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 Replies: 53 / Views: 7,771 |
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Pillar of the Community
United States
4989 Posts |
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Pillar of the Community
United States
958 Posts |
Way over priced, I suspect a offer of 300k would prob buy them. Thats if someone near the california boarder or canadian knows a refinery that will turn them into bars. I read online , that a person can export coins outside the usa for circulation in other countries, infact the usa mint does this all the time. Its not illegal to melt usa currency in mexico or canada Its only illegal to export with the " intent to be melted by a american citzen" You can export and sell all you want after they are sold the person in the other country that person is not a us citzen can do as they ple ASEEdited by coppertop5150
01/06/2011 7:25 pm
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Valued Member
United States
450 Posts |
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Bedrock of the Community
United States
10045 Posts |
That's just gonna choke a Coinstar.
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Pillar of the Community
United States
1424 Posts |
No, I don't think $300k would touch that lot. Copper cents are currently selling for 1.5 to 2xface value on ebay. That seller is one of the regulars on the Realcent forum. |
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Pillar of the Community
 United States
4989 Posts |
Usually when one sells scrap, the more the better. Hence, he should get closer to melt with a hoard of that magnitude. I bet the feds are watching that one closely (!)
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Pillar of the Community
United States
623 Posts |
Wouldn't it be cheaper for the mint to buy the pennies and put them back into circulation? lol
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Valued Member
Canada
367 Posts |
looks like a lot of BUs in there
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Pillar of the Community
United States
2130 Posts |
Quote:
That's just gonna choke a Coinstar.
 I was actually thinking that as I view the pics. But, you beat me to it. |
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Pillar of the Community
United States
958 Posts |
I said 300k becuase it would be " a wholesale deal" in such a large quanity,The buyer would have to arange freight and transport.The buyer would have to resell very quick.
We have seen copper drop from $4 to $1 like a rock in few months time back in 09
The risk exist the buyer could loose money paying over face if the price dropped like it did last year
The small lots say $100 face for $150 is not much of a gamble risking 50$
But when the risk is buying 250k for 500k and maybe loosing 250k if copper drops agian
that itself is another animal.
The risk /reward ratio is way to high IMO at anything above 300k
With copper fluctuations in the market/ transport,export/ resell to non-american citzen/ refinery cost
re-distribution of copper bullion cost
No one would make money only the person selling the cents above face if the wholesale price was to high
Copper ore sells about 60% the cost of refined copper 97-99%
A refinry would just be better off buying ore then buying the copper cents if the price is to high for the cents
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Bedrock of the Community
United States
10045 Posts |
Then I considered--amongst 25 million cents, there might be a 1972P-1DO-001--or two.  |
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Pillar of the Community
United States
958 Posts |
not over priced if I was a seller.
but only over priced if I was a buyer.
IMO everything needs to be bought for next to nothing if you intend to resell and make money
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Pillar of the Community
United States
3592 Posts |
coppertop5150...you are making way too many assumptions....it is possible the buyer may want to stash them away hoping for $8 copper...and he is probably smart enough not to sell if it drops like a rock...smart investors don't panic...losers do. My last $100 FV lot sold for $195, if I had $250K, I would break them up into smaller lots rather than make 20%...this guy probably has 20% invested in gathering a lot this size.As fenton says,the larger lots usually bring more, not less. When the big boys gamble, they can afford to do it big.
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Valued Member
United States
372 Posts |
LOL 84 tons of pennies. I have heard of hanging onto copper cents but perhaps this company needs to be on that Hoarders show on TV. That is insane!
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Pillar of the Community
United States
958 Posts |
maimane they guy is selling at %18 under spot The refining cost to smelt/melt 95% recycled copper and bar is around 10 cents a pound 1,000 tons and over 20 ce The cost to transport out of the country refine then transport back would make buying at spot the same cost. I just dont see any deal at 18% under spot Most salvage yards pay 70% of spot for high grade copper scrap then melt and resell. So even if he had all the copper in scrap form no wholesale buyer would give over 70% for it of spot But your point if laws change and copper csn be melted domestic , the export cost would be avoided and maybe make it profitable. He is asking over double face. More power to him if he sells just seems high when other lots on ebay sell for 1.25 - 1.5 cents each per lot depening on shipping cost if the buyer pays full or shipper pays You said yours 100 face sold for 195 . I have been watching the post sales and cant find any thing in that range looks like you broke the bank IMO and do very well |
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Pillar of the Community
United States
4989 Posts |
You could fill your swimming pool with them and pretend to be Smog the dragon on his pile of loot.
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Replies: 53 / Views: 7,771 |
Posted 01/06/2011 7:25 pm
