Generic_Lad
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It really depends on what you think is going to happen in the future.
1. Do you think the melt ban will be lifted anytime soon? If yes, then keep saving the pennies. If not, then saving copper pennies might be a waste of time.
2. Do you think that the price of copper will increase? If so, then hoard pennies because there will always be people who will buy pennies in hopes that the melt ban will be lifted. If you don't think the price of copper will increase than saving pennies would be a waste of time.
3. Do you expect the collapse of the US dollar or revaluation? If so, then consider hoarding (copper) pennies because in many countries experiencing hyperinflation the banknotes get revalued while the coins get revalued at the same rate (for example, if the US decides to revalue the new dollar at 2 old dollars, each cent would double in value if they didn't withdraw the coins). If not, then the coins would most likely not be legal tender (or wouldn't be cared about being such a small value) and they would be legal to melt.
4. Do you have a place that will buy copper pennies at a rate above face value? If so, then it might be worth it to make some instant profit as you are searching penny boxes.
The answers to these 4 questions depend on each person. No one can know the future, if I knew with certainty that the melt ban would be lifted 3 weeks from today, I'd say save all the copper pennies you could and search 20 boxes a day. If I knew with certainty that the melt ban would only be lifted 50 years from today or that the price of copper was going to plummet to 25 cents per ounce, I'd say don't save them. But no one knows the future and so its all based on opinion and ease of selling them. Yes, copper cents do take up space, but they have a lower value/space ratio so you don't need to secure them as tightly as silver or gold.
1. Do you think the melt ban will be lifted anytime soon? If yes, then keep saving the pennies. If not, then saving copper pennies might be a waste of time.
2. Do you think that the price of copper will increase? If so, then hoard pennies because there will always be people who will buy pennies in hopes that the melt ban will be lifted. If you don't think the price of copper will increase than saving pennies would be a waste of time.
3. Do you expect the collapse of the US dollar or revaluation? If so, then consider hoarding (copper) pennies because in many countries experiencing hyperinflation the banknotes get revalued while the coins get revalued at the same rate (for example, if the US decides to revalue the new dollar at 2 old dollars, each cent would double in value if they didn't withdraw the coins). If not, then the coins would most likely not be legal tender (or wouldn't be cared about being such a small value) and they would be legal to melt.
4. Do you have a place that will buy copper pennies at a rate above face value? If so, then it might be worth it to make some instant profit as you are searching penny boxes.
The answers to these 4 questions depend on each person. No one can know the future, if I knew with certainty that the melt ban would be lifted 3 weeks from today, I'd say save all the copper pennies you could and search 20 boxes a day. If I knew with certainty that the melt ban would only be lifted 50 years from today or that the price of copper was going to plummet to 25 cents per ounce, I'd say don't save them. But no one knows the future and so its all based on opinion and ease of selling them. Yes, copper cents do take up space, but they have a lower value/space ratio so you don't need to secure them as tightly as silver or gold.
SilverFace
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Copper memorial cents are currently worth twice face in intrinsic value but because of the small denomination most people just don't seem to have much interest in saving them . Maybe when they are worth $.05+ each more people will have an interest in them. But they also require more space to store than silver obviously.
GL makes some good points but I've never understood the whole idea of melting perfectly good coins because of their intrinsic value. I know silver and copper have industrial uses but these metals are still being mined so I don't see the reason for melting coins for industrial uses. And if it is just to exchange them for increasingly worthless fiat currency that makes no "cents" either. Coins with intrinsic value ARE money - fiat currencies are not - they are just an illusion of money. It's just a matter of time before people will be burning paper currencies - not melting coins.
GL makes some good points but I've never understood the whole idea of melting perfectly good coins because of their intrinsic value. I know silver and copper have industrial uses but these metals are still being mined so I don't see the reason for melting coins for industrial uses. And if it is just to exchange them for increasingly worthless fiat currency that makes no "cents" either. Coins with intrinsic value ARE money - fiat currencies are not - they are just an illusion of money. It's just a matter of time before people will be burning paper currencies - not melting coins.
MIhunter
Bronze Member
saving copper pennies requires three things,
1) Time to go to the bank, buy them, take them home, sort them (by hand or machine) and return the zincs.
2) space to saved them
3) money to have tied up in them
On all three issues (time, space and money) silver is more important and more likely to give you profit, now and in the future.
I would especially, recommend against collecting copper pennies if it takes away for the money you will have available to search for silver.
1) Time to go to the bank, buy them, take them home, sort them (by hand or machine) and return the zincs.
2) space to saved them
3) money to have tied up in them
On all three issues (time, space and money) silver is more important and more likely to give you profit, now and in the future.
I would especially, recommend against collecting copper pennies if it takes away for the money you will have available to search for silver.
I've been keeping mine but only from my change from purchases. Not in a position to go to the bank and then search thru them and return the rest. I guess the point in keeping them is just in case they can ever be melted. Otherwise it is just something to do. Nobody likes to deal with pennies anyways.
madwest
Hero Member
When you ask if it is worth saving Cu cents, I presume you are asking if it is worth hunting Cu cents. (Hunting them doesn't necessarily mean saving them.)
They are worth hunting if you want to save them for your own investment.
They are worth hunting if you want to immediately sell them for a premium - someone else's investment.
If you are willing to sit on $1k or more in face value, I would say that it is worth hunting and saving them for investment purposes.
If you can sell them locally (LCS, Craigslist, etc) for at least 1.5x, then it is worth hunting them to sell for an immediate gain. Test the waters. Once you have $50 in face value, try selling them locally for $80. If you don't get any takers, hang onto them - it's only $50 invested.
They are worth hunting if you want to save them for your own investment.
They are worth hunting if you want to immediately sell them for a premium - someone else's investment.
If you are willing to sit on $1k or more in face value, I would say that it is worth hunting and saving them for investment purposes.
If you can sell them locally (LCS, Craigslist, etc) for at least 1.5x, then it is worth hunting them to sell for an immediate gain. Test the waters. Once you have $50 in face value, try selling them locally for $80. If you don't get any takers, hang onto them - it's only $50 invested.
dmb062082
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Even if the event of mass deflation and a booming economy… the face value is still a cent. So you see you will never lose anything on your investment. I can not think of any other investment that has this much of a guarantee. Its very safe, stable and secure. You have nothing to lose outside of storage space. I would stack in a basement bro!
I am just getting into this hobby, and made a video and blog post about penny searching. Its a lot of fun. You can view it here.
I am just getting into this hobby, and made a video and blog post about penny searching. Its a lot of fun. You can view it here.
sagittarius98
Gold Member
Good info, but next time, start your own thread. Reviving old threads should only be done if you are offering help to the OP in identification of coins or in dumping set-ups, good pickup banks, etc.
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