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 Replies: 33 / Views: 5,112 |
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Valued Member
United States
300 Posts |
I never got bitten by the Cu hoarding bug, for several reasons mentioned here, I'd have to agree, hoarding Cu would never pay off, you need room to store it too, and IF the melt ban is lifted one day, I doubt you'll get full value from a smelter or dealer, better to hoard other things
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Pillar of the Community
United States
6326 Posts |
Well regardless of how "precious" Copper becomes, I don't have any real interest in hoarding pre-82 Cents based on that alone. I will save back any near BU ones I come across of ANY date, but that's the end of it for me. As far as "looking for someone to melt it".....I've said this before, you'll NEVER have to worry about that. YOU WON'T NEED TO MELT IT ! It will just be "traded" as a precious metal in "coin form", JUST LIKE SILVER ! How many regular people are melting down Silver coins ? Or hoarding them so that they can send it off to be melted later ?......answer.....ZERO ! ......and Copper would be no different. If it will have future value in that respect, it will be traded and valued for what it is in it's present form...not whether or not you sent your pennies off and how big of a "Copper bar" you have from having done that. Rare to never, will be that kind of deal IMHO. You'd be able to purchase "Copper bars" just like Silver bars, but they WOULDN'T be from smelting down Cents. If there is to be a future premium for just simple Copper Cents....then they will have their value in "coin form" and be traded as such because of their "Copper content & value". I agree with BadThad as well....... Nice single examples of Cents should be preserved, because they ARE rare ! ....  Now, of course I do hoard Silver, but it's much harder to find Silver, than Copper. Edited by eaglefoot
05/12/2010 08:48 am
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Pillar of the Community
United States
3294 Posts |
Eaglefoot, the problem with your theory is in the large difference in value between hording silver and copper. Right now, the price ratio is that silver is 91x more valuable then copper. For an equivalent comparison, to equal the value of 1 roll of silver dimes, you would need 22 lbs of copper pennies. Honestly, I don't see that all that many people would be interested in dealing with that kind of volume. What would nullify this would be if the silver to copper ratio began to favor copper more strongly, and I have no idea how likely that is, but at the current time, I don't think people would want to go to the effort of hauling heavy bags of coins around for Bullion Exchanges. |
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Pillar of the Community
United States
1450 Posts |
Just a few comments from my perspective. I am a hoarder because I think there will be a black market for copper if the price goes to $6 per pound. You will not need to melt them,just trade them as bullion. We can argue till we're blue in the face about what will happen down the road and chances are we will all be part right and part wrong but if holding onto 2000 rolls of pennies can help preserve my wealth in this chaotic economic environment,I,for one, will take the risk. If I am wrong, I have $1000 to spend down the road. It is all good my friends,be happy,enjoy!
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Pillar of the Community
United States
613 Posts |
People have been hoarding things for hundreds of years just hoping one day it'll be worth more than it is now. Millionaires hoard money all the time, they invest in this they invest in that. I think its a good thing that people are hoarding copper cents, I just hope their not hoarding for the melt value.
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Bedrock of the Community
United States
19930 Posts |
Quote:
Just a few comments from my perspective. I am a hoarder because I think there will be a black market for copper if the price goes to $6 per pound. You will not need to melt them,just trade them as bullion. We can argue till we're blue in the face about what will happen down the road and chances are we will all be part right and part wrong but if holding onto 2000 rolls of pennies can help preserve my wealth in this chaotic economic environment,I,for one, will take the risk. If I am wrong, I have $1000 to spend down the road. It is all good my friends,be happy,enjoy!
BINGO! Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
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Pillar of the Community
Canada
3692 Posts |
Just as silver was the money of the common people, copper, too, is easily accessible to the lower-income bracket. It just depends on how you value it. A wealtheir person might have a distaste for handling pennies and, therefore, not value them as much as someone else. Copper is the money of common folk today. Silver is pure myth at this point.
Edited by Libertad
05/12/2010 5:29 pm
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Pillar of the Community
United States
2661 Posts |
Quote:
call my phone number at (012)-345-6789, and ill give you a free 1909-S VBD HEY! I called you to get my penny and some girl answered and wanted $9.95 a minute to talk to me. What gives? |
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Valued Member
United States
487 Posts |
Lots of good reasons to hoard copper cents. 1. Safe from theft. $10,000 worth of cents weighs over 3 ton, silver 30 pounds, gold 8 oz. What thief is going to rent a moving truck come to my house and haul 100 70 pound boxes up the steps from my basement put them in truck and spend the next 3 months going from bank to bank cashing them in $20 at a time. 2. I always find keepers when going through cents, not so with quarter and halves. In the past year I've pulled over 2000 wheats, 6 IHC and lots of dimes out of rolls from the bank. Best finds to date worn out 14D, 4 70S small dates, giant Cud, several 1909's. 3. great for keeping your weight down. You can't eat while sorting and its good exersise carrying all those heavy boxes around. 4, Great pieces of history, this was the last real money in the USA. 5. Future collectibles, I believe the cent will stop being produced in the next 10 years and melt band lifted. Millions of tons will be melted and those nice red ones I kept will be worth something to collectors. 6. You can always sell them on ebay, they seem to average about 1.5 cents a piece. With all that being said if you are sorting cents it had better be because you enjoy it and not for profit. Kind of like fishing. |
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Pillar of the Community
United States
869 Posts |
I agree why even say that nasty word "melt" say "trade-able commodities" (5lb bag,10lb,20lb,ect.) It's no different than silver scrap.It's just easier to start getting your hands on some because is still in our change and the bank rolls right now for only a cent. This is why we have half dollar roll searchers. Folks ya know they did quit making them copper 1 cent coins in 82. That means what's out there in circulation is it.  As it was with silver. when it's gone it's gone. You will pay more to get it latter if ya don't grab it now. Can ya buy a silver roosevelt for a dime? A silver half for 50 cents? only if ya roll search for one.  OH ya also. Yes I will still sell ya my junk zincs for a cent but not the BU ones I have rolled up.check some of them prices out. Bad thad knows. He he.....back to the bank I go  Edited by coindexter
05/12/2010 7:21 pm
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Pillar of the Community
Philippines
1156 Posts |
isn't it illegal to melt down coins? that's two counts, hoarding and melting..then after melting, copper is converted into something else..that's money laundering!  |
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Valued Member
Canada
78 Posts |
How bout all those great pre 1981 Canadian nickels? .999 pure!  |
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Valued Member
Canada
223 Posts |
I keep all my copper for now, if I can get a bit over face for it great if not i'll save it for a bit, cash it and purchase a nice coin or coins I really want!
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Pillar of the Community
Canada
3692 Posts |
Canadian cents are .98 not .999 pure. You're thinking of our bullion.
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Valued Member
Canada
223 Posts |
The Canadian Nickel is 99.9 pure nickel though is it not? Most pre 1981 that is
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Replies: 33 / Views: 5,112 |
First Page
Posted 05/12/2010 08:35 am
