Any one still hoarding the copper pennies? I have before, then stopped. I just can't see them getting to the point of buying and selling them like pre 64 silver.
Since it's been illegal to melt cents and nickels for almost 10 years, I don't think very many people are.
Heck, I still keep nickels, even though they're down to 60% of face value for metal content. But I don't claim that it makes sense. Even if The Bottom Drops Out and we have hyperinflation, the cost of one commodity in terms of another commodity will remain relatively steady for the most part. So buying a gallon of gas or milk will still take a couple of silver dimes, or a pound or two of copper cents. How many pounds of pennies do you want to keep and/or carry around?
As I roll search pennies I keep the copper and trade the zinc for more to go through. Naturally, I keep the other good stuff I find in the penny rolls.
I've read Chris' comments about saving pre-82 cents, and I agree with his assessment, so I know my saving them probably isn't logical. But, I still do. So much of our lives doesn't make sense. Maybe if I have to move a couple of more times before tipping over I'll just cash them in. Steve
I am still saving them. I have them all broke down in dates and mint marks. I started resorting some from a few years ago and transferring them all into paper rolls. I am also keeping better track of what I have. from 1982-1973 I have 1136 rolls. kinda cool thanks
I don't really hoard them, but I have several bags of post-cherrypicking coppers. After I've had my way with them, numismatically, I usually sell them locally for 1.25 cents each in $10 boxes. I used to have over 40,000 spent cents, but now I'm down to maybe 5000.
Why would people pay $12.50 for 10 dollars in common pennies? Couldn't you do the same at banks at a lower price?
I dunno. Same kind of idiot who pays 100 or more cents for 10 cents (minted as a silver dime)? Same kind who pays tens of cents for 1.0 cents just because it happens to have an "Indian head" on the front? You seem to have a very low opinion of people who would consider paying more than face value for a coin. I fear you may find many other threads here confusing. Money value of time. I pick out copper from my change, but I decided it wasn't worth my time to sort through rolls for copper. If copper cents were worth 10x FV, I might reconsider. If I thought they might be worth more in the near future, I might pay somebody else a 25% premium to pick them out for me.
Back in the mid-70's I would take my paycheck to the bank and along with cash, ask for ten bucks in pennies. During the week I would search through the rolls looking for wheaties and reroll what was left. I built containers, using sleet metal, that held $100. When I got married in 1980 this "foolishness" as my wife called it, stopped. Still have the rolled pennies ($500) but canned the wife and upgraded to a more reasonable woman.
