(***NOTE*** IT IS ILLEGAL TO MELT DOWN PENNIES***) Using the latest metal prices and the specifications, these are the numbers required to calculate melt value: $2.4944 = copper price / pound on Jan 30, 2015. .95 = copper % $0.9589 = zinc price / pound on Jan 30, 2015. .05 = zinc % 3.11 = total weight in grams .00220462262 = pound/gram conversion factor (see note directly below) The CME uses pounds to price these metals, that means we need to multiply the metal price by .00220462262 to make the conversion to grams. 1. Calculate 95% copper value : (2.4944 × .00220462262 × 3.11 × .95) = $0.0162472 2. Calculate 5% zinc value : (0.9589 × .00220462262 × 3.11 × .05) = $0.0003287 3. Add the two together : $0.0162472 + $0.0003287 = $0.0165759 $0.0165759 is the melt value for the 1909-1982 copper cent on January 30, 2015.
That's all fine and dandy, but did you take the time to call reclamation centers to find out what they will pay for NON-GRADE A copper? Do you really think they will smelter these coins for free? Chris
I know it is part of collecting for some, but saving copper pennies in my opinion just seems like more of a hassle than anything. If you are lucky enough to find a buyer for them that's great, but that seems to be rare. This info is easily found on coinflation.com which I am guessing you got that from.
I was about to say... If only there was a website that calculated all this for me... www.coinflation.com
Cool, my Lincoln set is worth $3.12. Can you do flying eagle and IH cents too? I'd like to know what they're worth.
What occurs to me with this situation is, copper is the new silver. When I was a kid, coins were 90% silver. They were worth less than face value in silver because the 90% was calculated so. The government made money on this difference, called seignorage. Quite a few, especially silver dollars, were melted. So, what does a bag of 5000 "unsearched" circulated wheat cents go for now? How many times face does junk silver go for? Ok, 1909-1982 cents are worth more than a cent. Given the labor, is it worth the difference? How many do you need to pay, say, one month of your mortgage? Also consider, if the situation changes so you can sell them, what do you think is going to happen to copper prices when all those billions of cents go on the market? Coin collecting pays off over time. It is a hobby enjoyed in the short term, an investment in the long term. I think, eventually, our current coinage will become valuable. Even zinc cents. Common date copper cents and wheat cents will sell for a premium, just as silver does today. Even though zinc cents are extremely common, they are poor quality, and degrade easily. Eventually, those "worthless" zinc cents that survive in high grade, the ones you could have had by the roll for 50 cents, will be slabbed and selling for big bucks. If you want to invest for your kids, put aside a few hundred dollars worth of copper cents, wheat cents, nickels, (they're 75% copper) and super shiny zinc cents. When your kid is 50, they will be valuable. When his kid is 50, they will be selling on HSN for $100 each.
There was a similar situation in the UK. Pre 1920 silver coins were 9.25 silver and it has been rumoured that many were melted down for bullion purposes. Although this can make someone a fast buck, the fact of the matter is many beautiful coins were lost for ever. Coins are works of art and that is the way they should remain.
Yes, my post earlier was facetious. I didn't think my post or yours would be taken seriously. Some folks have no sense of humor.
