I have searched bank rolls and I continue to keep the copper(pre 1982) pennies along with really good pennies. I have "hoarded" so many and they are taking up so much space. Are they really worth keeping? Will they appriecate in vale or is it just fun to say I have 20,000 pennies in my room?
I think they'll appreciate in value as copper continues to rise. The only problem is you cannot melt them, but hopefully things will change in the future. If you want to get rid of them, I can help
I see no harm in it, I'd hold on to them since theyre just pennies, unless you have so much money in pennies that you can trade it for an ounce of gold, then I say buy gold
Description------Denomination----Metal Value----Metal % of Denomination 1909-1981 Cent----$0.01--------$0.0190007------190.00% as of today your $200 face value is at $380.014 melt value and rising Yes you are almost doubling the money you are setting aside while hunting for rares and you will be able to sell it for melt when the government sais so, just as they did with silver, once they lined their pockets enouph, Which I absolutely believe will happen within your life time easly, being that you are only 14 now. I don't even collect U.S. coins, but I still pull every copper penny out of my change handed back and put it in a bag at home.
I also pull copper out of rolls. It's a small investment and you just never know what the price will do.
The answer to this question requires an assumption on the rate of inflation. Fifty years ago we had the first memorial design cents. Fifteen of them would buy a small hamburger at fast food places. Today it would require 100. If we put the 15 cents in a savings account then drawing 4% interest (more or less as now but in between rates peaked higher) those 50 years would produce that same dollar (roughly rounded off). You have a choice: 1. Take money out of circulation in the hope the value as melt or to collectors increases faster than 'investing' in a savings account (or any of a thousand other, better hopefully, investments). 2. Invest in something else in the hope you will pick the right 'something' in the hope you can figure out what will go up faster than copper. 3. Have a burger. In all seriousness, this choice is the basis of our system of economics. When I was a teen people laughed at old misers who did not trust banks and kept their money in their mattress. That form of savings turned out better than investing with Bernie Madoff, didn't it? If that money in their mattress included crisp paper money or certain coins (we spent Morgan dollars when I was a kid), they may have done much better. My personal answer would be to avoid tying up large numbers of cents in random copper units if that keeps you from investing in selected items you feel would be more likely to 'beat' inflation. That means I would remove any premium coppers (S VDB included) but I'll let someone else bet on melt value increasing faster than burgers.
HULL COINS... I think you should save your pennies and then select a really nice 1 oz. gold coin you like, and pay for it all in pennies. The investment alone will likely be better and take up significantly less space in your life, free your time from sorting those pennies into buckets and collecting dust. Can you show us a photo of this big Cent hoard you have? I love to see how people keep big batches of coins in their house.
I save them, why not? They are easy enough to separate and toss into a 5-gal pail. Even if inflation were to eat at them, I believe the copper price is going to rise even faster....just look at the price recovery this year alone. Check out the copper 5 year chart! There's no resistance until $4/lb! http://www.kitcometals.com/charts/copper_historical.html Last I read, copper production was WAY down. Supply and demand will cause the price to escalate because copper is a very important metal. As the world economy restarts its growth phase we're going to see a lot of pent-up demand for copper. This will further help the price. IMO, the price won't level out until all the mines are open and producing once again. This all paints a wonder picture for copper prices. http://www.coinflation.com/
It's not necessarily smart but it's not a dumb thing to do either. How are they stored? I'd think about organizing your hoard so that you know what you have. For example seperate your coins by decade and then by year and finally by mintmark. After that is done, go out and buy a couple boxes of coin tubes and label the cap with date and mint mark and start filling tubes. Once your hoard is organized, you can add to it much easier. After you get it tubed by date and mintmark, you can read up on varieties and cherry pick your hoard. YOu might have a wide AM or a number of many other nuances that make collecting cents fun. You might find that your hoard is more of a collection than a hoard. PS ..there is plenty of room for $200 worth of cents under your bed and if it's organized in tubes, you can say but mom ..its my collection, its not just a box of pennies.
I got a ga-zallion copper pennies. I save them because if I didn't save them I would probably spend the money on something stupid. Starbuck's coffee anyone? They probably won't appreciate at the pace of inflation but a penny saved is one penny closer to my goal of saving a million.
I too am a penny hoarder. I think its a very smart move. They are getting more liquid as time goes on. I have seen them sell for 3 cents each down to 1.25-1.5 cents each in todays market. Theres even companies that are starting to specailize in this area. Check out www.portlandmint.com If you thought you had a lot of pennies just check out these guys! Almost anything that you can buy and instantly get a 100%+ return on is a good investment.
