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 Replies: 22 / Views: 2,917 |
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Pillar of the Community
United States
1450 Posts |
If you have not noticed,the price of copper has crept up to $3.09 per pound. That means pre-82 cents are worth 2 cents each in metal value. I think it is time to lobby our Congresspeople to lift the melt ban. There are more than enough post 82 cents to fill the need. What do you all think?
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Pillar of the Community
 United States
7939 Posts |
- I think you might be sitting on a lot of pre-1982 cents
- I think the scrap price of bronze is a lot lower than $3.09/lb
- I think there is a shortage of coin at the moment, but that by 2022 we will not need any pre-1982 cents.
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Pillar of the Community
 United States
1450 Posts |
You are right on all counts. I think copper will rise a bit more and it would be nice to unload some of my pre 82s for at least some profit.
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Bedrock of the Community
United States
12477 Posts |
It looks like the copper cent melt is about $0.0185 at the moment. It would have to be higher, in my opinion, to warrant selling for scrap considering the markdowns for refining costs and such.
In Memory of Crazyb0 12-26-1951 to 7-27-2020
In Memory of Tootallious 3-31-1964 to 4-15-2020
In Memory of T-BOP 10-12-1949 to 1-19-2024
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Bedrock of the Community
Australia
21786 Posts |
The U.S. Treasury needs the money just as much as the U.S. taxpayers do.
One problem for us:- Congress is on their side.
I wouldn't worry too much, and as a result, I wouldn't bother.
It would take a lot of effort for a single person to accumulate commercial quantities of pre '82s to sell back for melting and refining.
There will always be lots of pre'82s for collectors.
Same situation for withdrawn Aussie bronze coins.
For silver and gold coins? That's a different matter, and has a different range of considerations for the collector.
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Pillar of the Community
United States
1450 Posts |
Spruett001,I don't know where your melt number comes from,but a s of 6 am copper was $3.0904 making melt value over 2 cents. I agree the price needs to go up but at the rate of speed Congress moves ,let's start the process and by the time it passes we will probably be looking at digital money.
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Bedrock of the Community
United States
17884 Posts |
Quote:
as of 6 am copper was $3.0904 making melt value over 2 cents. It would be if you could get spot copper price for them, but a more realistic real world scrap price would be about 78 cents a pound from a scrap metal dealer. So 78 cents for about $1.46 face value. |
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Bedrock of the Community
United States
20753 Posts |
That law is just one of many that are useless. Where are the coin police that watch smelters? Melting coins has been gong on for a long time now by me. And no one is arresting people that do that anyway. Jewelers melt Silver coins all the time and Electricians throw Copper coins in with Copper wire taken to smelters all the time. No coin police around either.
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Moderator
 United States
188187 Posts |
I am not holing my breath, but I am holding my copper cents to save them from your vicious desire to melt them!  |
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Bedrock of the Community
United States
10284 Posts |
And I thought State Quarters and Presidential dollars were heavy when we cashed in several thousand dollars for face at the bank. Personally, I don't think messing with copper Lincoln cents is worth the work involved. |
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Valued Member
United States
318 Posts |
Agree with other post, who would know if you break the Law and melt some coins! In 2012 I was inside of a large refinery for a technology project and was amazed at the barrels of silver coins waiting to be melted. Problem is that there is an energy cost to melting that might eat up your profit.
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Pillar of the Community
United States
4333 Posts |
I agree, you won't get current melt value due to refining costs. I've been scrapping almost 50 years.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Moderator
United States
54280 Posts |
One ton of "copper" cents. About 300,000 coins.  Show your financial support of the Coin Community Family (click here)See my topic on Mexican Numismatic Medals (click here) |
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Moderator
United States
188187 Posts |
Quote:
One ton of "copper" cents. About 300,000 coins.  |
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Bedrock of the Community
United States
17884 Posts |
Quote:
In 2012 I was inside of a large refinery for a technology project and was amazed at the barrels of silver coins waiting to be melted. Melting silver coins is legal. |
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Pillar of the Community
United States
1667 Posts |
the cent isn't pure copper, it's 95% copper, 5% zinc alloy. I don't know exactly what class it will fall into maybe #2 copper, but I'd think in the brass category which is like $1.40 a pound, and they will pay even less than that. some of them were
95% copper, 2.5% tin, 2.5% zinc, (1864-1942, 1947-1962)
some were 95% copper, 5% zinc, (1944-1946, 1962-1982)
Not worth the time or effort, probably never will be. Refining it to 100% copper again is going to eat up whatever above it's face value of profit for you it would be.
it's why the "we buy gold and silver" places don't also have copper and brass on their signs, and why you gotta take your copper to the scrap yard dude because he loads it up in containers and sends it to China to be refined and recycled back to #1 copper.
And honestly, there's plenty of scrap good copper that takes far less refining out there between wires and pipes for the scrap guy to ever want to mess with pennies unless it became seriously profitable for him to do it.
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Replies: 22 / Views: 2,917 |
Posted 09/20/2020 10:27 pm
