How many are saving copper pennies now?

[drink-7-up]

I think I will save a can or two

 

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[jrf30]

<<Right now I average about 15-20 82 and older cents per roll. So not scarce.... >>

I just went through a box. My first.

And I averaged 8/2 copper pennies per roll.

NOwhere NEAR the 15 - 20 that you were saying you got. So, maybe they are not as scarce where you are, but they are getting a little scarcer here. NOt htat I call 8 per roll of 50 as scarce mind you. LOL.

But, I decided to start keeping some. So as I go through a few boxes, looking for wheats (I had ONE by the way, in the entire BOX!) I"m also keeping the coppers for teh future. I"ll stop when i fill a good sized container and don't want to use more space. For now, it doesn't take too long, since I'm looking for wheats anyway, and I think it is worth my time to put some aside.

:-)

John

 

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[enamel7]

Sorry about you only getting 1 wheatie. Just means you will probably get a killer box down the road.

Happy Hunting!

 

[loamlandfire]

I am saving the copper pennies. Not searching boxes for them at this point but saving the ones I find in the register at work. Usually I am getting on average 10-15 per day. That's not alot of money pent up, alot less than the price of a cola or candy bar per day so I save all that I find.
As far as not being able to melt them, people could say the same thing about the silver we save. The value is still there, we are able to sell 90% silver coins for the actual silver value. In a few years we will be able to do the same with the copper pennies. With world consumption of copper at an all time high, the value will only rise. At present the copper value on a pre-82 penny is 2.3 cents, Thats a 230% increase over face value. When copper goes even higher, who knows. I think they are worth saving and they will pay off in the future.
Just my opinion.

 

[Scott (Mich)]

I do not buy penny rolls from the banks, but I do keep any pre-82 cents that I come across. I treat them like any other coin that is hard to find in circulation.

I think we are going through a small version of what people went through in 1965. Our coin's metallic make-up has changed and are saving what we can. I think even the current zinc cent is worth more than a cent. I wonder if they will either be changed again or discontinued.

Happy Hunting,

Scott (Mid-Mich)

 

[jrf30]

According to a site I am looking at that gives melt values of coins, a zinc penny is worth a little less than a cent right now in melt value.

denom. melt value ratio
1982-2007 Cent (97.5% zinc) * $0.01 $0.0092916 92.91%


The copper penny is worth 236% of face

1909-1982 Cent (95% copper) * $0.01 $0.0236635 236.63%

As far as the penny going away, read this little article I saw pop up three days ago. :-)

<<Jarden Zinc Products, a subsidiary of Jarden Corp., hired Sonnenschein Nath & Rosenthal LLP to lobby the federal government, according to a disclosure form.

The firm will lobby on the U.S. coin and currency system, according to the form filed posted online Tuesday by the Senate's public records office.

Greenville, Tenn.-based Jarden Zinc Products supplies zinc strips used in coins, automotive products, electronics, building materials and other applications. The company supplies zinc coin blanks, which are round discs, to the United States, Canada and other countries to produce currency.

According to the U.S. Mint, the penny is composed of 97.5 percent zinc and the rest is plated with copper.

Jarden Corp., which is based in Rye, N.Y., is a diversified consumer products company with brands such as Sunbeam appliances and Coleman camping gear.

Under a federal law enacted in 1995, lobbyists are required to disclose activities that could influence members of the executive and legislative branches. They must register with Congress within 45 days of being hired or engaging in lobbying.>>

John

 

[TreasureTales]

Interesting bit of info about Jarden Corp., thanks for posting it.

Here's something else to consider about the US cent. Many casinos in this country have 1 cent slot machines. Do you think they want to see the cent become extinct and thereby render their machines useless? I don't. I think they want the penny to stick around and they have their own very strong lobby. Why do you think the large one dollar coin made a comeback in the 1970's? The Ike Dollar was the new "silver dollar" and the casinos pushed hard to get it. Just my opinion, but I think the cent isn't going away anytime soon. Course, I could be wrong and you all might be saying 'we told you so!" any day now.

 

[cyberdan]

The copper penny is worth 236% of face
1909-1982 Cent (95% copper) * $0.01 $0.0236635 236.63%

That is kind of funny that this topic came up at this time.
A friend of mine goes through thousands of copper cents every month. He makes what some people call elongated cents. That is his business (mine too but on a much smaller scale) he sells them in bulk to people who resell them. It is completely legal to smash them, just can't melt them.

Jim, (not into CRH) asked me two days ago to ask if anyone on this board would like to supply him with circulated copper cents. (no zinkers, damaged or bent) He is in KY.

He is looking for only 1 or 2 people that can supply on a regular basis.

He is offering $60 per bag of 5000 + he will pay $10 for shipping. I know that is less than what jrf30 shows is the copper value but it is more than face. I have known him for two years and can vouch for him.

Please reply off line if possible.

 

[Emperor Findus Cladius]

Interesting bit of info about Jarden Corp., thanks for posting it.

Here's something else to consider about the US cent. Many casinos in this country have 1 cent slot machines. Do you think they want to see the cent become extinct and thereby render their machines useless? I don't. I think they want the penny to stick around and they have their own very strong lobby. Why do you think the large one dollar coin made a comeback in the 1970's? The Ike Dollar was the new "silver dollar" and the casinos pushed hard to get it. Just my opinion, but I think the cent isn't going away anytime soon. Course, I could be wrong and you all might be saying 'we told you so!" any day now.

True, many casinos do have penny machines, but they are also going coinless, so I expect those penny machines at some time will continue to be penny machines, but will not accept coins.

 

[Emperor Findus Cladius]

The copper penny is worth 236% of face
1909-1982 Cent (95% copper) * $0.01 $0.0236635 236.63%

That is kind of funny that this topic came up at this time.
A friend of mine goes through thousands of copper cents every month. He makes what some people call elongated cents. That is his business (mine too but on a much smaller scale) he sells them in bulk to people who resell them. It is completely legal to smash them, just can't melt them.

Jim, (not into CRH) asked me two days ago to ask if anyone on this board would like to supply him with circulated copper cents. (no zinkers, damaged or bent) He is in KY.

He is looking for only 1 or 2 people that can supply on a regular basis.

He is offering $60 per bag of 5000 + he will pay $10 for shipping. I know that is less than what jrf30 shows is the copper value but it is more than face. I have known him for two years and can vouch for him.

Please reply off line if possible.

Then that seems to be a loophole in the system where it is illegal to sell them for copper content. Figure out a way to inexpensively smash them where they are no longer any good as a coin. The mint itself from what I understand will buy damaged coins (and these are now damaged) but only pay metal content. So will they now buy these smashed cents for two cents each for the copper content?

 

[cyberdan]

Then that seems to be a loophole in the system where it is illegal to sell them for copper content.

Does sound like a loop hole. This is a quote from my website where I sell these SMASHED cents.

It's Legal! -- U.S. Code Title 18, Chapter 17, Section 331: Prohibits, among other things, fraudulent alteration and mutilation of coins. This statute does not, however, prohibit the mutilation of coins if done without fraudulent intent or if the mutilated coins are not used fraudulently.

I got it and condensed it from the US Gov site.

I estimate only 100s of thousands of cents (copper & zinc) get smashed every year by many thousands of tourists all over this country. (not a lot of coins)

But if everyone started saving them to sell to melters that might add up to many, many times that amount.

 

[Silver Stripe]

I just kinda got started on all this. There's some guys on another board that could supply a constant feed of copper cents as they are in automated mode. I find it relaxing to sort my lil bit (two boxes a week before my bank cut me off), now I have to ration my sorting sos I don't run out. Get a lil over 500 coppers from a box and been averaging 8 or 9 wheaties from each box. Problem is getting rid of the zincs without high fees- CU I use I carried a bag in last week and the coin counter was out of order- not happy LOL. Mark
Here's the other forum http://realcent.forumco.com/default.asp

 

[Bigcypresshunter]

I dont CRH but I save them from pocket change. Of course they will be worth something. Who knows how many will be melted.

 

[mm12000]

The only Pre-82 that I save are wheaties or Indians. Don't have the time, money, or patience to hold onto them until they go up a lot or are legally meltable. Maybe in a few more years...

 

[fiatboy]

Right now it does seem kinda pointless. That being said, I do it anyway.

But I waste my time watching TV a couple of hours a week, and that is when I sort. So I figure that I am not losing any time or effort doing it- plus, it is fun, calming, and I have found a few neat errors. Many wheats, too.

Same here.

My girlfriend collects elongated cents (aka pressed pennies). She has about 100 different ones and trades her doubles for ones she doesn't have. I think they're neat, and I'm saving some of my silver halves to buy her the first one ever from the 1893 Worlds Fair in Chicago.

 

[jrf30]

<< Don't have the time, money, or patience to hold onto them until they go up a lot or are legally meltable. Maybe in a few more years. >>

I look at it this way.

If I could buy a stock that was at $10 per share now, and would be worth $30 per share in 6 years, that would be AWESOME. A triple in 6 years? Not many stocks do that. Not much of ANYTHING does that.

So, I am keeping pre 82 copper pennies. I figure that they are not worth mouch now, but I expect within 6 years they will be worth about 3 cents apiece. (On the actual market) That's the same ratio, and the same profit.

Granted, I don't go out of my way to collect them. I do some rolls because it is calming to me. After a long day of losing money on the stock market (Did you SEE the last two days of this week? LOL) I LIKE to look at the coins and throw the coppers to the side. Just as a therapuetic way to shut my brain down. About 15 minutes is all I do at a time. Nothing special (because it IS just a PENNY, not a large amount) but I am now keeping all coppers. :-)

 

[Ascholten]

melt them and sell to the junkyard, even if they give you #2 prices you still make a profit.

you can send silver coins to a refiner to get paid for the silver content of them after the refiner melts them down, copper is no different.

Aaron

 

[fiatboy]

melt them and sell to the junkyard, even if they give you #2 prices you still make a profit.

you can send silver coins to a refiner to get paid for the silver content of them after the refiner melts them down, copper is no different.

It's illegal to melt U.S. pennies and nickels.

 

[Silver Stripe]

I'm only buying boxes to search for silver now but... not only do I keep all the coppers from my change but everybody I know that will is saving change for me to sort and dump for them. Just did a jar of my Aunts boyfriends, not as much copper as I had hoped and no silver except my first war nickel which he didn't know had silver in it. HH Mark

 

[fiatboy]

I may start throwing back a few Zincolns just for grins.