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 Replies: 15 / Views: 781 |
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Valued Member
United States
216 Posts |
I recently discovered a large number of copper pennies. I was wondering if it's worth saving them for the metal content. What do you think?
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Bedrock of the Community
United States
94367 Posts |
A topic of endless debate on this forum. For me, lt just isn't worth lugging these things around for years hoping to someday get twice face.  |
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Bedrock of the Community
 United States
24977 Posts |
 Besides, I don't think the US government will ever allow the private smelting of cents to recover the copper. Inordinately fascinated by bits of metal with strange markings and figures
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Moderator
United States
94892 Posts |
Unless you want to decorate a table top of maybe a Lincoln Towncar with them, then I would say roll them up (after searching for varieties) and get them to the bank for cash (paper stuff).
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Pillar of the Community
United States
1484 Posts |
No one really has the ability to store a massive stash. You're looking at roughly 153 U.S. 95% copper cents per pound, an amount that is worth $1.53 in face value and some $3.50 in copper melt. Problem now is that no one will pay the melt price, because — well — you can't legally melt them.
That said, many of us here keep *small* stashes, but none of us will ever get rich off them.
If you hoard thousands of pounds of copper cents, where are you going to store them and what will become of them?
Edited by halfamind
05/28/2023 6:19 pm
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Bedrock of the Community
United States
19120 Posts |
Several years ago I rolled around 600 lbs of copper cents and deposited them at a bank--over the course of a few weeks. They spanned 1959-1981, checked, of course, for anything valuable.
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Bedrock of the Community
United States
24977 Posts |
Convert them into silver or gold.
Inordinately fascinated by bits of metal with strange markings and figures
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Moderator
United States
34396 Posts |
I have exactly the same opinion as the frog on this subject. Spend them!
"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
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Pillar of the Community
United States
3638 Posts |
Member of SPMC, FCCB, ANA and ANS. My U.S. Classic Commemorative Complete Set: https://www.NGCcoin.com/registry/co...sets/278741/My U.S. Fractional Note Set: https://notes.www.collectors-societ...eSetID=34188 |
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Valued Member
United States
397 Posts |
Quote:
I recently discovered a large number of copper pennies. I was wondering if it's worth saving them for the metal content. What do you think? I have about 23.5k copper pennies saved up. I believe one of the mods has 300k copper pennies saved up. The decision is ultimately your own. |
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Pillar of the Community
United States
3638 Posts |
Quote:
I believe one of the mods has 300k copper pennies saved up. The decision is ultimately your own. Absolutely this is a personal decision. I have a good friend who has an enormous horde of copper cents. There's an attraction to "making money" simply by pulling copper cents from circulation. Well, if and when it becomes legal to smelt the copper from those cents. Considering the 300k copper pennies, that would be roughly 2000 pounds of copper worth in the ballpark $7400 today. From just a storage and portability standpoint, I'd prefer to have a few ounces of gold or a few hundred ounces of silver instead of a ton of copper. Member of SPMC, FCCB, ANA and ANS. My U.S. Classic Commemorative Complete Set: https://www.NGCcoin.com/registry/co...sets/278741/My U.S. Fractional Note Set: https://notes.www.collectors-societ...eSetID=34188Edited by hokiefan_82
05/29/2023 02:55 am
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Moderator
United States
15394 Posts |
With inflation your copper cents are losing value every day - and where do you plan to store all of them?
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Moderator
United States
54280 Posts |
Quote:
I'd prefer to have a few ounces of gold or a few hundred ounces of silver instead of a ton of copper. Good point, but you can't just get any gold or much silver from circulation. 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
Australia
16808 Posts |
Copper pennies are kind of like banknotes with an almost-fancy serial number: yes, everyone says they're kinda cool and you should keep them - but practically nobody's prepared to pay much above face value for them when you try to sell them. Everybody else wants them for zero premium, too.
It's a cost-benefit analysis. What does it cost you to keep them (storage space, cost of shipping when you move or sell them), versus the potential benefit of keeping them (potential profit from gambling on increasing scrap metal value)? Now compare this to taking the money you'd get from buying it, banking the money, and using that money to buy some silver bullion... or some nice coins... and the potential benefits from obtaining those items.
Frankly, if you can find some other sucker who wants to hoard them and is prepared to pay above face value for them, go for it.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Valued Member
United States
67 Posts |
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I'd prefer to have a few ounces of gold or a few hundred ounces of silver instead of a ton of copper. A few months ago I was working on a project removing a fair amount of large copper piping ( 2 - 300 lbs can't remember exactly) . I cashed it in and bought a complete set of silver proof State Quarters and some other items. I am happier with the quarters than the scrap pipe for sure !!! |
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Moderator
United States
187702 Posts |
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Replies: 15 / Views: 781 |
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Posted 05/28/2023 3:47 pm
