Copper cents off the market
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Thread: Copper cents off the market

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  1. #1
    us
    Feb 2012
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    Coin roll hunting

    Copper cents off the market

    Does anyone think that the U S will ever drop the penny (cent) from the current monetary system similar to what Canada did a few years ago? What does the U S stand to gain & loose if they did, I have no thoughts on this move. If they did, wouldn't the price of COPPER skyrocket or plummet like a rock? I've been copper cent (pre-'82 cents) hoarding for the past 4-5yrs hoping that they will become a small investment as a PM. Comments for discussion.
    A2coins likes this.

  2. #2
    kcm
    kcm is offline
    us
    Feb 2016
    NW Minnesota
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    I think one day they will, but there's still a lot of money flying around. It has been said for many years that the Mint loses money on cents. That's most likely very true. Yet there MUST be a reason they're still minting them!!

    When in doubt, I always follow the saying, "Follow the money", and I don't mean the cents they're stamping! For example (and I'm ONLY hypothesizing here!!), the Mint buys their blanks from a source. And their source gets the metals from their source. If the gov't is losing money in these dealings, is it possible they could be gaining in another way? Like maybe in PAC donations or some such?? ...This is the point I was trying to make. Again, just pondering. But it gets me to thinking sometimes!!
    A2coins likes this.
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  3. #3
    Charter Member
    us
    Dec 2008
    St. Augustine, FL
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    Quote Originally Posted by kcm View Post
    I think one day they will, but there's still a lot of money flying around. It has been said for many years that the Mint loses money on cents. That's most likely very true. Yet there MUST be a reason they're still minting them!!

    When in doubt, I always follow the saying, "Follow the money", and I don't mean the cents they're stamping! For example (and I'm ONLY hypothesizing here!!), the Mint buys their blanks from a source. And their source gets the metals from their source. If the gov't is losing money in these dealings, is it possible they could be gaining in another way? Like maybe in PAC donations or some such?? ...This is the point I was trying to make. Again, just pondering. But it gets me to thinking sometimes!!
    You are overthinking it. Fact: The US Treasury is the only Federal department that returns a profit to the government. One word - Seigniorage. The difference in the cost to produce the coin and the face value. In the case of the cent, they lose money. Big deal. But look at the quarter, big money maker. The offset is overall a profit is made in making coins for circulation. Now, look at the programs for collectors. Massive profits are made.
    fistfulladirt and A2coins like this.

  4. #4
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    Gangsta Soren

    Apr 2015
    Parker, Colorado
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    I mean, since 1982 they can make them for less than a cent to make, so I'm not sure. The day will come Im sure though.
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  5. #5
    Charter Member
    us
    Fly Navy!

    Jun 2008
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    IMHO - it will never ever happen. The penny will be with us forever - period!
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  6. #6
    us
    Treasure hunter

    Jun 2008
    Northern Alabama
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    The Penny is here to stay!
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  7. #7
    us
    Jan 2017
    Michigan
    Equinox800; F75 ltd2; V3i; Tiger Shark; DeLeon; Carrot
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    Cent is required only for sales tax. Other than that, it is a useless coin. It's value in purchasing power is insignificant. Note how many are just thrown away.... check out a parking meter area with your detector, you probably won't even need a detector to find a handfull.
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  8. #8
    us
    Jan 2016
    South of Gunnison, Gold Basin
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    The lose of purchasing power more than makes up for the mass printing of worthless money. They dont lose money on printing DEBT, but you do.
    A2coins likes this.

  9. #9
    us
    Sep 2011
    Denver, Colorado
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    Quote Originally Posted by SorenCoins View Post
    I mean, since 1982 they can make them for less than a cent to make, so I'm not sure. The day will come Im sure though.
    This is incorrect. It costs 1.8 cents to make one penny and 7 cents to make a nickel.
    A2coins likes this.

  10. #10

    Dec 2012
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    I too keep the copper ones, guess when the world ends I can melt them down and make water pipes!
    franklin and A2coins like this.
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  11. #11
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    Tommy

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  12. #12
    us
    Jan 2016
    South of Gunnison, Gold Basin
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    Prospecting
    There's not enough copper in them to affect the copper market. Maybe zinc but zinc is worthless anyway.

 

 

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