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 Replies: 19 / Views: 3,066 |
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New Member
United States
26 Posts |
Hi, I've been reading a lot here and see that some collectors save copper pennies. I read that melting them down was illegal so I just dumped about $15 worth of pre-1980 pennies into the coin-counting machine at Wal-mart. Did I just make a big mistake?  What could I do with them if I saved them from now on? Are they really worth more than 1 cent if they're copper? They weren't in any special condition. Thanks for any replies. |
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Pillar of the Community
United States
2520 Posts |
 At todays copper prices they are worth just shy of 2 cents a piece. Even though it is illegal to melt them here in the states, some people still make a profit selling them to speculators and investors! Edited by ratman4762
10/23/2009 8:32 pm
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New Member
 United States
26 Posts |
Thanks for the reply. I don't feel so bad now since I used the money I got from cashing in the coins to buy rolls from my bank. I'm still trying to figure out what's good to keep and what's not, but in those rolls I found two 2000 Wide AM pennies, one 1998 Wide AM penny, a 1925 Wheat penny, and a 1940 Canadian penny. That was from a full box of pennies. I was pretty disappointed that most of the box was coins from the 1990s and up until I found those few finds in the last five rolls! I just have to learn to use my camera now to take picturse of coins so I can post them if I find anything good. Thanks again for the reply! |
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Pillar of the Community
United States
1450 Posts |
It is illegal to melt them in the United States. You could probably find many folks in Canada that would buy them to melt or exchange them for Canadian pennies which have a slightly higher copper content and CAN be melted down in the U.S..
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Pillar of the Community
United States
1450 Posts |
There are also those that believe if the dollar keeps dropping and copper keeps rising, there may be a Black Market that develops where copper may become the currency and be worth more in purchasing power than 1/100 th of the value of a dollar.
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Pillar of the Community
United States
1121 Posts |
Hospitals, to my understanding are using more and more copper, hence more demand = more value...Look at Platinum (maybe comparing apples to oranges, but..) Platinum went from above $2,200 per oz in early 2008 to around $800 per oz in Oct same yr..due to a lot of factors, but one of the most contributing being loss of production in automotive industry. So...if industry is using more and more copper, it would be my speculation that the value will grow along with the demand.
I'm a hoarder of copper. I love the search. I put on sum music and sort. I don't know if I could ever bring myself to melt Lincoln Cents. In my opinion the U.S. will lift the ban at some point, but I will probably just keep hoarding. Plus I like to surround myself with the things that make me happy..and Lincoln Cents are def one of those things.
Good Luck on your Searching!
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Pillar of the Community
United States
1121 Posts |
Oh... and |
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New Member
United States
26 Posts |
Thanks for the explanations. I used to think coin collecting was just about finding really old coins, but I have come to realize there is a lot more to this hobby than I thought. I'll have to give this copper subject more thought.
Thanks again.
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Pillar of the Community
United States
4212 Posts |
excellent pastime. not by the roll, but bag. done it for 20 yrs.
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New Member
United States
26 Posts |
Thanks again for the replies and welcomes. Can I get bags of pennies from the bank?
I'm so excited. I just got my second box of pennies today from the bank and they look old. I only looked at the ends and didn't see anything older than an 82, mostly 70s and 60s. On two roll ends I saw a 1957 and a 1925! I can't wait to dig into that box later this week.
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Rest in Peace
United States
3039 Posts |
Welcome ! CAUTION ! Don't expect to make nice finds in every box. You have done well so far but you have to weather the dry spells also. Have fun !
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Bedrock of the Community
United States
19931 Posts |
Welcome to CC!  Quote:Thanks for the reply. I don't feel so bad now since I used the money I got from cashing in the coins to buy rolls from my bank. I'm still trying to figure out what's good to keep and what's not, but in those rolls I found two 2000 Wide AM pennies, one 1998 Wide AM penny, a 1925 Wheat penny, and a 1940 Canadian penny. That was from a full box of pennies. I was pretty disappointed that most of the box was coins from the 1990s and up until I found those few finds in the last five rolls! I just have to learn to use my camera now to take picturse of coins so I can post them if I find anything good. If you found a 98 WAM and two 2000 WAM's in the same box, you've set a record. I've never heard of anyone doing that and you're VERY lucky. I have a 5 gal pail nearly full of copper cents from searching. I'm going to hold them until they are worth more than 2 cents each and then sell them. Even though you may not melt them, they will still trade at bullion value. Plus, as cents, the copper content is guaranteed making them perfect for bullion trading. |
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New Member
United States
26 Posts |
Thanks everyone. This has been so informative and helpful to me. I just have one last question on this subject. Where could I sell older copper pennies for bullion value besides ebay, and how many would I need to make it worth someone's interest? Or am I better off just trading them back to the bank for a new box of pennies to search? |
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Bedrock of the Community
United States
19931 Posts |
Just hold those coppers, once they go over 2 cents in melt, they will be more practical to sell.
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Pillar of the Community
United States
2520 Posts |
If you're lucky you may find someone local to buy them and you'll be able to sell smaller lots. If you have to ship then you'll need bigger lots to make it worthwhile. Unless you're strapped for cash...save them!
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New Member
United States
26 Posts |
Sounds like saving them would be easiest then. Thanks BadThad and Ratman4762.
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Replies: 19 / Views: 3,066 |
Posted 10/23/2009 9:11 pm
