Is copper the new silver? Prices higher. Bullion in bulk, likely to pay off?

Discussion in 'Bullion Investing' started by ValpoBeginner, Nov 3, 2017.

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Can I turn in my copper pennies for melt value?

Poll closed Nov 9, 2017.
  1. No

    27 vote(s)
    96.4%
  2. Yes

    1 vote(s)
    3.6%
  1. ValpoBeginner

    ValpoBeginner Well Known Supporter Supporter

    So I invested in some copper rounds, mainly cause I like the designs:
    magnifier_20171030_201205-01.jpeg
    and
    This one.
    magnifier_20171102_224531-01.jpeg magnifier_20171102_224634-01.jpeg
    I got them in the mail this week, and today I wondered when was Silver at this price, roughly $3.15 per OZ.

    I Screenshot_2017-11-02-22-12-24.png
    It doesn't look that long ago. Possibly 1970. So why the swing in price for copper (because more of it is needed for the electronics we need?). Could it become a precious metal like silver?

    Also got me thinking.... Can I take an ounce of pre 1982 pennies roughly 10-16 of them to a bullion dealer and get close to the spot price for them.

    It makes 16 cents turn into 3 bucks. I've always saved my pre 1982 cents for there copper value. Is it legal to ever cash them in for melt value?
     
    Lemme Caution likes this.
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  3. Kentucky

    Kentucky Supporter! Supporter

    Copper is like $2.00 + per POUND...and the pound is an Av. pound of 454 g. Melt value of a cent is just over 2 cents, except it is ILLEGAL to melt them, and no one really wants the alloy.
    http://www.coinflation.com/unitedstates/
     
  4. losthomer

    losthomer Active Member

    Invested is way to strong of a word but maybe the novelty will pay off.
     
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  5. Endeavor

    Endeavor Well-Known Member

    I don't know how much you paid for those copper rounds but they usually sell for a lot more than their metal value usually making them bad investments.

    As for hoarding copper pennies, it could very well be profitable someday but melting them would have to become legal (currently illegal) and price would need to go higher than they currently are now. Although copper cents (pre-1983 but not all 1982) are currently 2x face value, they would need to be refined to remove the zinc and increase copper purity. The cost of that refining process eats into the excess value.

    Again, not something that will have large returns but could bring some reward.
     
    Lemme Caution likes this.
  6. Endeavor

    Endeavor Well-Known Member

    If you save them in high grade they may have some numismatic value in the future. I don't know that they would ever have novelty value because they are just way too common.
     
    Lemme Caution likes this.
  7. ValpoBeginner

    ValpoBeginner Well Known Supporter Supporter

    Copper is 3.15 an Ounce

    *Error
     
    Last edited: Nov 3, 2017
    Amos 811 likes this.
  8. ValpoBeginner

    ValpoBeginner Well Known Supporter Supporter

    .
    These prices are in ounces.
    Look at the rise of copper in the last year.... amazing....
    Screenshot_2017-11-03-00-38-27.png Screenshot_2017-11-03-00-38-27.png
     
    Lemme Caution likes this.
  9. ValpoBeginner

    ValpoBeginner Well Known Supporter Supporter

    I own several shares of a stock that is just 5.15 per share. But I have a thousand shares. It's gone from 1.11 to 5.15 in just five years... do the math. Same with Cooper.
     
    Lemme Caution likes this.
  10. ValpoBeginner

    ValpoBeginner Well Known Supporter Supporter

    2 bucks a piece
     
  11. TheFinn

    TheFinn Well-Known Member

    Only precious metal are priced by the once. Copper is priced by the pound, just like zinc, lead, iron, etc. At $2 per ounce, that is $32 per pound, which is double melt value. It is going to have to go up 10X just to come close to breaking even. The minting costs are what you are paying for.
     
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  12. ValpoBeginner

    ValpoBeginner Well Known Supporter Supporter

    Sorry Tuck,

    I owe you an apology.
    Your right my curecy trading app says that it in in onces.. I stand corrected. Just checked the Board of Trade and you are right, it is per pound.
     
  13. ValpoBeginner

    ValpoBeginner Well Known Supporter Supporter

    ×****×**×***Ignore the rest of this post It was based on erroneous info. ***×*******
     
  14. ValpoBeginner

    ValpoBeginner Well Known Supporter Supporter

    It would be cool though...
     
  15. afantiques

    afantiques Well-Known Member

    Copper is about $6 per kilo, roughly $3 per pound.
    https://www.lme.com/Metals/Non-ferrous/Copper#tabIndex=0

    The price table you posted uses the usual convention, (troy) ounces for precious metals, pounds for non precious metals.

    That Trump round makes him look very hairy for a bald man.
     
  16. ValpoBeginner

    ValpoBeginner Well Known Supporter Supporter

    If it ever gets to the price per ounce that I thought... I see no problem turning them in for melt value. Pawn shops routinely take scrap silver coins only 90 percent silver, compared to 95%Cooper for older cents, and pay spot price.
     
    Amos 811 likes this.
  17. ValpoBeginner

    ValpoBeginner Well Known Supporter Supporter

    So I'll cash them all in, in 40 years when I'm 81.
     
  18. ValpoBeginner

    ValpoBeginner Well Known Supporter Supporter

    Good night all.. Sorry for the error. The app I mentored earlier "aCurrency" lists XCU as copper ounces.​
     
  19. Kentucky

    Kentucky Supporter! Supporter

    emily.png
     
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  20. lordmarcovan

    lordmarcovan Eclectic & odd Moderator

    Eh, even if copper ain't as valuable as you thought it was, you're still having fun with the rounds, so why not. I wouldn't call 'em a good "investment", but they can be fun collectibles.

    I kinda like that beehive one.
     
    Kentucky and ValpoBeginner like this.
  21. V. Kurt Bellman

    V. Kurt Bellman Guardian of The Farce, & Dead-Eye Master

    I use some copper rounds as "canaries", showing me where toning/oxidation is an issue in my various storage elements. Why? Because .999 copper is quite reactive.
     
    ValpoBeginner likes this.
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