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  1. #1

    Mar 2007
    LI new york
    38

    COIN COUNTER AT BANK SEPERATES COPPER PENNIES-- PIC ADDED

    hello everyone. just wanted to throw something out there. i returned some of my coins to my bank using the coin counter. when the reciept prints out it has two catagories for pennies. old and new. thought it was interesting. seems like copper pennies are being pulled from circulation.
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  2. #2
    us
    Jul 2005
    New Mexico
    White's XLT
    3,816
    5 times

    Re: COIN COUNTER AT BANK SEPERATES COPPER PENNIES

    Quote Originally Posted by rydiggaahh
    hello everyone. just wanted to throw something out there. i returned some of my coins to my bank using the coin counter. when the reciept prints out it has two catagories for pennies. old and new. thought it was interesting. seems like copper pennies are being pulled from circulation.
    I checked a receipt from my last coin cash-out and it didn't show this. Is yours a newer machine?
    We all know there's no such thing as a "hunted out" location. Let's stop using that phrase to describe a park out of which you just dug a pile of coins! Obviously that particular place wasn't "hunted out", right?

  3. #3

    Mar 2007
    LI new york
    38

    Re: COIN COUNTER AT BANK SEPERATES COPPER PENNIES

    my bank is TFCU. im pretty sure they are new machines but have no way to know how old for sure. i didnt ask.

  4. #4

    Jul 2006
    carmel ca/ San Diego ca
    whites DFX
    359
    Honorable Mentions (1)

    Re: COIN COUNTER AT BANK SEPERATES COPPER PENNIES

    I've had some coinstar machines do this too.
    totals 2008

    90% kennedys---> 32
    40% Kennedys---> 221
            Walkers  ---> 1
            Franklens --> 7
           Barber's    -->0
         Clad Proofs---> 14
    40% Proofs  -----> 0
    90%Quarters  --->0
    90%Dimes -------> 23
    Wheats        ------>45
    Indian's----------> 0

  5. #5
    us
    Jul 2005
    New Mexico
    White's XLT
    3,816
    5 times

    Re: COIN COUNTER AT BANK SEPERATES COPPER PENNIES

    You have to wonder why. Is the gov't trying to pull these out of circulation for the copper content? If so, is Coinstar getting paid to help them do this? Makes you think...
    We all know there's no such thing as a "hunted out" location. Let's stop using that phrase to describe a park out of which you just dug a pile of coins! Obviously that particular place wasn't "hunted out", right?

  6. #6

    Feb 2007
    USA
    72
    2 times

    Re: COIN COUNTER AT BANK SEPERATES COPPER PENNIES

    wow, very interesting!

  7. #7

    Dec 2006
    Lowell, MA
    149

    Re: COIN COUNTER AT BANK SEPERATES COPPER PENNIES

    Oh my oh my oh my. Then it would make perfect sense that they recently passed the new 'no melting' laws.
    Jimminy Christmas... if this is true, this would be like the gov'mint saying " There is money to be had... but just for us."

    The US dollar is only worth what it will buy--- it has no other value. Now, they are not even letting it be worth what it can buy- namely, more non- copper cents than what you had.

    There is another forum that deals solely with hoarding copper pennies... some of them track their percentages and are already finding that there seems to be less and less pre 82s. Yuk.

    By the way, do you recall the ratio of new to old pennies on that receipt?

    Thanks for the post. It will encourage me to do some more research, and if verified, step up my sorting amount.

  8. #8
    us
    Always huntin' fer somethin'

    Dec 2006
    My first M/D find
    Garrett Ace 250
    1,668
    48 times

    Re: COIN COUNTER AT BANK SEPERATES COPPER PENNIES

    I'll bet the government is requesting that copper cents be returned, so they can melt them down.
    Even more of a reason to start saving them.
    ~~~ I am the Prince of Tides ~~~

  9. #9
    LJ
    LJ is offline
    us
    Dec 2006
    3,469
    3 times
    All Types Of Treasure Hunting

    Re: COIN COUNTER AT BANK SEPERATES COPPER PENNIES

    That is very intersting.....okay, I am on the bandwagon. Pre 82 pennies here I come....lol.
    LOVE THE HISTORY AND THE MYSTERY

  10. #10

    Dec 2006
    160

    Re: COIN COUNTER AT BANK SEPERATES COPPER PENNIES

    Could you please post a pic or scan of the receipt?

    The machine would need to have very precise sensors to differentiate between the types of cents.

    And at only 2X face value it wouldn't be worth the shipping/handling/storage and smelting cost's yet.

    If somehow it is true that the gov is actually trying to hoard cents NOW than it must mean that THEY KNOW scrap copper prices are going to go through the roof soon.

    If they were actually calibrating the machines to separate the 2 types of cents wouldn't it be more lucrative to calibrate them to separate the SILVER coinage and put it in a separate bin inside the coinstar?

    How big is this machine you went to,that it would have enough extra space to hold the copper cent's?Just curious.Thanks.

  11. #11

    Dec 2006
    Lowell, MA
    149

    Re: COIN COUNTER AT BANK SEPERATES COPPER PENNIES

    I'll bet the government is requesting that copper cents be returned, so they can melt them down.
    Even more of a reason to start saving them.


    You'd lose that bet. The 'Government' is not requesting copper cents be returned so they can melt them down
    I am not saying you are wrong or right, but general comments like that are pretty uninformative. I would love to hear that this is not what they are doing.

    But do you have reasons/proof/references?

  12. #12
    us
    Jun 2005
    511
    1 times

    Re: COIN COUNTER AT BANK SEPERATES COPPER PENNIES

    Quote Originally Posted by schramm
    yet.

    If somehow it is true that the gov is actually trying to hoard cents NOW than it must mean that THEY KNOW scrap copper prices are going to go through the roof soon.
    Or perhaps they KNOW that the value of the US dollar (and therefore penny) is going to tank, thus making the copper worth more by comparison. Silver may be harder to seperate, if the weight of the coins has not changed as much over the years.

  13. #13

    Dec 2006
    Lowell, MA
    149

    Re: COIN COUNTER AT BANK SEPERATES COPPER PENNIES

    Silver coins weren't worth twice face value until the 60's. When they were, people started hoarding and most were taken out of circulation VERY quickly- There is also nothing to say that it wasn't government taking it out, also.

    Now that silver is at $13 per ounce, supplying banks with machines that can be calibrated strictly enough to pull maybe one or two silver coins per $100 in halves is not going to be worth it.

    But people are NOT, in general, saving their pre- 82's. But they are worth 2x face value. 30% or so of pennies are still copper, and there are MILLIONS of pounds of copper pennies out there. Sure, it may be tough to make shipping and sending pennies profitable, but when you already have a fed shipping system to banks and such, you do not need to change much to get a bag or two per bank back to the fed.

    Or could it be as simple as the government trying to avoid us from starting to hoard, due to the mere expense and difficulty of replacing the pennies with more pennies?

    Please continue...


  14. #14

    Dec 2006
    Lowell, MA
    149

    Re: COIN COUNTER AT BANK SEPERATES COPPER PENNIES

    Good post Someguy... good point. I hope that you are wrong, though. That would mean bigger problems than the price of producing pennies.

    Your sorting comment makes sense, though. A pre 82 penny weighs 3.1/ 3.2 grams, I think. A post 82 weighs 2.5/2.6. That is a 15 - 20 % weight difference. Probably pretty easy to calibrate a machine to sort these.

    You can guess what I am going to say next... whether it be a 90%er or 40%er, the weight PERCENTAGE difference is MUCH less. Tougher to get a machine that precise, I would assume.

  15. #15
    us
    Always huntin' fer somethin'

    Dec 2006
    My first M/D find
    Garrett Ace 250
    1,668
    48 times

    Re: COIN COUNTER AT BANK SEPERATES COPPER PENNIES

    I just don't know of what the point would be to seperate the copper pennies from the other ones, if they weren't planning to do something with them.
    ~~~ I am the Prince of Tides ~~~

 

 
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