Saving Copper Pennies as an Investment

Yes, but it's also illegal to melt down pennies for their metal content. So what would be the point of saving these? Also, if the price of copper did keep rising and the U.S. government decided to get rid of the penny, would it be allowed at this point to melt it down for the metal? Is this the time you would be able to do such a thing, or since it is an old currency would this still be illegal?

 

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Still, quite the impressive coin collection

 

I'm sure it would remain illegal to do so even after the penny was discontinued, if it is ever. Just because it's illegal doesn't mean people will abide by it. I'm sure if you had quite a collection, and found someone willing to meet you half way on a price, you would do it. I would. The quarters being sold on eBay are going for closer to what they're worth in metal content than they are for face value. Pennies might be more farfetched than the quarters, but if there's a buyer, there's a market.

 

That's a very good point Guardian. And you are correct, more than likely I would do it, most people would. I just wasn't completely sure of the laws of that if the particular money was discontinued. Thank you for that piece of advice though.

 

It is illegal to melt pennies, however in 1964 the dimes and quarters were 90% silver and now it IS LEGAL to melt them. So there is a possibility that the laws will allow them to be melted. As long as they are not in circulation anymore meaning people have saved them and they are no longer circulating in change. I personally have over $50 in copper pennies and it will hold its purchasing power unlike the US dollar.