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Is Hoarding Pre-1982 Copper Cents Pointless!
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<p>[QUOTE="SilverSurfer, post: 843192, member: 21603"]The talk of copper not being bullion is weird. The copper penny weighed 3.11 grams. 10 pennies would weight 31.1 grams...exactly a troy ounce. If copper isn't bullion, when why is it weighted in a bullion like manner?</p><p><br /></p><p>The lack of foresight of some people troubles me. If people think the penny will keep going on year after year after year when it cost the mint more money to make them then what they are worth, that's pretty poor foresight. It isn't if, but when the mint decides to stop making pennies as we know them, the price probably won't change much. Melting them will still be illegal, and there are so many that they won't leave circulation for decades. But, what happens after those decades are over and pennies are a rarity as the Fed itself isn't subjected to the melting law. The mint could make dimes out of the copper that is in those pennies...a clear indication of inflation. As the pennies become more and more scarce, people will treasure the penny, maybe as a curiosity of the past century. Will you or I benefit from these copper cents? Probably not. But are we so selfish to spend them now, when they'd bring some nice cash to our great great grandchildren?[/QUOTE]</p><p><br /></p>
[QUOTE="SilverSurfer, post: 843192, member: 21603"]The talk of copper not being bullion is weird. The copper penny weighed 3.11 grams. 10 pennies would weight 31.1 grams...exactly a troy ounce. If copper isn't bullion, when why is it weighted in a bullion like manner? The lack of foresight of some people troubles me. If people think the penny will keep going on year after year after year when it cost the mint more money to make them then what they are worth, that's pretty poor foresight. It isn't if, but when the mint decides to stop making pennies as we know them, the price probably won't change much. Melting them will still be illegal, and there are so many that they won't leave circulation for decades. But, what happens after those decades are over and pennies are a rarity as the Fed itself isn't subjected to the melting law. The mint could make dimes out of the copper that is in those pennies...a clear indication of inflation. As the pennies become more and more scarce, people will treasure the penny, maybe as a curiosity of the past century. Will you or I benefit from these copper cents? Probably not. But are we so selfish to spend them now, when they'd bring some nice cash to our great great grandchildren?[/QUOTE]
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