Hoarding copper pennies

Discussion in 'Coin Chat' started by manic_mechanic, Feb 5, 2010.

  1. sunflower

    sunflower New Member

    copper bullion?

    I could not image ever smelting a real cent, or other copper penny; hence why I became interested in copper shot & bars.

    My question is this: Is there any one else out there in CT collecting copper bars, or copper shot?

    I am short on funds, and will need to cash some of my metal in at some point. However, I know it would be very hard for me to let go of the coins. I already live a bit on the rough side (broken sewer line, etc.)

    As a back up plan, I decided to start picking up copper shot. I picked up a few 10 oz. silver bars, but they are kind of pretty to me too. Not that the copper shot is not sparkly in the thick plastic bags, but I think I could let go of them if the profit was pleasant enough.

    I would be interested in hearing from others with an opinion on this metal bullion topic.
     
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  3. sunflower

    sunflower New Member

    "I save all of the pre '82 cents in 1.75 liter jack daniels bottles. I have four of them filled now and another filled with post '35 wheats! It gives me a excuse for going and getting another bottle.:thumb: "


    Why save the 1935 copper/wheat separately? - Courious. Thanks.
     
  4. Sholom

    Sholom retired...

    My guess is that what he meant was that he "saves" them in a jar without looking too hard at them . . . but the pre-1935 cents, which I'm guessing he also saves, he takes better care of, as they seem to have more of a premium.

    Just guessing since no one else responded . . .
     
  5. bobbeth87

    bobbeth87 Coin Collector

    So is it against the law to melt copper cents or not?

    And, if it is (and this is a serious question), why are not all of those smash-a-penny-into-a-souvenier machines not confiscated and their owners given fines or something? I don't get that. If you can't melt, why is it OK to damage?
     
  6. manic_mechanic

    manic_mechanic Senior Member


    Ooh good question!! I have never thought about that, but you make a good point.

    At any rate, I save pre 82 pennies just for the heck of it...the risk is indeed minimal with it being cash....may as well hang onto 'em. Digging through bank rolls is a method of relaxation for me so I may as well keep it up, no harm no foul. :kewl:
     
  7. bobbeth87

    bobbeth87 Coin Collector

    I didn't use to, but have just started saving pre-1982 cents. It seems to be it is the same as saving silver coins. If they are worth 2 cents apiece, then you double your money.

    I still am seeking an answer to my question about smashing them (above)...
     
  8. wiggam007

    wiggam007 Cut-Rate Parasite

    http://www.parkpennies.com/pressed-penny/penny-pressing-legal.htm

    That has some legal quotes and a letter from the mint about why it is legal to press pennies. The short story is that the only restriction on defacing or otherwise manipulating a coin is if it is for fraudulent purposes, otherwise it is fine.

    The difference between this and melting is that there is the interm rule from the mint that prevents it. Unfortunately, I can't find the website where if found the legal justification for that, but it revolves around the description of the director of the mint which allows him to take actions necessary to protect the supply of coinage, or something along those lines. If someone else can find that it would be great.
     
  9. sirfordster

    sirfordster Member

    I keep the wheats and memorials seperate.
     
  10. Conder101

    Conder101 Numismatist

    It is a Treasury Regulation and while not technically a law they do have the force of law so you can be charged and convicted of violating the regulation.

    Simple answer, because the regulations says you can't MELT them, it does not say you can't damage them so they can't be used. So mutilation is legal, as long as you don't melt them. May sound silly but that is the way they wrote it.

    As for those who say they will wait until melting them is legal before they start hoarding them, that would have been like waiting until 1972 before deciding to start hoarding silver out of circulation. By that time 99% of the silver had already been pulled out of circulation. That was why the laws against melting the silver coins were repealed, there was almost none left in circulation so the loss of circulating coins due to melting was negligible, and it wasn't even worthwhile for the automated separators at the Fed to continue pulling out the silver.
     
  11. bhp3rd

    bhp3rd Die varieties, Gems

    Hoarding copper cents is the most ridiculas thing I have ever heard of barr none!

    Hoarding copper cents is the most ridiculas thing I have ever heard of barr none and I am a cent specialist. I love Lincoln Cents and study them more than anything else but,,,
    Nobody in thier right mind would ever consider smelting these for the amount that could be gained over face value - they are just taking up space and sooner or later, by you or your hiers will be dumped back onto the market at 1 cent each in 99 out of 100 cases. It's stupid and foolish not one true Lincoln Cent specialist I know even gives a second thought to this type of hoarding - our goal is to "find the best and move the rest"!
    This subject gives me the feelling that 9 out of 10 of you that choose to do this have not thought this out at all - copper would have to be $7 a pound to make it really worth it and it never will be in our lives.
    The time and trouble spent hording this stuff could and should be spent in finding, buying and selling better cents whether copper or not.
     
  12. Gipper1985

    Gipper1985 Junior Member

    Why does this make you so angry?:bigeyes:
     
  13. bhp3rd

    bhp3rd Die varieties, Gems

    That's not anger it's the truth as I see it, just IMO is all.

    That's not anger it's the truth as I see it, just IMO is all.
    I no longer let myself get angered at cointalk after all this is in cyber space right?
    I spend 40 to 60 hours a week looking at Lincoln Cents and have for many years - I just cannot help but think at best this (hoarding of copper cents) is misguilded and at worst a devertion of good time and money - you, or the others may do as you wish.
     
  14. manic_mechanic

    manic_mechanic Senior Member

    I just do it for the sport mostly...but I'm like that with all the stuff I've collected...I don't care what it's worth, I just like the satisfaction of finding something I love or I've been missing for a while.

    Hell, I'm just happy to actually be saving some money for once, be it in cents or not. I don't really have intentions to melt down my cents at any point.

    I don't really have to spend any money, my bank is in my grocery store so I just stop by when I have to go anyway and get myself a few rolls, have my fun and then I've either added to my pile of "hoarded cash", found some wheat cents or Canuck cents or some other cool weird coin or it goes back in a roll and back to the bank to swap out for round 2 (or 10, or 40).
     
  15. manic_mechanic

    manic_mechanic Senior Member

    Definitely. As do I. I average maybe one wheat cent per three rolls lately. memorials go in the copper jug and wheat cents generally get the 2x2 treatment or just go in a clear tube with others.

    Earliest coin I've found is like 1937 maybe.
     
  16. Gipper1985

    Gipper1985 Junior Member

    Thank you for clarifying and your blessing. You are welcome to call things that other people do stupid and foolish if you wish.

    The fact is most of my hobbies and things I find relaxing might be considered, "at worst a devertion of good time and money," but I continue to do them anyway. Heck some might even consider them stupid and foolish, etc. I guess it dosen't really matter as long I enjoy it. I don't think anyone is being hurt by my worthless copper cent rolls.

    I still don't understand why this topic makes people so crazy?
     
  17. mark_h

    mark_h Somewhere over the rainbow

    I think you are just reading anger into the post - I don't think it is anger, just that he does not see a point in hoarding pre-1982 pennies. I kind of agree - most everybody I know has penny jars(not collectors) that they save pennies in. Most of these people just toss only cents into the jars with no goal or reason for doing this. Again here at work, most people set the pennies aside - they they put them in the concession fund. Which I then promptly buy them - not to hoard, but to search. Then aft I search them they go into my nephews jars - which they get every year at christmas time. Even the 19 and 20 year olds enjoy the "socks" full of change I give them. :)
     
  18. bobbeth87

    bobbeth87 Coin Collector


    Wow, that is a strong reaction. But please help me with your logic. If they are worth 2.1 cents now in copper, and if you saved say 100 dollars of them, wouldn't doubling your money to $200 be worth it? It seems like an easy, harmless way to double your money. It also provides you with SOMETHING to keep in rolls in which you find no other keepers.

    I'm not being sarcastic, I'm really interested in why you don't believe doubling your money is worth it because it seems to me like it is. Besides, if it never happens, then you just turn you cents in and haven't lost anything.
     
  19. mark_h

    mark_h Somewhere over the rainbow

    Ummm - you have not doubled your money. The only way to double your money is if you sell them for 2.1 cents. If you find someone buying copper cents(not wheat cents) for 2.1 cents let me know. I will sell mine at the drop of a hat. At this point you can not melt copper cents so to me saving them is a matter of choice, but I do not think it is worth it.
     
  20. Gipper1985

    Gipper1985 Junior Member

    "the most ridiculas thing I have ever heard of barr none"
    "Nobody in thier right mind"
    "It's stupid and foolish"

    Sorry if I misread those quotes as expressing anger. I am still a rookie here and have not learned how everyone expresses his or her opinion. But, it is not just bhp, this topic really seems to drive some people crazy. For the record I don't think of this as some sort of great investment it is just amusing. The truth is I am so new I have not even thrown post 1981/2 cents back yet:eek:. It may take me a few more months/years to get used to what I am looking for in terms of variations:confused:. Heck, if I collected coins for a living I would probably not give copper pennies a second thought.
     
  21. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Not sure if that would be worth the trouble??
     
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