pennybullion

[jnb1994]

I remember someone mentioned them a while back. Has anyone used them? I tried emailing them a while back and never heard back from them so I want to make sure it's not just a scam

 

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[MIhunter]

If you haven't heard back from them, that is a very bad sign.

However looking at what they are offering, that too does look very good either.

They buy copper cents for 1.25 cents and you pay shipping. So $100 face value worth of pennies that wieghs about 68lbs in a US flat rate medium box and costs $11 to ship. They will pay you $125 and you profit $14. If your penny boxes are 20% copper than you will need to search/ryedale $500 (20 boxes) to find $100. You will need to dump $400 worth of Zincolns. That seems like alot of work for not a lot of money.

Unless you are not interested in copper cents and you want to search a large volume of pennies for wheats/IH/KGV/KGVI etc and selling the copper lincoln memorials is just a way for earning some profit on a byproduct.

If you want to sell your copper pennies, I would suggest selling locally via Craig's list and avoided shipping fees that eat up a lot of profit.

 

[jnb1994]

If you haven't heard back from them, that is a very bad sign.

However looking at what they are offering, that too does look very good either.

They buy copper cents for 1.25 cents and you pay shipping. So $100 face value worth of pennies that wieghs about 68lbs in a US flat rate medium box and costs $11 to ship. They will pay you $125 and you profit $14. If your penny boxes are 20% copper than you will need to search/ryedale $500 (20 boxes) to find $100. You will need to dump $400 worth of Zincolns. That seems like alot of work for not a lot of money.

Unless you are not interested in copper cents and you want to search a large volume of pennies for wheats/IH/KGV/KGVI etc and selling the copper lincoln memorials is just a way for earning some profit on a byproduct.

If you want to sell your copper pennies, I would suggest selling locally via Craig's list and avoided shipping fees that eat up a lot of profit.

Ya I know. I'll try craigslist too I guess. Not sure if I'll find anyone willing to buy though. At least they would theoretically buy pennies no matter what. I search all the copper for wheats so it works out. And I'm trying to start up a copper business anyway. Pennybullion would be to get rid of the stock I can't afford to keep. Better than selling for little profit than no profit and locking up the bankroll imo

 

[CWS]

You should also try ebay. Small lots of $50 and $100 sell around 1.35 x face after fees.

At 1.25 x face shipped you're effectively working well below minimum wage. If you can't afford to keep the copper and need to ditch some I would say okay to selling at 1.25. Even if copper cents are a by product of your wheat hunting, I still think you need to find a better price, before selling them.

The time you will spend sorting, returning, counting, packaging and shipping is worth more than $14, even if you could get all of this completed in under 1 hour. At this point you might as well get a part-time job, and just buy the wheats by the bag or by date. It will amount to the same time and you'd probably get better examples for your collection.

Remember your time is valuable too.

 

[dustywallen]

Me personally what I do is roll search for several months. Save all copper and then I sale them and buy other stuff. I hand sort because I die search as well so it takes a while to get $100 face. After I sale them I usually turn that money into silver pandas.

 

[jnb1994]

Ya I know. I have a ryedale so it doesn't take long to search 500 in pennies and I have access to literally every penny that comes in through coin machines at all the branches of a credit union near me. So getting the pennies wouldn't be difficult either. I already have probably 200 in copper sitting around. I'll see what happens

 

[Solid Rolls]

I still don't see how selling pennies for .015 at the most is a better option for income rather than finding a part time job that will pay you $9.00 to $11.00 per hour.

 

[dustywallen]

I still don't see how selling pennies for .015 at the most is a better option for income rather than finding a part time job that will pay you $9.00 to $11.00 per hour.

I have a full time job I am an electrician. Coin collecting is a hobby to me with the added bonus I don't collect copper pennies but others do. I am a cherry picker when it comes to pennies.

 

[CWS]

Not to totally beat a dead horse. But remember in perfect settings a Ryedale sorts about $180/hour (ignoring jams, cleaning it, etc.). If you are getting bags of cents and don't have to remove them from the rolls. You still have to spend somewhere around 2.75 hours for one sort (more if you run a second time). That alone means you spent almost 3 hours to get perhaps $130 in copper cents. You have to see the disadvantage you are faced with selling at so close to cost.

Here is one better deal on ebay

Another example selling at 1.29 x Face after fees

$50 dollar lots seem to be selling in the low $70's. That's still around 1.25-1.30 time Face after the fees.

~CWS