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 Replies: 24 / Views: 2,501 |
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Pillar of the Community
United States
1944 Posts |
*** Moved by Staff to a more appropriate forum. ***
just thinking out loud. for those hoarding pre 1982 lincoln cents - for their copper content.
wouldn't it make as much (or more) sense to hoard nickels instead or in addition to the copper cents.
if a cent weight 3.1 grams and is 985% copper that equals 2.945 grams of copper.
a nickel weight 5.1 grams and is 75% copper = 3.825 grams of copper. each nickel has nearly one gram more copper than a cent. (also the copper content alone is more than each cent. just food for though.
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Pillar of the Community
United States
1915 Posts |
Because it takes only 154 cents to make one pound of copper, and it takes 118 nickels. So for the same copper value you can invest $1.54 or $5.90. Which would you rather do?
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Pillar of the Community
United States
5854 Posts |
Based today's prices of $9.80/lb for nickel and $3.99/lb for copper, a nickel would have a melt value of about 2.7 cents for the nickel and 3.3 cents for the copper for a total of 6 cents. The copper cents would have a melt value of about 2.6 cents in copper plus a small amount extra for tin and/or zinc that is mixed in. On a percentage basis it would make more sense to keep copper cents than nickels. With 5 copper cents you have about 13 cents in melt value while the nickel would only have 6 cents.
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Rest in Peace
United States
4078 Posts |
My question. Should I actually be saving pre 1982 cents for the copper value? Who is doing this and is anyone making any profit. I had my "Doubting Thomas" when it came to melting silver coins but, thanks to the CCF members I learned. So should I save 154 pre 1981 copper cents( seal006 ) to make a profit?
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Valued Member
United States
228 Posts |
BPOC1: lots of people are hoarding copper cents (including me)  Remember, there are lots of things to look for when pawing through those cent rolls: double dies, repunched mintmarks, die varieties and errors, small dates, wheat cents (and IHC's), foreign coins, and also coins in very high grades (MS64+). The Lincoln Cent Memorial series is now a closed series, so even the idea of putting together full sets, (1959-2008) is a viable one... Best, LastGold |
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Rest in Peace
United States
9104 Posts |
The money to be made in copper cents comes from turning, not holding.
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Moderator
 United States
189340 Posts |
I am saving all of mine, but not for profit. I am saving them for two reasons. One, I have a difficult time spending something that is worth more than face value (even though I will probably never cash in on that additional value). Two, the thought of them being melted makes me uneasy!  |
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Valued Member
United States
397 Posts |
When the melting ban is lifted on cents, you'll see them dissapear within 3-4 years. Right now there's a decent market out there for turning them, the rate is about 1.6 to 1.7 per pre-82 penny or 65%-70% over face value. Once the melting ban is lifted it increases to 2.6c or so , meaning those who buy them now can make an additional 60% profit.
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Pillar of the Community
United States
2168 Posts |
Yes, this is the reason to keep both pre 1982 pennies as well as all nickels. Nickels don't have to be sorted (well except to get the silver and buffalos out!) and are a store of value as well. One day I think they will be a valuable item to have and if not they are a no loss investment. Nickels and pennies can still be spent at face value, the value they are obtained for. In fact all coin has more value than 'paper' fiat money.
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Rest in Peace
United States
9104 Posts |
Quote:
Two, the thought of them being melted makes me uneasy! The thought of them being melted makes you uneasy, so rather than release them now when it's illegal to melt them, you're going to hold them until some future date when they're legal to melt.  |
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Pillar of the Community
United States
3294 Posts |
I would think the costs to a refiner would be much higher for a nickel, at only 75% copper, then for a penny at 95%.
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Pillar of the Community
United States
2168 Posts |
But thet really aren't being kept to send to a refiner. They would nd could be a low denomination form of money if things go bad with fiat money or trade like silver pre 1965 coins are now. Kink of like security. Cn always be spent at face so win win
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Moderator
United States
189340 Posts |
Quote:
The thought of them being melted makes you uneasy, so rather than release them now when it's illegal to melt them, you're going to hold them until some future date when they're legal to melt. Your statement makes the incorrect assumption that I will release them in the future, when it was clearly stated that " I will probably never cash in on that additional value." Yes, I will likely keep them until I die. At that point, my decaying corpse should have no concern about them being melted, so being uneasy is moot. The point is that as long as I have them, they are not being melted. |
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Pillar of the Community
United States
2168 Posts |
And they most likely will not ever be melted but used as a currency or bought and sold like silver 90 and 40 percent are now. I have them just in case our fiat money is inflated. At least the intrinsic metal value not like paper. I have read that many times when currency is devalued coinage is left alone and isn't. So they will never lose value of face at least. Win win in my mind. I was around uring the 1960s when we saved our silver! I know where that went an is still going. At least now at least nickels can be kept at face even though they are value gigher. At least they have a value. Just my thoughts
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Pillar of the Community
United States
1450 Posts |
The other downside to nickels is they are just a fraction above face at melt. Until they reach a multiple they will not become highly sought after in my opinion. The all nickel Canadian nickels are just about 2x face,that is attractive! For instance,if US nickels are worth 6 cents in melt,a roll would only be worth $2.40,hardly worth the energy. At 2x,a roll now becomes worth $4,more worth the effort.
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Moderator
United States
189340 Posts |
Quote:
And they most likely will not ever be melted but used as a currency or bought and sold like silver 90 and 40 percent are now... At least they have a value. Just my thoughts Interesting way to look at it, and certainly no harm in making such plans. Worst case, you cash them in at face. Quote:
The other downside to nickels is they are just a fraction above face at melt. One definitely has to look at this as a long term play. Nickels are not for making huge profits today. |
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Replies: 24 / Views: 2,501 |
Posted 08/16/2011 4:36 pm
