Copper Pennies: Speculating + The Future.... Thoughts?

[Omega]

I was recently talked to this guy at a garage sale who used to own a coin shop back in the late 60's and early 70's. He said he used to sell 100 fv bags of silver coins for $120, and 1000 fv bags for $1160. He was telling me about how people would laugh at him, and tell him he was stupid trying to sell coins for that much, etc. Well look at it now, the bags are worth $1,500 and $15,000.

Now with copper pennies, currently a 50 fv bag costs ~70-75 bucks, for $110 melt in copper. Now, I'm sure there are people out there who think, STUPID, why would anyone want to hoard pennies? I don't want to buy copper pennies above face, so what I am considering is buying a Ryedale sorter for ~350, and sorting $200 in pennies a week, and keeping all the copper ones for a long term investment. I just don't want to look back in 20 years and miss this opportunity. So what my question is, do you think it's going to be worth it to hoard these pennies for the next 10-20 years? What do you think the price of copper will do between now and then? Any thoughts are greatly appreciated. Thanks!

 

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[billionaire]

But when they lift the melt ban wouldnt the price of copper go down because of the new supply pouring into scrap yards? It might make sense to hold on a little longer until the price went back to normal. But for now sell all you can find and make a profit to invest in more or to buy some silver.

 

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[CardsNCoins]

......This goes to show that almost 50% of copper pennies are horded already.........

It goes to show no such thing since I have gotten a steady 28% to 30% here for the last 3 years. Your low copper yield may be due to living to close to some major copper sorters.

 

[GarouLady]

I don't go after the american coinage because as stated above its illegal to melt american copper. Now Canadian pennies, as being no longer legal tender, to my knowledge can be melted down. I save any pre 1986 canadian penny I find in my till at work or I look in our penny holders at our registers. A lot of people in Michigan just don't care much for canadian pennies. I love them, and I save them. One day if I have to I can melt them down into ingots. if not, I can at least use them here as legal tender until some politician passes a law saying we no longer can accept canadian pennies.

Sincerely, Garoulady