Oh sure! They're going to buy back something at face value when it costs them twice as much to extract the raw copper. Chris
Oh, you must be one of those people who try to sell something under false pretenses. Chris That's right! Make lame excuses so you won't look so bad. Chris
Ten face for copper cents!, please correct me if you were thinking of another metel but for copper cents I was thinking around 1.4 face, as what conflation states. so in that case I predict 50,000 pennies with a $700 value. About my argument for the semi numismatic idea, i was not necessary thinking of current prices as copper cents are redally available in change, I was thinking of when copper cents will become a bit less difficult to find as change as wheat backs are currently . Still, a ton of good copper!! nonetheless, if i were you I might want to hold onto it until the seminumismatic idea is a greater factor in market conditions for copper cents, or until copper soars.
I heard for a real short wile, the feds bought back at 5x when copper was close to $5 a pound (3.1x fv). So guessing that they can save money by going out and buying, they can have people go to them. I also read a report where they have been buying halves and dollars damaged for $10 a lb, and china was sending counterfeits to them. They always do these buy back deals....
Each bucket has $269 in it. I was amazed how ‘mathematically’ they should hold $400 each, but on the other hand they have not settled for long either, and there will inevitably be ‘dead space’. So 269x3 is $807 total. $807@142.14% (http://www.coinflation.com/coins/1909-1982-Lincoln-Cent-Penny-Value.html)is $1147.15 thus making the profit $340.15. Congrats to the winner Hollywood “Total current spot profit $ 360.57” . A very close 2nd place goes to furryfrog’s guess of $316…..so I will send him one as well, with the better of the 2 going to Hollywood. PM me your addys, and ill get them out by Wednesday at the latest.
I can't believe only a couple people called him on wanting to rip people off . Or has taking advantage of people suddenly become all right .
If it's so easy, is it safe to assume you're doing it in your garage? Come on now, no excuses... if it really is the cake job you claim, everyone, yourself included, should be doing it, but this isn't a reality now is it? Refining isn't quite as simple as you're making it out to be, plus you're conveniently "forgetting" the fact that it costs money, even if one was able to do it themselves. It also doesn't make sense for one to pay based upon the finished product value, but is just another tidbit conveniently ignored. Contrary to your now-victim narrative, I'm not telling anyone "not to invest" in anything, but simply suggesting they educate themselves before doing so, and especially instead of listening to some huckster. This supposed "investment" is based entirely on false pretense, so why would or should ANYONE feel "comfortable" with it? Also, is a demand based upon misrepresentation and misunderstanding still a legitimate demand? Before taking someone's hard earned money, do you explain the facts behind what you're offering? If so good for you, but if not, and I am sorry to say it, you're black eye upon both this hobby and business.
I lost...... but learned allot of insights on this.. just when you think your catching on somewhat... then something else pops up... guess I should have tried this hobby many moons ago don't think I ever catch up or catch on.............. that shot glass collector kills me HIS INPUTS OF COINS..
Well, I live in MN where big brother leaves the definition of PM in regards to copper a little on the grey side. Maybe next time it rises to $4 and the pipe and wire thefts rise again, it may be clarified so that the thieves can then be further prosecuted under the new bullion dealer laws. Since it is in the grey area, I treat it like it is considered PM for all intents and purposes. Who knows? Maybe that definition could vary from judge to judge? I understand that the 95% copper cents are and should not be traded as if they were #1. I also understand that 90% silver bullion quality coin trades based on ASW. So my thoughts are, is there a future in 95%Cu trading based on ACW (actual copper weight)? The same reasoning behind it being that people are comfortable, familiar with the coins and their standard weight and composition vs various bullion round producers. As a matter of discussion.
All I know, is there is a steady supply (circulated coins), and demand. I have watched sales on auction sites for years now. Also, I am sure there are people in your area who stockpile any kind of metal, silver aluminum, gold, and copper. These people (there are at least 3 in my town) offer higher prices then 'junk yards'. They have tons of garages, old cars, and tons of money. A few on this post say im ripping these very knowledgeable people off, wile they themselves sit behind their coin store counter offering $0.35 on the dollar from the public.
If something was 95% silver, or 95% gold people would buy it. Same goes for copper. I found this awile back on another website, it really boils it all down. "If the melt ban is lifted and the price of copper jumps significantly, there will be plenty of people looking to buy hoards of pennies to process. It is true that it takes more effort to refine the copper out of the pennies. But just like with 90% silver coins, if the value of the precious metal being retrieved is high enough, someone will do it. But it is an interesting point that you have made about copper classification. I'm just not sure that it will apply in the future if/when copper pennies are allowed to be melted in the US. Scrap yards pay brass prices on non-pure copper because they really don't generally know how much copper is in anything that is not pure. So they lump it all together and lowball the customer. If the amount and value of the copper is known, competition from other scrap dealers will force them to pay a better price that is based on true value. Thus, a new classification will be made to handle the penny situation." and "just remember Gresham's law is being taken place. "Bad money drives good money out of circulation". For example, do you know how rich you would be if your dad turned all of his paper money to coins back in 1964. If he had $50,000 in silver coins then he would be a millionaire today. Even if the people at the scrap yard wont accept your copper pennies, there will always be people that will buy them for spot price regardless if it is legal or not. Just take a look on ebay. People are buying copper pennies as we speak. However, hoarding copper cents is not a get rich scheme. It is a long term investment that may take 30 years in order for you to sell it. But just remember that it is a safe investment because you know you will never take a loss due to that fact that your investment is always worth face value." from http://www.treasurenet.com/forums/coin-roll-hunting/237010-all-culling-copper-cents.html
If you have done the math on that silver being put away in 1964 , and adjusted for inflation , that person would have lost money . Adjusting for inflation makes a big difference . If you lived in '64 you just might know what a large sum of money $50,000 was back then .
