I would never sell them for melt, legal or not. These large hoards will be melted eventually, so I want to make sure something is saved for future generations.
This operation seems to be doing pretty well with their penny bulk. Warning: If you are sensitive about what happens to some old cents, such as wholesale hot melt destruction, you might not want to watch this.
@AllSeasons, funny you should ask. I just clicked on an ad from one of the bullion dealers who is selling bags of 95% copper pennies for $5.99 LB. The hitch is that you have to buy a 34 pound minimum and the cost of shipping. Out of curiosity I just weighed up 3 jars that I have for a total of 27 pounds. Thats in the area of $160. So yes I will continue to cull out as much copper as I get but I won't go out of my way for it.
At the current copper price there is about 3.2 cents worth of copper in each cent. So 10,000 cents ($100) weighing 68 pounds is worth about $320 with copper at $4.64/lb.
They would then have to be transported and refined to get pure copper so figure you could sell them for 2 cents each. You'd need to haul around 68 pounds of pre-82 cents to make $100. Plus the time and effort to sort, which most of us would be doing by hand. If you're time is worth more than $1/hour to you? You'd be making nothing.
@all even with that recent announcement, I still don't see hoarding cents as much of a money -maker. This shift in minting likely won't greatly increase the value of copper, which is what you would need to make the numbers work.
That is a good breakdown from @bh by the way.
"If you climb a good tree, you get a push." -----Ghanaian proverb
"The danger we all now face is distinguishing between what is authentic and what is performed." -----King Adz
Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2025 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited. Contact Us | Advertise Here | Privacy Policy / Terms of Use