On July 3rd of last year , I sold $100 of pre-1982 "copper" pennies for almost $160. Yesterday, I sold $25 worth for only $32. First question: how can I find the exact bullion price of copper for a specific date? I went to Kitco and can pull up a historical 1-year chart, and I see that the price per pound was roughly $3.20. Can I get a more accurate figure for a specific *day*? (Not that it really matters; I'm just curious). Second question, and I think I already know the answer: Are people getting smarter (doubtful), did the market change significantly, or did I have an ineffective eBay auction? a) Prices dropped (Kitco tells me that today's spot price is $2.65/lb.) b) I listed under "Bullion", so I'm sure the people there realize that pre-1982 pennies are 95% copper, but I should have specified that in my auction. c) Should I have waited until I had $50 worth, or $100? d) Looking at completed listings, I think that maybe I should have listed it as a "Buy it Now" or started the bidding at a higher amount. Last time I started at $0.99 and got lucky I think. e) I should not have offered free shipping (d'oh!) Thoughts?
You can get the copper price from a few sources. Try infomine, click on copper charts, then more customization options, then make a chart for just one day. Or try investing.com, commodities, copper prices, then you can specify a specific date. As for your second question, just look at past ebay sales.
Maybe people are getting smarter since the spot price is for Grade A Copper. Since copper cents are an alloy, most smelters and refiners would only pay 25% (or so) of the spot price if it was legal to melt them. If that day ever comes, those hoarding pre-'82 cents will be in for a rude awakening. Chris
Copper used to be in the mid $3.50 a pound. It has since dropped into the $2.50s. That is a major reason for the decline. Secondly, I would say the whole pm euphoria has died down, leading to fewer buyers of copper cents. Yes, there are still people out there buying, but if prices stay where they are now this will die down as well. Give it a year or two of current prices and fewer and fewer buyers will be around. There will always be a core of buyers, I will still buy, but the surge in pm simply generated an abnormal amount of interest in the area the last 5 years. It will revert to normal until the next spike.
to quote Wikipedia "Bullion traditionally stands for gold bars, silver bars, other precious metals bars or ingots." Copper is a commodity, not a precious metal. There are a half a million of tons of copper mined every year. Anyone who pays more than (using $3.20/lb) a fraction over 20¢/oz for investment purposes is wasting his/her money. On the other hand, if you like 1 oz rounds, 5 oz bars, etc. for their beauty, go ahead. Just realize you aren't going to get a huge return on your investment.
What surprised me is that there were still a few auctions that successfully sold their cents for at least 2x face... some PLUS shipping.
Yeah, I keep all my pre-1982 pennies as well. I'm in no hurry to sell and waiting for the copper price to climb back up before I do. I've been using cash for a majority of my purchases for a few years and still only have a few pickle jars full. These pennies are not that common anymore. They are, however, much more common than silver. I haven't found any silver quarters, dimes, or halves in my pocket change. Only 1 war nickel!!
