Copper pennies for scrap???

[mr.theman]

HOORA first post in a new forum

For everybody that is saving pre 82 pennies for their copper value what is your plan for cashing them in? Take them to the scrap yard? Are you going to melt them down first? What price will copper have to get to for you to sell? How many copper pennies does it take to make a pound?

I was thinking of melting mine down and casting them into fishing sinker molds. I would think that copper would have to be in the $15 per pound range before I would do it.

Any thoughts?

 

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[Digginman]

I have no idea mr.theman, but congrats on the first post in a new forum.

DM

 

[whitesid]

i was thinking of that to but how would you melt it

 

[SHERMANVILLE ILLINOIS]

Mt,

Prior 82 cents are 95 percent copper and 5 percent zinc.

Roughly 145 pre 1982 cent would equil one pound of coins,
but not one pound of copper.

have a good un.............

 

[lumbercamp]

My brother in law has a blast furnace for his side line business and he said it would be cost prohibitive to try and melt pennies down for resale You would be paying more for gas to run the furnace then what you would get from the copper.

 

[SHERMANVILLE ILLINOIS]

mber,

is not just your brother in law.

Article in Coin World said that the Copper Development
Association stated that "the United States lacks the basic
domestic infrastructure for processing secondary materials
such as copper cents.

have a good un......

 

[Siegfried Schlagrule]

Figuring copper content not weight there are 154 pennies to the pound. Current copper price is over double that. Current pre-1982 coins per bag of 5000 is about 30%. exanimo, ss

 

[jeff of pa]

Here is a site that will give you Scrap Values for all Coins


http://www.coinflation.com/

it looks like Copper Pennies are worth 2 cents right now.

 

[coolcash2004]

WOW!!!

I guess its an automatic doubling of your money. Spend $10,000 in pennies and sell them for $20,000. An instant $10,000 proffit.

Hmmmm.... I wonder...

-CC

 

[civilman1]

I say bury them all right now to leave to our kid's and grandkid's.......and so on.....!!!

 

[coolcash2004]

I wrote a really long post on that whole idea once civilman. It was really good too, very long, detailed and filled with ideas about helping future generations of TH's. Not many listened, but some did.

-CC

 

[Frugi]

No need to melt them they already are in bullion form --your very own copper rounds. As far as selling/melting them I already have--- when copper was at $3.50 lb---I got $2.40 lb for a minimum of 50 lbs. I have also sold canadian pre 1981 94% nickel nickels to local scrap dealers. No need to melt 'em just save 'em--you might even have some numismatic value when all the copper cents disapeare from the market. I dont sell them at scrap anymore only when I really needed money. Now I just search on my free time and keep everything seperated---zinc will soon be worth more than zinc pennies; almost there.....

 

[srcdco]

According to today's Numismatic News email newsletter, it is now illegal to melt U.S. cents and nickels. Here is the story:


Melting of U.S. cents and nickels has been banned by the U.S. government.

Interim regulations go into effect today, also prohibiting export or treatment of the coins.

"We are taking this action because the nation needs its coinage for commerce," said U.S. Mint Director Edmund C. Moy. "Replacing these coins would be an enormous cost to the taxpayer."

It currently costs more than face value to produce cents and nickels.

Travelers may take up to $5 in cents and nickels out of the country, and individuals may send $100 out of the country in any one shipment for legitimate coinage and numismatic purposes. Violating the ban can result in a fine of not more than $10,000, or imprisonment of not more than five years, or both.

Are you surprised?

Send comments to Numismatic News editor Dave Harper at [email protected]. Include your city and state with your e-mail.
—Dave Kranz, Newsletter Editor

Scott

 

[Monty]

I was going to comment on it being illegal to melt pennies and nickels as I read it in today's paper. News travels slow in the midwest I guess? Anyway, so much for melting them down! Monty

 

[MalteseFalcon]

It is on CNN today.

 

[Farmercal]

I just thought of something. They government doesn't want you to melt down the nickels and pennies on the basis of it costs them too much to mint replacement coins to put back into circulation. Now I don't know about you but the copper cents I have been saving and the copper cents and nickels I dig out of the ground aren't even in circulation at present time. Of course they didn't say anything about silver did they? Hummmmmmmm...

 

[Peg Leg]

Here is something to think about.
It cost the U.S. Governmet (the taxpayer)$1.12 to mint one penny.
It cost $6.99 to mint a single nickel. No wonder the TAXPAYERS are getting upset.
Peg Leg

 

[TheDetectorist]

Here is something to think about.
It cost the U.S. Governmet (the taxpayer)$1.12 to mint one penny.
It cost $6.99 to mint a single nickel. No wonder the TAXPAYERS are getting upset.
Peg Leg

Your figures are off just a smidge Peg. It's 1.12 cents per penny and just over 5 cents to mint a nickel. even 6.99 cents per nickel sounds a bit much.

The per-production cost also covers the building utilities, worker salaries, equipment costs and maintenance and die design and engraving. All that is on top of the cost of the raw materials they use.

TD

 

[strykerstalker]

I asked the same question in another thread, but i agree.. What about dimes and halfs then?

 

[mech]

It's 1.12 cents per penny and just over 5 cents to mint a nickel. even 6.99 cents per nickel sounds a bit much.

The per-production cost also covers the building utilities, worker salaries, equipment costs and maintenance and die design and engraving. All that is on top of the cost of the raw materials they use.

TD

With rising copper and zinc prices when do we change to an aluminum cent or just rid it all together?