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 Replies: 11 / Views: 1,110 |
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Pillar of the Community
United States
4867 Posts |
Are cents melted down? I see a lot of pennies lately with green showing. They seemed to have lived their lives.
David
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Pillar of the Community
United States
7123 Posts |
I have not heard anything conclusive about copper cents being melted,, although I have heard or seen several conversations about spot copper climbing to the point where the Fed would start pulling pre 82 cents for that purpose !!
Maybe all these circulated copper cents Ive been hoarding for years will finally become uncommon !! ;-))
Rick
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Pillar of the Community
 United States
4867 Posts |
Would they actually have people going through all the dates to see which ones to melt? That would be a massive undertaking!
David
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Pillar of the Community
United States
7123 Posts |
They would just have the banks do it !! as the cents come in they would be pulled, similar to the way banks pull the old paper currency and return it for destruction.
probly have some type of machine that could seperate them by weight or something,, copper would have to rise well above where it is now for that to happen but when the Feds smell money not much will stop them from getting it !!
Rick
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Pillar Of The Community
3147 Posts |
If copper continues to rise I can see the pre-82 cents being sold for scrap. If I remember correctly it takes 155 cents to make an ounce and with copper already over the $2 mark I wouldn't be spending copper pennies. Common date Wheat Cents are currently being purchased at the .03 level by dealers so I would have to keep them as collectors items until scrap went above that level.
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Pillar of the Community
United States
4867 Posts |
Where can I get the spot prices?
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Pillar of the Community
United States
7123 Posts |
Most papers of larger circulation have a business section with all of the stock Market info,, there is a section for metals that show the spot prices of metals.
You can get the spot for Silver and Gold here on the forum,, upper left hand there is a list Under navigation choose spot prices and then the market you want the prices for USA ect.
Rick
Edited by Metalman
04/02/2006 8:34 pm
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New Member
United States
29 Posts |
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Pillar of the Community
United States
2270 Posts |
quote:
Originally posted by Metalman
I have not heard anything conclusive about copper cents being melted,, although I have heard or seen several conversations about spot copper climbing to the point where the Fed would start pulling pre 82 cents for that purpose !!
Maybe all these circulated copper cents Ive been hoarding for years will finally become uncommon !! ;-))
Rick
I have a hunch that the FED is unlikely to pull these anytime soon. While there is sufficient profit to be made to warrant the effort, it would be totally offset by the cost to the mint to replace them. Ironically if they don't do it then Coinstar probably will so it will be a missed opportunity. It will take Coinstar at least eight or nine years to get most of them while the FED could do it faster. It's a wonder they still make this coin. If there were any sanity in Washington they would separate these coins and return the toxic zinc coins for proper disposal. Time don't fly, it bounds and leaps.
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Forum Kid
Kuwait
1523 Posts |
Wow!
I have lots of copper lying aroudnd, might actually be worth SOMETHING!
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Pillar of the Community
United States
980 Posts |
Sorting pre82 cents by weight is simple-coinstar machines do this automatically.Pre 82 cents weigh 3.11 gm, post 2.5 gm.
Zinc cents are now "worth" 68% of a penny in metallic content, as well.
Has anyone seen a report of a smelter actually melting down pre82 cents?
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Pillar of the Community
United States
4867 Posts |
I would hate to see wheaties go....
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Replies: 11 / Views: 1,110 |
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Posted 04/02/2006 7:03 pm
