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.Originally Posted by 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
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.
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 10,000The 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.
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.Brick, thanks for your post!
I already see Ebay lots where guys are selling pre-1982 penny lots at 3x face.
*pre 1983, anything older than 1983
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.
When the penny becomes worth more than the dollar it is sure going to be confusing.
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.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.
There's no point in melting them because they're already minted by a trusted mint, the US government.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.
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: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
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.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.
Copper Penny Sorter: Ryedale Coin
Copper hoarders have been using these for years .
There ya go, $500 investment and you're in business.
