| Author |
 Replies: 13 / Views: 11,053 |
|
|
Valued Member
United States
52 Posts |
Now to further complicate the issue...without the losses of paypal and ebay, and without just taking face value? And local! (not that I mind shipping) Where does one advertise to sell them? As I'm roll searching I'm separating. I've got a couple hundred face in them right now. I don't want to sell all of it, or for that matter right now, any of it...but in the future, I know I'm going to want to. I've been doing a box a week, but with winter getting closer, I've already increased my order to 4 per week. That turns in to a lot of cash to have sitting in a bucket. |
|
|
|
Pillar of the Community
United States
667 Posts |
You are not permitted by Federal Law, subject to a very large fine to melt them yet so we can't really called them bullion pennies yet. But yet some people do save bulk copper pennies and of course if they are Wheaties that makes it better. Get 250 post and try to sell them here or ebay or local paper. I am not really sure if there is a large market for them or not. I save them and I have more than a few pounds but it is not something I would buy in bulk unless for face value. You can get present bulk prices by goggling bulk pennies there are several companies that current sell bulk copper pennies. |
|
Bedrock of the Community
United States
11951 Posts |
How about copper cents from Canada, has anyone tried selling them to the
metal scrap yards? And how about British large cents ..
I have been wonering if I should be picking them up for bullion
|
|
Pillar of the Community
United States
667 Posts |
Copper is at $3.98 a pound. So if you have $100 pounds it will make you $398. It is going to take a lot of pennies to store in the house.  But since you can't melt US pennies you have to store them for a long time. Edited by mkfarm
08/10/2011 09:28 am
|
|
Pillar of the Community
United States
3294 Posts |
In addition to being illegal to melt pennies, it is also illegal to take a large amount of them out of the US.
|
|
Rest in Peace
United States
9104 Posts |
|
|
Pillar of the Community
United States
802 Posts |
It's funny how it is illegal to melt pennies, but anywhere you have a museum, they have those machines the smash (deface) the penny and imprint the museum stamp on it. How is that not illegal?
|
|
New Member
United States
38 Posts |
It probably should be. It's defacing the coin.
|
|
Valued Member
United States
397 Posts |
Defacing isn't illegal , technically melting isn't illegal either. The problem stems from melting or defacing then selling. The reason you can smash those pennies is because you're the owner defacing them, they're not being sold to you. If you do sell a smashed penny it's technically illegal , just like melting then selling.
There are more than a few videos out there of people melting pennies for fun , which is legal , but melting & selling is illegal. Once we transition over to steel pennies or some other, cheaper version whether it be steel or plated aluminum. It takes around 145 pennies to make a pound of copper, so $1.45 into $4
|
|
Pillar of the Community
United States
781 Posts |
i might be mistaken, but I think the rule states that melting pennies (and nickels) for PROFIT is illegal. does that mean you can melt them and store them in a reconstituted form (bars, rounds, etc) for PERSONAL use? anyone know that actual verbage in the rule?
|
|
Pillar of the Community
United States
3294 Posts |
|
|
Pillar of the Community
Canada
3692 Posts |
So, since bullion isn't money, technically, couldn't you trade that copper for gold or silver to get around using dollars?
|
|
Bedrock of the Community
United States
12437 Posts |
Quote:
The reason you can smash those pennies is because you're the owner defacing them, they're not being sold to you. If you do sell a smashed penny it's technically illegal That is completely absurd, there is NOTHING illegal about selling or creating elongated cents. As I type this post, there are 4,467 listings on ebay in the Elongated Coins category and every single one on a US coin is perfectly legal to sell. Defacement/mutilation is only illegal when done for fraudulent purposes. Quote:
I think the rule states that melting pennies (and nickels) for PROFIT is illegal The melting of cents and nickels is illegal regardless of intent. The purpose of the melt ban was to prevent the mass withdrawal of copper cents and nickels from circulation, which can lead to coinage shortages for commerce. |
|
Rest in Peace
United States
3039 Posts |
I guess we still need copper cents circulating because the zincolns deteriorate rapidly.
|
| |
Replies: 13 / Views: 11,053 |
|
Posted 08/10/2011 12:27 am
