why you should keep copper cents

Coinlover · 03-15-2007, 07:27 PM

this is why you should save copper cents, a roll of copper cents is valued at $1 today. this means that they are worth 2 cents each, or double their face value. copper cents will soon be gone from circualtion, so get them while you still can. a roll of copper cents was at 95 cents yesterday. it jumped a nickel in a day. copper is just going to rise, so you will be able to make a good profit off copper cents. in other words, KEEP YOUR 1982 AND OLDER CENTS!!!

PhoenixTool · 03-17-2007, 01:13 PM

I wonder if the price upswing in copper will remain on the high?

It could be worth holding on to them '82 and older cents

JBK · 03-17-2007, 02:17 PM

Why?? It is illegal to melt them (recent Treasury ruling) and collectors don't want worn examples of coins that are cheap in BU.

If you could melt them then it would be a different story.

Phoenix21 · 03-17-2007, 02:39 PM

Quote:

Originally Posted by JBK

Why?? It is illegal to melt them (recent Treasury ruling) and collectors don't want worn examples of coins that are cheap in BU.

If you could melt them then it would be a different story.

On the contrary. Yes it is illegal to melt, but not illegal to hold on to them. There was a similair law back then when silver was rising above the silver coins face. The government wanted people to circulate them for commerce, not melt them down. Same today with cents. People back then would have stopped holding on to them because it was illegal just to melt them, then they probably would be kicking them selves today. I think the law was passed on melting silver coins, but I'm not so sure. What I think coinlover is saying is copper can skyrocket, and copper might become like silver. People can still hold on to them, as long as there is no intent of you melting them this present time.

BTW, thanks for the heads up. I have about 8 rolls of copper cents. Been saving them for about two months. Had the same idea as you lol. Take care.

Phoenix

bqcoins · 03-17-2007, 02:44 PM

i'd start holdin on to nickels as well, If I had a smelter...

Phoenix21 · 03-17-2007, 02:46 PM

Quote:

Originally Posted by bqcoins

i'd start holdin on to nickels as well, If I had a smelter...

True. Except I would hold onto the canadian nickels to. They have a little more nickel in them, pardon the pun lol.

Phoenix

Victor · 03-17-2007, 02:57 PM

Quote:

Originally Posted by Coinlover

this is why you should save copper cents, a roll of copper cents is valued at $1 today. this means that they are worth 2 cents each, or double their face value. copper cents will soon be gone from circualtion, so get them while you still can. a roll of copper cents was at 95 cents yesterday. it jumped a nickel in a day. copper is just going to rise, so you will be able to make a good profit off copper cents. in other words, KEEP YOUR 1982 AND OLDER CENTS!!!

Every time this topic comes up I ask, "Who's going to buy them"?
It's pointless to save something nobody will buy.

**GDJMSP** · 03-17-2007, 04:20 PM

The banks will, they'll give you $1 for evey 100 of them you offer

Victor · 03-17-2007, 04:39 PM

Quote:

Originally Posted by GDJMSP

The banks will, they'll give you $1 for evey 100 of them you offer

Ha! That's about what I thought.

Pocket Change · 03-17-2007, 05:07 PM

I've actually looked into this a bit since my main source of coins is daily circulating change.

The Pros:
a. They're only pennies (or nickels), so investment is essentially 0.
b. Easy to obtain at face and if you ask people, most will give them to you for free!!!
c. It is true that the metal in a penny is worth .02 and will likely be at least that in the future - a nickel currently has about .08 metal value.
d. If you already go through your change, it's not a real big effort to put the pre-1983's aside (and maybe even the nickels). Unless you start hoarding operations, they don't take up that much space.
e. You are risking absolutely nothing. If you get tired of it, just take them to the bank and get your .50 per roll.

The Cons:
a. It IS only a penny and you need a whole lot to add up to anything - so this is not a "get rich quick" scheme!
b. The price of copper (or nickel) will have to go through the roof before you'll be able to easily sell it for its metal content I don't think this is going to happen anytime soon - and yes, there is the ban on melting them down too

c. Even if and when they can be melted down, my understanding is that it will be costiier to get the metals out of pennies and nickels than it is for silver coins. Thus, there will be a bigger spread between buy and sell.

I guess my take on this is: why not put them aside if you're already checking your coins. Nothing to lose, but don't expect any kind of return anytime soon!!!

Phoenix21 · 03-17-2007, 05:35 PM

Quote:

Originally Posted by Pocket Change

I guess my take on this is: why not put them aside if you're already checking your coins. Nothing to lose, but don't expect any kind of return anytime soon!!!

Wow, you've done your homework! Very interesting. And that is my thought on it all. There is no loss. So why not. I also agree, I don't expect the prices to skyrocket soon. But, you never know.

Phoenix

Pepperoni · 03-17-2007, 05:09 PM

The real value is in completed product as " copper tubing " etc. It has gone sky high for building materials.
The gurus thought 2008 copper will be back down, but the demand soars even with housing starts slowing.
Also getting copper from a major source the Philippines is a secutity hard spot. Phelps Dodge has been doing the copper trade from the islands for many years.

Coinlover · 03-17-2007, 05:32 PM

well, if copper cents fall down and be worth less than face or right at face value, i will spend them. i think when i'm long gone and dead, my kids will see these and say man, i'm glad grampa saved these! i'm just holding onto them because they don't make them like that anymore and they are changing the desighn of the cent in 2009. if i keep the these, they will still be copper and they will be the old design cents.