Do you think that if and when the cent is nixed, and the gov allows them to be melted, that the copper cents will rise in value? I'm not talking about "melt value", but numismatic value. If millions of them get melted down by the "penny hoarders" that would weaken their surviving numbers rapidly. So would it be wise to save cents, not for being melted down, but for value after millions of them get melted down ?( if and when they do).
You can buy silver rosies and washingtons for melt, in unc condition, so I would have to say no, that the numismatic value wouldn't go up.
I agree, I think the amount of cents melted would have to be astronomical in order to effect the numismatic value of the cent. With silver coins still available @ melt value, and with many hoards melted of those, I think it is safe to assume the cent market wouldn't fluctuate much either.
Since copper memorial cents had such a huge mintage, it would take billions of coins being melted to affect the numismatic value. Also, most of the copper that is hoarded are brown, circulated coins. Prestine, red gems aren't usually just tossed into the copper pile, and those are the coins most likely to increase in value in such a situation. Like was mentioned before, one can still find Unc Rosies for melt even though it's been legal to melt them for decades. The ONLY coin IMHO that might see an increase bc of copper melting is the 70-s small date bc not all copper hoarders check for them and it's still seen frequently enough in circulation for melting to affect the supply. But that's still a pretty big maybe.
Proof coins of 90% SILVER and only a few million minted often get sold as junk silver. Those copper Memorial cents better be MS-65 red or better !
Likely, over time they could when more collectors have hard times finding certain dates/mints. But it wouldn't happen over night, you'd likely be dead before you saw any actual benefit to holding onto these coins or at least reap huge profits.
After over 40 years of melting down of the silver coins, which have a collective mintage MUCH lower than the copper cents, most silver coins still pretty much trade at their bullion value. I would strongly expect to see the same effect with the cents. Especially since the return for each dollar face value melted is much lower on the cents than on the silver.
Just look at later indian head cents say 1880-1909. The mintages were way less than in the 1960's and you can get these for $5 or less in nice condition like VG.
again these coins are scrap metal if not high mint state. Any serious collector would only accept BU examples of Memorial cents or even wheats from 1941 to date.
You got that right ! I'm sure 40% Kennedy halves get melted like crazy, since they are a bad form of silver. I'm pretty sure 90% coin silver gets melted a lot too....Lostdutchman touched on this awhile back.
There may be an initial numismatic boost if it gets marketed/publicized that survival rate has been significantly reduced by melting, but in reality the mintages are way too high to do so (as others have stated). I can see where some might be duped by claims of rarity when that would likely not be the case. We may also see an increased interest in the series simply because it ends (out of sight must be rare sort of phenomenon) but that will likely be short-lived. TC
