchildren, or whatever) to look through them some day. |
|
Pillar of the Community
United States
1373 Posts |
I pretty much have given up on saving copper cents for 'profit'. I was going to take the (about) $80 of copper I already have to the bank coin-counter, but then I figured that if I kept saving all the older pennies, and my total face value got up to the $1,000 mark, then that is when I'd take all the cents to the bank and finally have 'saved' enough money to get the ONE CENT that I need to complete my set.
|
|
Rest in Peace
United States
18456 Posts |
Yeah , but by that time that $1000 cent will then cost you $2000.
Where's the logic ?
|
|
Rest in Peace
United States
18456 Posts |
jbuck , I like the path your taking. Never thought of it that way. |
| |
Replies: 40 / Views: 22,624 |
Posted 01/21/2016 06:49 am
