Copper has passed $4.50+ per pound - copper pennies now worth $.03 each!

Bored at work and just thought I would point out that copper is currently at $4.56 a pound officially making 1982 & prior copper pennies worth just over 3 cents each in melt value!

I know many people here think hoarding copper pennies is pointless and takes up to much space. But space is one thing I have plenty of and although you can't sell them for $.03 each yet I believe there is a lot of potential out there.

For example I would like to make a comparison to 40% silver Kennedy halves. It wasn't long ago when silver was around $12-15 an ounce that these were only worth about $2 each, but even then just about anyone would get excited to get one at face value. Now people practically start a new thread when they find one (just a joke of course) as for the most part you may be lucky to get 1 out of a $500 box.

While I have not been keeping an exact count but on average I probably pull about $5 of copper pennies for each box I go through. It certainly is a more time consuming process, mainly cause I do search dates and errors etc., not to mention more difficult to go through.

In the end I feel like I get more satisfaction searching pennies then anything else. Given I don't have the time or patience to hit up 10 banks a day asking for half dollar rolls and would love to post a story about the $100 I paid for $100 worth of Franklin halves, but I'm just not that lucky!

Good day to you all.
J

 

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Yeah, I am pulling pennies from my change as well feeling a little foolish all the while. I even have my boys pulling old pennies from their change and putting them in the "copper" jar. Time could prove that the collection of copper pennies is exactly analogous to the 90% silver coins from the 60's ... or not. Think I will continue to collect and see what happens.

Regards,

Bluesboy65

 

I agree with the satisfaction of searching pennies. You always find something, even if it's just a big old pile of copper.

 

Wouldn't that be a trip.... bags and bags of common wheaties going to the pots... That'd be strange.

 

I'm sure it's already happening...someplace.

 

I dunno, maybe memorial cents, but wheaties can cell for about 5 cents each in large lots.

 

Yeah I would have a really hard time melting down a bag of wheaties... A bag of copper LMC's I could probably do but I still wouldn't feel right about it

What do you all think would happen to the price of LMC's should the govt repeal the copper melting ban? Think it would drive the prices up any?

 

I would love to sell some for 5 cents each as I can not even get 4 cents each and I have had an ad run on CL for over a month

 

Large lots.

$50 face value bags trade for around $250 if unsearched.

 

Maybe at full retail and typically you get less for large lots then smaller lots.

Wholesale is about $175-$190 a bag.

 

On average for me, I will find ten or so copper cents per roll. One older BU cent per ten rolls, and a wheat about every ten rolls. It's a good way for me to pass the time and not spend all my money at the bar or something. So far I have about 40lbs of copper cents.

 

You got any bags? I'll pay you $200 shipped for one.

 

how about 10 bags?

But I don't want to break the rules so if you want to inquire about bags I suggest you PM me and don't do it here.

 

As I recall from a previous research , the 5% zinc in pre 1982 cent brass really causes problems with smeltering and higher processing costs, so the actual spot price for 95% would be much lower than the prices they quote on CNBC or metal quotes as that is for pure copper.

Jim

 

You don't need to rephrase it, but it looks better tike this: "unsearched"

 

I have a random question. I know when silver is listed at, say $27 an ounce, it's actually in troy ounces. For copper, is it pounds, or troy pounds?

 

Copper, as I understand it, is quoted in avoirdupois -- 454 g/lb.

 

OH YEA!

My 5-gal bucket just keeps going up baby!

 

I'm up to 28lbs now

 

Should they? It will happen eventually, just like they did with silver. Once they think they have enough zincolns out there to meet circulation demands AND once they are done taking in copper at the Fed for their own melting purposes.....the law will be repealed. I suspect that the commercial melters will be paying about 75% or so of copper value for them. At todays copper melt price, that means you'll be able to sell copper cents for 2.2 cents each to refiners. You'll be able to double your money! :smile