copper penny question

[snake35]

What does scrap copper price have to be to make the copper worth more than the face value?

 

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[HobBob]

Hmmm.... not sure of the answer, but would be very interested in finding out myself!

 

[Heavy Chevy]

Well Snake,

You can try this.
In the early 1980's copper prices rose to where it it cost more than a penny to make a penny.So they began to make them mostly of zinc.
You can try this. Start putting copper pennies on a scale until you get 1 pound.
( I am not sure if copper falls under the precious metals category i.e.12 oz., or 16 oz. to the pound.) Then count the pennies on the scale.
Suppose you had 200 pennies to the pound and copper prices were paying $3.00 per pound you would be in business !!!
I know that scrap copper prices usually run hand in hand when scrap aluminum prices rise and right now aluminum is kinda high (.65 cents)

Let us know what you find out,

Mike in SC

 

[TimmyNY]

keep in mind that pennies 1959 and up are copper coated zinc so you can only use wheats for copper content. common dates are 2 cents a piece so at 200 per pound it would have to go over $4 / pound to make it worth it

this is assuming 200 coins / pound which I really have no idea if that is close

Tim

 

[Klaatu]

Sorry to have to say it but you are completely wrong, Timmy.

Memorial cents were 95% copper until 1982 when both copper and zinc cents were produced. All cents produced since then are copper-plated zinc.

In 1959 the reverse of the cent was changed from Wheat Ears to the Lincoln Memorial to commemorate the 150th anniversary of Lincoln's birth and the 50th anniversary of the Lincoln cent. The composition of the coins remained unchanged. A minor change in composition was made in 1962 from 5% tin & zinc to 5% zinc; this composition remained unchanged until 1982.

The copper cent is 95% copper and weighs 3.11 grams. With 454 grams per pound it would take about 146 cents to make a pound. But that is not a pound of copper - the coins are 95% copper. It would take 153.66 cents to make a pound of copper (477.88 grams total weight).

 

[pepperpump]

Pretty intersting there Klaatu, I never knew that about the pennies.
Pepperpump

 

[stoney56]

Last I saw was copper was $3.27 @ lb. Copper I believe is like aluminum--16 oz to a lb. Precious metal like silver, gold, platinum, and palladium are 12 oz @ lb.

 

[jeff of pa]

http://www.coinflation.com/

 

[jersey junkie]

being a building contractor I scrap a lot of metal

copper last week was $2.15 per pound (16 oz)

pennies $1.54 per pound

Profit $0.61 per pound

hmmmmmm.....

 

[snake35]

Thanks for all your help.

 

[snake35]

None of my local scrap buyers will purchase copper pennies for scrap. Is any one else having this problem?

 

[MikeOregon]

According to Coinflation (http://www.coinflation.com/), copper pennies (before 1982) are worth 2.3 cents each right now. As to who will give you that for them, I don't know...

Mike

 

[thudson]

Thought this might be of intrest and answer some questions.
http://www.kitco.com/ind/VanEeden/may082006.html

 

[Immy]

Very interesting, thanks for posting the link.

The trouble with these experts/speculators is they only think in large dollar amounts. Anything below five figures isn't worth the trouble to them. His $10,000 example is obviously not practical. If there existed a facility that recycled copper pennies for twice face value I'm sure many people wouldn't hesitate in bringing down $100 worth. And this guy's obviously not a collector since his assessment of the rarity of pre-82 pennies is way off. Another factor that he's not taking into account is the possibility of the US economy tanking. Hyper-inflation would make copper prices go thru the roof like we've never seen, putting it in a desirable catagory with silver and gold.

 

[snake35]

I am throwing all my copper pennies from roll searching into a coffee can. If copper continues to rise it may work well, If not I did not lose much.