| Author |
Replies: 21 / Views: 2,898 |
|
Valued Member
United States
497 Posts |
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
|
|
|
|
Bedrock of the Community
United States
14454 Posts |
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
|
|
Moderator
 United States
187446 Posts |
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.
|
|
Valued Member
 United States
497 Posts |
Thank you Jbuck and Bryan. Do you hoard/melt them Jbuck?
|
|
Moderator
 United States
187446 Posts |
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. 
|
|
Pillar of the Community
 United States
2448 Posts |
I understand the "cents" in your keeping copper JB (pun intended) but why the nickels? Is it also commodity driven?
|
|
Pillar of the Community
United States
3592 Posts |
Copper pennies and nickels are worth more as bullion than face value so both are probably worth hoarding.
|
|
Moderator
 United States
187446 Posts |
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. 
|
|
Pillar of the Community
United States
3592 Posts |
Just did a check....copper penny worth 2.48 cents and a nickle is worth 6 cents at the close of business today.
|
|
Locked
822 Posts |
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.
|
|
Pillar of the Community
United States
1409 Posts |
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.
|
|
Pillar of the Community
United States
3592 Posts |
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. 
|
|
Pillar of the Community
United States
1026 Posts |
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?
|
|
Pillar of the Community
United States
3592 Posts |
Brucec,right now it's all nickles.Sure makes it easier than picking out the copper pennies.
|
|
Bedrock of the Community
United States
17884 Posts |
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
|
|
Pillar of the Community
United States
3592 Posts |
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.
|
| |
Replies: 21 / Views: 2,898 |