Gainsville selling new 1oz copper rounds

What am I missing?

http://www.gainesvillecoins.com/products/157766/NewAmericanDrapedBust1AVPOZCopperRound%28MadeIntheUSA%29ThisisonlyastockphotoshippingJune3rd.aspx

The "Available now for only $1.48 over spot!" cracks me up when spot is only 0.28 :greensmile: That equals a 5x premium. Copper would have to shoot up to almost $29 per pound just to break even!!

 

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Provident Metals has been selling copper bars and rounds for awhile:

http://www.providentmetals.com/bullion/copper.html

Why not just save pre-1982 cents from pocket change at face value? TC

 

All of a sudden the 60% premium on the collector's version 5-ounce ATBs doesn't look so bad.

 

One ounce of copper? That's 10 pre-1982 pennies.

 

plus the other killer is the shipping at 5.90

makes you think twice unless you like the draped bust design

 

You better get them NOW though, only 8,000 max can be ordered at a time!

 

These things must be selling like hotcakes! Last night when I posted this, the max order was listed as 10k

 

7 k now lol

 

They make it sound like you are buying a precious metal? Sell your gold and get in the copper market before it's too late! Charles Schwab is bullish on copper.

 

lOl the premium is sooutragous. You gotta be really bullish on copper to pay that in hope of copper getting to ove 2$ an oz what's that $32 a pound to make money afer the premiuem. Just imagine muike maloney talking about copper only 5000 pounnds of copper to buy a median Priced home hahaha

 

Can't spell typing on my blackberry at work

 

It can't be the copper. It has to be that they THINK 1 oz copper coin is rare. Or will become rare. Or should become rare. Or
could become rare. Maybe all of the above. Or maybe none of the above.

 

A copper bullion coin will be very rare in my house.

 

We should also probably discuss those gold $1 coins the mint sells for a massive profit. Are those a rip-off too?

 

The mint establishes it's prices so that it will make a fair and equitable profit for, let us say noble metals, such as gold, silver and platinum. Copper is not a noble metal and is not even considered precious. To charge a higher than normal price for a non precious or noble metal would to me be considered a ripoff. IMHO

 

You're welcome to your opinion, but is it really a rip-off if you're not the one buying? I have a couple teaparty coppers and other norfed copper that I paid more than that for, and I didn't get ripped off because I was the one that knew full well what I was doing when I bought them. Your opinion could very well be that I got ripped off, but it wasn't your money or choice to buy.

 

I said " higher than normal ". I really do not know what the going price of a copper round is, whether it be 1 cent or $1.

I do not think I would pay $5 for a new 1 cent copper round or $50 for a new $5 copper round. That's all I meant. But you are correct and I agree that if a person really wants a coin and buys it regardless of the price, it is not a ripoff to them in their minds. And that's what counts.

 

Not really! The pre-82 cents would have to be refined, and you would only get about 25% of the value of Grade A copper for the coins.

Chris

 

Just as a side note. Copper usually is weighed using the AVOIRDUPOIS system. So unless the word TROY is used you must use Avoirdupois. A troy ounce is generally used for more dense metals ie: silver, gold, platinum ,etc. This keeps their size down
for easier handling.

 

A few comments:
One avoirdupois ounce of copper is the equivalent of a little less than 10 pre-1982 cents.

One avoirdupois pound of copper is the equivalent of approximately 153 pre-1982 cents.

The purity of a pre-1982 cent is 95% copper. The copper concentrate that refineries generally work with is much lower than that.

Someone who is paying 25% of the copper price for pennies is paying far less than the face value-- approximately $1 for the copper, versus $1.53 face value of the pennies.

90% silver coins, which have a lower purity than pre-1982 cents, were not so popular as bullion items in the early days of post-silver coin production. My 1970 seller's guide, for example, shows dealer buy prices of common Roosevelt and Mercury dimes at only 10-and-a-half cents each. Even with postage at only 6 cents/ounce in those days, it would have been at best a break-even proposition to mail the silver coins to the buyer.

One thing keeping interest in pre-1982 cents down is the prohibition on melting. When the day comes that the prohibition is lifted, then interest in these coins will increase.

People certainly will not lose money saving copper pennies, and could eventually gain more than the face value.