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 Replies: 33 / Views: 3,019 |
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Moderator
 United States
188660 Posts |
I am keeping all the copper I find. Not as an investment, but to save them from the sinister forces that would melt them!  |
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Valued Member
United States
311 Posts |
Copper hoarding is actually what brought me back into coin collecting after a long absence... Like others have said, it may not be an especially good occupation, but it's a fine hobby, and as close to a risk-free investment as you're ever going to find... Just think about how often you hear news stories about some idiot getting electrocuted stealing wire, or falling to his death trying to steal an air conditioning unit to sell for copper, and here's all this copper just passing through your fingers every day at less than half the market price...
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Valued Member
United States
429 Posts |
The problem is that none of us will know the true value of copper in the years to come and that it is just a big crap shoot. Personally, I keep most of what I find (depending on the condition) in hopes to put sets together and sell them for a profit in the future. A 1960-1980 Au55 does not sound like a major thing now but that is how many people felt about Wheaties at one time. I am hoping that a new metal alloy in the upcoming penny will make the copper coins take a jump in price and that one day my hard work will pay off. Besides, look at ebay, you can sell crap coins that are pre 82 for almost melt and people will buy them. If they will buy a bad coin what would they pay for a nice one? |
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Pillar of the Community
United States
581 Posts |
I don't believe massive melting will affect the numismatic value of pennies at all - at least not initially. IF the price of copper were to skyrocket and a penny became worth 10 cents, then you'd start seeing a lot of wheaties getting tossed in the fire. THAT might affect some dates and mint marks....
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Pillar of the Community
 United States
1121 Posts |
I guess it's a win win. As long as we are already roll searching, starting to make sense to me. Thanks all!
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Valued Member
United States
346 Posts |
This is a very interesting discussion. I've considered cherrypicking the coppers and looking for wheaties/interesting stuff before, maybe now would be a good time to do so. Couldn't hurt, I guess.
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Valued Member
United States
177 Posts |
I don't believe the LMC's will ever be worth more than melt value, no matter how high it gets and how many are melted. After all, you can still buy common walkers, Franklins, etc for pretty much melt prices. |
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Valued Member
United States
259 Posts |
but how can you ever realize the value of the copper in pennies if it is illegal to melt these coins? Are you thinking maybe someday it will be legal to melt them?
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Moderator
United States
188660 Posts |
Being illegal does not mean they are not being melted. I would be totally shocked if there were not people melting them.
I say the real value of not melting them is the same as the silver coins. They have a known quality and quantity of the metal in question. It is easier to sell a pound of 90% silver coins than it is a pound of raw silver, which would need to be assayed. If copper ever became "precious" like silver or gold, this would be a great way to trade it.
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Valued Member
United States
177 Posts |
Furthermore, just because it's illegal to melt them today doesn't mean it'll be illegal to melt them in the future; these things do have a way of changing.
BTW it's also currently illegal to export them in quantities greater than 100 or so, so people can't get around the melt ban that way.
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Valued Member
United States
67 Posts |
Also, making something "illegal" does not stop people from doing something.
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Pillar of the Community
United States
812 Posts |
I'm pretty sure the 'melt ban' is going to be temporary. They are just trying to avoid creating a shortage of cents and nickels. Once copper cents become an insignificant percentage of coins in circulation (enough time passes or enough new steel-or-whatever cents are in circulation), the ban will be lifted. I expect a similar scenario for nickels.
I also set aside my pre-82 cents. While it will never amount to much, I just can't spend coins that are worth twice face value. Probably because I'm old enough to remember when a cent still had a little bit of value.
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Pillar of the Community
United States
511 Posts |
Since the pre-82 Lincolns look exactly like the plated zinc coins at a glance, I don't see any company or smelter buying them. It would be way too labor intensive and a huge hassle to sort them.
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Pillar of the Community
United States
1450 Posts |
Sorting is not that labor intensive if you use a Ryedale machine, that is how many hoarders are separating massive quantities of copper daily. From several folks I have talked to who use them they are very accurate and can do thousands of pennies a minute. Again, I have never used one, only know what I have been told.
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Valued Member
Australia
52 Posts |
My collection stays with me 'til they (whoever they are) drag me away screaming. It has taken me 50 years to accumulate (not hoard) my coins and develop them into a thing a beauty. All of you(I am sure) feel the same way otherwise we would not be here (there or wherever we are).Our sons and grandchildren are spellbound whenever we show them (probably doing their maths). Since my short time on this site I have had so much information, friendly advice and opportunities to chat with other persons who share my passion.
As always, thanks.
Roger
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Replies: 33 / Views: 3,019 |
First Page
Posted 07/07/2008 1:12 pm
