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 Replies: 9 / Views: 2,141 |
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Pillar of the Community
United States
958 Posts |
Copper went crazy up to around 4.10 cents in early 08
people started doing more penny hoarding , then as copper plummeted to 1.25 the fade died off and was not longer a hot topic.
Well copper has creeped back up to 3.25 and holding at over 3$ for close to a year now.
so whats the opinions now of many people? keep hoarding even if it drops down to a buck agian ( then the face value is worth more then the copper ) spending search time.
being the us mint says it cost almost 3 cents to make a penny and distribute it . I doubt the mint will every make smelting pennies legal being they loose money now making pennies
If the usa mint also says hey were gonna make steel/zinc pennies to cut cost .Then that huge demand for copper by the us mint will not exist making copper pennies drop low again.making your pennies worth a penny
so is it a catch 22 ?
switch to steel and demand for copper goes down?
keep using copper and never legalize penney melts becuase it cost o much to make trillions more
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Pillar of the Community
United States
625 Posts |
I feel the cent will be phased out eventually, either because of cost to make or inflation making more and more irrelevant. At that point melt bans will go away. When that is, who knows. I don't think the demand by the mint is that significant in the overall worldwide demand for copper so this decision by them shouldn't affect CU prices to drastically. Also being a finite resource, copper production will continue to drop in the comming years. I will continue to hoard them just like a lot of others are doing now. Just my 2 cents worth...
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Bedrock of the Community
United States
20753 Posts |
One thing I always suggest to people when they say Gold is this or that, Silve is such and such, Copper is way up there in value. It's sort of like I told my Son when he was trying to figure out what to major in in College. Go out in the World and check out what's going on. Hoarding Copper, for instance. Ever look to see what you can do with it? Where can you sell it? Who can you sell it to? And just how much will you really get for it. Like I told my Son if you want to be an Artist, try now for a job as an Artist and see just who, what, where anyone is hiring them. Imagine all the people that are sending in Gold to those places and getting about $300/ounce. Then they offer you a 20% bonus? Same with Copper. Try even NOW to see just who is buying Copper for those so called stated prices.
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Pillar of the Community
United States
625 Posts |
Quote:
One thing I always suggest to people when they say Gold is this or that, Silve is such and such, Copper is way up there in value. It's sort of like I told my Son when he was trying to figure out what to major in in College. Go out in the World and check out what's going on. Hoarding Copper, for instance. Ever look to see what you can do with it? Where can you sell it? Who can you sell it to? And just how much will you really get for it. Like I told my Son if you want to be an Artist, try now for a job as an Artist and see just who, what, where anyone is hiring them. Imagine all the people that are sending in Gold to those places and getting about $300/ounce. Then they offer you a 20% bonus? Same with Copper. Try even NOW to see just who is buying Copper for those so called stated prices. There are quite a few people hoarding copper now. There is a developing market right now which is slowly developing. I myself look at it as a forced savings. I only pay 1 cent for it and can cash it in for 1 cent at a later period. Do I earn interest on it? No, but I don't earn much on my saving account at a bank. I figure the gamble of holding them for the melt ban to be lifted is worth if I am able to unlock the intrinsic value at a later period in time. |
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Pillar of the Community
Australia
3831 Posts |
Copper is not a precious metal - it is an industrial metal. It's a huge problem if copper price is to raise too high. Even before you can make money by selling whatever copper coins you can get, it affects you first before you realize it. Wires? Sure, copper. Pipes, alloys, construction materials etc.
It doesn't bloody matter how scarce the stuff can be - for example everyone was talking about how oil will run out some day. Sure when oil hit at 150usd/barrel, it didn't matter. People couldn't afford it and price tanked.
My partial coin collection http://www.omnicoin.com/collection/gxseriesMy numismatics articles and collection: http://www.gxseries.com/numis/numis_index.htmRegularly updated at least once a month. |
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Bedrock of the Community
United States
17884 Posts |
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If the usa mint also says hey were gonna make steel/zinc pennies to cut cost .Then that huge demand for copper by the us mint will not exist making copper pennies drop low again.making your pennies worth a penny I think you will find that the amount of copper the US Mint consumes is a drop in the bucket compared to the amount of copper used by industry annually. The Mint giving up the cent would not even cause so much as a hiccup in the price of copper. My last RedBook is a 2006 and it has the mintage of the cent for 2004 at 6,836,000,000 coins. (This is a much larger figure than current production.) The amount of copper used in these coins was 471 tons. That year they made 2,487,500,000 dimes, a smaller coin than the cent and only about a third the mintage. But the consumption of copper for the dime was 5,485 tons of copper. Quarters used 13,186 tons. No, if they stopped making cents industry and the copper market would never notice. |
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Pillar of the Community
 United States
958 Posts |
so if the us mint replaced all copper and put zink plated steel dimes quaters pennies in circulation that would prob be the wises thing for them to save money. That might make the demand a lil lower being the usa mint will not not need 21,000 tones of copper each year in its coins making copper go down.at 2$ a lb thats alot of money
But you guys have a point inflation reguardless usually takes over and copper in 20 yrs should be more then it is today just becuase of manufacture cost
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Pillar of the Community
United States
958 Posts |
i see the forced savings , but what about this? someone who spends say a hour a day or 7 hours a week sorting pennies say they do 1000 pennies a hour and only pull a side 300 coppers thats roughly 2100 pennies a week or 109,000 pennies a year they hoard .a one day a week job for 8$ a hour and pocketed 50$ a week. that would $2600 cash in pocket
even if that 1090$ the hoarded in copper went to 3 cents a penny and they sold them for the full amount of 3 cents minus the cost of the penny they would only make 2180$ profit .
so actually taking a sunday job ones a week at a retail store for 8$ would pay more then sorting pennies PLUS ITS CASH in hand not betting on a price increase.
So all this penny sorting of it pays off might be lime working for min wage or less and if it does not pay off a waste of hours you could be making money doing somethng else
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Pillar of the Community
United States
1534 Posts |
Quote:
i see the forced savings , but what about this? someone who spends say a hour a day or 7 hours a week sorting pennies say they do 1000 pennies a hour and only pull a side 300 coppers thats roughly 2100 pennies a week or 109,000 pennies a year they hoard .a one day a week job for 8$ a hour and pocketed 50$ a week. that would $2600 cash in pocket
even if that 1090$ the hoarded in copper went to 3 cents a penny and they sold them for the full amount of 3 cents minus the cost of the penny they would only make 2180$ profit .
so actually taking a sunday job ones a week at a retail store for 8$ would pay more then sorting pennies PLUS ITS CASH in hand not betting on a price increase.
So all this penny sorting of it pays off might be lime working for min wage or less and if it does not pay off a waste of hours you could be making money doing somethng else Depends on if you could sell them for that high. Copper pennies never go for full melt, most people would rather just sort through them themselves instead of paying a premium to find coins that could easily be found roll searching. If liquidating copper pennies at melt was easy, everyone would be searching for pre-82 pennies. |
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Pillar of the Community
United States
625 Posts |
Valid point wheatguy, but right now there roughly only remains about 20% copper cents out there. In 10 years, that might be 5-10%, 20 years 2-3%. To me its easier now to sort and keep copper and get 20%. Also typically when I sort I am just sitting on the couch watching TV in which I am getting nothing accomplished anywho. Why not search through cents while you are doing nothing? Its not costing me anything.
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Replies: 9 / Views: 2,141 |
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Posted 07/29/2010 12:16 pm
