Wheat pennies?

Does anyone here hoard wheat pennies? So far I have about 1300 slugged away. I figure at 3-5 cents each, their price will only go up. Any wheat is at least 55 years old or more. I consider it the "cheapest old coin".

Since I haven't much luck finding a job, I quit making large coin purchases, and purchase $10-$15 worth of wheat cents each month. I figure if I need the money, I can sell them. I think its better than putting money in a savings account that pays no interest.

Better investment than silver, IMO. I figure 30-40 years from now, they will be worth 10-15 cents each. Memorial copper cents probably won't go up much in value, so I figure it's best not to hoard them.

Question, anyone ever find a steel cent in change?

 

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Yah, once you get past the laws against melting copper cents, and the costs of storage and transport (along with the weight of it). Storing copper cents like that actually takes up a lot of room.

But a lot of people do hoard them.

 

I think if the manufacturing of the cent stops, the value of wheat and copper memorial cents will go up.

 

I do think that wheat cent may rise in value, but you have to remember that they made millions and millions and millions. I'm probably biased becuase I buy a lot of silver but if you're looking for something that is a store of value and is liquid when it needs to be sold I dont think wheat pennies are fantastic. That being said I keep all the ones I come across in a jar. Just MY opinion which could be either right or wrong.

 

Yes, which is why a lot of the silver dimes from the early 1900s are now worth melt silver price plus the tiniest real value of the coin itself (silver notwithstanding) in common G-4 to F12 grades; which is what you might find them if you are searching rolls.. (10% or so of silver melt price). Because stopping minting something raised prices dramatically.

 

You're right Detecto common wheats are a better investment than silver. I'll trade you some rolls of circulated 1958 D wheats for your silver.

 

The local coin shop that I patronize said that they have several large rubbermaid trash cans full of wheat cents in their back room that they have accumulated over past five or so years since they opened. I expect most coin dealers have this glut of low value coins that accumulate when buying estates and which are almost impossible to get rid of in an economical manner. There are just so many of them that have been hoarded by collectors and non-collectors alike I doubt we will ever see prices go up substancially in our lifetimes. Personally I have about 50 rolls of steel cents that I purchased at auction that I don't know why I was interested in when I was a teenager.

 

I'm going to take that to mean you're average.

But, seriously, I did think the comment was a bit too peronal against the OP and I just decided to lighten it up by making a comment about not knowing whether the girls had the jammies on or whether the dreads were dressed up in jammies.

Chill.

 

I only hoard the ones I find in circulations. The ones I buy, I collect.

 

My grammar is average. Anything wrong with that?

 

I think if someone is going to hoard copper pennies that buying all wheats is the way to go. If copper prices bomb then at least the fact that they are wheat pennies would hopefully still hold their collectors value.

 

Reading a lot lately, and my takeaway from some of these books, old and new, is that what's common likely always will be. In the case of wheaties, I personally think they're not such a good investment.
- they made LOTS of them
- there was lots of hoarding, collecting going on, especially in 60s and 70s, and lots of people have these (so the ratio of minted to survived is high)
- short term, if the one cent production ends, there may be a bump, but long term I suspect as today's collectors, who started with cents die off, the demand will fall
- transaction costs, as a percent (rate of return) will kill you on these (versus gold or silver, key-dates, etc) including shipping, tax, fees.
- only if production stops, and the price of copper skyrockets to offset the cost of smelting, and if the ban on melting is lifted, do I see upside on common wheaties (as rarity will increase slightly)

That's my $0.02

Here's CW's thoughts - a recommended read - I'd like to hear your thoughts after reading this:
http://www.coinworld.com/articles/viewarticle/investment-coins

 

^^This.
If I buy one its a nicer one worth WAY more than the copper its made of. I have pulled a few hundred from circulation the past few years though.

 

not a good investment, Detecto !

Say you started pulling them from circulation in the early 70's when they were not too hard to find, you sit on them for 40 years and they can only be sold for 4 cents or so apiece.

That's not a great return.

Circulated wheats are common. You can easily put together the 1941-58 short set in Mint state for not very much.

 

Kasia- Was that link for me to read?

 

What link? I'm confused.

 

I meant Marid3. Well don't I feel stupid. You're right kasia my grammar does suck and apparently so do my reading skills.

 

It's at the bottom, but if you're viewing it on a mobile device, or an app, it's akward to type and/or read stuff. Here's the link again - very quick little read, recent article on CoinWorld I recalled when I read this post.

http://www.coinworld.com/articles/vi...vestment-coins

 

Well. I'm glad that's cleared up. I'm too tired to continue any of this back and forth, anyhow. Nite, all!

 

Yes only browse the sight from a cellphone. I apologize for my rudeness to kasia and tim, I value my membership at CoinTalk and will refrain from acting like a butt again.