Welcome guest, is this your first visit?
Member
Discoveries
 
Results 1 to 10 of 10
Like Tree2Likes
  • 2 Post By jnb1994

Thread: Why Collect Pre-1982 Pennies? A Flooded Market?

« Prev Thread | Next Thread »
  1. #1
    us
    Mar 2012
    Lake Wallenpaupack, PA
    Garrett Ace 250
    69
    13 times
    Metal Detecting

    Why Collect Pre-1982 Pennies? A Flooded Market?

    I know the theory behind collecting pre-1982 pennies. The idea is to sell your 95% Cu pennies (worth about 2 cents a piece) to scrap yards after the government gets rid of the penny. My concern with this idea is that once the law is passed there is a waiting period before it goes into effect. During this waiting period I fear that the price of copper will drop on the commodities market due to the soon to be flooded copper market and those who have been hoarding pennies will only break even or worse in the long run. I've been running scrap for years and have watched the markets rise and fall like clockwork. The price rises, everyone cashes it, the market floods, and the price drops. Do any of you that are collecting copper pennies feel like this is a possibility?

  2. #2
    us
    Feb 2011
    PNW
    garret 350
    463
    70 times
    i am in it for the long haul. Worse case i cash them in at face!

  3. #3
    us
    Jul 2010
    Garrett Ace 250, Bounty Hunter Quick Draw
    1,369
    265 times
    Coin roll hunting, British coins, ancient coins, antiquities
    Any flood is likely to be temporary, I don't believe that there was a major long term decrease in silver prices when US silver coins were allowed to be melted for bullion and I don't see the same thing happening for copper. Sure, there will be an initial drop in price but it is likely to be short lived, not much longer than 2-3 months.
    Speeding up Gresham's law one roll at a time

  4. #4

    Mar 2012
    323
    16 times
    All Types Of Treasure Hunting
    Quote Originally Posted by Generic_Lad View Post
    Any flood is likely to be temporary, I don't believe that there was a major long term decrease in silver prices when US silver coins were allowed to be melted for bullion and I don't see the same thing happening for copper. Sure, there will be an initial drop in price but it is likely to be short lived, not much longer than 2-3 months.
    Ya this probably will happen. I think at this point the penny only has a couple years left. The US will probably follow canada and get rid of the penny. Everyone will sell copper and price plummets since there is a huge supply. But then wait a couple months/years (depends on how much profit you want) the price will go back up, and probably skyrocket higher than copper has ever been. Look at it this way: half dollars obviously aren't seen commonly. Go to a mcdonalds and order a big mac and you'll never get a half dollar in your chance. We just don't use them anymore. They are still being made, and are still legal tender but they are still not seen. You can still find silver and silver is at around 30 an ounce. When we get rid of the pennies you won't be able to get them anymore and copper will be the new silver
    Megagold and sagittarius98 like this.

  5. #5
    us
    Feb 2012
    2,435
    704 times
    All Types Of Treasure Hunting
    Yea plus what is the fraction of hoarded copper pennies to the total amount of scrap copper out there?

  6. #6
    us
    Mar 2012
    77
    10 times
    All Types Of Treasure Hunting
    My copper pennies are for my grandkids...,my silver, my gold, lol

  7. #7
    us
    Apr 2011
    N/W ARKANSAS
    FISHER
    475
    185 times
    All Types Of Treasure Hunting
    IT SEEMS ODD TO THINK THAT WE CAN GET RID OF PENNIES WHEN WE CAN'T STOP THE PRICE OF A GALLON
    OF GAS FROM COSTING ... $/CENTS/AND 9/10 CENTS.

    I'VE BEEN TRYING TO CUT A PENNY INTO TEN PIECES SO I CAN BUY JUST ONE GALLON AT A TIME. I WOULD LOVE TO SEE THE OIL COMPANIES CHOKE ON THOSE LITTLE SHARDS OF COPPER!

    MAYBE IT'S JUST ME BUT I GET INSULTED BY THE ATTITUDE THAT BIG OIL COMPANIES THINK THAT WE ARE ALL
    SO STUPID, THAT WE THINK THAT THE FRACTION DOESN'T EXIST.

    IMHO
    ....JESUS IS LORD.
    ...................THE BIBLE IS GOD'S WORD.
    .................................. HEAVEN IS MY REAL HOME.


    REALLY, I'M NOT SHOUTING. I HAVE A VISUAL PERCEPTION PROBLEM, AND TYPING IN ALL CAPS HELPS ME TO PROOF READ WHAT I TYPE. IF I EVER NEED TO DRAW ATTENTION TO ANYTHING I'LL MAKE IT BOLD SO IT STANDS OUT. I MEAN NO HARM. #/;0)~

  8. #8
    us
    Jul 2010
    Garrett Ace 250, Bounty Hunter Quick Draw
    1,369
    265 times
    Coin roll hunting, British coins, ancient coins, antiquities
    Really we need to stop the debasement of the dollar ASAP. This chart is scary:Click image for larger version. 

Name:	BASE_Max_630_378.png 
Views:	67 
Size:	16.6 KB 
ID:	623552

    I don't think we have really begun to see the rise in prices that we will eventually see because so much of that money hasn't been loaned out... yet.

    If you measure gas in terms of gold, or nearly any other commodity the price is falling Click image for larger version. 

Name:	Gas-1990.png 
Views:	74 
Size:	14.7 KB 
ID:	623553

    The reason we are paying so much is because so many more dollars have been created out of thin air by the Fed and incomes haven't risen anywhere close to meeting the increase in dollars.
    Speeding up Gresham's law one roll at a time

  9. #9
    us
    Feb 2012
    Western Arizona
    Number 1 Mark II Eyeball
    345
    87 times
    Anything coin
    Here's a quick history lesson. There were two coins in high demand in Weimar Germany during the depression years: copper coins of any denomination, and American silver dollars - the latter because there was a shipment of them found in I believe Bremen that were infused into the local economy, saving them from the worst when it literally took a wheelbarrow to carry the paper bills needed for a single loaf of bread.

    In a true breakdown copper cents are likely to be the silver dime of the 1940's in terms of real purchasing power. The zincolns? Tossed with the rest of the aluminum fake coins some countries have been peddling for decades.

    Rascal

  10. #10
    Farchaus2k
    Such doom and gloom on this thread. Will we be able to use copper cents in the Thunder Dome??

 

 

Home | Forum | Active Topics | What's New

Sponsored Links

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Similar Threads

  1. 1960-1982 Pennies?
    By apush in forum Coins
    Replies: 7
    Last Post: Jan 19, 2010, 11:54 AM
  2. 1982 and before pennies...
    By walnuthead in forum Coin Roll Hunting
    Replies: 16
    Last Post: Jan 07, 2010, 11:51 PM
  3. what to do with pre 1982 pennies?
    By dasherhunting in forum Coin Roll Hunting
    Replies: 3
    Last Post: Jul 15, 2008, 11:52 AM
  4. pre 1982 pennies
    By danny1987 in forum Coin Roll Hunting
    Replies: 9
    Last Post: May 16, 2008, 08:24 PM
  5. Scrap value of pre-1982 pennies?
    By incajoe in forum General Discussion
    Replies: 4
    Last Post: Mar 28, 2008, 04:06 PM

Search tags for this page

are pre 1982 pennies worth 2cents
,
coin roll hunting pre 82 pennies
,
collecting pennies 1982
,

collecting pre-1982 pennies

,
collecting pre1982pennies?
,
copper market to be flooded
,
flooding coin rolls
,

hunt for pre-1982 pennies

,

pre and post 1982 pennies graph

,
what to do with pre 1982 pennies
Click on a term to search for related topics.
Powered by vBadvanced CMPS v4.1.3