Hunting Pennies - Some Stats

[UncleVinnys]

I just did some calculations on coin-roll hunting in pennies.

I can screen $12 to $15 per hour.
I find about 20% are copper coins.
I find about 5 wheaties for every $10 searched.

At $12 screening per hour, and copper coins worth about 2.55 cents each, that's
a "profit" of 1.55 cents each, or about $3.60 an hour, less than half of minimum wage.

I still find it "worth the effort" though, since I really enjoy finding the wheaties
and the occasional surprises, such as a dime in the roll.

I'm wondering if Canadian pennies would be better, because they have
more years and more recent years where the coin was 95% copper.

 

Amazon Forum Fav 👍

Minelab PRO-FIND 35 Waterproof Pinpointer Metal Detector for Experts with Tone ID & Adjustable Sensitivity - Grab it through Amazon!

[That Canadian Guy]

For finding copper yes Canadian cents produce more. In a box I can usually find 40%-50% copper.

 

[usandthem]

I think Canadians are about 98% copper. I keep all of mine seperate.

 

[ArkieBassMan]

An item is "worth" what you can sell it for - regardless of "melt price", "book value", etc. For example, let's say my house appraises for $100,000. However, the most anyone will give me for it is about $60,000. Therefore I contend my house is worth $60,000, not the $100,000 appraised value.

Copper cents are the same. I don't think you can sell them for 2.55 cents each, even though that is melt value. From what I see, they sell for ~1.5 cents each. To be even more accurate, you must also include your expenses...gasoline used, wear-and-tear on your vehicle, etc. as well. So, to me, you're "making" ~$1.20 an hour before expenses. In fact, you may not be turning a profit at all.

What I'm trying to say is that you are correct in that you have to do it because you enjoy it. To make a living wage, or even a considerable profit, you'd have to have many Ryedale machines running full time, as well as guaranteed buyers for all the copper, and some way to cheaply dump all the zincolns. I'm not sure it could be done.

I don't mean this negatively, even though as I re-read what I have written is certainly sounds that way even to me. CRH is a great hobby. Its a hobby that can even put a little extra cash in your pocket, or at the very least have the potential to pay (or nearly pay) for itself...which is plenty good enough for me as I enjoy "the search."

Now, if I could just find a way to "break even" on my other hobbies, I'd be set.

 

[mishra142]

I have a ryedale and typically run $150-250 per week. I don't look at it as a per hour rate. I am simply trying to increase my copper holdings as a long term investment. But as far as selling this is how I look at it.

If I sell 100 face value of copper pennies for $150 shipped that nets me right around $140, or $40 profit. But rather than dividing that $40 down to a per hour amount I simply reinvest the entire amount including that $40 into my "penny fund" (similiar to my halves bank roll) buying more pennies and increasing my hoard with my profits rather than my own money.

 

[goldencoin]

My stats are:
2 hand sorted boxes per hour (not counting dumping)
1 box per hour if I have to reroll it
I've been through over $8400 total
I get 1 wheat per $1.29 and 1 indian for every $650 searched (off due to several large penny hoards and lost data)
I don't keep copper

HH
-GC

 

[mishra142]

goldencoin, if you're just dumping your copper sell it to me instead for a little profit. PM me if your interested.

 

[mts]

An item is "worth" what you can sell it for - regardless of "melt price", "book value", etc. For example, let's say my house appraises for $100,000. However, the most anyone will give me for it is about $60,000. Therefore I contend my house is worth $60,000, not the $100,000 appraised value.

Copper cents are the same. I don't think you can sell them for 2.55 cents each, even though that is melt value. From what I see, they sell for ~1.5 cents each. To be even more accurate, you must also include your expenses...gasoline used, wear-and-tear on your vehicle, etc. as well. So, to me, you're "making" ~$1.20 an hour before expenses. In fact, you may not be turning a profit at all.

What I'm trying to say is that you are correct in that you have to do it because you enjoy it. To make a living wage, or even a considerable profit, you'd have to have many Ryedale machines running full time, as well as guaranteed buyers for all the copper, and some way to cheaply dump all the zincolns. I'm not sure it could be done.

I don't mean this negatively, even though as I re-read what I have written is certainly sounds that way even to me. CRH is a great hobby. Its a hobby that can even put a little extra cash in your pocket, or at the very least have the potential to pay (or nearly pay) for itself...which is plenty good enough for me as I enjoy "the search."

Now, if I could just find a way to "break even" on my other hobbies, I'd be set.

I'd like to make two points:

1. Even though he can't sell those pennies today for a profit, the value of those coins can continue to go up. So he may be making below minimum wage today but those coins can appreciate in his basement while he does no further work. He won't truly be able to calculate how much money he made until he actually sells them. It could turn out that 20 years from now those coins are worth 10 times what they are worth now. And it could turn out that they are worth no more than 1 cent each. Who knows. The point is, he has fixed costs today to retrieve them. Then he has no further costs to let them sit in his basement and potentially make him more money (or not).

2. Your point about costs is spot on. However, I NEVER see any of the silver hunters talk about this. It's like they don't even care about the countless hours they spend buying boxes, searching, and dumping their numerous skunks. And all for a measly couple of 40%'ers per box (if they are lucky). But as soon as someone starts talking about saving copper, everyone comes out of the woodwork to talk about the costs of searching. Newsflash: most people out here aren't making money on hunting for silver either. Even people like CardsNCoins are probably barely breaking even once you count their time and other costs. But few people dare bring that up. After all, it's SILVER we are talking about right? Not some useless junk metal like copper. (sarcasm)

There is definitely a double standard out here. Copper hoarders are second class citizens. Yet I make a LOT more money and enjoy myself a lot more when hunting for copper. The silver vein around here is as dry as a bone. Sure, I could spend 20 hours a week to bring home a couple of 40%'ers. But why should I when I can do a box of cents in a little over an hour and get 25% copper and 10 wheats? And at least with cents I always find something.

Thanks for letting me rant.

 

[goldencoin]

goldencoin, if you're just dumping your copper sell it to me instead for a little profit. PM me if your interested.

I don't have a sorter, so I'd have to do it by hand, which would take far too long. I would love to hand over sacks and sacks of unwrapped sorted pennies so I wouldn't have to dump them though. I'm in Ann Arbor for the school year and in the thumb for the summer.

HH
-GC

 

[namster]

2. Your point about costs is spot on. However, I NEVER see any of the silver hunters talk about this. It's like they don't even care about the countless hours they spend buying boxes, searching, and dumping their numerous skunks. And all for a measly couple of 40%'ers per box (if they are lucky). But as soon as someone starts talking about saving copper, everyone comes out of the woodwork to talk about the costs of searching. Newsflash: most people out here aren't making money on hunting for silver either. Even people like CardsNCoins are probably barely breaking even once you count their time and other costs. But few people dare bring that up. After all, it's SILVER we are talking about right? Not some useless junk metal like copper. (sarcasm)



Thanks for letting me rant.

I have actually done the math on my silver endeavors. I average about $100 in melt/week give or take. I spend 4 hours picking up/dumping off and searching the 18-20 boxes I go through. If I only picked up a couple 40%ers per week it would definitely not be worth while.

 

[Dok Holliday]

I don't count my CRH wage in dollars per hour, but ounces per hour. When the dollar fails in the zombie apocalypse the time I put into CRH may very well save my family.

 

[namster]

I don't count my CRH wage in dollars per hour, but ounces per hour. When the dollar fails in the zombie apocalypse the time I put into CRH may very well save my family.

By eating your silver? In a total collapse I doubt silver will be traded as some suggest. Read what a person who has been through it says about using PMs for trade: http://shtfschool.com/trading/on-buying-gold-silver-for-survival-preparedness/

 

[mts]

I don't count my CRH wage in dollars per hour, but ounces per hour. When the dollar fails in the zombie apocalypse the time I put into CRH may very well save my family.

By eating your silver? In a total collapse I doubt silver will be traded as some suggest. Read what a person who has been through it says about using PMs for trade: http://shtfschool.com/trading/on-buying-gold-silver-for-survival-preparedness/

That is a crazy website for sure. I just know I'm going to get hooked into reading everything I can on that site. Interesting stuff. But remember, the world is not black and white. He is giving the worst case scenario. And it is true that in the worst case scenario, no one is going to want gold and silver. But there are an infinite number of lesser scenarios where gold and silver will have some value. That's why diversification is so important. I have silver, gold, guns, copper, food, and lots of other physical items. I also have cash. Having a little of everything is a wise way to live.

 

[ArkieBassMan]

I'd like to make two points:

1. Even though he can't sell those pennies today for a profit, the value of those coins can continue to go up. So he may be making below minimum wage today but those coins can appreciate in his basement while he does no further work. He won't truly be able to calculate how much money he made until he actually sells them. It could turn out that 20 years from now those coins are worth 10 times what they are worth now. And it could turn out that they are worth no more than 1 cent each. Who knows. The point is, he has fixed costs today to retrieve them. Then he has no further costs to let them sit in his basement and potentially make him more money (or not).

2. Your point about costs is spot on. However, I NEVER see any of the silver hunters talk about this. It's like they don't even care about the countless hours they spend buying boxes, searching, and dumping their numerous skunks. And all for a measly couple of 40%'ers per box (if they are lucky). But as soon as someone starts talking about saving copper, everyone comes out of the woodwork to talk about the costs of searching. Newsflash: most people out here aren't making money on hunting for silver either. Even people like CardsNCoins are probably barely breaking even once you count their time and other costs. But few people dare bring that up. After all, it's SILVER we are talking about right? Not some useless junk metal like copper. (sarcasm)

There is definitely a double standard out here. Copper hoarders are second class citizens. Yet I make a LOT more money and enjoy myself a lot more when hunting for copper. The silver vein around here is as dry as a bone. Sure, I could spend 20 hours a week to bring home a couple of 40%'ers. But why should I when I can do a box of cents in a little over an hour and get 25% copper and 10 wheats? And at least with cents I always find something.

Thanks for letting me rant.

Agree 100%.

My post was not meant as a bash on the copper searchers. It just happened that the OP is a copper searcher. Had he/she been a silver searcher, my reply would have basically read the same. I just wanted to help the OP realize that he wasn't "profiting" at the clip that was stated. This was done not to ridicule, but to help him/her see things maybe a bit differently. If profit margin is more important to the OP than the entertainment of the search, then he/she very well might be better off in the long run by simply buying copper cents for a small premium. The very same could be said for the majority of silver searchers as well.

 

[maipenrai]

In 10 years, the pennies and silver may be worth more, but everything else will cost more too, but it seems no one ever takes inflation into account. If saving up copper is the object, then I would think that scraping is a better way to go about it, but then that isnt such a noble hobby.

 

[mts]

Agree 100%.

My post was not meant as a bash on the copper searchers. It just happened that the OP is a copper searcher. Had he/she been a silver searcher, my reply would have basically read the same. I just wanted to help the OP realize that he wasn't "profiting" at the clip that was stated. This was done not to ridicule, but to help him/her see things maybe a bit differently. If profit margin is more important to the OP than the entertainment of the search, then he/she very well might be better off in the long run by simply buying copper cents for a small premium. The very same could be said for the majority of silver searchers as well.

Please don't take my rant the wrong way. It was not aimed at you specifically. You were not bashing anyone. Just pointing out the facts.

 

[SFBayArea]

Hey on a sidenote. Where is that fool 21stTNCav? That guy is going to owe me $100. If he is a true southern gentleman, he would own up to it. The politics forum is gone so I won't be wasting my time dealing with the extremists.

Good to see you're here Vinny on the most popular forum (CRHing) on Tnet. If that 21stCav shows up here too, it'd be a shame.

 

[maipenrai]

I just found the political forum, it seems to pop up everywhere.

 

[namster]

I don't count my CRH wage in dollars per hour, but ounces per hour. When the dollar fails in the zombie apocalypse the time I put into CRH may very well save my family.

By eating your silver? In a total collapse I doubt silver will be traded as some suggest. Read what a person who has been through it says about using PMs for trade: http://shtfschool.com/trading/on-buying-gold-silver-for-survival-preparedness/

That is a crazy website for sure. I just know I'm going to get hooked into reading everything I can on that site. Interesting stuff. But remember, the world is not black and white. He is giving the worst case scenario. And it is true that in the worst case scenario, no one is going to want gold and silver. But there are an infinite number of lesser scenarios where gold and silver will have some value. That's why diversification is so important. I have silver, gold, guns, copper, food, and lots of other physical items. I also have cash. Having a little of everything is a wise way to live.

Very true. I was speaking to the worse case scenario. PMs are good for wealth preservation, but I have difficulty seeing everyone suddenly trading in junk silver. Not enough of it to go around, there would have to be other forms of trade, such as food, skills, etc. IMO of course.

 

[UncleVinnys]

Hey on a sidenote. Where is that fool 21stTNCav? That guy is going to owe me $100. If he is a true southern gentleman, he would own up to it. The politics forum is gone so I won't be wasting my time dealing with the extremists.

Good to see you're here Vinny on the most popular forum (CRHing) on Tnet. If that 21stCav shows up here too, it'd be a shame.

Hey, SF!
Yeah, every time I sign on the polit forum is closed.
Oh well, enough to deal with in real life.

I dunno about keeping pennies, but there's something I enjoy about it.
I think a copper penny will always keep its value.

If it can buy me a bag of veggies when the world collapses then so much the better.