CRH for Pennies, am I thinking correctly or no?

[DrawkcaB]

OK, So we Started going to banks to get ROLLED pennies, not the $25 BOXED pennies. Usually the BOXED pennies are all newer worthless pennies.
Copper pennies are 1982 and OLDER.
We have been separating our pennies into 1983 & NEWER into 1 container, and then all our 1982 & OLDER copper pennies into another container.
Usually when we get ROLLED pennies (50 pennies) we get 30/20 New to old.

OK,
so if our math is correct, which it is:
453 GRAMS = 1 LB
141 pennies = 453 Grams (3.2 grams / copper penny) or 1 LB
141 pennies = $1.41
1LB of COPPER SCRAP is $3.65 / LB or there about.

so you are getting $3.65 for every $1.41 in copper pennies.

At the moment, you CAN NOT melt pennies because they are CURRENTLY in circulation.
HOWEVER, when the United States, follows Canada and does away with the penny, then you can melt the pennies because they will NO LONGER be in circulation.
So about $35 in copper pennies = $91.25 in scrap (scrap being $3.65/ LB)
time to hoard and separate pennies.
Then the best part, all the worthless pennies, 1983 & NEWER, you get a bank bag, fill it with your worthless pennies (NOT COUNTING THEM), the bank deposits $1 into your account and then the bank sends out the bag to be counted by their machine and then the balance goes into your account without paying a penny like you would if you took the junk pennies to Coinstar.

For newbies (like me), here's a basic cheat sheet

If you are Coin Roll Hunting and wanna try Dimes, Nickels & Quarters, they are as follows
SILVER:
Dimes 1916-1945 Mercury 90% Silver or $2 / dime
Dimes 1946-1964 90% silver or $2 / dime
Dimes 1965 & NEWER are face value

Nickels ONLY 1942-1945 90% silver or $1.50 / nickel
There are some 1942 copper versions of Nickels

Quarters 1932- 1964 90% silver or $5 / quarter

Kennedy Half Dollars 1964 & OLDER 90% silver or $9.50 / Half
Kennedy Halves 1965-1970 40% silver or $4.50 / half
Kennedy Halves 1971 & NEWER are face value

Eisenhower Dollar 1971-1976 40% Silver (.31 ounces of silver) or $9 / Dollar
Eisenhower Dollar 1971-1976 With "S" mint mark are 40% Silver but only (24.59 grams)

HAPPY HUNTING

 

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[DrawkcaB]

PS, we found our local bank that gets all the locals schools change from lunch or whatever the schools turn in. Love the kids who grab their parents change from the wrong jar

 

[ArkieBassMan]

Not all 1982 cents are copper. They made both zinc and copper that year.

"Copper" cents are only 95% copper. Your total weight x 0.95 will tell you how much copper you have.

Also, the local scrapyard near me pays nowhere near melt...for copper or anything else. They have to make money too.

Not all Ikes with an "s" mintmark are silver, but all silver Ikes will have an "s" mintmark.

Just a little FYI.

 

[DrawkcaB]

@ArkieBassMan, Yeah, I get that, but I was trying not to over detail my post. it's still in the ballpark of the point I was trying to make. Thanks

 

[50cent]

yo, the so called "new" boxes you mention, have plenty of copper still. Its not worth the effort, of getting CWR of cents, by the time people bring them around, you can get dozens o' boxes. I get 20-40% copper ratio for the boxes, and I get wheat cents all the time. I only found a couple a wheats in CWR, so they pick out the good'ns. also by the way, its best to use the term cent instead of penny considering there is a variety of coins sharing the name penny/cent, and mixmatching them leads to confusion. also, if you melt copper cents, you end up in the slammer (the same place your avatar is), so it ain't a good idea. welcome to the world of cents

 

[GlenDronach]

Yea, the boxes come rolled, and I actually have better luck in boxes than the bags I get from a local bank.

 

[HavokSouls]

No nickel is 90% silver only 35%

 

[archertiger3]

i've had good luck with boxes. i average about 10 wheat cents per box(yet to find an indian). one time i got a full box of 2013-D BU. and they're worth more than face value to some people on ebay

i also keep all the copper, i plan on ebay'ing it once i get alot

 

[minkybodl]

1942 Nickels were also a half year run like the 82 cents so only 42's with the proper mint mark are silver. There are some newer 90% dimes that are silver proofs. There are some 1976S halves that are silver and some that are not.

 

[Xiao en]

While sorting PENNIES!!! I will make an additional pile of the 82's then ping them off of a wooden table so that I can hear the sweet ping of copper or the dull clunk of zinc. These can also be weighed on a digital scale to be more accurate if you choose to.

A precious metal is just that a precious metal. IMO it does not matter the type of metal you are stacking as long as it has more value for the meatal in the coin than the face of the coin. If my thinking is correct I believe a nickle's metal value was pegged around 5.4-5.6 cents per. but 5 PENNIES vs 1 nickle you are further ahead with the metal in the PENNIES. How many copper PENNIES does it take to make the value of a 40% half? a 90% half or a war nickle or a 64 and below dime?? If you have the space then stack it all.

Sort all your "S" PENNIES they are not as common as the no mintmarks and can be sold for .05 per PENNY. Wheaties I sell @ .05 for 50's, .10 for 40's and 30's and a quarter for anything in the 20's and below. your 1931 D & S are a worthwhile save as these are a bear to find and worth alot more.

I do PENNIES to keep my spirits up during the long visits to Skunk Street looking thru halves, dimes and nickles.

PENNY PENNY PENNY PENNY PENNY PENNY PENNY PENNY...... I have intentionally called it a PENNY just so someone can jump to be "correct"

 

[usandthem]

yo, the so called "new" boxes you mention, have plenty of copper still. Its not worth the effort, of getting CWR of cents, by the time people bring them around, you can get dozens o' boxes. I get 20-40% copper ratio for the boxes, and I get wheat cents all the time. I only found a couple a wheats in CWR, so they pick out the good'ns. also by the way, its best to use the term cent instead of penny considering there is a variety of coins sharing the name penny/cent, and mixmatching them leads to confusion. also, if you melt copper cents, you end up in the slammer (the same place your avatar is), so it ain't a good idea. welcome to the world of cents

I think being confused about the penny is a situation unique to just you and a very few others here.

 

[usandthem]

FWIW they still mint 90% silver halves.

 

[Indianaman79]

i do not mean for this to be rude - but simply pointing out a fact:

do you think you will be the only person to turn in copper pennies at the first chance they get once the ban is lifted? I have read about guys stockpiling BOXES from floor to ceiling (with pics) of copper pennies. the copper market is going to flood with excess inventory and the price will drop. given - you might still be able to make a profit, but i believe it will be WAY less than what you are thinking.

but - if you enjoy penny hunting and that is the main goal - then by all means - enjoy!

 

[hokiemojo]

i think the last aprt fits me. I like penny hunting for wheats. the closest i've ever come to a skunk box was either a box with 4 wheats or 20 rolls that were all 2010. either way, i always find something i like. to pull out copper cents while I'm at it doesn't hurt me. i could always get rid of them down the road, but i don't think $50 in pennies will affect me too much. i don't know how the ryedale guys can do it, but they say they don't know how us hand sorters can do it (-:

 

[archertiger3]

i do not mean for this to be rude - but simply pointing out a fact:

do you think you will be the only person to turn in copper pennies at the first chance they get once the ban is lifted? I have read about guys stockpiling BOXES from floor to ceiling (with pics) of copper pennies. the copper market is going to flood with excess inventory and the price will drop. given - you might still be able to make a profit, but i believe it will be WAY less than what you are thinking.

but - if you enjoy penny hunting and that is the main goal - then by all means - enjoy!

now it the time to sell them, people are buying copper pennies to save until they lift the ban, you'll probably get more money now for them than you will later (unless copper prices rise)

 

[DrawkcaB]

i do not mean for this to be rude - but simply pointing out a fact:

do you think you will be the only person to turn in copper pennies at the first chance they get once the ban is lifted? I have read about guys stockpiling BOXES from floor to ceiling (with pics) of copper pennies. the copper market is going to flood with excess inventory and the price will drop. given - you might still be able to make a profit, but i believe it will be WAY less than what you are thinking.

but - if you enjoy penny hunting and that is the main goal - then by all means - enjoy!

I get what you're saying, but we also really enjoy CRH for small cents and all denominations and at the same time, we try and benefit by keeping scrap copper and turning in our junk.

 

[DrawkcaB]

PENNY PENNY PENNY PENNY PENNY PENNY PENNY PENNY...... I have intentionally called it a PENNY just so someone can jump to be "correct"

Are you talking about the term "small cent"? Is "Penny or Pennies" a "bad word" for CRH'ers or just degrading to the hobby?
Remember, not everyone knows the etiquette so saying a "penny" to one may be a dumb term, yet to newbies, it's a penny, no?

 

[50cent]

You need to realize there will be a SLIGHT dip, in value in the event copper cents upon them being able to be legally melted. One man or even a dozen men, with BOXES from floor to ceiling is a VERY miniscule amount of copper. Even the total amount of copper cents in circ-yule-lation, barely makes up a fraction of copper being MINED on a yearly basis. of course spec-u-lation, will cause the price of copper to fall BUT it will not be below its face value, it wont even be 1.5 cents to every cent in copper value, the lowest I could see it going is 2x the facevalue of a cent. coppa will never, ever, drop below $3 a pound again mark my words!

 

[sagittarius98]

You need to realize there will be a SLIGHT dip, in value in the event copper cents upon them being able to be legally melted. One man or even a dozen men, with BOXES from floor to ceiling is a VERY miniscule amount of copper. Even the total amount of copper cents in circ-yule-lation, barely makes up a fraction of copper being MINED on a yearly basis. of course spec-u-lation, will cause the price of copper to fall BUT it will not be below its face value, it wont even be 1.5 cents to every cent in copper value, the lowest I could see it going is 2x the facevalue of a cent. coppa will never, ever, drop below $3 a pound again mark my words!

But hundreds of men will affect the price. And yes, hundreds, even thousands hoard copper