Is Hoarding Pre-1982 Copper Cents Pointless!

Discussion in 'Bullion Investing' started by dctjr80, Mar 21, 2010.


Should You Hoard, Savings Account, or Just Spend Normally Pre-1982 Copper Cents?

  1. Yes, Hoard them and guard them with your life!!!

    134 vote(s)
  2. Don't Be Silly, earn interest and put them into a Savings Account!!!

    29 vote(s)
  3. It's a Cent, Just Spend IT Already!!!

    57 vote(s)
  1. yakpoo

    yakpoo Member

    When my Father passed, he left me twelve (12) mint bags (5000 coins per bag) of Lincoln Memorial Cents (1959-1964...p/d). If I sold them on eBay, I "might" average $300 per bag...that's a 6x profit. Inflation has devalued this money 13x over the same period.

    So for 45-50 years, my Father dragged these bags around the country and lost half his money for his trouble. I'll likely do the same then pass "the Family Albatross" on to the next generation. In a couple of hundred years, we may get our money back. :goof:

    ...and these are Unc coins! :headbang:
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  3. Eric N.

    Eric N. Junior Member

    is an interesting subject...I too have been setting them aside and was just noticing how many I am getting and wondering if really worth the trouble and space...
  4. bhp3rd

    bhp3rd Die varieties, Gems

    So here is a man who put aside mint state copper coins in mint bags for between 46 and 50 years. At the end of that time he/his son managed to only make .06 cents each. He only lost 7% of his total investment due to inflation and you guys are hedging your bets on only .02 cents each?

    So today you have no buyer, no seller, no way to legally smelt them, no way to look ahead for any real possibilties to gain money from these and your saving them, good for you!. Add to that some are even predicting all memorial copper cents will or could be pulled from circulation as that will only take about 154 years.
    Then add in the money lost to inflation over the time peroid whatever that happens to be I say boys go for it I wish you the best of luck, your gonna need it.

    To further answer the others on my logic here it is: You have a coin you say is worth .02 cents each in copper but what you really have is a coin worth .01 cent. If there are no buyers, no one across the table or counter willing to offer you that money. No one even in the wings to pay .02 cents each you got nothing but .01 cent. Nothing X's .01 cent equals .01 cent. It's as simple as that. Even if there was a buyer and the cents are worth .02 cents in copper do you think he's going to pay you .02 cents each?

    If you guys want to save them then that's just great, save them. I spoke with a PM smelter about this one time and he thought each copper cent would need to be worth at least .06 cents to .09 each in copper before anyone would even consider smelting them if it was legal - you guys are not going to see .06 let alone .09 cent each copper in your live time, no way, no how IMO.

    So you save them and I will not how about that - it's the stupidist thing I ever heard of but you may do whatever you feel you need to.
  5. eddiesworld65

    eddiesworld65 Junior Member

    In the 1960's, from what family told me, alot of people thought saving silver coins was a waste of time and money....Some of my relatives did and were very happy in the late 70's.....The ones that kept them made me very happy when they left collections and accumulations to me.
    If you keep your pennies how much does it cost per month? $2-$4?
    Not to be argumentative but what do you consider a fun inexpensive investment, penny stocks?
  6. bhp3rd

    bhp3rd Die varieties, Gems

    Silver is not what I am commenting on - I commented about one cent american copper coins, we don't have pennies here, pre 1982 and if you want to save them, save them I just give my opinion and I'm a cent specialist. I do not save them and will not save them.
    A fun farily inexpencive alternative would be to search peoples bargin boxes at show or shops and pull out teens and twenties cents in low grades but with some eye appeal for modest prices. Now those will be worth something in the future. Memorial copper cents in worn out grades will not.
  7. yakpoo

    yakpoo Member

    Well, "technically" Nothing X's .01 cent equals .00 cent...but I get your point. :thumb:
  8. bhp3rd

    bhp3rd Die varieties, Gems

    Yes I don't do technical well at all - that to is over valued!
  9. bobbeth87

    bobbeth87 Coin Collector

    See, this is what I don't understand. Why so emotional about it? I save them, you don't, fine. One of us will be right, the other will be wrong. If I'm wrong, I haven't lost anything as I will still have the cents (though if I get enough of them, I could loose a little in interest), if your wrong, you might loose out on some small profit, but it won't be huge. So, it really is no big deal.

    But, "Waist of time," and "stupidist thing I ever heard of" is getting emotional and I don't understand. Besides, I'll wager you've heard of stupider things in your lifetime, just look at any newspaper any day of the week. Come on now, why does this topic seem to strike a nerve is many people? I don't get it.....
  10. bhp3rd

    bhp3rd Die varieties, Gems

    It is not stupid or a waist of time if they do it because they like them, nothing at all wrong with that. I personally don't like stuff sitting around. I like to get it and move it, that's the only way I ever found to make any real money in coins.
    I'm not emotional at all far from it, I just think it's stupid to expect to proffit from these in any real way. I have strong opinions but it's nothing emotional. People should collect what they like even if it's box tops but as an investment, no.
    It (as far as an investment) is one of the stupidest things I ever heard of in numismatics. It's right in the same league as state quarters, modern mint and proof sets, and all this high graded modern stuff but it's (hoarding dirty copper cents) the worst.
    There are many things in life more stupid than this but not in coins and investing.
    Now you may save anything you choose to that's not a problem it's when people want to be taken seriously as it's any kind of investment that's a problem.
    That plus I really don't get it, I mean seriously I don't get it.
    No market, can't melt them legally, copper (for gods sake), they need to be worth 3 to 5 times as much as they are now even if you could smelt them, there are billions of them - I just don't get it.
    If you were to even mention this to the local coin shops or at our monthly show they would laugh you out of town.

    Look at the man before on here as a prime example, he only lost 7% (on those mint bags) over 46 years. That was with gem coins in mint sewn bags and I thought he did pretty good on those. I have never paid even 2 times face for any bags in those years and mints and I've bought about 12.
    So again why are people saving these? If they want to save them for fun or because they like them, great. But for any possible speculative reason, well, I just don't get it. Maybe I'm all wrong and that is the reason I don't get it I don't know, maybe.
    Or maybe I'll save them to, no, I'll pass.
  11. justafarmer

    justafarmer Senior Member

    6 to 9 cents seems a liitle high to me. If it were legal to melt US cents - the coins would not be refined. Since US coinage is manufactured to such strict specifications - the cents would be dumped as is into the melting pot and additional refined material added to produce the intended copper alloy.
  12. Pilkenton

    Pilkenton almost uncirculated

    I've saved them for about three months now. I just pick through my change. I have about a half a cereal bowl full of them. My local dealer told me to start saving them.

    I basically save them to be saving them. It's free. It's also a spendable collection when you're short on cash...along with my ordinary Ike's, JFK's, SB Anthony's, and 2 dollar bills that I've hung on to until I'm strapped for cash again.
  13. kimdehart

    kimdehart Penny Nut

    You Know, everyone can say it's pointless, but it is totally up to you, got to go back to the 09 SVBD'S & 31's and all the others, you NEVER KNOW, you can throw them out and be just fine, but if it does not cost you anything except a few pennies a day, you might be a winner someday :hail:
  14. DoK U Mint

    DoK U Mint In Odd we Trust

    Now all I got left

    Ok. Say I took all the old datesless Standing Liberty Quarters & Walking Libs and dumped them while the Hunt Bros had the sliver market sky high. SUCH A DEAL!

    Took the proceeds and bought Enron.

    Sold that at peak.

    Invested it with Bernie.

    Now all I got left are these old milkcans full pennies and no way to move them.
  15. woodworker37643

    woodworker37643 Junior Member

    There is a market for them

    There is an emerging market for them in bulk quantities, similar to junk silver bags. Most 'speculators' are holding on to them in hopes of the melt ban being lifted. If you look at some of the completed items on ebay under the search "copper bullion pennies" you will see that they are being traded there. I know that they are CENTS and not Pennies but that is how they are listed. They sell for up to 2.84X face depending on how well the seller can hype his item. Depending on what Federal Reserve district you are in the percent of pre82 copper still circulating ranges from 14% to 35%. If you can get a good supply bank for bags of cents and run them through a machine you built yourself to sort them and then have a great dump bank wanting your zincs you can have some fun and make a little profitt and keep all the wheat and indians that you come across. If your hand sorting you better enjoy it cause you wont make enough money to cover your time at min wage. I am a mechanical engineer and built my own sorters for less than 70 bucks each and have great bank contacts and have the system automated so that I spend very little time to go through several thousand dollars worth of cents every few weeks in my down time. So in short have fun first and dont expect to make a whole lot unless the economy really tanks and inflation skyrockets. Do a google search for 'real cents' and you can find a forum of guys that have fun sorting.
  16. Pilkenton

    Pilkenton almost uncirculated

    I'm waiting for somebody to start selling them on ebay.
  17. SilverSurfer

    SilverSurfer Whack Job

    You guys are hurting my brain. It isn't .01 cents. It is 1 cent or $.01. Not .01 cents. Geez!

    154 cents is one lbs. So, 9X154= $13.86. Are you saying you can't imagine copper being worth $13.86 a lbs. It hit $4.5 just a few years ago. If we use the 6x value we get $9.24. That isn't that expensive. We are talking about a lbs not an oz.
  18. elaine 1970

    elaine 1970 material girl

    now it's close. 29 vs. 31 (11+20). not to hoard is still ahead.
  19. Tater

    Tater Coin Collector

    pointless IMO. Cash them in a buy a nice graded red cent in what ever year you want.
  20. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Put them in the till !!
  21. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    Hope you're not feedin' 'em to the "pup".....
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