Copper cents question.

[1996]

Where do you guys get rid of copper pennies? Or is everybody just hording for now? I was planning on making a quick buck on the copper cents, but now that I have a bunch, I can't figure out how to sell them. Will the "can-man" pay the same for pennies as he would for copper wire? I'm primarly looking for wheaties, but I hate to let all of the copper ones go back to the bank when I know they have a chance of being worth more than 1 cent.
I heard that a ryedale penny sorter could pay for itself pretty quick, but nobody is buying copper bullion in the form of pre 1982 copper cents on ebay. . . where do you go to get rid of them and are they worth any more than face?

thanks,
later,
1996

 

[snake35]

You could unload the E-Bay months ago, But copper price has dropped dramatically.

 

[halfdime]

And the public was reminded not long ago that it is illegal to melt pennies for their copper content. According to a banker detecting friend of mine, it's not illegal to melt silver. Go figure.

 

[Emperor Findus Cladius]

And the public was reminded not long ago that it is illegal to melt pennies for their copper content. According to a banker detecting friend of mine, it's not illegal to melt silver. Go figure.

And for the government clowns who made this against the law, what about these machines that will take a penny, flatten it out, then stamp something on it (an enlongated penny). It is not melted, but it is still effectively destroyed as a unit of commerce.

 

[sniffer]

bad thing about scrapping pennies, unless it is a wheatie, it's not worth it. the value of a penny is worth more at face value, than for scrap

 

[done dug it all up]

bad thing about scrapping pennies, unless it is a wheatie, it's not worth it. the value of a penny is worth more at face value, than for scrap

how about a 1962 penny


worth 2c when copper was up, but really since it was illegal to melt, still worth 1c.

 

[sniffer]

how many 1962 pennies would you have to come up with, to make it worth your time LOL

 

[hyperion]

There is some rationale for the law banning melting cents for copper/zinc. It costs the govt more than a one cent to make each cent (notice I don't use penny ... that's a coin from across the pond ). It's not good economics to sell something for less than it costs to make. If folks were to melt them as soon as they came on the market, it would compound this deficit. Nickels and clad coins return less than face value for melt so they are not a problem. Silver circulation coinage is no longer produced, so the government need not worry about replacement ... melt away! If the U.S. ever abandons the cent, this restriction will most likely be lifted.

 

[pygmy]

What reasons have the Gov. given for retaining the 1 cent coin ?

 

[sniffer]

to hard to figure out tax to equal 5 cents LOL
besides what would they do with all those pennies already minted

 

[boogeyman]

bad thing about scrapping pennies, unless it is a wheatie, it's not worth it. the value of a penny is worth more at face value, than for scrap

how about a 1962 penny


worth 2c when copper was up, but really since it was illegal to melt, still worth 1c.

Like they say, "Don't ask don't tell" If you melt a bunch into a blob, looks like copper smells like copper...... If asked, ya found it with your detector But with copper prices dropping it may not be worth the gas to melt.

 

[allen]

might as well put them in rolls
and sell them for .50 cents...

 

[Mackaydon]

When I buy gas, I buy $11; a $10 bill and a dollar in culled, MD-ed cents, nickles and dimes. I stroke myself into believing I'm always getting about a 10% discount with each fuel purchase--and I'm getting rid of this accumulation.

 

[oneeye]

And the public was reminded not long ago that it is illegal to melt pennies for their copper content. According to a banker detecting friend of mine, it's not illegal to melt silver. Go figure.

I suggest further research on this. There was a court decision made based on this very fact. A popular cutlery company (PM if you want the name) demonstrates their scissors by cutting a penny in half. They were brough to court over this and the federal court ruled that you could deface/destroy a penny, but only the penny.

How do you explain US silver coins fluctuating with silver prices? If there was no possibility of melting (which we all know has happened in mass quantities), pre-1964 silver would never change value.

Scrap is metal is scrap metal once it is in "scrap" form.
Dan

 

[hobo finds]

I guy on another fourm that I go to is selling one million of them on ebay! http://cgi.ebay.com/ONE-MILLION-COP...tem&pt=LH_DefaultDomain_0&hash=item335da67bc5

 

[beep-beep]

Put the copper cents or anything else in a short copper pipe, beat it down and get $3 pound for them.

 

[cyberdan]

And for the government clowns who made this against the law, what about these machines that will take a penny, flatten it out, then stamp something on it (an enlongated penny). It is not melted, but it is still effectively destroyed as a unit of commerce.

I used to own a company that made these. Here is the law:

U.S. Code Title 18, Chapter 17, Section 331: Prohibits, among other things, fraudulent alteration and mutilation of coins. This statute does not, however, prohibit the mutilation of coins if done without fraudulent intent or if the mutilated coins are not used fraudulently.

Smashing pennies is a hobby so no problem. A big run for me was 1000 coins that is not going to break the gov. Heck, at one time I had about 120,000 counted and sorted waiting for the ban to lift. Only cost me my time and a ryedale and 1¢ each to save them.

 

[brendan1414]

You guys have some off information... first off ANY penny before 1982 is 95% copper, worth 3 cents EACH at current copper pricing. so they are worth keeping. second off, notice how the law says FRAUDULENT alterations. I would consider fraudulent to be perhaps changing a quarter to make it appearr as a susan b anthony dollar coin... not melting a penny for its value.

Another thing you mentioned was silver is LEGAL. because they cost less then then were worth to make. well in case you didnt know, POST 1982 pennies are 98.5% ZINC and are very cheap to make. at the time the pre 1982s were made, they did cost less then a cent to produce, so therfor the same principal applies as with the silver... LEGAL is my idea on it.

 

[mts]

You guys have some off information... first off ANY penny before 1982 is 95% copper, worth 3 cents EACH at current copper pricing. so they are worth keeping. second off, notice how the law says FRAUDULENT alterations. I would consider fraudulent to be perhaps changing a quarter to make it appearr as a susan b anthony dollar coin... not melting a penny for its value.

Another thing you mentioned was silver is LEGAL. because they cost less then then were worth to make. well in case you didnt know, POST 1982 pennies are 98.5% ZINC and are very cheap to make. at the time the pre 1982s were made, they did cost less then a cent to produce, so therfor the same principal applies as with the silver... LEGAL is my idea on it.

In 2006 they passed a law against melting pennies and nickels. The reason was because they were afraid that people would take them out of circulation for their copper content. This would cost the taxpayers millions because the mint would have to make new ones to replace the ones taken out of circulation. This is not a problem with silver coins because the government no longer makes silver coins for circulation. Thus, melting silver and gold coins is perfectly legal.

"Under the new rules, it is illegal to melt pennies and nickels. It is also illegal to export the coins for melting. Travelers may legally carry up to $5 in 1- and 5-cent coins out of the USA or ship $100 of the coins abroad "for legitimate coinage and numismatic purposes."

Violators could spend up to five years in prison and pay as much as $10,000 in fines. Plus, the government will confiscate any coins or metal used in melting schemes."

http://www.usatoday.com/money/2006-12-14-melting-ban-usat_x.htm

 

[theirratonalist]

You guys have some off information... first off ANY penny before 1982 is 95% copper, worth 3 cents EACH at current copper pricing. so they are worth keeping. second off, notice how the law says FRAUDULENT alterations. I would consider fraudulent to be perhaps changing a quarter to make it appearr as a susan b anthony dollar coin... not melting a penny for its value.

Another thing you mentioned was silver is LEGAL. because they cost less then then were worth to make. well in case you didnt know, POST 1982 pennies are 98.5% ZINC and are very cheap to make. at the time the pre 1982s were made, they did cost less then a cent to produce, so therfor the same principal applies as with the silver... LEGAL is my idea on it.

In 2006 they passed a law against melting pennies and nickels. The reason was because they were afraid that people would take them out of circulation for their copper content. This would cost the taxpayers millions because the mint would have to make new ones to replace the ones taken out of circulation. This is not a problem with silver coins because the government no longer makes silver coins for circulation. Thus, melting silver and gold coins is perfectly legal.

"Under the new rules, it is illegal to melt pennies and nickels. It is also illegal to export the coins for melting. Travelers may legally carry up to $5 in 1- and 5-cent coins out of the USA or ship $100 of the coins abroad "for legitimate coinage and numismatic purposes."

Violators could spend up to five years in prison and pay as much as $10,000 in fines. Plus, the government will confiscate any coins or metal used in melting schemes."

http://www.usatoday.com/money/2006-12-14-melting-ban-usat_x.htm

In Canada, the government is pulling all it's valuable coins out of circulation; it's called the Alloy Recovery Program I think. Canada's 5¢ peices were made of .999 Ni. Pennies were copper until the 90s i think.

Honestly, I don't know why the mint doesn't start making 5¢ pieces out of zinc, or stainless, or anything cheaper then copper-nickel.