Interesting read, The history of Pincher Processing

[talon146]

The History of Pincher Processing LLC


Just read this and wanted to share with everyone here. Its about a guy who started a business selling copper pennies to be melted down prior to the ban.

 

[Easy]

It's more than an interesting read. It's a fabulous read! But it's been posted many times before.

 

[Coin Town]

It's more than an interesting read. It's a fabulous read! But it's been posted many times before.

Interesting indeed...and loooooong!

 

[talon146]

It's more than an interesting read. It's a fabulous read! But it's been posted many times before.

Odd, I did a search here on Pincher processing before I posted and found no matches.

 

[Numismaniac]

Thanks for this! Great read.

 

[Mrs.CRH]

Well thanks for posting it because I never would've seen it otherwise & I thought it was a fantastic story!

 

[Easy]

Do you think the guys will work with RCM this year since they killed the penny?

 

[MIhunter]

Why would the RCM hire them, when they could do it for themselves?

To me his biggest mistake was trying to sort pennies for sale to smelters on an industrial scale. His equipment and banking fees were expensive. He knew that this wouldn't be a long term venture because the US Gov't would eventually outlaw the melting of US pennies. He got himself in debt and ended up bankrupt. If he kept his costs lower he could have had a profitable hobby for 8-9 months before being shut down by the melt ban.

 

[Easy]

Why would the RCM hire them, when they could do it for themselves?

To me his biggest mistake was trying to sort pennies for sale to smelters on an industrial scale. His equipment and banking fees were expensive. He knew that this wouldn't be a long term venture because the US Gov't would eventually outlaw the melting of US pennies. He got himself in debt and ended up bankrupt. If he kept his costs lower he could have had a profitable hobby for 8-9 months before being shut down by the melt ban.

You make a good point

 

[44_Dimes]

Great story. Even though it turned out to be a major loss, it is amazing that he was able to pull it off for a few weeks.