What's everyones opinion on keeping pre-82' copper pennies? Do you keep them for the copper, or because they're becoming more scarce as time goes on? I recently started keeping them and I really dont know why other than why not?
There have been a few conversations on the subject many times before. IMHO.. Not worth keeping them. It not worth the effort to try to sell the copper. I have asked my scrapyard that I frequent and they told me.. don't even think about it! Don't bother bringing them in!
Not worth the time, and the money does not add up. People hoarding copper to melt in the future are going to lose money. Massive amounts of pennies are not going to be able to be redeemed practically. The time involved, storage costs, 25% price for allowed copper are going to be a surprise wake up call for a lot of people. Even if you were allowed to melt cents for copper, copper would have to be $6 an lb just to break even. The highest it has ever been is $4+, and the current price is under $3. Copper spot price is for Grade A copper, pennies are not Grade A they are alloyed.
Thanks for the info. I see a lot of people keep them and i dont really understand why. I started getting a box together just for the fact that id like to have a box of copper lincoln pennies, not sure why I just feel like my future self will be happy I did while i could.
