Copper pennies and Jefferson nickels

[Bobbypins]

I'm curious as to how many people here actually do some minor hoarding of copper pennies and nickels. Since you already go there to either dump or buy your boxes and bags, maybe some of you sort the copper pennies from circulation as a side gig?

Personally, I collect the copper pennies (1981 and below) but find it easier to just pay a premium over FV to have them sorted and shipped for me. With the melt ban on coinage, most penny bullion lots sell for less than MV. I have a few sellers that I deal with directly for 50 lb lots at my offer price, so I'm gathering what I can - when I can.

Nickels are realitively new for me, as it's an alloy NuCi, and may present a problem trying to melt and/or refine down the road. While that may still be the case, I've gathered a few hundred dollars worth of those as a "back up" to the pennies. Considering that it still has a substantial volume of copper, I figured I'd add some to the mix for variety purposes.

Just curious what other people are doing out there...

 

[AGCoinHunter]

I hand sort copper weekly. I do about $25-$50 a week and have been stockpileing copper cents for about 9 months now. It breaks up the week when I dont have halves to sort. Some will say its a waste of time, but I do it mainly looking for error coins (DD, WideAM, CloseAM, ect.), wheats, and CU while I sit on the couch at night watching TV so no time lost there. I have yet to purchase any lots from bullion dealers because I figure I can get as many during my spare time. If you want to find others who are doing the same, go over to the realcent forum and check it out. I am a member there also. Probably some of the people you are buying from are members over there. There are members here that do it as well and on a greater scale than I. Best of luck to you.

 

[Bobbypins]

I hand sort copper weekly. I do about $25-$50 a week and have been stockpileing copper cents for about 9 months now. It breaks up the week when I dont have halves to sort. Some will say its a waste of time, but I do it mainly looking for error coins (DD, WideAM, CloseAM, ect.), wheats, and CU while I sit on the couch at night watching TV so no time lost there. I have yet to purchase any lots from bullion dealers because I figure I can get as many during my spare time. If you want to find others who are doing the same, go over to the realcent forum and check it out. I am a member there also. Probably some of the people you are buying from are members over there. There are members here that do it as well and on a greater scale than I. Best of luck to you.

Maybe there's something wrong with the site you mentioned... it says the administrator has turned off registering. I was really looking to browse their classified section. My hope was I could find some other sellers. But I'm impressed with the amount of discussion going on there.

By hand sorting like you do, it does kill time and it's something you enjoy. I'm sure you've found some nice errors in 9 months.

 

[Tuberale]

Yeah, I'll admit to doing minor hoarding of nickels. Think it runs in the family. A great uncle kept every IH he ever found: had a gallon jar of 'em on his kitchen table when he died.

Nickels are 60% copper (Cu) and 40% nickel (Ni), so your alloy should be CuNi. I think Congress made it illegal to melt nickels last year or early this year: don't remember. (If you have Alzheimer's and you don't remember it, it doesn't count, right?) Trying to keep the public from cashing in on the only coin commonly in circulation that has higher melt value than face value: 3 grams copper, 2 grams nickel.

 

[Bobbypins]

Yeah, I'll admit to doing minor hoarding of nickels. Think it runs in the family. A great uncle kept every IH he ever found: had a gallon jar of 'em on his kitchen table when he died.

Nickels are 60% copper (Cu) and 40% nickel (Ni), so your alloy should be CuNi. I think Congress made it illegal to melt nickels last year or early this year: don't remember. (If you have Alzheimer's and you don't remember it, it doesn't count, right?) Trying to keep the public from cashing in on the only coin commonly in circulation that has higher melt value than face value: 3 grams copper, 2 grams nickel.

I read somewhere that there was a proposal to let the Treasury determine coinage composition rather than getting Congress approval. Before long we'll be carrying coins made of pressed dirt.

 

[AGCoinHunter]

I hand sort copper weekly. I do about $25-$50 a week and have been stockpileing copper cents for about 9 months now. It breaks up the week when I dont have halves to sort. Some will say its a waste of time, but I do it mainly looking for error coins (DD, WideAM, CloseAM, ect.), wheats, and CU while I sit on the couch at night watching TV so no time lost there. I have yet to purchase any lots from bullion dealers because I figure I can get as many during my spare time. If you want to find others who are doing the same, go over to the realcent forum and check it out. I am a member there also. Probably some of the people you are buying from are members over there. There are members here that do it as well and on a greater scale than I. Best of luck to you.

Maybe there's something wrong with the site you mentioned... it says the administrator has turned off registering. I was really looking to browse their classified section. My hope was I could find some other sellers. But I'm impressed with the amount of discussion going on there.

By hand sorting like you do, it does kill time and it's something you enjoy. I'm sure you've found some nice errors in 9 months.

I think you have to be registered before you can see certain forums. I will ask around and see if there are any issues going on currently.


Just saw a message from an admin...hopefully it will be lifted soon.

"I set the control here to prohibit anymore new members from joining due to a recent rash of spammers that have hit realcent.

Hopefully they will move on and we will lift the ban soon.

Sorry, for any inconvenience. "

 

[SilverGuy]

Nickels are 60% copper (Cu) and 40% nickel (Ni), so your alloy should be CuNi.

nickels are actually 75% copper and 25% nickel

http://www.coinflation.com/coins/1946-2007-Jefferson-Nickel-Value.html

 

[Diver_Down]

Yeah, I'll admit to doing minor hoarding of nickels. Think it runs in the family. A great uncle kept every IH he ever found: had a gallon jar of 'em on his kitchen table when he died.

Nickels are 60% copper (Cu) and 40% nickel (Ni), so your alloy should be CuNi. I think Congress made it illegal to melt nickels last year or early this year: don't remember. (If you have Alzheimer's and you don't remember it, it doesn't count, right?) Trying to keep the public from cashing in on the only coin commonly in circulation that has higher melt value than face value: 3 grams copper, 2 grams nickel.

I read somewhere that there was a proposal to let the Treasury determine coinage composition rather than getting Congress approval. Before long we'll be carrying coins made of pressed dirt.

It was just that, a proposal by the Treasury (no less). It will never happen. Congress will never abdicate it's authority. They love the power and control. It was promptly squashed in committee.

 

[Coins4Cheese]

I sort pennies by hand, and have about $60 worth of copper. I don't save nickels because I don't want to tie up my funds.

 

[Diver_Down]

I sort pennies by hand, and have about $60 worth of copper. I don't save nickels because I don't want to tie up my funds.

No need to hoard nickels as they have had the same composition for hundred years except for war nickels. If and when they lift a melt ban, you can always go to the bank and buy bricks at that time. Every one is a keeper. In the meantime, let the bank store them.

 

[Bobbypins]

I'm really more focused on buying 50 lb bags of copper pennies from people that is already sorted. I like the bullion play with those, but find it difficult at times to find sellers who consistently have them in larger quantities.

 

[jrf30]

I'm really more focused on buying 50 lb bags of copper pennies from people that is already sorted. I like the bullion play with those, but find it difficult at times to find sellers who consistently have them in larger quantities.

You are buying 50 pound bags? Interesting. I've sold them in $50 increments, but not 50 pound bags.

Let's see .... at about 145 cents per pound, a 50 pound bag would be about $72.50. So, what are you having to pay for $72.50 bags? (You can PM me if you want. As a seller, and you being a buyer, maybe we are already selling at a price that would satisfy both of us)

I have about 2,500 pounds sorted and waiting for sale right now. Plus I've gained a wheat or two doing that sorting. :-) I'm keeping the wheats. Don' tknow why any more, but I'm still keeping them.

 

[CHAINCHOMP]

i try to save copper cents, but usually end up cashing it in when i need the $$$
nice investment tho! keep it up and hh!

 

[legend76]

I save my pre-82 copper cents from change (got a quart mason jar 2/3's full in about a year's time). I haven't cashed in nickels lately, either.

HH,
Legend

 

[LJHanley06]

Overcome by events...just surrendered 10 Rolls 1962D Pennies, 10 Rolls 1963 Pennies and 10 Rolls 1960D Nickels to my Stomach...in arrears to the Bank...closed my checking account. My pension had no place to land this month...still waiting to hash out everything...up to two weeks to get my money.
Cashed in a grand total of $37.00 in change so I could eat this week and most of that is gone already. I can't afford to cherrypick my pocket change anymore.
I used to have an AWESOME coin collection...stuff I saved from when I was a Kid, stuff I spent years worth of "allowances" from the Wife on...Proof Barbers, BU Hawaiian Commem, Proof Trade Dollar, Shield Nickels, Liberty, Flying Eagle...MS65 1804 1/2 Cent, Stemless.................ALL GONE.
All these things were transient, yet I remain...scratching through my closets looking for things I can sell...NEVER, NEVER, NEVER let your Wife control all the money! ALL the money is gone...WIFE is gone...my B2500 Dodge (Paid For) is gone. NO JOB...quit looking.
My debts are much greater than my resources. My Creditors have charged off my accounts, claimed their tax benefits, turned over my accounts to Collections Agencies or sold the debt for 6-7 on the dollars (yet still try to get me to pay amount of the debt)...taken out Life Insurance policies on me without my permission and probably put out a Hit on me...

 

[Bobbypins]

Overcome by events...just surrendered 10 Rolls 1962D Pennies, 10 Rolls 1963 Pennies and 10 Rolls 1960D Nickels to my Stomach...in arrears to the Bank...closed my checking account. My pension had no place to land this month...still waiting to hash out everything...up to two weeks to get my money.
Cashed in a grand total of $37.00 in change so I could eat this week and most of that is gone already. I can't afford to cherrypick my pocket change anymore.
I used to have an AWESOME coin collection...stuff I saved from when I was a Kid, stuff I spent years worth of "allowances" from the Wife on...Proof Barbers, BU Hawaiian Commem, Proof Trade Dollar, Shield Nickels, Liberty, Flying Eagle...MS65 1804 1/2 Cent, Stemless.................ALL GONE.
All these things were transient, yet I remain...scratching through my closets looking for things I can sell...NEVER, NEVER, NEVER let your Wife control all the money! ALL the money is gone...WIFE is gone...my B2500 Dodge (Paid For) is gone. NO JOB...quit looking.
My debts are much greater than my resources. My Creditors have charged off my accounts, claimed their tax benefits, turned over my accounts to Collections Agencies or sold the debt for 6-7 on the dollars (yet still try to get me to pay amount of the debt)...taken out Life Insurance policies on me without my permission and probably put out a Hit on me...

Ouch. Sorry about that.

I learned after my first wife.... keep seperate bank accounts, and ALWAYS keep money she doesn't know about. But more importantly, NEVER give her the steering wheel when it comes to paying bills.

 

[LJHanley06]

Well...In my "first Career"...the Military, it was an inevitability. When the USAF stopped giving us our 80% of our Per Diem up front in the processing line and made us use Diners Club/AMEX...we still had to pay the bill every month even if we were still deployed and hadn't filed a voucher yet. That money came outta pocket to fund a Military deployment, which was BS! TPTB eventually allowed us to file "interim vouchers" so our Families didn't suffer too much. The single guys had to give one of their Buddies or a Family member access to their accounts to make these payments while they were still deployed. Easier now with all the online billing, etc...but I still prefer the cash up front option. Bank it (hope the Wife don't spend it) and live off your normal pay and then when you get home file for the remaining 20% of your Per Diem.

 

[Bobbypins]

I remember them military days... more specifically, I remember they paid just enough to keep you above the poverty line. And being in the Navy, it wasn't like I was shore based so I could get a second job. Good thing I got out... that was killing me.

With the price of all metals being high, combined with the real economic outlook, I can't see any metal staying at these levels even. The amount of money the government has printed leaves few choices to facilitate that kind of debt, and none of them look pretty. The long term outlook is bleak and in my opinion, I'm looking at "collecting" as many pounds of copper that I can reasonably afford.

I try to avoid being a pessimist most times, and I could be entirely wrong (as I often am). But considering the overall low cost of acquiring a base metal such as copper... it's worth a risk.

And if I'm wrong... well, my long call stock options will offset any losses I would take on a downturn in metals.