Copper value rising. Will USA ever reverse boycott on melting pennies?

[ChuckyTheGoat]

Copper price rising.

Melt value of a penny is now 3.1 cents:

https://www.coinflation.com/coins/1909-1982-Lincoln-Cent-Penny-Value.html

If copper goes up another 60%, the penny would be worth 5-cents.

Any point in the future that USA would feel compelled to remove the ban on melting pennies?

[MinnesotaFats]

I think the penny only is 2.5% copper (the coating)

The nickle is actually a solid 75/25 copper alloy mix, thus melting nickles might actually be worth it

[ChuckyTheGoat]

I should have specified:

1909 - 1982 Copper Lincoln Cent Value


Metal Composition:95% copper, 5% zinc

[ChuckyTheGoat]

But your point is valid:

1982 penny vs penny (1983-2004)

Another example of USA reaming!

https://www.coinflation.com/coins/1982-2007-Lincoln-Cent-Penny-Value.html

They ripped out 75% of the metal melt value!

[mjsuax13]

Anything to get money for the next bet.

-Morino

[Sanity Check]

Touching & handling copper has significant health benefits.





Copper Destroys Viruses and Bacteria. Why Isn’t It Everywhere?

It could destroy norovirus, MRSA, virulent strains of E. coli, and coronaviruses—including the novel strain currently causing the COVID-19 pandemic.

https://www.vice.com/en/article/xgqkyw/copper-destroys-viruses-and-bacteria-why-isnt-it-everywhere

[CWD]

2011

https://abcnews.go.com/Business/laws-change-penny-hoarders-cash-thousands-dollars/story?id=15076522

[Foxx]

Touching & handling copper has significant health benefits.
Copper Destroys Viruses and Bacteria. Why Isn’t It Everywhere?
It could destroy norovirus, MRSA, virulent strains of E. coli, and coronaviruses—including the novel strain currently causing the COVID-19 pandemic.
https://www.vice.com/en/article/xgqk...-it-everywhere

Maybe we can inject people with copper right after shoving a uv light up their ass. Pandemic would be over in no time.

[thomorino]

Anything to get money for the next bet.

-Morino

You are a dumb shit.

[JIBBBY]

The old copper pennies are long gone and out of circulation.

[DiggityDaggityDo]

Jibby, how many of those pennies you got saved up?

Are we rich???

[JIBBBY]

Jibby, how many of those pennies you got saved up?

Are we rich???

Many Digs.. Copper wiring big in electronic and in China.. Been saving them up since the crib!! Ready to cash in any day now..

[DiggityDaggityDo]

Wow

Jibby is about to cash out and leave us behind!!!

[pablo222]

Peter Schiff was right all along.
I should have been stock piling pennies and not buying crypto.

[JIBBBY]

Wow

Jibby is about to cash out and leave us behind!!!

I got a side stash of copper head pennies put away just for you Digs.. Call me buddy. We get rich together!! ..

[BrickJames]

If the price keeps going up they'll be worth more as pennies anyways, what you do is sell them in $100 face value bags, for 300.

So you take a bag of 10,000 pennies and sell it for 300 bucks, obviously pre-1983 pennies.

They're already minted there's no point in melting them, people know what they're buying

[ChuckyTheGoat]

If the price keeps going up they'll be worth more as pennies anyways, what you do is sell them in $100 face value bags, for 300.

So you take a bag of 10,000 pennies and sell it for 300 bucks, obviously pre-1983 pennies.

They're already minted there's no point in melting them, people know what they're buying

That's cool, Brick. Re-sale market would be great. As long as they're convertible to their metal value.

I went thru a few penny rolls. At least 8% pre-1983. So, a 50-cent roll has to have value approaching 60-cents. That's +120% of par. And will keep rising w/ price of Copper.

[thomorino]

The cost of melting down a penny and selling the copper isn’t zero, there is a transaction cost and it’s more than the money you would get for the copper.

[BrickJames]

The cost of melting down a penny and selling the copper isn’t zero, there is a transaction cost and it’s more than the money you would get for the copper.

That's why you sell the pennies as they are in bags of 10,000

[ChuckyTheGoat]

Brick, thanks for your post!

I already see Ebay lots where guys are selling pre-1982 penny lots at 3x face.

[BrickJames]

Brick, thanks for your post!

I already see Ebay lots where guys are selling pre-1982 penny lots at 3x face.

Yes, that's how all American coinage with precious metals in them are sold since it's illegal to melt them.

*pre 1983, anything older than 1983

[ChuckyTheGoat]

Brick, thanks for your notes on this. I like it.

My research shows that about 10% of circulating pennies are the 95% Copper variety. So, in an average roll:

5: Current melt value > 3-cents
45: Trade at standard 1-cent

Will that melt rule ever reverse? Some talk of just eliminating the penny. That would do the trick.

[Roger T. Bannon]

When the penny becomes worth more than the dollar it is sure going to be confusing.

[b1slickguy]

The fact that it costs 2¢ to make a penny and 7¢ to make a nickel should give everyone valuable insight to how our monetary system works.

[ChuckyTheGoat]

The fact that it costs 2¢ to make a penny and 7¢ to make a nickel should give everyone valuable insight to how our monetary system works.

If inflation blows any higher, I really think the penny will be eliminated.

[BrickJames]

Brick, thanks for your notes on this. I like it.

My research shows that about 10% of circulating pennies are the 95% Copper variety. So, in an average roll:

5: Current melt value > 3-cents
45: Trade at standard 1-cent

Will that melt rule ever reverse? Some talk of just eliminating the penny. That would do the trick.

There's no point in melting them because they're already minted by a trusted mint, the US government.

You just sell them as pennies and let the end guy worry about breaking a law melting them.

The challenging part is finding an efficient way to sort the pre 1983 Pennies from all the crap

[ChuckyTheGoat]

There's no point in melting them because they're already minted by a trusted mint, the US government.

You just sell them as pennies and let the end guy worry about breaking a law melting them.

The challenging part is finding an efficient way to sort the pre 1983 Pennies from all the crap

Yeah, I noticed. It does take some time. Main trick that I found:

1) The bright ones are invariably newer coins. Put them in the new pile.
2) Copper coins have a distinct look. If darker, check the date.
3) 1982 dates are some 95% Cu, but not all. I have a scale coming to weigh them.

It's some effort for a small gain. Theory is that it may be worth it when Cu price goes up 2x or more.

[BrickJames]

Yeah, I noticed. It does take some time. Main trick that I found:

1) The bright ones are invariably newer coins. Put them in the new pile.
2) Copper coins have a distinct look. If darker, check the date.
3) 1982 dates are some 95% Cu, but not all. I have a scale coming to weigh them.

It's some effort for a small gain. Theory is that it may be worth it when Cu price goes up 2x or more.

Since the copper pennies weigh more than the zinc pennies there has to be some simple way sort them in bulk.

[mr. leisure]

Copper Penny Sorter: Ryedale Coin



Copper hoarders have been using these for years .

[BrickJames]

Copper Penny Sorter: Ryedale Coin



Copper hoarders have been using these for years .

There ya go, $500 investment and you're in business.

[BrickJames]

I would bet that some MacGyver type copper guy knows how to do it for next to nothing.

[ChuckyTheGoat]

Copper Penny Sorter: Ryedale Coin



Copper hoarders have been using these for years .

Good one, mr leisure.

Yeah, Brick. Can use a gram-scale to weigh 100 coins. Do the math, and you'll know how many coins to pull out.

[ChuckyTheGoat]

SBR should give away one of these at the next bash:

[ChuckyTheGoat]

Do you think the penny will be eliminated?

Costs too much to produce. Given inflation over the L90 years, I can't think of any commerce that needs to be transacted in pennies.

[mcaulay777]

With all the copper talk could lumber be the next copper and see people stealing lumber or is not worth anything I guess the only people to steal lumber would be other construction companies maybe i answered my own question.