Should I?

[Immy]

Now that copper pennies cannot be melted for the metal value I'm thinking of turning in my $50 bag of pre-1982 pennies at the nearest bank. Mistake or good idea?

 

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[Huntin' 59er]

That's what I did with mine.

Huntin' 59er

 

[HobBob]

Although copper pennies (1959-1981) can no longer be melted, they are still essentially "copper rounds". The copper itself has an intrinsic value that is separate from the monetary value of the coin. The mint had a similar freeze on silver coinage in the 70's, but eventually lifted it, once they had sufficient clad coinage in circulation.
Once the penny is removed from circulation or the planchets changed to copper-plated steel (example: Euro 2-cent coin), the ban on melting will most likely be lifted a few years after the change is implemented.
I kinda look at them as long term investments (or even insurance, if the manure ever hits the rotating HVAC air-handling equipment -- what, me worry?); and remember - the monetary value will never be less than 1 cent. It's one of the few investments you can make that has limited down-side potential, and potentially a large upside potential. You can always cash out any time you want by making a deposit at your favorite financial institution.
In any event - it's just my 2 cents worth of opinion (pun intended. )
And like any advice I offer - your mileage may vary.
HH,
Bob

 

[Emperor Findus Cladius]

I agree with HobBob. My pre 1982 coppers are not really taking up much space, and I have a burning need for the money (I have a little over $50 worth), so I am continuing to save them. There is always the potential for them to do something if copper starts going way back up again.

 

[killerwine]

I say melt them anyway!

 

[silverfinder37]

I would save them, I currently have about 150 pounds of pennies mostly wheats and I will hold on to them untl I feel the need to sell.
Best Regards, Ray

 

[Emperor Findus Cladius]

oops, i meant to say in my post above I don't have a burning need for the money.

 

[Snee]

You can either have a heavy bag worth $50 that sits there, or you can have a President Grant folded in your wallet. The money's not doing any good sitting there. Invest it if nothing else, or use it to further your CRHing budget...

I'm against defacing US currency as it is.

 

[GMan00001]

I save the following pennies

• All wheats
• All 1959 and 1960 (first couple of years of issue of the memorial)
• All memorial S-mints
• All die varieties found (though I only check for a few)
• all other memorials with under 1.2 billion minted (1961, 1962, 1963, 1969)
• and any particularly nice AU/BU pre-1982 coins (usually only a couple a box that qualify)

Anything else I just turn in, mainly because I would rather use it to find more of the above or other coins of interest. That and because of the volume I have been going through recently, saving all those pennies would be a headache for storage as well as financially. I'd probably have around $500+ in additional pennies laying around the house just from last year and nothing to do with them. Between my 70000+ sports card collection from before college and my ever growing coin collection, my collections take up enough room in our spare bedroom as it is.

 

[MalteseFalcon]

I would venture to say there are investments that would provide a higher and more immediate return that pre-1982 copper pennies with no actual collector's value.

But then, who am I to say one investment is better than another? We all invest in whatever we do for reasons known only to ourselves haha.

 

[HobBob]

Immy, have you reached a conclusion concerning what to do with your pre-82 pennies?

 

[Immy]

Yep, Bob. They're being hauled to the bank next week. Thanks for all the opinions!