Is it true?

I understand 1982 and older pennies were actual copper. I had a guy at the LCS yesterday tell me that the copper value in a penny is actually worth 3 cents. He also said that if the treasury does away with the penny it will no longer be illegal to melt pennies for the copper value. So, is there any validity to this?

 

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yep

 

Ok well thanks, looks like in gonna start saving copper pennies.

 

It's 100% true. I personally save every single one I come across.

 

So what stops someone from melting down copper pennies right now and making their own bullion? Who would know.

 

More like 2.7c depending on the price of copper.

It's a tough way to make a buck.

Copper spot 3.89 per pound (avoirdupos).

Cents are 95% copper 5% zinc.

A.pound of copper is 453g/311g/95% or 153 coins.

Call it 3 rolls... COGS 1.50, profit $2.39. But people have been waiting since 1982..

At 5% interest since 1982 your money would have doubled three times and your $1.50 in coins would be worth $12.

 

Canada stopped making cents…and never looked back

 

You mean earlier.. it would cost more effort and money to try and save them for any future profit.. don't even bother. Just roll them up and deposit them at you bank.

I just googled this..

 

The refining cost are too great to make much on these.

 

This old chestnut has been roasted many times here on Coin Talk and other forums. Use the key words “copper” and “melt” here to find all the reasons why saving old, worn out copper cents for melting is just a huge waste of time. This is not a personal opinion of mine. The posts you will find contain facts.
@Dustin McDaniel @Coins4Eli …Spark

 

Just so you know
95% copper make good feed stock for plumbing, marine and many electrical systems. At a much lower cost than pure copper. I grew up in a small town with copper wire mills. They take 1/2 inch copper rod, pull it through a series of dies to very small diameter. Some is tin coated. Then stranded, bunched or solid as needed by companies who coat it for various uses.
I ran the inspection department on night shift before I started my own company. The purity of copper to pull it through a series of dies is much different from that to make electrical fixtures
Only a matter of time for the US cents, copper or zincoln.
Supply and demand will rule in time

 

Supply and demand folks
https://www.mining.com/the-global-c... 20 million tonnes,” or “Extremely Unstable.”

 

It would cost more in energy, elecricity, gas, than the profit in the copper.

 

China produces over 30% of the world’s zinc each year. The US only 5%.
Wasted on the Zincoln
Most people think the cent should go away.
https://en.m.wikipedia.org/wiki/Penny_debate_in_the_United_States

 

Both the cent and paper dollar bill should be eliminated. There are over 1 billion presidential dollar coins in storage. Eliminating the paper dollar would get them into circulation and they hold up a whole lot longer than paper.

 

I recently spent a couple of days sorting out my annual hoard of pocket change. When sorting out the cents I pulled out every 1982 and earlier cent and then separated out two additional piles of road rash cents and post 1982 cents. I don't have a firm number but I approximate that the pre 1982 cents equal approximately 10%-15% of all the cents I sorted. Now of course I need to separate the 1982 zinc cents from the 1982 copper cents. Any suggestions? The biggest surprise of the sorting was a 1948-S nickel. Keep in mind that this was pocket change collected over the last year or so.

The next sorting project is a canvas bag of cents that I haven't touched in 25 years.

 

At the current time it’s illegal to melt the copper cents. You can save them for later as many of us do but it will cost too much to melt them down at a later date.

 

Not sure about eliminating the dollar bill but the cent could go. I’d rather have fifty dollar bills in my pocket over having my pants fall to my knees with fifty, one dollar coins in my pockets. Lol, maybe that’s why ppl wear a belt and suspenders at the same time?

 

One $50 bill as opposed to 50 coins? No doubt. Every day of the week.
I'd take the 50 one dollar bills over the 50 coins too.

 

It is allowed to use and melt copper coins as long as they are done so for none monetary purposes according to current laws, Many artistic uses them for casting
copper structures such as candle holders, wall plates, maybe even toilets.

§ 82.1 Prohibitions.
Except as specifically authorized by the Secretary of the Treasury (or designee) or as otherwise provided in this part, no person shall export, melt, or treat:

(a) Any 5-cent coin of the United States; or

(b) Any one-cent coin of the United States.

§ 82.2 Exceptions.
(a) The prohibition contained in § 82.1 against the exportation of 5-cent coins and one-cent coins of the United States shall not apply to:

(1) The exportation in any one shipment of 5-cent coins and one-cent coins having an aggregate face value of not more than $100 that are to be legitimately used as money or for numismatic purposes. Nothing in this paragraph shall be construed to authorize export for the purpose of sale or resale of coins for melting or treatment by any person.

(2) The exportation of 5-cent coins and one-cent coins carried on an individual, or in the personal effects of an individual, departing from a place subject to the jurisdiction of the United States, when the aggregate face value is not more than $5, or when the aggregate face value is not more than $25 and it is clear that the purpose for exporting such coins is for legitimate personal numismatic, amusement, or recreational use.

(b) The prohibition contained in § 82.1 against the treatment of 5-cent coins and one-cent coins shall not apply to the treatment of these coins for educational, amusement, novelty, jewelry, and similar purposes as long as the volumes treated and the nature of the treatment makes it clear that such treatment is not intended as a means by which to profit solely from the value of the metal content of the coins.

(c) The prohibition contained in § 82.1 against the exportation, melting, or treatment of 5-cent and one-cent coins of the United States shall not apply to coins exported, melted, or treated incidental to the recycling of other materials so long as—

(1) Such 5-cent and one-cent coins were not added to the other materials for their metallurgical value;

(2) The volumes of the 5-cent coins and one-cent coins, relative to the volumes of the other materials recycled, makes it clear that the presence of such coins is merely incidental; and

(3) The separation of the 5-cent and one-cent coins from the other materials would be impracticable or cost prohibitive.