Ryedale / copper opinions

[tenseventyfive]

Hey this was part of an earlier post but it didn't get much airplay so I wanted to re-post it:

Also, since you can't sell them for melt value, what are you people doing with all the pennies? Just saving them in buckets awaiting the time when they can be? I am sure like most other metals copper will eventually rise significantly in value and that might not be such a bad idea.

I like the concept of storing away mounds of copper for the day when it can be sold for the metal value, but wondering what the rest of you think...and if the Ryedale is worth buying since there really is no immediate return.


silver's gotten REEEEEAL thin lately

 

Amazon Forum Fav 👍

How to Research for Treasure Hunting and Metal Detecting From Lead Generation to Vetting - Grab it through Amazon!

[ArkieBassMan]

Well, there can be an immediate return. Copper pennies command a bit of a premium on eBay. When copper prices were higher, $50 worth would sell for about $130. The same amount is going for about $70 right now I believe, but I haven't checked in awhile.

I'm saving mine in hopes copper prices go back up. Can always just cash 'em in if it doesn't.

 

[jrf30]

I like the concept of storing away mounds of copper for the day when it can be sold for the metal value, but wondering what the rest of you think...and if the Ryedale is worth buying since there really is no immediate return.

I keep seeing people say there is no return now. But just this week I sold more copper pennies for $0.016 per penny. That's 60% higher than my cost. A 60% gain. After shipping costs on some, my gain was 46%. Some was delivered local, so my gain remained 60%.

So why is it that it is repeated over and over that there is no potential to sell or profit now?

Please look on ebay. You will see people selling copper pennies. SOme ask too much, and get no bids. Others though sell for 1.5 cents and 1.7 cents per penny, which to me is not as good as the 2.6 cents I was getting last year but still "a profit". And worth selling if you want to make a profit now.

To answer more of your question, I am holding MOST of my copper. UNtil the price goes back to 2 cents per penny or more. BUt I am selling some here and there, at 1.6 cents per penny. ANd feel good that it is a 60% profit. PLUS - I hold on to the wheats I get, which to me is enough to make it worth searching pennies. The gains on Memorial pennies? that just makes it wasy to buy the Ryedale. I figure that with the coins I have sold, I have paid for my Ryedale twice over. And I still have about 4,500 wheats for my effort. :-) WELL worth it.

AND it pays off NOW if you want it to. IF you want to sell now for the lower 1.6 cents per penny. So don't think you can't make some money "now". You can. :-)

 

[RIcoinhunter]

Some people hoard with the hope of they will someday lift the melt ban.Others sell there copper cents on ebay or to other hoarders.I would check ebay to see what bulk copper cents are selling for.Buying a ryedale would increase the volume of coins you search and save you time.It would also pay for itself in no time.I'm sure other Ryedale users will chime in.

 

[silvercop]

i have been using my ryedale daily for the past 3 weeks since my silver take has been way down. have not sold any yet. i have right at 2K face. i recycle my brinks half boxes and store the pennies. i can get 40.00 worth of rolled pennies per box.

 

[SFBayArea]

Ryesdale does help sort these quick but I wouldn't say that right now the ryesdale pays for itself. I checked Ebay prices and from a bunch of the completed auctions, you'd only be making like 10-20% after commissions plus these are bulky and pain to ship. I don't have a Ryesdale but still putting away copper. I got about $150 worth put away. I would wait until copper reaches at least $3.80/lb before getting a Ryesdale.

 

[tenseventyfive]

Thanks for the info - I may just invest some of the silver profits in a Ryedale and play the waiting game..

 

[jrf30]

Ryesdale does help sort these quick but I wouldn't say that right now the ryesdale pays for itself. I checked Ebay prices and from a bunch of the completed auctions, you'd only be making like 10-20% after commissions plus these are bulky and pain to ship. I don't have a Ryesdale but still putting away copper. I got about $150 worth put away. I would wait until copper reaches at least $3.80/lb before getting a Ryesdale.

Two thoughts. As long as you sell it after copper hits $3.80 per pound, it doesn't matter if you sort them now, at a lower price. You'll still get the higher prioce. Secondly, if you wait, then there will be less copper per box at that time than today. Why? Because it is ALWAYS going down. As more zinc is added to circulation on a daily basis, that means the ratio of copper must go down. And as copper is pulled by some of us, that also lowers the ratio. NOt a lot "yet" but if you wait, your ratios will definitely be lower. They HAVE to be. (Add 2 billion new zinc cents this year alone)

FYI - after selling MOST last year, replenishing this year, and selling a "little" lately, I have about $3,100.00 still in cents that I've not sold yet. At 145 to the pound, that is about 2,137 pounds worth. :-)

 

[SFBayArea]

Ryesdale does help sort these quick but I wouldn't say that right now the ryesdale pays for itself. I checked Ebay prices and from a bunch of the completed auctions, you'd only be making like 10-20% after commissions plus these are bulky and pain to ship. I don't have a Ryesdale but still putting away copper. I got about $150 worth put away. I would wait until copper reaches at least $3.80/lb before getting a Ryesdale.

Two thoughts. As long as you sell it after copper hits $3.80 per pound, it doesn't matter if you sort them now, at a lower price. You'll still get the higher prioce. Secondly, if you wait, then there will be less copper per box at that time than today. Why? Because it is ALWAYS going down. As more zinc is added to circulation on a daily basis, that means the ratio of copper must go down. And as copper is pulled by some of us, that also lowers the ratio. NOt a lot "yet" but if you wait, your ratios will definitely be lower. They HAVE to be. (Add 2 billion new zinc cents this year alone)

FYI - after selling MOST last year, replenishing this year, and selling a "little" lately, I have about $3,100.00 still in cents that I've not sold yet. At 145 to the pound, that is about 2,137 pounds worth. :-)

WOW, you have a lot of copper.. you must have a whole brick wall full of them. This is the difference between hand sorting and ryesdale. I have $150-200 in copper, you have $3100. You must have a lot of wheats too. I agree with you in what you're saying. The only problem for me is that I don't have $3100 to keep around as an investment. I have wait till $3.80/lb until I get a ryesdale. I also have like $500 in Unc 2000-D halves I saved 8 yrs ago. I thought it was a good investment then but I guess not anymore. Wonder if and when copper goes to $3.80/lb.

 

[Tattooguy67]

As for how I store them, I use my Brinks nickel and cent boxes, I line them with plastic produce bags then tape them shut, if my bathroom scale is to be believed each nickel box holds around 23 to 24 pounds. I had thought about using the square cat litter pails but thought they might be a little hard to move around, plus I was not sure if the handles would hold up. As far as melting them I am wondering if that law would be automatically repealed if they stop making them and do the whole rounding up to a nickel thing they keep talking about? the only down side I see is if the government does demonetize the cent then sold the inventory as scrap it would drop the price in a hurry.

Chuck.

 

[mts]

As for how I store them, I use my Brinks nickel and cent boxes, I line them with plastic produce bags then tape them shut, if my bathroom scale is to be believed each nickel box holds around 23 to 24 pounds. I had thought about using the square cat litter pails but thought they might be a little hard to move around, plus I was not sure if the handles would hold up. As far as melting them I am wondering if that law would be automatically repealed if they stop making them and do the whole rounding up to a nickel thing they keep talking about? the only down side I see is if the government does demonetize the cent then sold the inventory as scrap it would drop the price in a hurry.

Chuck.

Yeah, I almost think it is better for us if they keep the melting ban on. Dropping the melting ban would cause thousands of people to start grabbing every copper penny they could get. Which would help to drop the price even further as well as deplete inventory.

I consider JRF to be the "oracle of pennies". He always has great advice and is really "living" the hobby. If he says you can make money now then I believe him. And if he says that he is holding most of his pennies until they go up a bit more then that should probably be your strategy as well. Personally, I'm hoarding mine for the long term. I don't have a Ryedale so I sort them using my metal detector. But I'm getting a good supply just by doing a box a week. I just wish I could get more wheats per box. I'm averaging less than 10 per box and they are all 1940+. I never get old wheats around here.