copper pennies

does anyone horde copper pennies because of melt value is it even worth it?

 

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It is not worth it. The melt ban isn’t going to be lifted anytime soon and pre-82 cents take up ridiculous amounts of space for the little value they contain.

 

Some people do it, but copper would have to rise to at least 6 dollars a pound to break even and copper even at it's highest has never been much over $4.

 

Nope!
The scrap yards here in NYC would turn you away!

 

Even if melting them was legal and someone showed up with a couple tons of them?

 

Agreed, and that's actually a good suggestion for anyone considering this. Instead of assuming or believing the often BS found online, talk to the very people one would deal with if and/or when this became an option.

What one has to understand is that the quoted prices for copper is for grade A, not a 95% alloy, and means sites such a coinflation are misleading even if unintentional. Being as there is some debate as to exactly how much such an alloy is worth, talking to those who would be buying it is an easy common sense approach that allows each individual to make a relatively informed decision instead of one based upon conjecture.

 

Believe me.. I'm also a Scrapper!
I have asked!

 

You've asked "If melting cents was legal and I brought in a couple tons would you buy them?"

 

It takes 151 copper us cents to yield a pound of copper. If copper were to increase about 10% from here to $3.02 they would be "worth" double face value. As was stated above, melting them is highly illegal and so is exporting them. Besides the space they take up, there is the opportunity cost of not putting the money to work elsewhere.
Melting 90% silver US coins Used to be illegal also I believe. Those that hoarded buckets of silver quarters at $.25 ea. made out very well if they had patience.
On the bright side, they are still a cent and can be spent or turned in at a bank at any time.
Last I knew, i could get all i wanted at 110%. If i had some, I would cash them in and buy 999 silver.

 

This is again ignoring the elephant in the room which is the fact it is folly to apply grade A prices to an alloy.

I'm sorry, but to compare 90% silver to 95% copper is foolish.

 

That's why I said it would have to get close to $6 a pound to break even. That allows for the lower price that would be paid because they are alloyed, and for a profit margin after refining cost etc for the recycler.

 

If you were allowed to melt cents for the copper, it would have to go to $6 a pound to break even. (Considering the alloy price, etc.)
It's never been higher than $4+ in it's history and is currently at
the $2.67 level and you will most likely be dead before it ever hits $6.

 

Shouldn't that be qualified with IMO? Why throw stones at someone who is having a bit of fun collecting pre1982 copper cents? They could be doing worse, say like buying Apply stock six months ago. And if anyone here can say what the future will bring, they are delusional, IMO.

 

Perhaps you could be so kind as to point me to EXACTLY where I said ANYTHING about simply collecting them? Of course you can't and is because I didn't. In fact I specifically addressed only one issue, the one brought up by the OP, and did so very clearly yet here you are intentionally misrepresenting it, even going as far as to directly contradict yourself going from a "bit of fun" to a direct investment comparison.

Oh, and if you cannot acknowledge the difference between an accepted form of precious metal and an incorrectly valued copper alloy, you may want to look in the mirror if you'd like to see the delusional.

 

Your response was certainly not an attempt to convince me of anything. It was, however, a personal attack, as is so often the case with many of your posts.

 

I'm going to be honest: I do this, not expecting to actually cash in, but simply because I like the idea of having money with an intrinsic value equal to (or in this case, greater than) its face value. One gets nostalgic for the days before inflation reared its ugly head...

 

It's not greater than face value.There may be more than 1 cent worth of copper inside a copper cent, but to extract it and cash it in, you would receive 1/2 of a cent for each cent.
But you can always make it up in volume.

 

Just so I have this straight, you ignorantly and intentionally misrepresent both my position and posts, yet now wish to whine about a personal attack?

If you want civility I suggest you learn how to give it first. We reap what we sow.

 

You might be able to sell copper cents to another cent collector as is, for let's say 1.5 x face. You then dont need to worry about melting it or cu spot price. You wont make a lot of profit, but it might be better than coin starring it. A lot of people collect and hoard copper cents after all.

 

That's a very fair point even if doing so would almost certainly be taking advantage of another's ignorance. At this point, though, it's undeniably clear there's a lot of folks seeing and believing only what they want to, and it's not our responsibility to protect them from themselves. As long as not hyped as some "investment", no harm, no foul.