Trumps penny idea.

[Marino13]

So I know alot of you guys set aside copper, I'm thinking about joining the club since trump announced ending the penny, The question is will they abolish the law against scrapping them ? Or maybe the gov will sift all the copper in circulation out then do it. Opinions?

 

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[Mackaydon]

Dump the nickel also:

Making cents of it all: Here's how much a penny costs you

They cost nearly 270% more to make than what they’re worth — but we’re only talking pocket change.

www.kcci.com

Don in SoCal

 

[badkharma]

There are still billions of one cent pieces in circulation, not counting what are sitting in vaults somewhere. I doubt any of us will live to see a world without them. Same for the rest of our coinage. Coppers are getting to be seldom seen as is. Just as well hold what you find. It's the last of our currency in circulation that has any real intrinsic value.

 

[Coinstar magnet]

So I know alot of you guys set aside copper, I'm thinking about joining the club since trump announced ending the penny, The question is will they abolish the law against scrapping them ? Or maybe the gov will sift all the copper in circulation out then do it. Opinions?

I was wondering the same...

 

[Tnmountains]

I would hang on to the old coppers. I have a bag full. All the new clad is junk.

 

[Trezurehunter]

He has ordered that the penny no longer be produced. I don't know if they will start pulling the current pennies out of circulation or just let them fizzle out naturally. I have been saving Copper pennies for 20 years and whether they let us cash them in for melt or not, at least I have them. Sort of like silver, just hang on to them and see what happens. Worst case scenario is that you can use the Copper pennies for barter if necessary.

 

[MIhunter]

When the Mint stopped making silver dimes, quarters and halves for circulation they banned the melting of silver coins, so they could. My guess is the ban on melting will continue and the US Government thru the Fed Reserve will do the melting.

 

[ARC]

When the Mint stopped making silver dimes, quarters and halves for circulation they banned the melting of silver coins, so they could. My guess is the ban on melting will continue and the US Government thru the Fed Reserve will do the melting.

They never banned the melting of silver coins.

• Legality:
  In most countries, including the United States, it is legal to melt down silver coins as long as you are not doing so to defraud someone by selling them for more than their melt value.

 

[ARC]

They never banned the melting of silver coins.

• Legality:
  In most countries, including the United States, it is legal to melt down silver coins as long as you are not doing so to defraud someone by selling them for more than their melt value.

PS... Every smelter in the country is melting craploads everyday.
Even mint state 60 + gold and silver US coins are now being melted these days due to the demand / price.
Coins generally have no "collector" value anymore unless they are really special.
I have watched prices stay the same for 15 years with only a slight uptick in 2020-21 when all the "newbies" to the coin market drove the price slightly higher due to that dreaming during the home stays via Covid time searching grandpas collections and getting caught up in the hype.
The ONLY reason most coins have moved in price over those last 15 years is DUE to the price of the metals they are made from.
Keep em for the metals OR conditions OR scarcity only... for anything else is a waaaay long time foo bar.

Kids only want em because they mean money... and most could care less otherwise.
I hear people say "i am leaving them for my kids"... and i laugh to myself.
FOR... when they sell them (almost immediately) they will get less than you would have. heh

 

[jrf30]

So I know alot of you guys set aside copper, I'm thinking about joining the club since trump announced ending the penny, The question is will they abolish the law against scrapping them ? Or maybe the gov will sift all the copper in circulation out then do it. Opinions?

" I'm thinking about joining the club since trump announced ending the penny, " I'd say it is pretty late to join the club. Yes, of course you CAN, but the returns have dropped over the years. In 2007, I was running about 16% copper in my boxes. I also was getting about a dozen wheats or more. By 2012, I was down to 8% coppers and 5 wheats per box. By 2019, I was down to less than 5% coppers and 2 wheats on average. So I stopped at that time.

Overall, I have over 14,000 wheats, 375,000 coppers and 9 Indian head pennies. But the ratios are now so low that I don't do it any more. So do what you want, but know it is now a lot of work for a little return.

Oh, and the reason? the BILLIONS of new coins that are put out each year, making the ratios harder to get the older ones, PLUS the fact that people have been pulling since long before I started or ended.

Good luck to you though either way. :-)

 

[Mtldealer]

I've been waiting for this for years...
Over the years the price of copper was climbing faster than I could sort it thru CRH. I made the decision to buy presorted units, I currently have more CTU's than I could sort for wheat cents... in a lifetime. The next decision will be... Do I keep it to sort wheat or dump cause the price of copper is high enough.

 

[ARC]

JFYI... a roll of average circulated Wheat Penny's sells from most bullion online places for roughly 6-8 + dollars per roll...
SO...
They are already .... and have been for some years... worth more than the copper they are made of.

The going rate of pay is at least 3 cents each to a dealer.

 

[MIhunter]

They never banned the melting of silver coins.

• Legality:
  In most countries, including the United States, it is legal to melt down silver coins as long as you are not doing so to defraud someone by selling them for more than their melt value.

They did

https://www.numismaticnews.net/archive/melting-ban-history-explored

 

[Marino13]

" I'm thinking about joining the club since trump announced ending the penny, " I'd say it is pretty late to join the club. Yes, of course you CAN, but the returns have dropped over the years. In 2007, I was running about 16% copper in my boxes. I also was getting about a dozen wheats or more. By 2012, I was down to 8% coppers and 5 wheats per box. By 2019, I was down to less than 5% coppers and 2 wheats on average. So I stopped at that time.

Overall, I have over 14,000 wheats, 375,000 coppers and 9 Indian head pennies. But the ratios are now so low that I don't do it any more. So do what you want, but know it is now a lot of work for a little return.

Oh, and the reason? the BILLIONS of new coins that are put out each year, making the ratios harder to get the older ones, PLUS the fact that people have been pulling since long before I started or ended.

Good luck to you though either way. :-)

Good to know. Thanks.