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 Replies: 20 / Views: 2,487 |
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Pillar of the Community
United States
2600 Posts |
I have been one of those that have been adamant about not hording copper cents and instead investing in collectible coins or silver. Admittedly, I am reconsidering but have a question. After we collect hundreds of dollars of copper cents, where are we going to sell them? I spoke to my favorite dealer and the area scrap metal operation and neither plan on taking them. The reason is that they will not trust people bringing in buckets of cents to not have included Zincs and do not intend to invest in equipment to separate them. They believe that it would be way to labor intensive. My dealer said that he could see every little old lady with a coffee can lined up at his door to run their coins thru. Then, what does he do with tons of copper cents. It is cost effective to send a box of scrap silver to the smelters but not hiring a freight company to move pallets of cents. Now I am back where I started, wondering if hording cents makes any sense. Anyone have any thoughts on how the collection and processing will take place? I think I am going back to silver.  Jim |
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Pillar of the Community
United States
2049 Posts |
The equipment is relatively cheap for a small scale operation but I am sure it can be quite expensive for a more industrial size operation. Also, due to the bulk and weight, I can see why dealers dont want to deal with this.
But, if the value of copper cents goes up high enough (for example 10x face), I think alot of us would be kicking ourselves for not taking advantage of being able to get them readily at face value. And if it does go to 10x face, maybe it will trade like junk silver does today? Who knows...but imagine living in the early 60's and being able to hoard as much silver coinage as possible. That's how I am viewing the opportunity with copper cents. ;)
Edited by CoinHunter53562
12/03/2010 09:31 am
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Rest in Peace
United States
9104 Posts |
Comex trades bags of silver coins. There are about a half dozen people who they will accept them from. I could see scrap dealers having a similar system, where they only buy from certain dealers who they know won't include Zincolns.
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Valued Member
United States
52 Posts |
I just started keeping them this year and only have about 7 lbs worth. All it cost me is a little time to seperate since I'm looking at each coin anyway. I guess if/when I get $100.00 face value worth I may try putting them on ebay and see what happens. |
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Pillar of the Community
United States
3592 Posts |
Right now it is illegal to melt copper cents so don't get ahead of yourself...mrh70's idea is the best method I've seen so far...you can sell $100 FV for anywhere between $150-$234 on ebay...at least that's my observation so far. I'm a roll searcher so it's just a small inconvenience to put aside the coppers....basically I make a few bucks doing what I enjoy anyway.When the time comes, they will use sorters to buy your copper just like they do silver...the whole trick to any run up is to be in before it's the latest craze. |
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Pillar of the Community
United States
2602 Posts |
Does anyone really think copper will go to 10X face? That seems like a really far away price. I would think many many fundamentals would have to be in palcve for it to ever get above 5X.
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Pillar of the Community
United States
1256 Posts |
Buying silver is a gamble, in the short term anyways. Keeping copper cents at face is not. Who will buy them? Easy, those that did not hoard and want them. May not be today but I'm willing to wait 10 years. I'm already having a hard time finding copper in boxes (0 to 20%). This time next year I'd bet it will be near impossible. I'm just making sure I have my cut. I'm not doing it because of expected copper prices, which is nice, but rather I think the LMC coppers will turn into the next wheaties. I can see the ebay ads now "Grandma's Unsearched Memorial Hoard". |
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Previously Banned Member
United States
71 Posts |
makes no cents at all - send them all to me!
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Pillar of the Community
United States
3592 Posts |
I'm betting that most people didn't think silver would hit $29 either...but Tim has summarized copper nicely...it's not a gamble..unless one considers the 1% interest they won't get
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Pillar of the Community
United States
1256 Posts |
Interest should be considered but it applies to all coins kept. Ok, I considered it. Now, back to the hording :)
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Pillar of the Community
United States
4989 Posts |
Agree anything you can buy at face is not really a gamble since you won't lose any principal. If the value of copper tanks and interest rates soar, you can always take your pennies back to a bank and exchange them for certificates of deposit. In the meantime, you aren't doing any worse than the average savings account.
Do not kid yourself, however, into thinking you are getting 2.7 cents of -value- for every copper penny found. At present, a hoard is probably worth little more than face, if that, once you factor in transport, melting, and refinement costs. Hence, the bet you make is on future appreciation not present value.
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Pillar of the Community
United States
628 Posts |
As long as I'm searching boxes of cents anyway, I sort out all the common copper. This takes very little time and not a lot of room to store. I'm not sure I'll ever get much for them. Worst case, I'll dump 'em into a coinstar.
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Pillar of the Community
United States
3592 Posts |
fenton..take alook at ebay sales of copper bullion cents..the larger lots such as $100 FV..are going for $150-$234.....I can make money today while enjoying my roll searching hobby |
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Pillar of the Community
United States
4085 Posts |
I am not a roll searcher, so I don't come across large quantities, but I do save all of my copper cents. I don't save them with the intention of melting them down - although if they increase in value because of that, it's a bonus.
I mainly keep them because, believe it or not, some of the oldest ones are approaching 50+ years old. That's like saving a 1920 wheat in 1970. I wish I had done more of that when I was a kid!
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Valued Member
United States
53 Posts |
I collect the copper cents. First of all, it's cheap to hoard them. For me, if I never do anything with them in my lifetime, I have not lost much....again, it's cheap to hoard them. My grandchildren might benefit if it ever goes to 10x. Who knows? Keep collecting them.
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Pillar of the Community
United States
2049 Posts |
Quote:
Does anyone really think copper will go to 10X face? That seems like a really far away price. I would think many many fundamentals would have to be in palcve for it to ever get above 5X. Did anyone think we would 20x face for silver in our lifetime? I'm still in disbelief over the current silver prices. The thing with copper cents is it's low risk and is at worst worth what you paid for. Seems like a win-win to me because you're covered if it goes upwards and if it falls to face value only you don't lose anything. |
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Replies: 20 / Views: 2,487 |
Posted 12/03/2010 09:05 am
