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Market For 1982 And Below Copper LMC?

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andrewjconners's Avatar
United States
497 Posts
 Posted 10/19/2010  6:57 pm Show Profile   Bookmark this topic Add andrewjconners to your friends list Get a Link to this Message Number of Subscribers
I have about 17-18 pounds of LMC copper pennies. Just wondering if anyone buys them? I'd be willing to sell mine when I reach 250 posts. So if anybody is interested, let me know and I can save them for you. Thanks

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Bryan1315's Avatar
United States
14454 Posts
 Posted 10/20/2010  12:22 am  Show Profile   Bookmark this reply Add Bryan1315 to your friends list Get a Link to this Reply
since they started the melt ban I don't know if anyone is buying these for bullion until they lift it. I know allot of people that pull them out of circulation but they don't buy them they just hold onto them just in case the lift the melting ban some time in the future. I think it would be hard to sell them for spot because of this ban
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jbuck's Avatar
United States
187446 Posts
 Posted 10/20/2010  10:26 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
A search of completed sales on ebay shows that there are people buying them for a premium, but nowhere near as common as the sales for junk silver.

Who really cares about melt laws anyway? A copper cent is excellent as bullion. It has a known quantity and purity of the "precious" metal, not unlike the American Eagle or junk silver coins. It is much easier to buy, sell, trade copper as cents than as a giant slug that needs to be assayed.
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andrewjconners's Avatar
United States
497 Posts
 Posted 10/20/2010  10:37 am  Show Profile   Bookmark this reply Add andrewjconners to your friends list Get a Link to this Reply
Thank you Jbuck and Bryan. Do you hoard/melt them Jbuck?
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jbuck's Avatar
United States
187446 Posts
 Posted 10/20/2010  10:59 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
I keep every copper cent that I get in change. I also keep every nickel (regardless of age). I do not search boxes or rolls anymore, so my "hoard" is not a fast growing one.
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carmykle's Avatar
United States
2448 Posts
 Posted 10/20/2010  3:09 pm  Show Profile   Bookmark this reply Add carmykle to your friends list Get a Link to this Reply
I understand the "cents" in your keeping copper JB (pun intended) but why the nickels? Is it also commodity driven?
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Maineman750's Avatar
United States
3592 Posts
 Posted 10/20/2010  3:58 pm  Show Profile   Bookmark this reply Add Maineman750 to your friends list Get a Link to this Reply
Copper pennies and nickels are worth more as bullion than face value so both are probably worth hoarding.
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jbuck's Avatar
United States
187446 Posts
 Posted 10/20/2010  5:35 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
...but why the nickels? Is it also commodity driven?
The bullion value of the nickel is right around face value, give or take, depending on the market. So, that is partially the reason.

The main reason is that I eventually want my son search through them (both cents and nickels) to fill some folders. I cannot trust that the banks will still have boxes-o-plenty by then! He is two now; this gives me some time to build up a nice selection for him.
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Maineman750's Avatar
United States
3592 Posts
 Posted 10/20/2010  6:31 pm  Show Profile   Bookmark this reply Add Maineman750 to your friends list Get a Link to this Reply
Just did a check....copper penny worth 2.48 cents and a nickle is worth 6 cents at the close of business today.
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822 Posts
 Posted 10/20/2010  6:52 pm  Show Profile   Bookmark this reply Add scubu to your friends list Get a Link to this Reply

Quote:
copper penny worth 2.48 cents and a nickle is worth 6 cents at the close of business today.


Only if you find someone to pay you that, which I doubt you will.
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afcop13's Avatar
United States
1409 Posts
 Posted 10/20/2010  8:13 pm  Show Profile   Bookmark this reply Add afcop13 to your friends list Get a Link to this Reply
You can usually get 1.4x face for copper, sometimes more. There have been some pretty strong sales over the past couple of weeks, including a couple I've seen that were over 2x face - which was very surprising.

I keep my copper cents too, but only roll search 3-4 boxes a month.
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Maineman750's Avatar
United States
3592 Posts
 Posted 10/20/2010  9:09 pm  Show Profile   Bookmark this reply Add Maineman750 to your friends list Get a Link to this Reply

Quote:
Only if you find someone to pay you that, which I doubt you will.
I was quoting bullion value of the coin....however,I have seen a few ebay sales of copper pennies bring 2 1/2 x face value, not always but sometimes.But when I sell mine, you can bet I'll find somebody who will,regardless of your doubts.

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United States
1026 Posts
 Posted 10/20/2010  10:06 pm  Show Profile   Bookmark this reply Add Brucec to your friends list Get a Link to this Reply
Well I have about 250 rolls of copper cents now and still saving them.

Now nickels never thought of them all nickels or back from a date?
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Maineman750's Avatar
United States
3592 Posts
 Posted 10/21/2010  05:12 am  Show Profile   Bookmark this reply Add Maineman750 to your friends list Get a Link to this Reply
Brucec,right now it's all nickles.Sure makes it easier than picking out the copper pennies.
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Conder101's Avatar
United States
17884 Posts
 Posted 10/21/2010  09:25 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply
Metal value of the nickel is down to five cents today Copper dropped from $3.76 to $2.52 this morning a drop of $1.24 a pound. Almost a 33% drop
Edited by Conder101
10/21/2010 09:26 am
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Maineman750's Avatar
United States
3592 Posts
 Posted 10/23/2010  1:05 pm  Show Profile   Bookmark this reply Add Maineman750 to your friends list Get a Link to this Reply
Condor101, not sure what happened but I have copper at $3.78 a pound and nickels still valued at 6 cents....one of our sources is wrong or there was a glitch.
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