Do you see it continuing upward? I know for a basic metal that its only $3.39 a lb. Which compared to others is very small, but dont you think due to the high demand and presumably supply shortages that it could drive its price upward? Would any of you invest in it? As we know the copper mine in afghanistan currently being built is behind where it was projected to be. In addition There may be strikes in chilean copper mines as well as several canadian ones. Plus the accesebility of copper in everyday life makes me think it may become a new silver in the sense that people can make small fortunes from selling bulk copper. And while its not as straight forward purity wise as other coins, I think ti may become attractive for the average american looking to make some quick cash. Kind of like the silver rush back in the 1960's. Anyone have opinions or thoughts on cooper? Positives or negatives? I want honest opinons, so I am prepared for a backlash so you can be harsh as you want.
Copper is tied to the business cycle more than gold or even silver. If we are at the beginning of another inflation cycle, all commodities will do well. But I think copper is a lot harder to get right than gold or silver.
Was in the Heating and Air Conditioning Field for 25 Years and had alot Of Scrap copper, Most of the time it hovered around $1.50 per pound Bright and shiny $2 Plus, But when the Japanese dumped millions of pounds On the market in the mid 90,s the and the price dropped down to .35 cents A pound!!
For some that due to the low cost of Copper it could become problematic from a storage aspect. Not to mention the actual transportation for trade.
Collecting copper cents for their possible metal value is Collecting copper cents for their possible metal value alone is one of the most stupid things I have ever heard of - if you do it congratulations you now have nothing but dead weight lying around making you absolutly nothing.
I always save copper cents, mainly because I have trouble spending something for face value that is worth more. I expect that someday I'll be able to exchange them for more than face value for a coin I want at the time. It isn't stupid, the coins are not dead weight, and the earn a risk free return if copper prices rise while always retaining face value. It's a very small dollar value, but fun.
I save copper cents I get in change and also from roll-searching for Lincoln varieties with my son. He gets a big kick out of the fact that they are worth about 2 cents. Maybe when he is my age they will be worth even more. Who really knows? I do not think I would invest in copper though unless my financial advisor recommended it as part of a metals portfolio. TC
I agree. Sure, it is not going to make you rich, and I'd make at least 10X times the amount working at my job per hour than I would sorting copper pennies per hour. However, I like to go through pennies as a hobby, looking for varieties and such; and I sort out the coppers on the side since I'm going through them all anyways.
I've started seperating and keeping the copper cents too! I can hang onto them for next to nothing and double or triple my money quickly as scrap prices dictate or even sell back tpo a bank at face value,either way I'm not out much,but a few extra minutes when sorting and it may even advance the prices on the old cents anyway if enough are pulled from circulation.
Gotta agree, it isn't stupid at all! Coins are never dead weight and tons of collectors save or hang onto Lincoln cents and other copper coins all the time. It's a cheaper way to make a profit, possibly and if you don't there's certainly no harm in doing it. I been hanging onto all my pre-1981 cents for a couple of months, I don't have too many. In fact I only have a couple dollars worth so far but I just found a new large bottle to put them in so I should have that full in 10 years or so. No sweat off mine!!
I have to admit I also collect (or should I say hoard) copper cents. I have done it for a few years, and now it is about all I really can afford numismatically. I especially enjoy finding that occasional copper with an "S" mintmark on it. It keeps me out of trouble, so it's not stupid at all.
really no different than picking silver quarters out of a roll, or dimes or whatever,you wouldn't spend a pocketfull of ASE's for their face value of $1.00 each would you? copper cents are the same only on a smaller scale. would you sell 100 lbs of copper cents to the guy offering face value or the guy offering 2 times face value?
There was a reason for all those "Those coins are worth money" machines that you seen in supermarkets. It's because they were hoping that people who were hoarding coins would dump the pennies in there that have more copper in them then modern day dimes. So, in effect, they could take your penny and turn it into a dime. Not my pennies though....I hang onto the copper ones like others here. I'm starting to think hoarding nickles might not be a bad idea either. Apparently the mint only made about 10% of what they normally do for nickles last year, presumably because copper and nickle are becoming expensive. Here, check this site out....http://www.coinflation.com/coin_calculators.html
I think it was just an added bonus that the mint produced less coins in the denominations that are worth more in metal than face. They produced less dimes and quarters than usual in 2009 also. It was mostly bases on supply and demand, with everyone turning in their extra change. But expect a change in composition in the nickels for sure, and eliminating the cent would be the wiser move than a copper plated steel replacement.
I worry about that....if the penny and nickel are eliminated, that means the dime becomes the new penny. We might as well be Mexico.
I'm in favor of eliminating both, and reintroducing a smaller, more cost effective five cent coin. Bringing back the half dime would be cool, but I'm sure there would be an outcry due to it's size... not to mention all the vending machines that would need to be retooled.
I think vending machines should be retooled. $.90 for a freaking candy bar, $.85 for a pepsi, $1.35 for a bag of chips, and a dollar slot that keeps spitting out your dollar bill, because there is a little fold in the corner. I think they should take half dollars and dollar coins. Maybe people will start using them.
I completely agree with you, but convincing them to make vending machines take halves will be an uphill battle. Most of them here in Wisconsin already take the dollar coins. As for the prices, I just sound like an old fart when I start off, "I remember back when..."
