Copper Cents: Someone tell me if I should or should not?

[apush]

Its been a while since I have seen a post concerning hoarding copper cents. Well, I have went back and forth on the idea--and it being spring break an all--I bit the bullet and purchased 4 boxes of cents.

I still really don't know why I did. I do love wheats, hope to pull my first steel cent out of a box (did finally find one from a dump magnet--an idea here on the forum), or an Indian (only found 1 in over a year and it was bent). But, I have never kept the cooper cents.

Are we just waiting until the US Government lifts the ban on copper cent melting?

Is this truly a possibility, or do I just need to dump all these cents? And, how many cents make a pound, anyway? It really will not hurt my CRH funds, but Mr. Apush kind of looked at me funny this evening when I dragged in 4 boxes of cents. He first words were, "Wow, what is all of that? Pennies?" I said, no honey, these are "cents." Look at the reverse of the coin--nope, it don't say "penny." A lesson I learned early on from a veteran coin collector par none.

Just scratching my head,
apush

 

[CardsNCoins]

Re: Someone tell me if I should or should not?

There are plenty of sellers on eBay selling copper cents for about 1.6X face, but I have just been socking them away. I figure this could be akin to someone who had the foresight in the 1960s to tuck the silver coinage away. If the melt ban is ever lifted then I'll decide to either melt, or hold and see how high copper may go. Worst case scenario is nothing ever comes of it, and I get my face value back, and all I'm out is my sorting time.

So far I have $425+ in copper cents tucked away, and about 1,100 wheat cents.

To answer your question regarding weight, 147 copper cents make a pound by overall weight, but 156 copper cents would make 1 pound of copper since 1 cent is 95% copper.

If you have any other questions do not hesitate to ask.

HH

Nick

 

[ArkieBassMan]

You can hoard them and wait for the melt ban to be lifted (and it will), or you can sell them now for a profit. Have a look on eBay and you can see what they're currently selling for.

I've been debating on getting a Ryedale and doing it myself for a few months now.

 

[Generic_Lad]

Even if you don't think that the melt ban will be lifted any time soon, there are enough people buying on Craigslist and Ebay to make it worth your time to save out the copper.

 

[mleblanc138]

My opinion is it's totally worth it to sock away Copper cents. They're just a penny each, and according to coinflation, they're worth about 2.5x+ face. Unfortunately, Ebay sellers only get about 1.6x face. Plus, I really don't think it's worth it to hand sort 4 boxes of cents just for the copper, unless you spend $500 on a Ryedale which can sort 18,000(a bit over 7 boxes) an hour. I currently have 9 rolls of Copper cents, but usually only get cents when the bank(s) has nothing else and I really have the craving to search coins.

 

[corey237]

The nice thing about the copper cents is that it is win/win. If the ban is lifted you can sell them above face depending on the melt value. If it is not lifted you just take them to the bank and get your money back (which might be a hassle if you have a lot). One of the few investments you can't really lose on.

 

[apush]

Okay guys, call me dense.

If a significant number of cents are melted, then won't the value of the cent go up? Rarity, Scarcity? Or, are there so many millons of cents, it really won't matter? I am thinking along the lines of supply and demand. Less there is, more people want.

apush

 

[mr_larry]

Here's my $.02 for what it's worth...

I think the penny will be taken out of circulation in the next 5 years. I think I read it costs something like 1.8 cents to make a cent at the mint. In 5 years I'm sure that cost will double. I believe that the cent will be retired and that all transactions will be rounded to the nearest nickel. When pennies are retired you will be able to melt them all you want. Illegal or not, I'm sure there are a lot of people melting pennies right now.

I also recently read an article that there is some talk of retiring the dollar bill and replacing it with a coin. The treasury would save a ton of money by not having to replace worn out notes all the time.

 

[baltax]

yea the penny is toast. Im just a poor college kid so I dont save my copper cents. I dont have much extra money. I had a few hundred extra dollars from school money, so that was my starting bankroll for this. buy dump buy dump.... thats all I do lol.

But defintatly worth saving if you have a fast way of sorting and dont have to worry about the money situation like me.

The dollar bill is looking at being retired due to the cotton in the bill. cottons price has rose so much the mint cannot keep up with cost of replacing old bills. coinage is cheaper if certain materials are used.

 

[quiksilver]

Okay guys, call me dense.

If a significant number of cents are melted, then won't the value of the cent go up? Rarity, Scarcity? Or, are there so many millons of cents, it really won't matter? I am thinking along the lines of supply and demand. Less there is, more people want.

apush

Well since right now you cant melt them so when and if they lift the ban my guess is following that - the price [or what the junk man is willing to pay] may go down short term due to the all of a sudden flood of pennies into the copper market.

 

[Generic_Lad]

Okay guys, call me dense.

If a significant number of cents are melted, then won't the value of the cent go up? Rarity, Scarcity? Or, are there so many millons of cents, it really won't matter? I am thinking along the lines of supply and demand. Less there is, more people want.

apush

I think that other than key dates, there are more than enough Lincoln cents to go around when/if the melt ban is lifted. I think it will be like Washington Quarters, if you aren't buying a key date, they only are worth melt. And the higher the price of copper is, the less it is worth collector wise. Before the astronomical rise in silver prices, even worn, non key-date Barbers were usually worth a bit of a premium over melt, but now, most of them are easily found in worn grades for no more than melt, despite the fact that they are much older.

 

[engine 823]

I bought a ryedale and am making money selling on the front end. About 6 hours a week is bringing in 300- 400 dollars a month. I'm loving my ryedale. Totally stopped picking up my other coins. Just cents for me!

 

[CardsNCoins]

One other important thing I didn't mention is hoarding them now makes sense because the percentage of them still in circulation is high. You should find 500 to 750 copper cents per box unless there is a major hoarder your area.

I'd rather be ahead of the curve while the percentages are still high.

HH

Nick

 

[dasherhunting]

I have sold many lots on ebay and save some I figure that is that many I dont have to dump. I hand sort them also I avg. selling a box of 34 lbs about every week. I now sell to someone I sold to on ebay actually in corpus christi texas, as soon as I have a box email them the pay with paypal and avoid all the ebay fees. Plus they are buying them for what I was selling to them on ebay lol. Hope this helps some.

 

[ArkieBassMan]

Okay guys, call me dense.

If a significant number of cents are melted, then won't the value of the cent go up? Rarity, Scarcity? Or, are there so many millons of cents, it really won't matter? I am thinking along the lines of supply and demand. Less there is, more people want.

apush

Probably a little, but not much. I don't think they'd ever be worth above melt (unless the price of copper REALLY drops) similar to common date silver Roosevelt dimes.

 

[mlayers]

I have not broken down and get full boxes of cents yet. But I do get a roll now and then for my daughter to go thur for her penny collection. We will sort the copper pennies out. We have a full size milk can and that is where we put all the copper one. Will hate to see what it weights when it is full. So I would say if you have the time a space for them go for it. When ever you can double your money I say it is worth it.......Matt

 

[Irish Finn]

I was watching 60 minutes on cnbc a couple of weeks ago and the nickel cost more to mint than it is worth like the penny. The only way the penny & nickel go bye-bye is when everything goes to plastic.