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 Replies: 19 / Views: 1,931 |
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Rest in Peace
United States
3039 Posts |
I've read posts on this site that roll searchers are pulling out all copper cents.
Is it worthwhile doing that hoping for a price rise in copper AND the government allowing melting? Will these coppers become the next wheat cents ?
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Pillar of the Community
United States
3077 Posts |
maybe its my poorman bullion the wife aint got a clue to how many coppers I have squirrled away
and in reality I bet the zincs in 100 years will be worth more than the coppers cuz not near as many will last that long
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Valued Member
United States
369 Posts |
I read somewhere, don't remember if it was here or not, that the copper lincolns are already worth about Three Cents. I keep all of the coppers I find in rolls, which isn't a whole lot, maybe a few dollars' worth. |
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Pillar of the Community
United States
2049 Posts |
Quote:I read somewhere, don't remember if it was here or not, that the copper lincolns are already worth about Three Cents. I keep all of the coppers I find in rolls, which isn't a whole lot, maybe a few dollars' worth. They were close for awhile last year, but now it's closer to 1 cent melt value for each copper cent. However, I think people still pay a little more for them and even APMEX was selling them for awhile for around 1.4 cents per penny I believe. |
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Pillar of the Community
United States
2049 Posts |
To answer the original question, I look at it this way.
1) It's an easy way to save money. You wont spend it easily and it's a bit of a pain to cash them in or deposit for Federal Reserve Notes.
2) It's a nice hedge against both inflation and deflation. If inflation happens and commodities go up again, copper cents will go up in value just like silver and gold. If it's deflation, then you have a store of cash. Either way, your investment is 1 cent per coin, so you dont lose money.
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Bedrock of the Community
United States
19930 Posts |
Bravo! Excellent rationale!  |
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Valued Member
United States
462 Posts |
There are 146 Copper Cents in a pound. Friday, spot Copper closed at $1.5089 a pound. As a side note, there are 181 Zinc Cents in a pound. So just watch the spot price for copper. It needs to hit right at $3.00 a pound for a copper cent to be worth Two Cents in bullion value. |
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Pillar of the Community
United States
5601 Posts |
Last I knew it was not Legal to melt cents, did this change( no pun intended )...  |
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Valued Member
United States
227 Posts |
There was a bill to make it legal again but with all the crazy stuff that's been happening in the last year I don't think Congress got to it.
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Valued Member
United States
408 Posts |
I have thousands of copper cents. The problem with holding them for bullion value is that if you have $100.00 worth of and the price of copper doubles you have only made $100.00. Lots of work and storage space for a hundred bucks.....Hours and hours of fun though.
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Pillar of the Community
United States
2049 Posts |
Quote:
I have thousands of copper cents. The problem with holding them for bullion value is that if you have $100.00 worth of and the price of copper doubles you have only made $100.00. Lots of work and storage space for a hundred bucks.....Hours and hours of fun though. Very true. For me it's more the fun of looking for wheat cents and the occasional Indian Head. It definitely is quite bulky and heavy though. On another forum I frequent, there are guys there that literally have tons of copper cents. Some store them in 5000-count bank bags, while others store them in 55-gallon steel drums. I know there is one guy in Illinois that claims to have 3,000,000 ($30K face value) in copper cents stored in tubs! These guys use special machines to sort out the copper cents versus someone like me who handsorts maybe one or two boxes per week. |
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Rest in Peace
 United States
3039 Posts |
They are still fun to go through, hoping that next one is a good find. Little downside to store coppers I guess. You'll always have face value (less maybe Coin Star's or another % taker for redeeming. I did 2000 today at a Coin Star and the vig was 8 9/10 % (ouch) but it was the only way on Sunday. I don't mind a $100 profit for storing some in a corner for a few years either. Guess it all depends uipon how much you need a C note.
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Bedrock of the Community
United States
19930 Posts |
Quote:
Very true. For me it's more the fun of looking for wheat cents and the occasional Indian Head. It definitely is quite bulky and heavy though. On another forum I frequent, there are guys there that literally have tons of copper cents. Some store them in 5000-count bank bags, while others store them in 55-gallon steel drums. I know there is one guy in Illinois that claims to have 3,000,000 ($30K face value) in copper cents stored in tubs! These guys use special machines to sort out the copper cents versus someone like me who handsorts maybe one or two boxes per week.
OMG! Give us the link, I want to read that. Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
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Valued Member
United States
168 Posts |
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Pillar of the Community
United States
2049 Posts |
Here is a link. It's to another forum so I hope this doesn't offend the mods here. I am simply responding to BadThad's request: http://realcent.forumco.com/topic~T..._ID~2746.aspThe guy with 3 million stores them in plastic tubs. There is another thread where the guy who stores them in 55-gallon drums talks: http://realcent.forumco.com/topic~T..._ID~1904.aspAlthough I dont think he makes specific mention of it in that thread. In fact I think he mentions storing them in plastic containers but seem to think he switched to 55-gallon drums later due to the size of his hoard. |
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Pillar of the Community
United States
1121 Posts |
CoinHunter53562..Well put on the original topic! And thanks for the links! I have been pondering buying a copper sorter, but I just can't see forking out $400-$900 for one..and my eyes haven't went crossed yet as my fiance swears.  |
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Replies: 19 / Views: 1,931 |
Posted 01/17/2009 9:39 pm
