Should we be jumping on the penny hoarding bandwagon??

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I go through maybe $50/week, and find about $10 face pre-1982 but sell them to my dealer for slightly over face, and fund it again. I am wanting to get one of these for Christmas though. Not the $500 one but it works.
http://www.jmdaniel.com/

~Cannyn

 

I think if this law does come about, there might be provisions within in it, to control mass melting. Besides, I don't think the banks want to become a clearing house for open and searched rolls of pennies. The potential cost of handling, storage and rerolling these coins, is not what they want to get into. There may even be a limit or charge by the banks for turning in open rolls of coins. Many banks and public areas, have counters you pay to use now, if you are depositing raw coinage in large amounts. So this cost might even be intentionally high enough, to eliminate hoarders from depositing vast amount of coins. And if it ends up eating more of the profit, just how far ahead of the game are you? Just food for thought. It is a calculated risk, not a certainty.

 

I have to disagree with you ( Other) Doug.

The lowly cent will be eliminated within a very few years, and even if it somehow survives as a zinc piece of crap plated with copper, melting laws will be ignored.

I could get alcohol during prohibition ( if alive then) or Pot now legally in many states, or other stuff. Early American Gold was exported easily to Europe.

If one can steal copper/ bronze from places like cemetaries and scrap it, then the same can be done for coins.

The penny is so irrelevant, the half cent went out in 1857, a half cent had to be worth the equivelant of at least a 2011 dime back then.

My argument is pulling copper cents out of circulation ( that I can sell, legally for 3 cents a coin for melting purposes)....will generate me about $1 per hour.

 

The denomination just goes away, like the half-cent did in 1857. The nickel is still a problem, but time to kill Abe, ....again !

 

everyone is discussing melting. If copper became valuable enough why would they not just get integrated into the junk coin market? Silver coins sell for melt value but I don't think they are actually melted are they? they just trade back and forth like bullion.

 

interesting video I found on another thread.http://abcnews.go.com/Business/laws...usands-dollars/story?id=15076522#.TuJ5OJjEdHi

 

I am not quite sure how it would work. They may not need a new law to lift the ban on melting Cents. It may be something fairly easy to do without a lot of legislation required ?? Something that could be put in with something else perhaps. It's not like it's important in the grand scheme of things. As far as our Congress goes, would they even care one way or the other ?

Just a thought.

 

How would it cost the treasury a fortune?

 

Even if there was a law permitting the melting of the Lincoln, Grade A (unalloyed) Copper would have to sell at $7.82/lb just to break even on Lincoln cents. I don't know why everyone keeps thinking they'll make a killing.

Chris

 

Having just moved my 42-year hoard of Wheat cents rolled by date and mintmark, Canadian cents and an assortment of uncirculated rolls prior to 1983, totaling 60000+ coins, taking on the possibility of gleaning pre-1983 bronze cents from circulation for potential profit of copper value is a bit daunting.

 

http://www.cointalk.com/t98666/ <------- My poll/thread on this topic! :thumb:

 

edited.Copper at junkyards have made it near 3 dollars a pound already.edited

 

got in late

but, I did recently see an article from England where some stole the brass kick plates off of front doors of houses, I guess, just for the CU. But, I can't resist saving most coppers unless they are too dirty, love the red ones.

 

You can sell them right now for a premium on ebay

 

what can I say about that, it was quick, and evidently true

Let's take our coppers to the UK and make some . . . .