So why keep the copper. Worth more than the penny?? Yes. Can you reclaim the copper?? No...What's the point?
https://www.ebay.com/itm/Lot-of-500...ts-Pennies-1959-1982-Circulated-/133503744818 This auction of $50 worth sold for $69 With buyer paying shipping. Not a huge profit but a profit.
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!
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.
The melting or export of cents and nickels was banned in late 2006 when the price of copper became an issue. The stated reason was to prevent a shortage. As far as I know, the law is still in effect. Some are apparently hoarding coins in anticipation of eventual repeal. https://www.federalregister.gov/doc...ing-or-treatment-of-5-cent-and-one-cent-coins https://www.federalregister.gov/doc...ing-or-treatment-of-5-cent-and-one-cent-coins
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few years ago there was a hoarder with a few thousand boxes of Nickels in a storage unit waiting for the the law to be repealed.
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.
If I want copper I will buy and collect, which I do, 1 ounce rounds. They are nice looking and inexpensive.
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.
I've been looking around for the elemental design 1-2 pound bars. Should have bought a few when Provident Metals had them available.
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.
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.
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".
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.
I think I mentioned inflation, but thanks for the continued criticism of every single post I've ever written.
Great post. Nice to see all the figures at one time. Most folks don't understand that cents are not Grade A copper.
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.