Saving Copper Pennies, is it worth it?

I have seen people saving copper pennies but copper is so cheep is it just a waste of time or is there something I'm missing?


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well I save them but I guess us older people are too adicted to coins and thus save everything. Right now I think they're just worth around 3 cents or so each. Actually I read somewhere that a great seller for inexpensive dealers at coin shows were 10 gram copper ingots. I forgot the selling price but it was considerable: maybe 10 or 20x the price for the copper in the cents.

As you know they're 3.11 gm each, 95% copper.

If the dollar declines due to QE and demand for resources increases as China takes over the world, the price for copper could rise dramatically.

 

Do you know what copper pipe goes for at Home Depot?

Keep savin' dem cents young-one.......

 

Today, a copper cent is worth just a fraction over 2 cents (from Coinflation.com)

1909-1982 Cent (95% copper) *
$0.01
$0.20281

 

Very true, I have about 10 rolls so far but didn't know if it was worth keeping but I guess i should because of the dollar collapsing. Thanks


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Haha will do!


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As of right now, it is illegal to melt copper cents for their intrinsic value. The pre-1982 cents have about 2-3 cents worth of copper in them apparently, so people save them in the hopes that should melting them become legal, they can make a profit. Whether holding onto them is really worth it, I am not sure.

 

I just met a man with 3,000,000. Im sure thats going to be a nice chunk of change later in life

 

If your saving them on the bet the dollar will collapse, then the profit will surely be less than the problems that will come with the collapse . But seriously, I do have a big jug full of copper cents I don't see it as a super investment but if you got some time to kill or just add a few copper cents every day then I think its a great idea

 

I've often wondered the same, is it worth saving pennies or not? However, since here in Canada they have stopped making the penny completely 2 years ago, our pennies carry not just a copper bullion value but are very slowly going to become more of a collector's item as time goes on. I've got about 10-20 rolls worth as of now and if the price is right won't hesitate to add more. Unfortunately if you were to sell them now, as mentioned you wont get more than 2c each. For me its more of a long term hold, or something to pass down to future generations.

 

If you wanna get serious into it, buy a copper penny sorter. I have sorted roughly 60000 coppers out of bank bags so far. Machine costs 350

 

No. It would be wise to understand the price usually quoted is for Grade A copper, which cents are not.

 

If you are saving for the dollar collapse, the nickel is a better choice. The metal is worth just under 5 cents and unlike pennies, no sorting is required to find pre-1983. Volume and weight wise, nickels will be easier to store.

 

So true. Go to the trouble of saving/storing/building a foundation to support 3,000,000 cents then selling them for 2 cents a piece gets you $30,000 profit...wow that's enough to retire on buy a Honda. Yippeeee!

 

The problem with saving cents or nickels for a dollar collapse -- when you sell, you get paid in rapidly-depreciating paper dollars. In addition, your buyer of copper and nickel metals is unlikely to be a smelter, he's planning to sell them to somebody else, a "somebody" who's planning to break the law, and you are at the buyer's mercy, as a middleman probably prefers to broker silver or gold.

When the ATFE or Federal marshals come calling, I would not want to be in a chain of ownership of 0.01 or 0.05 coins, especially if there are capital controls already in force.

Not true for silver and gold bullion coins, where you can piece them out, secretly, one at a time, or one roll at a time, to a much more robust and competitive market.

It's tough to make a buck nowadays.

 

I did a little math, and 3 million pennies don't take up nearly as much room as I might have guessed.

One roll of pennies is about 7/8 inch X 7/8 inch X 3 1/8 inches = 2.4 cubic inches. A cubic foot of storage (12 x 12 x 12 inches) contains 1,728 cubic inches. Therefore one cubic foot of storage will hold about 1728/2.4 = 720 rolls.

The stash of 3 million represents 60,000 rolls. Dividing 60,000 by 720 = 83 cubic feet needed to hold 60,000 rolls.

Translate that into common terms, a small bedroom 8½ x 10 feet, one foot deep. I would have guessed half a garage full.

 

Poof

 

If you're seriously worried about the dollar collapsing, don't hoard copper; hoard non-perishable food. (Same goes for gold; if the economy ever collapses to that degree gold won't be worth much either. You can't eat gold lol...)

 

I calculated the weight, too. Figure 3.11 grams uncirculated, but for ease of calculation, let's say 3 grams even. For 3 million cents, that's 9 million grams. In turn, that's 9,000 kilograms, or pretty close to 20,000 pounds, or 10 [American] short tons.

First I want to know how you get a dump truck load of coins into Mexico, especially when things are going to heck.
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For Troodon, when things get bad, there will still be money of some sort. Gold and silver are the only REAL money. They will be at the top of the heap. The whole point of hoarding PMs is to preserve the purchasing power of your savings. Everything that is dollar-denominated, such as stocks and bonds, Federal Reserve currency, real estate, antique cars, baseball cards, savings accounts, etc., etc., will be AT RISK. Gold and silver are REAL money with no counterparty risk.

 

If the copper prices get high enough, and with a large enough volume of pennies, the cost of purifying the copper just may still be worth it. Remains to be seen of course.