jrf30
Bronze Member
Why buy a Ryedale if all you can do is separate copper pennies, and pennies are temporarily illegal to melt? Because you can make money NOW and also make money in the FUTURE, both WITHOUT melting pennies. :-) Part two on the benefits of the Ryedale.
I have sold pennies by the box in the past. As is. NOT melted down. To people who want copper as an investment (I think it is going a LOT higher as it runs into shortages in the next year or two) but don't want to spend the time to get it. I have been selling lots of $75 worth of pennies for $125 for a long time. That amount (just barely) fits in a medium size Post Office flat rate box, for $10 to ship. Now I still sell some $75 boxes to my existing clients, at the same price since they have been loyal for a year or more, but I also sell at better prices to some new clients, selling $50 of pennies for $90 plus they pay the shipping. I know that doesn't sound like much profit, but that is 80% on my money. $50 of copper takes me over 3 1/2 hours to get by sorting, but I make $40 profit on it. Not a bad wage if I wanted to do it 8 hours a day. And that's still a bargain for the people buying, since pennies are worth almost 3 cents each right now in copper value alone.
When the ban is lifted, you can go to a good scrap dealer and get about $3.50 per pound right now for copper. That is well below the current price, but that is what they are BUYING it for. With 145 pennies to the pound, and 95% pure copper per penny, that is about $229 per $100 of pennies once you can sell them that way. that makes it worth HOLDING some, as the ban WILL be lifted, as it has been every other time in history. So I sell some now and make a little profit, but also am holding some for the future, and know I can take a full pick up truck of pennies right after the ban is lifted and sell them for MORE than the amount I am selling them for now. I have about 3,500 pounds still here, and that amount slowly grows as I add $200 in new sorted pennies and then maybe sell $100 in the same timeframe. I've sold over a ton in the last 3 years, for an average of about 1.65 cents per penny. Prices are higher now, which is why my average is lower than the prices I told you I am getting right now.
Also by using the Ryedale I have lots of wheat pennies, and I sold some of those (common dates) two years ago for 3 cents each. I'm keeping ALL of those though for now, just for me. And some wheats are worth 3 cents, some worth 5 cents,and some even worth $1.50 or so per older wheat.
That puts the financials on the Ryedale. You can make over $10 per hour once you find someone to buy some coins (Not as easy as it sounds, by the way). I sold on ebay and on the TNet forum, and now have people that buy from me direct. YOu can't say about the "average" metal detector that you can make $10 per hour. You can pay for the ryedale in a few WEEKS, and all the rest is profit. IF you sell. I'd say start instead by saving the copper. Save until you start running out of room, and then sell some as you sort to keep yourself in supply but also make profit. And that $10 per hour does not include any profits from wheats, or the rare (very rare) indian head that you will find.
I hope this adds more information about the ryedale. :-)
John
I have sold pennies by the box in the past. As is. NOT melted down. To people who want copper as an investment (I think it is going a LOT higher as it runs into shortages in the next year or two) but don't want to spend the time to get it. I have been selling lots of $75 worth of pennies for $125 for a long time. That amount (just barely) fits in a medium size Post Office flat rate box, for $10 to ship. Now I still sell some $75 boxes to my existing clients, at the same price since they have been loyal for a year or more, but I also sell at better prices to some new clients, selling $50 of pennies for $90 plus they pay the shipping. I know that doesn't sound like much profit, but that is 80% on my money. $50 of copper takes me over 3 1/2 hours to get by sorting, but I make $40 profit on it. Not a bad wage if I wanted to do it 8 hours a day. And that's still a bargain for the people buying, since pennies are worth almost 3 cents each right now in copper value alone.
When the ban is lifted, you can go to a good scrap dealer and get about $3.50 per pound right now for copper. That is well below the current price, but that is what they are BUYING it for. With 145 pennies to the pound, and 95% pure copper per penny, that is about $229 per $100 of pennies once you can sell them that way. that makes it worth HOLDING some, as the ban WILL be lifted, as it has been every other time in history. So I sell some now and make a little profit, but also am holding some for the future, and know I can take a full pick up truck of pennies right after the ban is lifted and sell them for MORE than the amount I am selling them for now. I have about 3,500 pounds still here, and that amount slowly grows as I add $200 in new sorted pennies and then maybe sell $100 in the same timeframe. I've sold over a ton in the last 3 years, for an average of about 1.65 cents per penny. Prices are higher now, which is why my average is lower than the prices I told you I am getting right now.
Also by using the Ryedale I have lots of wheat pennies, and I sold some of those (common dates) two years ago for 3 cents each. I'm keeping ALL of those though for now, just for me. And some wheats are worth 3 cents, some worth 5 cents,and some even worth $1.50 or so per older wheat.
That puts the financials on the Ryedale. You can make over $10 per hour once you find someone to buy some coins (Not as easy as it sounds, by the way). I sold on ebay and on the TNet forum, and now have people that buy from me direct. YOu can't say about the "average" metal detector that you can make $10 per hour. You can pay for the ryedale in a few WEEKS, and all the rest is profit. IF you sell. I'd say start instead by saving the copper. Save until you start running out of room, and then sell some as you sort to keep yourself in supply but also make profit. And that $10 per hour does not include any profits from wheats, or the rare (very rare) indian head that you will find.
I hope this adds more information about the ryedale. :-)
John
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