Saving Copper Pennies, is it worth it?

Give up! Nobody listens!

Chris

 

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Lots of great opinions! I will keep what I have now and It won't hurt to save a few every now and then. Thanks everyone!


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I think the take away lesson here is that there's nothing wrong with holding onto the copper pennies that you receive in change, but that you shouldn't be out there converting otherwise spendable cash into coppers. You don't earn money holding metals. There are far too many fools out there converting cash that they could otherwise be saving or investing into copper just because they think they're going to make big money some day in the sale of copper.

Furthermore, the notion that our currency could collapse but that copper, gold or silver will still be used as a medium of trade is pure fantasy. Gold and silver is concentrated into far too few hands for it to act, at least in the short term, as a replacement currency for the dollar. Despite all the stackers out there, probably 95% of the American public owns absolutely no precious metals. Unless the U.S. government takes action to re-monetize gold and silver, and begins issuing it themselves, there is absolutely no way that we could hope for an "orderly" conversion back to PMs as currency when physical holdings are so unevenly distributed.

Stackers like to think that we'll hit some sort of "Goldilocks moment" in a currency collapse where things are bad enough for the dollar to go kaput but still good enough for people to view PM as a currency. Unfortunately, the reality of the situation is that when PMs are concentrated into so few hands, one of two things will happen - 1. others will want it and will take it by force, or 2. nobody will want it and barter will become the currency of the realm. Good luck with either of those scenarios.

Own gold and silver as a hedge against inflation, not a doomsday fund. The best metal to own in a doomsday scenario is lead, not gold, silver or copper.

 

I gave up that quest many years ago simply because I did not look forward to storing and moving around a quantity the would have to be large enough to make a profit on.

 

Haha I totally agree with the lead part I'm definitely saving that also! Thanks for the opinion!


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Just to be clear about my meaning, lead puts food on the table. A well placed shot with a .22 rifle will knock down virtually anything in North America. I'm not advocating violence against others.

 

Truth! However, the US Government cannot "act alone" with this and as such, all the Industrialized Nations in the World would also have to agree with re-monetizing PM's.
The only nation that has moved in this direction so far is Canada with their recent addition of silver to some of their "citizen only" offerings.

 

I don't like the words "If", "a large enough volume" and "just may". Those are non-definitive words. You can't rely on them for a basis to a sound decision.

 

You have no insurance of any kind then?

 

That's why people find out too late the insurance company won't pay or that your not covered.

 

Yes I understand it's for hunting but .22 ammo is so dang rare!


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Since when?

 

Where I am you can't find them in stores and they are not available most places on the internet. It may just be an area thing.


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Don't you get a case of free .22 ammo when you buy the 101 Recipes for Squirrel cookbook?

 

Technology is your friend. On your smartphone, block calls from the SPCA. Run a board from the ground up through your window, with the end of the board positioned over a garbage can filled with water. Go to YouTube and play "hot female squirrel mating calls" over and over, at peak volume. Ignore the neighbors' threats, curses, and screams of anguish. Turn off when you have a dozen drowned squirrels. Google "squirrel casserole" and follow instructions. Empty garbage can out window.

Repeat

 

I've been told that a pot of copper lies at the end of that rainbow.

 

Whether it makes sense to save or even hoard copper pennies or not, it's is already happening. I see less and less pre-1982 pennies in circulation.

There are also big money transport companies sorting the pennies with industrial sorters, not small Ryedale sorters as a lot of eBayers do.

I guess Gresham's law is also at work here. "Bad money drives out good".

 

I always wondered why 10 g copper ingots at coin shows were top sellers. In Florida 10% of the cents are copper. At 3.11g of 95% copper you can make more than one of those ingots with a single roll. Also at 50 cents per ingot it'd take a long time before copper prices make it economical.

However better buy 10 copper ingots than a rare coin from Evil Coin Dealers (ECD's) at 100 - 200% markup (or more). At least you just lose $5.

 

You can also convert one of those electrical bug zappers to catch birds. Catch blue birds, blackbirds, robbins, sparrows, and hummingbirds. I prefer to hang mine outside to conserve on the mess and bird droppings and dropping birds!

 

I look at my change and pull out pre 82 copper and pitch it in a jar that's all. As to a 22 a handy tool but if facing a charging bull moose or grizzly bear I'd want more firepower. Also like a heavier gauge bullet for a deer as it drops them quicker and you don't have to track them thru 5 miles of swamp and brush. Works great on tree rats tho and the do taste like chicken