I was trolling craigslist for coins. I came across someone selling: 1oz copper rounds (.999 fine) for $2 8oz copper bars (.999fine) for $15 So, am I calculating this wrong? 16 oz = 1 pound 2 x 8oz bars = $30 melt value of 1 pound of copper is approx $4.25 So is this guy trying to sell $4.25 worth of copper for $30?
You are correct. Not only trying, but succeeding in many cases. They figure copper is the affordable silver.
Something isn't right and if I were you I would move onward to someone else. If it sounds too good to be true then it's most likely from China!!
Any "copper bullion" as in copper rounds or bars that you try to buy are going to be sold for 5-10x the actual value of the copper your getting.. really no point in buying copper rounds since it is a complete rip off.
If you want a pound of copper, just save 154 pre-1982 pennies! Weight per coin: 3.11 grams Copper content: 95% Copper weight per coin: 2.9545 grams Number of grams in a(n avoirdupois) pound: 454 Number of pre-1982 pennies making a pound of copper: approximately 154
Thanks guys, I was hoping my high school math skills were still up to par. One more thing: Is pure copper wire priced near it's melt value?
There's nothing wrong with your math skills but remember that precious metals, at least, are figured at 12 troy ounces to the pound, not 16 as in avoirdupois. And a troy ounce contains 31.1 gm of metal, not 28.4 gm as in avoirdupois. These apply to precious metals such as gold, silver, and platinum. Copper is a new phenomenon and not a PM, so I don't know which standard applies (beyond the ripoff standard). The copper is still way overpriced ...
Yes, its priced close if it is cleaned. Most smelters will pay you close to melt for cleaned wire since electrical wire is about the purest copper sold. Uncleaned or cleaned by burning copper is less, as is plumbing copper due to impurities.
Copper is not a precious metal, and the price is in avoirdupois pounds, or 454 grams. Of course, a flim-flam artist could conceivably try to pass off a troy pound of copper (31.1 grams X 12 = 373 grams) as "one pound".
