Opinions on picking up 5-10 pounds of copper a month?

With gold and silver headed to the moon, would it be a good idea to start setting some copper aside ?

 

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I say if you have the space, the money and don't mind lugging them around, go for it, it couldn't hurt

EDIT: Could also start setting aside pre 1982 pennies as well for their copper content, I know of some people who do this, I used to myself, but being a broke college student, I ended up needing the money so just took them back to the bank

 

I have been putting aside pre-1982 pennies, that is how I got starting coin collecting. You can't go wrong looking thru rolls of pennies, you have fun finding errors and wheats, and set aside a little copper. Just remember it is against the law to melt down pennies but that law could be changed eventually.

 

It's not much of a store of value. You would need a warehouse and a forklift to hold enough copper to compare with gold that could fit into a safe deposit box. Right now it takes 450 lbs of copper to equal 1 oz gold. Copper futures have also dropped in price over the last month.

 

Another thing you have to remember about hoarding Lincoln pre-82 coppers for the metal value is that they are only worth about 25% of the price quoted for pure copper.

Chris

 

I think you're looking at the wrong market.

The "copper value" as quoted on Coinflation -- that's the value if you could magically (and legally) extract a cent's copper in pure form at no cost -- is just under three cents; 25% of that is less than the cent's face value.

Meanwhile, even with the melt ban in place, they're routinely going for double face value or more on eBay.

 

I would suggest the easiest way to get good , pure copper is to go to your local hardware/home improvement store and pick up some electrical wire, It is normally 99.9% pure copper. And it will be easy to resell, no worry's about breaking any laws. Copper plumbing will also be a good one, but is not as pure.

 

Where on earth would you sell all this copper? It's not like it is rare. You can take your gold and silver to coin shops, jewelry stores and even mail it in. Who would give you melt value for copper and how much would it be discounted? The only place I could think of is a junk dealer or junk yard. As fatima said, you would have to have tons of this stuff to make it worth while. That 450 lbs is at gross value not net. Now if your just looking for something to do or need the slimmest of reasons to amass it, that's another story. I think people are living a fairytale in hopes of taking virtually nothing, (In this case penny's) and making it their dream of wealth and prosperity. Sorry for being so blunt, but to me this is ludicrous. IMHO.

 

bend with your knees!

 

I have been humbled before, old wise leader and Penny Monarch of CT.

 

Personally I don't think the amount of space required for copper to be profitable is worth the real estate. If you need to bug out, you're not going to be carrying it with you. I do hold on to any 1982 and older pennies though, as well as all my nickels, but not in any large quantity.

 

Copper rounds are a rip off.

I pick up copper and other metal junk on the side of the road constantly. Wouldn't be able to afford to collect if I didn't and I sure don't have to worry about anyone stealing my "junk" piles.

Boxes of copper cents placed in closets/rooms throughout the house can help stabilize the temps in the house and lower the heat/AC bills.

 

Sure! If you want to make your great grand children another $15 to $20. YOU certainly won't get rich doing it.

 

Well, I hoard all the copper cents I sort when roll searching. My equation is that they are worth more than face value in metal content and since no more will ever be minted are likely to increase in value numismatically as well as metal content. Suppose I am saving $25 a week. Is it better to put that in a bank at 1% interest or stack a box of copper cents in a storage shed ? Since the coins are worth more than the face, it seems obvious to me. But I understand that it isn't for everyone. I can always transport boxes of copper cents to the bank and cash them in with little problem while it might be more difficult for someone else to do that. My goal is to pull 100,000,000 copper cents at some point. Since I am getting fewer than 500 per box, it's a long term project.

gary

 

A million dollars? In cents? Are you kidding?

 

Why not ? I don't know that I will live long enough to accomplish it. But it certainly doesn't take any more effort to dream big. lol And at least I know I will always have something to work toward.

And that's only 40,000 boxes. lol

I do have a looooong way to go.

gary

 

lol i save copper cent i find in change I got a few pounds worth. Sorting them is so time consuming you might as well work and buy silver with your time instead. Just my thought