Wheat and Copper Pennies

[FreedomUIC]

I don't understand the following they have. You can't melt them for copper. Can somebody please shed some light
on CRH for Pennies is about, unless of course you are working on putting together a type set.

This is not a sarcastic post and please don't take it that way, I am honestly interested in this and hope someone can
shed a light on it for me.

Thanks.

 

[thedude]

Gresham's law.

 

[AGCoinHunter]

Exactly thedude. Just the next level of coinage to be debased.

 

[FingerGrime]

Just because the cents can't be melted doesn't mean they aren't worth more than a cent (just look on eBay). If gold or silver coins couldn't be melted down, they would still be worth (at least) their value in gold or silver.
It is only a matter of time before it is legal to melt the cents (or people start doing it regardless and the government ignores them).

Personally, I just like to accumulate the wheat cents and look for mint errors. I have been keeping the coppers as well (there is no good reason not too, unless you are very low on cash).

 

[FreedomUIC]

Just because the cents can't be melted doesn't mean they aren't worth more than a cent (just look on eBay). If gold or silver coins couldn't be melted down, they would still be worth (at least) their value in gold or silver.
It is only a matter of time before it is legal to melt the cents (or people start doing it regardless and the government ignores them).

Personally, I just like to accumulate the wheat cents and look for mint errors. I have been keeping the coppers as well (there is no good reason not too, unless you are very low on cash).

Thank you, that is what I was looking for. Are there any other reasons people keep CRH pennies?

 

[Diver_Down]

Besides the reasons mentioned above, I search cents as a way to stay "grounded" in the hobby. I started this sickness 25+ years ago searching rolls of cents. I used to only pull wheats, S mints (business strikes), errors, etc. It has only been in the last 10 years that I've saved the copper. I still get the same thrill when a wheat is found. Lately (past few years), I've begun culling all the Canadian that I find (not just cents). Here in Florida, there is a lot of Canadian coinage in circulation. It is seasonal. One of my fondest memories as a child was visiting Niagara Falls. As a family, we would go every couple of years. Now, I've set a goal to fill this bottle and when the bottle is full, I'll have my "excuse" to visit Niagara Falls again to exchange their money. Doesn't sound like much, but when I find more Canadian than Wheats, then that is a good box.

 

[Ltrain]

Besides the reasons mentioned above, I search cents as a way to stay "grounded" in the hobby. I started this sickness 25+ years ago searching rolls of cents. I used to only pull wheats, S mints (business strikes), errors, etc. It has only been in the last 10 years that I've saved the copper. I still get the same thrill when a wheat is found. Lately (past few years), I've begun culling all the Canadian that I find (not just cents). Here in Florida, there is a lot of Canadian coinage in circulation. It is seasonal. One of my fondest memories as a child was visiting Niagara Falls. As a family, we would go every couple of years. Now, I've set a goal to fill this bottle and when the bottle is full, I'll have my "excuse" to visit Niagara Falls again to exchange their money. Doesn't sound like much, but when I find more Canadian than Wheats, then that is a good box.

Try to get bags, then. Most of the good wrapping machines will find the Canadians and kick them out... I've done a couple bags of $50 in cents and I've got nearly $1.50 in Canadian cents from them.

 

[lahmejoon]

I just like collecting wheaties. My grandma had a coffee can with some in there and I remember looking at them thinking they were neat because they were different. I suppose there is some sentimental value in collecting them for me.

 

[quiksilver]

Couldnt melt silver at first either and look at it now. Another reason i do pennies is when i dump my halves in a machine and it fills up i mix with pennies and nickels to throw off the tellers. [at least for a while]

 

[Ltrain]

Couldnt melt silver at first either and look at it now. Another reason i do pennies is when i dump my halves in a machine and it fills up i mix with pennies and nickels to throw off the tellers. [at least for a while]

40 trips to that branch later, they just don't buy it being "loose change" any more, eh?

 

[FreedomUIC]

Couldnt melt silver at first either and look at it now. Another reason i do pennies is when i dump my halves in a machine and it fills up i mix with pennies and nickels to throw off the tellers. [at least for a while]

40 trips to that branch later, they just don't buy it being "loose change" any more, eh?

Especially if it exceeds $2,000 or $3,000 at a time.... One would wonder whether you are a very good waiter/waitress or
a very lousy one......

 

[AGCoinHunter]

Couldnt melt silver at first either and look at it now. Another reason i do pennies is when i dump my halves in a machine and it fills up i mix with pennies and nickels to throw off the tellers. [at least for a while]

40 trips to that branch later, they just don't buy it being "loose change" any more, eh?

I just use a different bank to run my cents and nickels through. I occasionaly will toss in some halves for good measure. If they ask I say I just cleaned out my wifes car again and found all this change.

 

[Ltrain]

Now that I'm dumping between 3-5k a week, I've taken to telling the tellers that I was hoarding, then got laid off and now I need the cash.

Funny thing is, I'm pretty likely to get laid off in about 2 months...

 

[gotgot]

at 3.75/lb, the copper in your copper penny is worth 2.5¢

Cu is over 3.75

I have working relationships with a few different people who scrap. None of them will take pennies yet but the time will come, say at $6/lb etc that they will say ok I'll give you 30% below spot for them" and away we go.
In fact over the last half of this year I have noticed one of the guys warming up to the idea.

My selling pitch is "when you are ready, I'll bring you 100lbs/week in pennies" (and then its time to step up from handsorting to Ryedale)

Its the best investment you can make for 1¢

You should not take time away form silver hunting, but unless you are blessed with an infinite amount of coin you tend to run out from time to time. A few $50 bags of pennies put aside give you something to do when the silver coins are done and the next pickup isn't for another day or two.

Unless you can go 24-48 hours without hunting coin. Then I would say, you just don't have the sickness firmly entrenched yet...

 

[SFBayArea]

Well, I'm not advocating it but I'm sure there's people that do melt them. Once they're in the melting furnace no one will know they were once pennies. Probably mob types.

 

[AGCoinHunter]

Well, I'm not advocating it but I'm sure there's people that do melt them. Once they're in the melting furnace no one will know they were once pennies. Probably mob types.

Uhhhh huh.... sure.....

 

[SFBayArea]

Michael "Jaws" Giorango where are you man? I got a business opportunity.. I sell you my copper cents and you do what you wish to do with them. As long as I'm not melting them myself.. lol.

Michael "Jaws" Giorango was the mob associate that Mark Kirk said Alex Giannoulias's family bank had loaded money too during the Illnois Senate Election. I remember watching the interview on like CNN and how Mark Kirk really wanted to use the "Jaws" name in there to relate to Giannoulias. He must've said it 3 times. Of course, Mark Kirk made up some lies about his military record. Neither of them seemed like good candidates in my opinion. This was for Obama's old seat in Illinois.

 

[AGCoinHunter]

Michael "Jaws" Giorango where are you man? I got a business opportunity.. I sell you my copper cents and you do what you wish to do with them. As long as I'm not melting them myself.. lol.

Michael "Jaws" Giorango was the mob associate that Mark Kirk said Alex Giannoulias's family bank had loaded money too during the Illnois Senate Election. I remember watching the interview on like CNN and how Mark Kirk really wanted to use the "Jaws" name in there to relate to Giannoulias. He must've said it 3 times. Of course, Mark Kirk made up some lies about his military record. Neither of them seemed like good candidates in my opinion. This was for Obama's old seat in Illinois.

Quite telling that a "R" is now in Obo-wamas seat.

I highly doubt the secret service is going to go after anyone melting cents but hey you never know....

 

[SFBayArea]

My only wish is that dealers will start buying copper pennies.. I called a local dealer months ago & he said no. However copper prices have gone up too of late. I understand the ban against melting cents & nickels so why do dealers still buy in Wartime Nickels even if they can't be melted for their Ag. It's silly in my opinion... dealers if you're listening.. please start buying them!! It makes it easy & convenient.. no Ebay & I can come in to trade copper for silver.

 

[legend76]

Well, I'm not advocating it but I'm sure there's people that do melt them. Once they're in the melting furnace no one will know they were once pennies. Probably mob types.

Kinda what I was thinking