Copper....Worth it?

They're not foolish. They ARE scumbags.

 

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On the list of things that make someone a scumbag, hoarding copper pennies is way, way, waaaaay down the list. Almost afraid to ask, but how does that qualify for the list?

 

Really ? Scumbags ? Why ?

 

I'm referring to the people who hoard them at a 1:1 ratio with the expectation that the price of copper will increase to the point that (when and if melting them becomes legal) they stand to profit by it. The price of copper would have to be about $5.70/lb. just to break even.

Chris

 

Yes some think they are gonna make out really nicely which they wont. Even if they make a profit it will be small hardly worth the time. I hoarded some for a while because I like to search for wheats and rare dates or errors. All I have saved us a can with about 500 wheat pennies. I spent the rest.

 

Hoarding copper pennies has absolutely no impact on anyone else. Hoard away.

 

If you bother to read the gentleman's post in context, it's very clear he's not talking about those hoarding cents but selling them.

Exactly where did anyone say or even imply it does? This isn't about telling someone what to do, but is about them needing to know the facts and realities behind it if they so choose. Is it really wise to "hoard away" when based upon a false premise?

 

Do you have a source to back up that silly claim, with a link please? Red brass which is also an alloy with around 88% copper sells for around 70% of #1 copper, copper cents which are 95% would sell around the #2 copper price ( if legal to melt, even #2 insulated wire sells for more than 25% of the copper price). I take my scrap to a little independent scrap yard, watch out going to the bigger yards because they will rob you blind if you don't know what you're doing.

 

Silver and gold content in coins automatically get attention from collectors. Copper doesn't. Makes it much more difficult to sell off copper coins.

 

I was referring to those who hoard to sell them (to "real fools.") Poor choice of words. Apologies.

 

Perhaps you missed it, but the key point behind his post was this....

"too lazy to make some phone calls and find out the truth".

Of course different buyers would likely pay different amounts, and is why Chris has, more times than I can remember, suggested people do for themselves and actually call those they would be selling to if legal. The greater point is that cents are all too often promoted as having a value of grade A, based simply on content, and while ignoring the alloy form. It's misleading, and considering the fact people hoarding them often do so as an "investment", it's perfectly reasonable to press them to educate themselves by speaking to those they would be dealing with.

 

BTW, who would want to melt copper cents? Copper has been a monetary metal almost as long as gold/silver and a copper cent is only fractional copper bullion coin and legal tender to boot. A roll of copper cents is approximately 5 ozs. copper bullion.

 

Who do you suggest calling to find out the truth?

 

"....do for themselves and actually call those they would be selling to if legal."

 

Looks like there's a good market for them on ebay, maybe they can call them.

 

Who you gonna call?

 

You can't educate an idiot who refuses to perform the obligatory tasks sometimes referred to as "work". I only hope that the people who truly want to learn will realize that they must get off their arse if they want to accomplish anything.

Chris

 

If you can get them for under 20¢ each, they would be a great investment.

 

I actually bought a couple of the "Zombucks" type on e-bay, but kept bidding on different ones till I got them at about a dollar including shipping.

 

And the ability/equipment to make them.