Why keep the copper?

Discussion in 'Coin Chat' started by MRC1963, Oct 3, 2020.

  1. MRC1963

    MRC1963 Member

    So why keep the copper. Worth more than the penny?? Yes. Can you reclaim the copper?? No...What's the point?
     
    JeffC, xCoin-Hoarder'92x and Kentucky like this.
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  3. Kentucky

    Kentucky Supporter! Supporter

    none :)
     
  4. Jeffjay

    Jeffjay Well-Known Member

    Mainebill likes this.
  5. paddyman98

    paddyman98 I'm a professional expert in specializing! Supporter

    No not at all. Not worth the time or effort.
    Just a myth. Scrapyards will not take any bulk copper cents brought to them.

    Sellers on ebay are thieves!
     
  6. tibor

    tibor Supporter! Supporter

    How hard is it to differentiate between the copper and non-copper
    1982 cents? Can't imagine to many Ebay sellers going to the trouble
    when offering them in 5000ct. bulk.
     
  7. dltsrq

    dltsrq Grumpy Old Man

  8. tibor

    tibor Supporter! Supporter

    I read in the U.S.A. today paper a few years ago there was a hoarder
    with a few thousand boxes of Nickels in a storage unit waiting for the
    the law to be repealed.
     
  9. Jeffjay

    Jeffjay Well-Known Member

    That's like saying all coin dealers are thieves isn't it? I've encountered some pretty unscrupulous characters at coin shows over the years.
     
    YoloBagels and -jeffB like this.
  10. paddyman98

    paddyman98 I'm a professional expert in specializing! Supporter

    Sorry.. I meant there are some sellers on ebay you need to be careful of.

    Is that better?
     
    xCoin-Hoarder'92x likes this.
  11. Jeffjay

    Jeffjay Well-Known Member

    You are 100% correct. Your earlier post seemed to paint eBay sellers with a pretty broad brush.
     
    xCoin-Hoarder'92x and paddyman98 like this.
  12. Collecting Nut

    Collecting Nut Borderline Hoarder

    If I want copper I will buy and collect, which I do, 1 ounce rounds. They are nice looking and inexpensive.
     
    xCoin-Hoarder'92x likes this.
  13. Michael K

    Michael K Well-Known Member

    The weight of the copper in the penny might be worth more than 1 cent,
    however, even if it weren't illegal, the cost of extracting and refining cents doesn't make it worth it even if it was legal. The spot price is for Grade A copper. Copper cents are an alloy and not Grade A. They would be purchased at 1/4 spot.
    Copper would have to go to $6 a pound to break even. Copper has never been higher than $4.63 and is currently $2.95. Anyone hoarding copper pennies is going to lose money. Time, storage, transportation, inflation. Copper isn't going to $7 a pound anytime soon to even make a slight profit. Because if the spot was $6 (to break even) the salvage yards are still going to pay less $5 or so.
     
    ldhair, xCoin-Hoarder'92x and tibor like this.
  14. xCoin-Hoarder'92x

    xCoin-Hoarder'92x Storm Tracker

    I've been looking around for the elemental design 1-2 pound bars. Should have bought a few when Provident Metals had them available.
     
  15. xCoin-Hoarder'92x

    xCoin-Hoarder'92x Storm Tracker

    If I was buying bulk for the purpose of flipping later, nickel is where you should go. I can't imagine copper ever being worth much in the near future. At least with Nickel that metal has at times seen spikes (look up 2007 nickel price). Whenever possible I will buy piles of Dutch or French .999 nickel coins.
     
    Mr. Flute likes this.
  16. Jeffjay

    Jeffjay Well-Known Member

    More likely that before the spot price of copper gets that high copper Memorial cents will be worth two to three cents each to collectors the same as wheat cents are today.
     
  17. -jeffB

    -jeffB Greshams LEO Supporter

    You don't think the dollar's likely to lose half its value in the coming years? I wish I shared your optimism.

    That being said, though, I'd sooner pick a "store of value" that doesn't weigh a pound or two per loaf-of-bread or gallon-of-gas. Better yet, something that actually generates returns, rather than just "holding its value".
     
    tibor and xCoin-Hoarder'92x like this.
  18. xCoin-Hoarder'92x

    xCoin-Hoarder'92x Storm Tracker

    Back when ebay had a lot of Netherlands coins listings I was averaging $3-$4 a pound on nickel bullion. Still holding onto all of it now, I have around 20k-30k Guilders face value in coin.
     
  19. Michael K

    Michael K Well-Known Member

    I think I mentioned inflation, but thanks for the continued criticism of every single post I've ever written.
     
  20. ldhair

    ldhair Clean Supporter

    Great post. Nice to see all the figures at one time. Most folks don't understand that cents are not Grade A copper.
     
  21. Danomite

    Danomite What do you say uh-huh

    Correct! US cents ( until the transition in 1982) are 95% copper and 5%zinc. That puts them in the #2 scrap copper group. The definition of #2 copper scrap is 94-96% copper.
     
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