Should we be jumping on the penny hoarding bandwagon??

Yes. I wish I was around in 65 to swoop up all that silver.

 

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I had my first job in 1969. My hourly wage was 90 cents an hour. Couldn't swoop up much silver with that income.

 

at todays spot .90 face is worth 20.98, 23 times it's origional value. Is that a good return on investment for 42 years?

Someone get out their crystal ball. What will copper spot be in 40 years?
Will pennies have been discontinued by then?
Will we be able to melt pennies?
Will pennies be worth enough to trade like Junk silver is today and therefor not need to be melted?

Very interesting thread. Short term I don't think it would be worth it for me to collect copper pennies. But for my two year old daughter? A closet full of pennies could come in very handy if they end up being worth a dollar or two each as she enters middle age, or retirement!!

I just tried to picture my little girl as a old lady. So weird to think that is going to happen!

 

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I was willing to let the one post slide, shoulda known better as one begets another.

Political comments are not permitted.

 

Even if they lifted the melt ban on copper cents, I believe a person would actually lose money by taking them to a refiner. Cents are not pure copper. They are alloyed with tin and zinc. That means there are additional steps required to refine the metal. That means it costs the refiner more to obtain pure copper from your cents you just dropped off. So, in order for the refiner to make a profit he's buying well below spot so he can sell close to spot, which probably means you aren't even getting a cent for each cent. In the long run, it's far cheaper to process and refine raw copper from ore than it is to process copper from cents. Hoarding in the hopes of turning a profit is a waste of time, in my opinion.
Guy

 

Let's say that there are 50 billion (50,000,000,000) copper pennies in circulation. How will every penny be removed from circulation in only one year? Two years? Five years? Ten years? Even with only a quarter of that amount remaining, you still can hoard thousands of coins per hoarder

Hoarding pennies will have to wait for me

 

Ut O. Time to play my Newbie Card! :binky: :whistle:

 

per coinflation the melt value of one penny is 0.02. that is a hundred percent return. you currently can not melt and there are not many stacking copper so it is hard to see that return. copper WILL go up though. With time, everything goes up. cheeseburgers use to be a nickel so I'm told. As the price of copper goes up people will start hoarding junk copper like they do junk silver. When i told my mom I was roll searching for junk silver, her response was, "man I wish I would have thought of that back in the "60's I could have made a killing." I wonder if this same debate was happening back then but on silver instead of copper?

I think:
the penny will be discontinued in the next several years, at which point there would be no reason to keep the melt ban.
If the value of copper goes up Pennies could be traded as bullion just like junk dimes and other coins.

If you are 70 there is no investment potential here, but couldn't this be a wise choice for a high school kid, or someone setting aside for their kids?

The more I read this thread and think about it, the more wise the idea seems to me, in moderation. I don't think I would fill the shed with pennies! I look forward to hearing the many flaws in my thinking! :smile