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Copper cents (pre-1982) worth more than Face Value?
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<p>[QUOTE="kaparthy, post: 93317, member: 57463"]<b>Do the Math</b></p><p><br /></p><p>Off the top of my head, the break point on the old "copper" (French bronze, actually) cents pre-1982 is $1.55 per pound for copper. Right now, copper on COMEX is at $2.05. So, it is technically worthwhile to hoard those old copper cents. </p><p><br /></p><p>However... (and it is a big "however") ... these prices are for pure "electrode" copper. The coins would have to be purified. Typically, copper from the mines is purer than coin bronze, and it is still sold to refiners who make it 99% pure and keep the trace elements -- silver mostly; some gold; etc. In fact, most of the silver in the world today comes as a biproduct of copper production.</p><p><br /></p><p>Anyway, there is about 25% more than a cent's worth of metal in a pre-1982 cent... before the cost of refining.</p><p><br /></p><p>(Incidentally... I found this...</p><p><a href="http://www.iht.com/articles/2005/11/18/business/copper.php" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.iht.com/articles/2005/11/18/business/copper.php" rel="nofollow">http://www.iht.com/articles/2005/11/18/business/copper.php</a></p><p> Copper prices hit record after China trader's loss </p><p>By David Lague International Herald Tribune</p><p>FRIDAY, NOVEMBER 18, 2005</p><p><br /></p><p>Copper hit a record $4,160 a metric ton on Thursday before falling back slightly on Friday after Chinese state media reported that Liu Qibing, a futures trader based in Shanghai, had amassed futures contracts on the London Metal Exchange betting that prices would go down. Instead, prices have continued to climb sharply this year on strong demand from China's booming economy and some unexpected supply shortfalls from major producers in Chile and the United States.</p><p> </p><p>Some traders and market analysts have suggested that China may refuse to honor the contracts, which come due on Dec. 21, after Beijing denied that Liu had been working for the government's secretive State Reserves Bureau when he made the trades.</p><p> </p><p>Industry analysts said it was doubtful that Liu would make such big trades without the approval of his managers. Analysts also said that Liu was a well-known trader who had earned substantial returns for the government.</p><p> </p><p>In a departure from China's normally secretive metals trading, the State Reserves Bureau has been advertising copper sales from its stockpiles in recent weeks in what appears to be a concerted attempt to depress prices. The price for copper has climbed almost 40 percent in the last 12 months. Senior officials quoted in the state media have suggested that China was prepared to sell a big proportion of its copper stockpile to bring prices under control.</p><p> </p><p>The size of China's copper reserves, like its holdings of grain and gold, is a state secret. Estimates of the size of its copper reserves vary from 200,000 metric tons to 1.3 million metric tons, but most analysts maintain that it is unlikely that Beijing has accumulated more than 500,000 metric tons. </p><p> </p><p>China is the biggest consumer of copper ... </p><p>(more) )[/QUOTE]</p><p><br /></p>
[QUOTE="kaparthy, post: 93317, member: 57463"][b]Do the Math[/b] Off the top of my head, the break point on the old "copper" (French bronze, actually) cents pre-1982 is $1.55 per pound for copper. Right now, copper on COMEX is at $2.05. So, it is technically worthwhile to hoard those old copper cents. However... (and it is a big "however") ... these prices are for pure "electrode" copper. The coins would have to be purified. Typically, copper from the mines is purer than coin bronze, and it is still sold to refiners who make it 99% pure and keep the trace elements -- silver mostly; some gold; etc. In fact, most of the silver in the world today comes as a biproduct of copper production. Anyway, there is about 25% more than a cent's worth of metal in a pre-1982 cent... before the cost of refining. (Incidentally... I found this... [url]http://www.iht.com/articles/2005/11/18/business/copper.php[/url] Copper prices hit record after China trader's loss By David Lague International Herald Tribune FRIDAY, NOVEMBER 18, 2005 Copper hit a record $4,160 a metric ton on Thursday before falling back slightly on Friday after Chinese state media reported that Liu Qibing, a futures trader based in Shanghai, had amassed futures contracts on the London Metal Exchange betting that prices would go down. Instead, prices have continued to climb sharply this year on strong demand from China's booming economy and some unexpected supply shortfalls from major producers in Chile and the United States. Some traders and market analysts have suggested that China may refuse to honor the contracts, which come due on Dec. 21, after Beijing denied that Liu had been working for the government's secretive State Reserves Bureau when he made the trades. Industry analysts said it was doubtful that Liu would make such big trades without the approval of his managers. Analysts also said that Liu was a well-known trader who had earned substantial returns for the government. In a departure from China's normally secretive metals trading, the State Reserves Bureau has been advertising copper sales from its stockpiles in recent weeks in what appears to be a concerted attempt to depress prices. The price for copper has climbed almost 40 percent in the last 12 months. Senior officials quoted in the state media have suggested that China was prepared to sell a big proportion of its copper stockpile to bring prices under control. The size of China's copper reserves, like its holdings of grain and gold, is a state secret. Estimates of the size of its copper reserves vary from 200,000 metric tons to 1.3 million metric tons, but most analysts maintain that it is unlikely that Beijing has accumulated more than 500,000 metric tons. China is the biggest consumer of copper ... (more) )[/QUOTE]
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