Wheat cent spec-you-lation

[Eminem]

dawg, I think hoarding wheat cents are smart and will increase in value and here's why:

-The rising costs of copper make them automatically worth 2 cents

-When the U.S. decides to eliminate the cent, they will melt down hundreds of millions of cents including the wheat cent. This will give even the most common wheaties more value.

-When they discontinue the cent, demand for ALL cents will rise, especially indian head cents and wheat cents. It is the idea of supply and demand, if people can't find wheats in boxes or pocket change anymore they will pay more

-More and more wheat cents are getting destroyed and lost forever. Over the years this will have an impact of the supply of wheats available.

-The wheat cent book will always be many peoples' favorite series to collect. Lincoln is many peoples' favorite president.

What does you guys thinks??

 

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[ArkieBassMan]

All valid points. However, I'm not sure the value will automatically increase if/when the cent is discontinued. First off, there will be no way to accurately track population numbers of both how many are in existence and how many get melted. MANY silver coins were melted during the Hunt Bros. silver run up in 1980. The values of common date Rosies, Washington quarters, etc did not rise even though millions of each likely got melted. I don't see why it would be any different with wheaties.

 

[Eminem]

All valid points. However, I'm not sure the value will automatically increase if/when the cent is discontinued. First off, there will be no way to accurately track population numbers of both how many are in existence and how many get melted. MANY silver coins were melted during the Hunt Bros. silver run up in 1980. The values of common date Rosies, Washington quarters, etc did not rise even though millions of each likely got melted. I don't see why it would be any different with wheaties.

The problem with the silver coin comparison is if the value of Roosies increased by a few cents you can't tell. If it increased by a few cents on a wheatie it would be a large increase yo

 

[Thorne]

Biggest problem I see is everyone saves these. So even if they start melting them there will still be a lot horded.

 

[rpg25]

Biggest problem I see is everyone saves these. So even if they start melting them there will still be a lot horded.

You gotta think that the amount of wheats in circulation is still more than what has been hoarded. Even if we assume that isn't true, when pennies are eliminated, the only way to get them will be by buying them. As a seller you know the ball is in your court because its not like someone can CRH pennies and find what they need. They need to buy the pennies they need to complete their sets because they won't get them anywhere else.

 

[50cent]

you speak the truth em, over 1K wheats found by hunting them down, ill read your post in detail later, gotta catch up on the zzzzz's.

 

[Eminem]

you speak the truth em, over 1K wheats found by hunting them down, ill read your post in detail later, gotta catch up on the zzzzz's.

Dawg i got k's too. Keeping huntin' and rollin'

 

[sax player]

-When the U.S. decides to eliminate the cent...

Don't you mean "if" ?

 

[Eminem]

Don't you mean "if" ?

Dawg it's gonna happen eventually

 

[MIhunter]

Over time the supply of wheats both common and rare are diminshed. No new wheats are made and the existing supply is reduced over time.

When the penny no longer circulates (I can't imagine the US continuing to mint and distrubute one cent coins 10 years from now) this will futher reduce supply and access to wheats. The availablity to buy wheats cents at face value will be gone.
Currently, a new collector who own no coins, could by crhing penny boxes, build in a year or two, a nice collection. I have in the last 2 years built a near complete collection of jefferson nickels (minus 1938D, 1943D, 1950D) and FDR dimes (minus 1949, 1954S, 1955S) by CRHing.

 

[hikerdude]

I agree with everything you said Eminem. I am hording em. Out of $10.00 from my bank I got two rolls all wheat, one roll with 30 wheat, two weeks ago. Last week, no wheats at all in 20 rolls.
I have found found 27 in the last two days md'ing . Nice job Mlhunter with your collection.

 

[Digesting a common clad]

They won't eliminate the penny not in the near future, even if try did you wouldn't be allowed I melt them down, it would be done like Canada is doing every penny sent to a bank gets sent back to BOC to be destroyed, while it will still be accepted indefinitely.



Laughable at the least to think the U.S government would let you cash in on there behalf.

 

[Thorne]

They wont be eliminating the penny because the states use a cent. It would be hard for the states to tell Britain they need to stop using the penny. Lol

 

[OnARoll]

Gotta get those wheat backs!

 

[hursst]

Penny has been around for centuries to describe the american cent. There's nothing wrong with saying penny, as everyone knows that "penny" means cent in the United States. Can we please stop this nonsense between Penny and Cent. There's a reason why we have phrases like Penny Candy, Penny Loafers, Penny for your thoughts, Penny Racers (remember these) and it's because everyone calls it a Penny. If you go to 99.9% of Americans and ask them what a $.01 American coin is, they will say penny, not cent. This argument is akin to saying "Q: What kind of car do you drive? A: I don't drive a car, but I have an automobile." Even though it's technically a cent, it has always been called a penny as well.

Penny people can say Penny and Cent people can say Cents. "Correcting" people for saying penny is simply pompous and I don't know about everyone else on this site, but I'm getting tired of the cent nazis constantly correcting people.

 

[Thorne]

Definition of penny - one one hundredth of a British pound. It may be pompous to be correct but it is still correct. Call it what you want. I take no offense to it. Just informative to those who do not know.

 

[usandthem]

Penny has been around for centuries to describe the american cent. There's nothing wrong with saying penny, as everyone knows that "penny" means cent in the United States. Can we please stop this nonsense between Penny and Cent. There's a reason why we have phrases like Penny Candy, Penny Loafers, Penny for your thoughts, Penny Racers (remember these) and it's because everyone calls it a Penny. If you go to 99.9% of Americans and ask them what a $.01 American coin is, they will say penny, not cent. This argument is akin to saying "Q: What kind of car do you drive? A: I don't drive a car, but I have an automobile." Even though it's technically a cent, it has always been called a penny as well.

Penny people can say Penny and Cent people can say Cents. "Correcting" people for saying penny is simply pompous and I don't know about everyone else on this site, but I'm getting tired of the cent nazis constantly correcting people.

Thank you!

 

[GlenDronach]

Penny has been around for centuries to describe the american cent. There's nothing wrong with saying penny, as everyone knows that "penny" means cent in the United States. Can we please stop this nonsense between Penny and Cent. There's a reason why we have phrases like Penny Candy, Penny Loafers, Penny for your thoughts, Penny Racers (remember these) and it's because everyone calls it a Penny. If you go to 99.9% of Americans and ask them what a $.01 American coin is, they will say penny, not cent. This argument is akin to saying "Q: What kind of car do you drive? A: I don't drive a car, but I have an automobile." Even though it's technically a cent, it has always been called a penny as well.

Penny people can say Penny and Cent people can say Cents. "Correcting" people for saying penny is simply pompous and I don't know about everyone else on this site, but I'm getting tired of the cent nazis constantly correcting people.

A cent for your thoughts...

 

[50cent]

50cents for even more thoughts.

 

[thripp]

Calling cents pennies is like saying "I could care less" instead of "I couldn't care less." Just because most people do it, doesn't make it correct.