Are pennies now "done"?

[jrf30]

Are pennies now "done"?

The price of copper has gone down even faster than the price of silver lately. Whereas a copper penny (1982 and older) was worth 2.6 cents in copper value not that long ago, now it is barely above 1.4 cents. And since nobody pays full spot price on a product that can't legally be melted down, the value of pennies is now basically ... a penny.

It was just 4 months ago that $50 bags of copper pennies were selling for $130 on ebay pretty regularly. Now they just don't have any real premium to them.

So, is it worth hunting them for anyone anymore?

I'm still hunting, but I admit that my volume has slowed downa WHOLE lot. I still get some wheats, which is nice, but recently I saw an ad for a man buying wheat pennies at 1.3 cents per penny. OUCH. And that's not for copper, but for WHEAT copper.

So - anyone else changing their strategy on pennies, now that the price is so low? Anyone still hunting them?

ANdy, how goes the sales of Ryedale machines in this lower priced environment?

Comments?

 

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[springcypress]

Re: Are pennies now "done"?

Hunting for composition is fine but for me secondary. To me it's about the coins themselves.

I'll still hunt and pull copper, but the joy for me (hunting cents) is the wheats and other oddball finds - not in the metal value. I'm sure at some point we'll see a rebound in copper at which point I'll unload the ones I have but if we don't it hasn't cost me anything to pull the copper.

 

[TxTim]

Re: Are pennies now "done"?

Are you kidding?
Buy low, sell high.

 

[GMan00001]

Re: Are pennies now "done"?

Since I never saved much copper, it will have no impact on me. I am primarily search then for the IHC, wheats, and oddballs.

 

[treasurefiend]

Re: Are pennies now "done"?

Since I never saved much copper, it will have no impact on me. I am primarily search then for the IHC, wheats, and oddballs.

Me too.