copper lincoln cents

I am just curious what peoples opinions are on saving 1959-1981 cents. I know its been talked about for a while now but there has been a lot of talk latly. I presently have 2 gallons of copper cents saved but now I am thinking about doubling that quick. what are your thoughts on the issue?

 

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Copper could be the next 90% silver coins. Copper value is worth more than the cent. Just have to be able to find where to go with it when you sell

 

why save them? you can't melt them (legally).

-Steve

 

Today you are right. Tomorrow?????

 

Same reason people saved 90% silver. They trade in bags

 

You can't melt silver or gold coins as well, but we're forever talking about their "melt values".
Guy~

 

Sure you can, now. Back in the mid to late sixties and early seventies it was illegal, but once they had all pretty much disappeared from circulation they changed the law and made it legal. (And something to consider, copper cents melt value now is worth a greater percentage over face than the silver coins were back when they were illegal to melt.)

 

Melting cents may soon be legal


Bill on fast track; would also transfer alloy responsibility

By Cindy Brake COIN WORLD Staff



Melting cents could be legal if recently introduced legislation, which appears to be on the fast track in the House of Representatives, is approved by Congress.
The bill’s sponsor claims that permitting the melting of cents will save Americans millions of dollars and revive a business in his district. Information published in the Federal Register, however, tells a different story.
Rep. Zack Space, D-Ohio, introduced H.R. 3956 Oct. 24. The bill seeks to partially overturn a ban imposed earlier this year by the secretary of the Treasury that prohibits the melting of cent and 5-cent coins. The newly introduced legislation seeks to lift the ban on melting cents and includes stipulations that cede part of Congress’ constitutional authority over coinage.
The Coin Modernization and Taxpayer Savings Act of 2007 is two-fold:
1. The suspension of regulatory authority would reverse an April 16 ruling by the secretary of the Treasury published in the Federal Register (Vol. 72, No. 72, page 18880, et seq.). The secretary’s ruling, which has the effect of law, finalized an interim ruling made Dec. 20, 2006, that prohibits the exportation, melting or treatment of 5-cent and cent coins.
2. The newly introduced bill would authorize the secretary of the Treasury to change alloy specifications of coins issued by the U.S. Mint, without approval from Congress. It would also remove all weight specifications for individual coins from current law, thereby allowing the Treasury chief to issue regulations establishing them.
H.R. 3956 was slated for mark-up Oct. 31 by the House Financial Services Committee for prompt committee approval and movement to the floor for a vote later in the week.
"It is my hope that Chairman [Barney] Frank will see fit to fast-track this bill," said Space in an Oct. 23 press release.
Space says his bill would restore a business in his district, Jackson Metals, which provides a "great service … to American taxpayers." The business reportedly purchases surplus coins at face value from various areas of the country, pulls out pre-1983 cents (they are made of an alloy containing 95 percent copper) and those of numismatic value before redistributing the coins of lesser value to areas of the country with a shortage. Jackson Metals also reportedly melts pre-1983 cents and prior to the ban sold the copper for the value of the metal.
Space states in a press release: "Jackson Metals has the potential to hire over 30 people in an area of my district that is in desperate need of good-paying jobs. Saving taxpayers millions, creating jobs and spurring the local economy are all worthy goals that this legislation will accomplish. Passage cannot come soon enough."
According to the Federal Register, the ban prohibiting the exportation, melting and treatment of cent and 5-cent coins was put in place "to protect the coinage of the United States."
"The primary reason for limiting the melting, exportation and treatment of 5-cent and one-cent coins is to avoid a shortage of these coins in circulation," states the Federal Register, Vol. 71, No. 244, on Dec. 20, 2006, Rules and Regulations. "Accordingly, the extraction of even relatively small amounts of these coins from circulation could have a significant impact on the United States Mint’s ability to produce sufficient volumes of these coins to meet the needs of commerce."
An additional reason for the ban is the cost of replenishing these coins. According to Becky Bailey, director of Public Affairs for the U.S. Mint, the cost to produce a cent currently is 1.67 cents and the cost to produce a 5-cent coin is 9.5 cents.
Information published in the Federal Register estimates that the cost to the U.S. Treasury to replenish 5-cent and cent coins taken out of circulation and diverted as scrap metal for recycling could be in excess of $1 million per day.
"At current metal prices, the profit potential from recycling 5-cent and one-cent coins to reclaim copper, nickel and zinc is sufficiently lucrative to effect these dangers in a very short time period," according to the Federal Register.
The price of copper has escalated over the past three years. The spot price of copper closing Oct. 25 was $3.58 a pound. Most Lincoln cents up to 1982 include 95 percent copper, except the war year of 1943, and weigh 0.11 ounce, thus 145 copper cents weigh a pound. So, 95 percent copper cents with a face value of $1.45 have a copper value of $3.40.
Specifications
The language in the provision in H.R. 3956 that would grant the Treasury secretary greater authority over coinage specifications appeared earlier in the year in another bill, H.R. 3330, introduced by Rep. Frank, D-Mass., and Rep. Luis Gutierrez, D-Ill., as chief sponsors. Both are chairmen of the two committees in the House of Representatives with U.S. Mint oversight responsibility. Frank chairs the House Financial Services Committee. Gutierrez is chairman of the Subcommittee on Domestic and International Monetary Policy, Trade and Technology.
Sec. 8, Article 1, of the U.S. Constitution grants Congress exclusive authority "To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures."
The Frank/Gutierrez proposal is identical to H.R. 3330 titled the Coinage Materials Modernization Act of 2007. The language seeks to authorize the secretary of the Treasury to change alloy specifications of coins issued by the U.S. Mint, without approval from Congress. It would also remove all weight specifications for individual coins from current law, thereby allowing the Treasury chief to issue regulations establishing them.
This legislation seeks to amend provisions of 31 U.S.C. 5112(a) (Denominations, specifications and design of coins) and 5113 (Tolerances and testing of coins) that specify the weights and compositions of the half dollar, quarter dollar, dime, 5-cent coin and 1-cent coin.
Sen. Wayne Allard, R-Co., introduced a similar bill, S. 1986, in the Senate on Aug. 3. CW

 

so i need to save more

 

Either coin world or num news had an article recently talking about how the cent composition may change in the near future and they would lift the ban on melting cents.....

THe next part would be finding a place and having enough in bulk to make it worth while.

On that nite, three people here in my town were arrested last night for stealing copper wire form hoems and costruction sites....

 

What's the downside? They cost very little (you could get 10,000 of them for $100) and they don't take up much space. I plan to save the ones I have (which is a lot) but I doubt if I'll look to acquire any new ones.

 

i really doubt the mint will lift the ban on cents and nickels - maybe if the percentage of copper cents in circulation gets lower. maybe but right now its around 25%
the congress man from ohio seems that his districts company jacksons metals will be the only one melting cents by helping the american people which seems like a bunch of bs- i cant see how they should be the only one to do this melting and to profit from it and no else should get a piece of the melting pie. might as well let the whole country do this if they pass the ruling plus nickels to !

 

Snowman gets it. This bill is simply aimed at providing a plum for a constituent business. Providing a source of copper for a local metal refiner.

 

"AMEN"

 

i read the CW article and the editoral - welcome to Washington.

 

saw an ad in coinworld classifieds. dealer is buying 1959-1981 circulated cent rolls for 65 cents. think we will start seeing more of this?

 

I just got around to that issue, only my article is not quite the same - or at least the title. My title says:

Minting cents may soon be legal


Bill on fast track; would also transfer alloy responsibility

By Cindy Brake COIN WORLD Staff​

Rezlly! That is what it says.

 

yeah i saw that to. they got a correction in this weeks

 

this might make it worth saving them:

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=160173529055



this might make saving them worth it, only quicker:

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&rd=1&item=220143397187&ssPageName=STRK:MEWA:IT&ih=012

 

They have declined my offer, I'll make another until I get one