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 Replies: 17 / Views: 3,246 |
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Valued Member
United States
284 Posts |
Imagine you have $225.00 in copper pennies. Yes, that's 22,500 pennies which you have meticulously counted and are storing. What investment option would you follow? Would you ... ... a) Keep the 22,500 pennies as legal copper bullion? ... b) Buy $225.00 of silver? (Assume 5 ounces, for ease) ... c) Buy $225.00 of gold? (Assume around 1/10 ounce, for ease) I know you do all sorts of tricks like sell the pennies on ebay for more than $225 and then buy even more silver or gold than mentioned above. Let's stick to keeping the investment options within the precious metal realm and keep it legal (so no remelting of the pennies). Thoughts? Comments? Rumors? Fantasies? -- Boris |
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Moderator
 United States
187832 Posts |
Quote:I know you do all sorts of tricks like sell the pennies on ebay for more than $225 and then buy even more silver or gold than mentioned above. Let's stick to keeping the investment options within the precious metal realm and keep it legal (so no remelting of the pennies). Selling them on ebay for more than $225 is legal and does not necessarily involve melting them (at least not while in your possession). I am not sure how you would exclude it. However, the point is moot since I would not sell them. That is, I would keep the copper. Of course, my goal is not for profit, but to prevent them from being melted. |
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Valued Member
United States
368 Posts |
I would go with the silver purchase....@ $40/oz, you could get roughly 5.5oz of silver. With silver @ $36 and dropping, you may be able to get 6oz or more soon! :)
Good Luck!
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Valued Member
United States
244 Posts |
Copper, gold, and silver are three different metals. Copper is an industrial metal, its price is driven by manufacturing demand. Gold is pretty much a "pure" precious metal, with little industrial demand. Silver is somewhere in between (although less end-user demand in the age of digital photography).
So, if you are considering selling copper for gold or silver, you need to think about expectations for industrial demand, and not just here in the US, but worldwide, inflation/currency expectations, etc. I can't answer those questions for you, because I simply don't know what the future holds.
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Pillar of the Community
United States
3345 Posts |
Trade the pennies in for cash-look at silver and gold today! The bubble popped.
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Pillar of the Community
United States
3670 Posts |
I agree, sell the copper an turn that into as much gold as you can get for the money, or a mix of gold an silver, or just silver, any fore mentioned would be good IMO....
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Pillar of the Community
United States
4897 Posts |
Go silver. The bubble has not popped. This drop should have happened last week but Bernanke put political issues above economic ones (IMO). I say buy on the way down! Dollar cost averaging is a great tool.
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Valued Member
 United States
284 Posts |
I have to add to my original post that I don't have $225 in pennies, although I wish I did.
To clarify my "keep it legal" phrase I will say that I was referring to the prohibited melting of the coins. I know it's legal to sell the $225 for more than the face value. To keep things interesting I wanted to exclude that option and use the pennies as straight money when transferring that wealth to other metals.
-- Boris
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Moderator
United States
187832 Posts |
I would still keep them for the same reason.  |
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Pillar of the Community
United States
1659 Posts |
I'd prefer to have silver or gold instead of the copper for one simple reason...
it takes up a whole lot less space than the copper does.
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Valued Member
United States
309 Posts |
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New Member
India
3 Posts |
I really want to buy this coin - "Following Hair Dollar", a rare coin tops the list of world's most expensive coins. IRVINE -- a Laguna Beach resident sold this coin, minted in 1794 in silver, from his rare coin collection Edited by billtucker
05/06/2011 09:33 am
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Valued Member
Canada
91 Posts |
the thing is $225 in pennies is worth what over $600 intrinsic value (Bullion value and please forgive the math I'm just taking a shot in the estimated dark here.). You said A: to keep the bullion value of the copper or B/C :selling it for $225 and buy silver/gold. well If you do go with B/C you are loosing about 200% of the value right off the hop. that would mean that silver and or gold would have to make HUGE leaps and bounds to catch up in order to make things "profitable" for you EI: silver going for $120 and gold going for $4500 which will not happen in the near future. I'm just saying in this case keep the copper unless you can sell it for its intrinsic value, if so then buy gold or silver.
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Valued Member
United States
109 Posts |
I Just Keep All My Copper, As they Say, So They Are Not Melted. I Don't Miss a Few Penny's Here And There, Or A Dollar Or Two. I Will Keep Them For The Long Haul, I Roll All Mine By Year, And Just Hind Them Back & Forget I Have Them. Maybe this Will Help On My Retirement, If Not They Will Go To The Kids & Grand-kids. And It Gives Me Something To Do at Night, And I Find A Wheat Here And There. I Always Roll all The Bright Red And Mark The rolls, And Keep Them By There Self. Happy Hunting Boatman  |
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Rest in Peace
United States
9104 Posts |
Sell the coins for copper premium, then buy silver. Spending the copper at face only
makes sense if you're getting the same deal on silver or gold.
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Pillar of the Community
United States
1064 Posts |
If I had 22,500 anythings that I had gone to the trouble of counting, they would be in my will. Just don't need that silver or gold. Especailly 1/10th of an oz, that seems so small.
What would 22,500 cents weigh?
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Replies: 17 / Views: 3,246 |
Posted 05/05/2011 2:43 pm
