Copper CENTS hoarders

[Dozer D]

Was going through my copper/vs/zinc sorting of the 1982 cents, and have been running about an 8:1 ratio of coppers to zinc. I had expected to see more zinc than that

 

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[NHBandit]

I still have a mason jar full of Copper cents but didn't the scrap price drop back down so it's not worth bothering anymore ? Or are people just putting them away hoping for another jump ?

 

[Dozer D]

I'm going for the Long Haul, if & when the U S goes off the penny usage & the price of copper cents jump thru the roof , AND it becomes legal to melt copper cents. Then I think it might be worth it all, if not, then it's just FV & time spent.

 

[enamel7]

I agree with the thought others have about this subject. If they do away with the cent you will see copper prices plummet. Market will be flooded with copper which will drive the prices down.

 

[mrogers07]

I see no reason to keep them. When people can legally melt, it won't be worth it monetarily to do it. The space taken up is another reason not to. One guy I know has quite a healthy amount of space with copper pennies. He thinks they are going to be worth something some day.

 

[barneyb71]

I had a few hundred pounds of copper penny's, they were just taking up to much space and to much extra money. I didn't think they are worth the time and effort to hold anymore, I've dumped them all to another hoarder. This is just some info, http://www.scrapmetaljunkie.com/614/copper-pennies-scrap-metal

 

[Swaveab]

I figured it out once and copper prices would have to jump 4 or 5 times as high just to break even with the face value. One day it will be worth more than face value, but I don't expect to live to see that day, but who knows.

 

[Spizzerinctum]

The "82 cents that I take the time to weigh seem to be about the same as yours - 80% copper.

Was going through my copper/vs/zinc sorting of the 1982 cents, and have been running about an 8:1 ratio of coppers to zinc. I had expected to see more zinc than that

 

[MackinawGirl]

There are a lot of things that people collect or coins that are hoarded that may or may not be worth something but the hunt is what it is all about it seems. A collection starts with one: One coin, one arrow head, one buckle, one spoon, ect. We are all only One away from what makes a collection, what makes us happy to find it and what makes us happy to keep them no matter the value now, tomorrow, in our lifetime or in the lifetime of our children. Happy Hunting everyone!

 

[Spizzerinctum]

According to coinflation.com at todays copper price of approx. $2.60 lb a copper cent is worth 1.7 times face value.

I figured it out once and copper prices would have to jump 4 or 5 times as high just to break even with the face value. One day it will be worth more than face value, but I don't expect to live to see that day, but who knows.

 

[mxh5891]

You are going to have to hold onto your copper many years after they lift the melt ban. Copper value is going to fall in value once people start melting and selling it. So supply is going to go way up and value will go down. You are going to have to hold onto your copper and wait for supply to go down. Who knows how long that will take. More then likely people holding the copper will not make money off it, but maybe their grandchildren will.

 

[LooseChange]

Someday the coppers will be worth selling at some factor times face value. Because the 1 cent coin has such a small face value, only very large hoards will be able to generate any significant return on investment.

Building a large hoard is not for everyone and so it is perfectly understandable for the casually interested to decide not to hoard coppers. However, for anyone committed to building a large hoard, the opportunity to do so decreases at a steady pace - due to dilution of the supply. Each year, 6 billion or so zincs are added to the supply and the percentage of coppers to circulating total drops ever so slightly which makes it a bigger job to sort (more time, money, and effort for each keeper).

I built a modest hoard and then mostly stopped. I will sit on them indefinitely and I foresee that my kids will either benefit from the hoard someday or will have to find a way to dispose of it.

 

[LooseChange]

Penny hoarding is a waste of time (in my opinion) and space. Copper pennies average about 150 per pound. Current copper prices are about $2.60 per pound.

If and when those "hundreds of pounds of pennies" are finally cashed in, let's say someone does make an extra buck a pound. So... Instead of cashing out now, and making $300... someone cashes out 20 years from now for $500 (but the pennies are worth $300).

Do you really think you can't do something better with your $300 in the meantime? For example, go cash in and buy silver when it's low, sell it when it's high, and repeat. Do that 20 years, and I'll bet you have way more than $200 in profit. Heck, you're actually better off taking that $300 now, and buying coin rolls and hunting for silver. The return will be better, even if it's slow! You'll never lose your investment, and you'll eventually end up with far more...

Good grief. Penny hoarders make me laugh. Especially since they've already been doing it 20+ years, (some of them). Silver, I get... but pennies? Seriously?

Skippy

Good grief Skippy. Giving an opinion is one thing. Making an effort to belittle ppl for how they choose to do the hobby (in dramatic fashion) is hardly necessary.

Yes, Seriously! People who are unable to have a calm, sensible discussion on a subject with more than one side make me laugh.

 

[WheatFromChaff]

Copper hoarding is what piqued my interest in CRHing, but I have since decided to dump the modern pennies because of a simple lesson in economics class: Inflation. In all likelihood, the purchasing power of one cent right now is the greatest it will ever be. While you've got money stashed in pennies in your house, not even earning the meager interest that a savings account would, prices are slowly but surely rising. It's plausible that in ten years, there will be 10% inflation. Today, it takes around $2 to purchase what $1 could have bought you in 1987. Even if you have the time (which raises the question of opportunity cost, another basic economic principle) and space, and copper prices rise appreciably, and you manage to sell them for near the spot price, remember that inflation is also eating into your profit margin.

As other members have stated, precious metals, stocks, bonds, and mutual funds seem like much more worthwhile uses of your money.

That's just my two cents, please do your best to pardon the pun [emoji23]

 

[Swaveab]

FYI, those pennies are not pure copper as it is 95% copper and 5% zinc for some 1982 and all prior. They weigh 3.1 grams apiece or 453.59237 grams in a pound times 1.05 adjusting for the zinc to get 476.27199 grams for a pound of copper. Dividing this by 3.1grams per penny gives you 153.636 pennies per pound. Looks like I stand to correct myself if the going price is $2.60/lb as that is a profit of $1.063639 per pound of pennies.