I know this has been discussed a lot, judging from what I've seen on the internet, but NOW that the "Coin Modernization Act" passed in to law (I think) should we be hoarding nickels, and both, copper cents and even zinc cents? I once heard of a guy putting away a brick of nickels every pay check, and I think I want to start doing the same, because, if the government goes to a cheaper metal composition for the nickel and cent, I want to make off like a bandit.
Is Hoarding Pre-1982 Copper Cents Pointless! Here is a link to my running poll and argument... I do not go to any extra lengths to get my hands on copper cents, but I do separate them out when I receive them in change and drop them into a roll at home...
I've got thirty pounds of 95% copper pennies, the only nickels I've been hoarding are the 38'-59' jeffersons. Im going to the bank Friday morning to get two boxes of pennies and two boxes of nickels(looking for wartime) , and of course any silver I spot in the coin tray.
Only a box would not be cost effective. Perhaps an armored car full of them would show a profit. Nickel melts at over 2600 degrees F and copper melts at 1981 F. For the pennies, Brass is as high as 1725 F, Bronze is as high as 1832 F , and zinc is only 786 F. Therefore the 82 and later cents would be the easiest to smelt.
I would be willing to bet if they dropped copper and nickel from coins the spot for both would plummet.
Hoard away I am hoarding copper pennies.I checked a web site and my $9.13 cents has a melt down value of 24.97 cents.
Solution? Don't melt 'em down! They're a perfectly good store of value as is... and at guaranteed 95% copper, they don't have to be assayed by a scrapper once the melt law is challenged and/or removed... They'll essentially be a nice commodity.
The copper pennies seem to be going for more money at local auctions in my area. I saw rolls going for 5 to 6 times face for wheat rolls in the 50's. The rolls from the 10's and 20's are bringing even higher premium. It will be interesting to see the prices for the copper memorials over the next couple of years. I save all my change and separate the copper cents from the zinc pennies. I'm thinking that it will make more of a difference some day soon.
Why? The amount for copper and nickel consumed in the US Coins is a minuscule amount compared to the countries annual consumption of those two metals.
One Week till Xmas Do u look at your pennies. if its pre 1982 put in a seperate pile. In 2040 the $3.00 in copper pennies will most likely buy a six pack of Beer, or pay $60.00 in paper, Now go back 30 years would you save silver coins? A Quarter bought a beer and today that Quarter would still buy a beer. Now replace the word beer with almost any item still made in europe, canada or the usa. and formula still works. The Asia products will have same inflation rates going forward.
