get your copper now

Last time I checked, the copper melt in a US cent was 2.3c.

Now I know that isn't much, but consider it only costs 1c, can never lose the face value. So if you could pull $100,000 from circulation, it's worth $230,000 for the copper.

It's silly, but if I can find something that is guaranteed not to lose value and is worth more than double it's cost. I am saving it. It just doesn't make sense not to. And if someone would try and rip me off, they need a truck and a forklift or a whole lot of time and a bucket brigade. lol

It's cheap entertainment and better than watching "Judge Judy or Oprah" LOL

 

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You do know it is illegal to melt penny's right?

 

It is possible to smuggle them to Canada where it's legal to melt them.

 

as far as ive heard it was the other way around. illegal to deface the queen, but defacing us coins was ok. i think maybe smuggle them to mexico.

 

Why is it legal to melt silver coins, but illegal to melt pennies?

 

Wasn't it illegal to melt silver coins at one time, and weren't those who hoarded silver back in the day ridiculed?

 

My sentiments exactly. +1

 

Yes, you are correct that it only doubles if you sell it. The only cents I have sold in bulk were 2010 D,s. But I have found a 1988 D RDV-006, a few of what I believe are 1972 D DDO as well as a 1970 S small date ? The 88 is the only one I have sent in for grading, but I enjoy searching cents. I know that the value will never be less than 1c, even if the copper is worth 2.3c. It just seems right for me. But I already have complete circulated sets of Franklins, Kennedys, Washingtons, Jeffersons, LMCs, etc. So, today it's cent varieties and a few Mercs that I buy along with an occasional roll of wheats. But for roll searching, cents is fun for now, and keeping the copper is no big deal. It just makes sense to do it.

 

Even if it is illegal to melt cents people are still going to do it, just like they break every other law.

 

It will take a lot of coin jars to store 10,000,000 pennies

-LTB

 

Something I have been wondering about. Isn't it illegal to deface US coins? I thought I remember that from my youth and was thinking that the Government might get in the way when everybody wants sell their coins for melting. I know it's done, but something in the back of my head tells me that things could get messy if it is done in mass.

 

You can sell them on eBay for about 2x face. Nothing illegal about that!

 

I guess it depends on how the feds define "deface" and I don't know what that definition is. I mean, you can't melt cents but you can restamp a silver eagle, put your own mint mark on it and sell it as a proof.

 

I'd say so.

I reuse the wrappers and the bank boxes. Each box holds 2500, so when I reach my ultimate goal of 4.000 boxes I am gonna celebrate my 312th birthday with a big party.

gary

 

One box on cent weighs about 12 lbs. Of the 2500 cents there probably is 1/5 copper cents or about 2.4 lbs per box IMHO.

 

And for those who would call ten million pennies "a good start":

$250,000 Face Value Copper Pennies / Cents *Below spot*

"This lot weighs around 84 tons and will have to be shipped on 5-6 semi's..."

 

I think have been pulling a box of copper from about 7-8 boxes searched. The new 2010s are in every roll diluting the copper even more. I haven't been getting anything close to 20% copper lately. Nearer 12% or about 1 1/4-1/2 pounds per box.
gary

 

Hey 10gary22, I think I like your figures better. Out of $10 in LMC's I got 175 copper cents. For a full box that would come
to 437 copper cents which is 17.5%. I feel that this wouldn't be sustainable over a larger amount of cents. As it was, it took me 3 1/2 hrs. to do this. I don't think it is worth the time or effort to do this IMHO. I did find some 73's and 85's that were XF to AU which I had rejected previously. I still don't need them so back they go. If anyone wants me to save copper for them we can discuss it.
I also found 27 1983's and check with a magnet--Nil.
13 1982 coppers= 12 large date, one small date.
4 1982 zinc's= 3 large date, one small date.

 

Why do you check the 83's with a magnet ? I weigh those I get, but didnl;t realize that some could be magnetic. What's with that ?

gary

 

Zeke,

I don't expect to make any money from saving the copper. But since I check the coins anyway, it just seems prudent to save all of those that have 2.7c of copper in them ? I mean if I could find a dollar that was worth 2.70 I would save it too. A box of copper cents is worth about 67.50 in melt. I think the ban will be lifted eventually and copper should go up when the economy improves. So, if I could pull $1000 worth, it would make a nice down payment on a newer car ? Or something. lol It's something to do.

gary