Coins as hedge against economic collapse.

[UncleVinnys]

What's the scoop on collecting pennies, nickels as a hedge for if/when the economy collapses?

I've heard copper pennies are worth much more than one cent.
Nickels melt value is 4.7 cents.
Anyone (else) hording these coins as a sort of poor-mans insurance policy?

Looked for this discussion: If it's already been beaten to death, please provide a link to the forum thread.

The following is a joke, not for political purposes.

 

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[EQ8]

I sure am! I have 2 1/2 full coffee jars of real copper pennies.
I figger when the economy collapses, I'll have about twelve bucks to keep me afloat.
Also raising goldfish for food now.

 

[xr7ator]

Food, water, ammo and fuel...
When they come for my supplies, I bet they leave the heavy metals behind.

 

[Jason in Enid]

If the economy collapses, who do you think you are going to be selling those coins to?

 

[Megalodon]

Some old houses had zinc lined "potato drawers" since the metal had anti-microbial properties and the taters lasted longer so stored. Others tossed copper large cents in with the potatoes for copper's anti-microbial properties. Maybe we should save our real copper cents to preserve our vegetables!

 

[fistfulladirt]

I don’t understand...we’ve been in the middle of a collapse for some time now.

 

[UncleVinnys]

I don’t understand...we’ve been in the middle of a collapse for some time now.

Yeah, but it seems to be accelerating.

I've saved copper pennies, anything silver, and nickels for a while now.

Not sure I believe it, but back in 1987 I read a prophecy that said one day
a black man will rule the world (Obamma) and the next president will be "appointed"
after which there will be a collapse, followed by the ushering in of
angels, spirit guides and ETs to rule the earth.

I dunno . . . but it sure has me thinking.

 

[fistfulladirt]

It’s a common assumption that gold and silver prices will fall right along with the market. And if that’s the case, wouldn’t it be better to wait to buy them until after the dust settles? But suppose that the investors have it right and that their precious metals do retain their value.

Not a common assumption, just the opposite is supposed to happen. Metals aren’t typically investments, but a hedge to carry wealth through hard times. Metal prices are rigged through paper contracts.

 

[hvacker]

In economic depressions, recessions, down turns, market corrections and the rest of the explanations something will always be valued. It's a necessary part of any economic system to have a basis. Gold and diamonds have been the tradition. Some wealthy will own old cars.
They have a base value even though some will use ways to elevate false value, it's only temporary.
I remember the good suit theory where in days gone by an ounce of gold will buy a good suit and it's the same today. A nice Italian cut wool. A good tailor is worth their weight in ..... Maybe include some nice shoes.

Instead of owning gold on paper, maybe a better idea is to own the real thing.
I once worked for a mechanical contractor. I was asked to look at a boiler leak in a basement. The home owner was out of town and he had the neighbors kid looking after the place. The leak was above a beam.When repairing the leak I had to move these 3 paper bags that were very heavy. They had 3 bars of solid silver. I don't know the weight. But I put them back and that was that. Later my boss received a glowing letter of thanks. Later I figured the thanks was that the silver was still there.

That was the first time I had seen actual metal bars. Anyone actually have the real thing?

 

[Jason in Enid]

That was the first time I had seen actual metal bars. Anyone actually have the real thing?

Nope, I trade all my gold and silver for bubble gum. You wont find anything made of PMs in my house.

 

[Discrimination Dave]

dried beans and flour

 

[fistfulladirt]

Ramen noodles.

 

[Trezurehunter]

I save Copper pennies, and purchase silver on a regular basis with my junk clad coins and paper money.

 

[Charlie P. (NY)]

Silver coins might be a good hedge. Copper & clad - meh. No more worth than paper currency.

.22 LR ammo would be a great exchange "currency". Small enough to be carried. Useful and long shelf life.

 

[Tpmetal]

you will have better luck with guns, ammo, alcohol, salt, seeds, basic medical supplies and so on. maybe silver will hold its value but who knows

 

[hvacker]

You can't buy your way out of an economic collapse. But if your in good shape, try to stay there.

 

[metrotec]

If you can still buy them, bags of nickels from the mint. Not only are they worth a little more, but the bags are 22-250 and 7mm mag proof. Several thousand $$ worth years ago. I "prepped" a lot of years ago when most of the S T U F F was a lot cheaper. I just switched mountains.