Infector101
Jr. Member
- Mar 20, 2012
- 71
- 14
- Detector(s) used
- Garrett Ace 250
- Primary Interest:
- Metal Detecting
I know the theory behind collecting pre-1982 pennies. The idea is to sell your 95% Cu pennies (worth about 2 cents a piece) to scrap yards after the government gets rid of the penny. My concern with this idea is that once the law is passed there is a waiting period before it goes into effect. During this waiting period I fear that the price of copper will drop on the commodities market due to the soon to be flooded copper market and those who have been hoarding pennies will only break even or worse in the long run. I've been running scrap for years and have watched the markets rise and fall like clockwork. The price rises, everyone cashes it, the market floods, and the price drops. Do any of you that are collecting copper pennies feel like this is a possibility?
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