So Are We Still Saving Copper US Cents?

I have wondered about this myself and wondered if it is worth it. It's illegal to melt down the penny for metal (at least today). There's plenty of copper coins in circulation if you take condition of the coin out of consideration. Supply and demand wouldn't work.

You can save the pennies in a huge tub/jar/tin in the hopes that one day it would be legal to melt it down and get the bullion value. But who knows when that will happen? You could end up saving tens of thousands of pennies during that time which could have been better spent on other coins, investments, etc.

There's nothing wrong with saving the copper pennies, I guess. It's just a bit of a low risk gamble. For me, personally, it seems more trouble than it's worth. I'm still getting my head wrapped around other denominations.

Perhaps one day we'll be trading bags of "junk copper"?

-- Boris

jbuck- so there will definitely be a new reverse design after 2009 commemorative reverses?

From the legislation:

My interpretation is that it allows for a change, but does not require it, since one could probably somehow argue that the Lincoln Memorial is such an image. However, I feel the intent is to have an entirely new design.

Why not save them? If commoditites go back up and copper reaches levels it hit last spring, then maybe people will be able to sell them for about 1.8 times face ($90 per $50 face) again. Otherwise, what's the big deal about saving some of these? It's an automatic savings with little risk and potential upside. Besides, I like searching the boxes for wheat cents and the occasional Indian Head.

I have heard rumors of the Gettysburg National Cemetery where he gave the address being on the reverse. I guess we will have to wait and see.

bherring1964- I totally see what you mean by 2008 being the end of a generation of Lincolns. But Wheaties are really defined by having a reverse that is totally different to that of the proceeding generation. In a sense, the "identity" of 1959-82 Lincolns will not be as concrete.

Also, how do you separate the 2 generations of wheat cents? Are they separated by the appearance of the 1943 steel cent?

Hi Archraz - The 1959-82 bronze, Memorial reverse cents are actually a different "type" altogether from any other Lincoln cents. In '82 when we switched to copper coated zinc cents, this created another type.

From Q. David Bowers book, The Expert's Guide to Collecting & Investing in Rare Coins : "For purposes of availability, I like to divide Lincoln cents into four eras as follow:
* First Era (1909-1933) ...with relatively few exceptions, dealers, collectors, and others did not set aside quantities for resale or investment. This era contains ALL the keys to the series and was pre-album/penny board days.

* Second Era (1934-1958) Each date and mint issue of this era was saved in roll quantities. There were no key dates except the '55 Double Die (a variety really).

* Third Era (1959-1982) Bronze with Memorial reverse.

* Fourth Era (1982-2008) Copper coated zinc with Memorial reverse.

Check you price guides and you'll note a drop off in prices when you get to 1934. It's clear after 1933 something changed, it just wasn't the coin itself.