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makaveli8x8
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Pennys worth more than 1 cent?
#8697366 - 07/29/08 12:58 PM (15 years, 7 months ago) |
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at what point would a penny become worth more than 1 cent? i mean in terms of copper value, also how much is it currently worth?
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Edited by makaveli8x8 (07/29/08 12:59 PM)
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DieCommie


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Re: Pennys worth more than 1 cent? [Re: makaveli8x8]
#8697622 - 07/29/08 01:55 PM (15 years, 7 months ago) |
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That point has already passed, hence pennies are mostly zinc.
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geokills
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Re: Pennys worth more than 1 cent? [Re: makaveli8x8]
#8698157 - 07/29/08 03:37 PM (15 years, 7 months ago) |
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It is the pre-1982 pennies that you would want for their copper melt value. Of course, the time involved with collecting and sorting those pennies, and then possibly melting them, is probably not worth it. People have also been collecting these for some years now, and so many of these coins may no longer be in circulation anyway (though certainly, there are still many out there, as many billions were made!). If you're into it, you could also look into collecting nickels as well.
Here's some related commentary I picked up through Google from summer 2007 - though to be sure, you don't need to pay inflated prices to get circulated pennies, but you will have to spend time sorting them, and they will indeed be heavy if you want any significant investment:Quote:
There are several problems with buying pennies for their melt value. For starters, if you buy them by the bag, you'll pay dealer prices, which will inflate your buying price and cut your ultimate selling price. A 50-cent roll of 1981 pennies sells for about $1 today, so you'll spend about $3 to get a pound's worth of copper, which basically eliminates most of the margin that's attracting investors to pennies in the first place. And if you're buying uncirculated bags of pennies -- as DiGeorgia and others suggest -- you're paying an additional premium to get a collectible, even though your investment premise is the play on metals. Then there's the problem of storing all of those pennies. A $50 bag of pennies weighs a bit more than 30 pounds. So a $10,000 investment in pennies -- even if it buys just $5,000 worth of coins -- weighs north of 1.5 tons
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pothead_bob
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Re: Pennys worth more than 1 cent? [Re: makaveli8x8]
#8698536 - 07/29/08 05:13 PM (15 years, 7 months ago) |
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I sort thru my pennies... believe it or not, about 25% of pennies out there are pre-82's, so it may pay to hold onto them.
Pre-82's are worth 243.49% their face value and all nickels are worth 105.9% their face value. You don't even have to sort nickels.
Check out www.coinflation.com for more info.
-------------------- No knowledge can be certain, if it is not based upon mathematics or upon some other knowledge which is itself based upon the mathematical sciences. -Leonardo da Vinci (1425-1519) Speak well of your enemies. After all, you made them.
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xFrockx



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Re: Pennys worth more than 1 cent? [Re: pothead_bob]
#8699184 - 07/29/08 07:55 PM (15 years, 7 months ago) |
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Isn't it illegal to destroy money anyway?
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debianlinux
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Re: Pennys worth more than 1 cent? [Re: pothead_bob]
#8699196 - 07/29/08 07:58 PM (15 years, 7 months ago) |
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Get a ryedale machine and go to town. I hear a 55 gallon barrel holds right at 2300 pounds of pennies.
Personally, I just sort and roll change. Have about $60 in pre '82 pennies accumulated so far.
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pothead_bob
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Re: Pennys worth more than 1 cent? [Re: xFrockx]
#8699661 - 07/29/08 09:36 PM (15 years, 7 months ago) |
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Yes, there is currently a ban, but you don't have to destroy them. You could keep them in coin form indefinetly or just wait till the ban is lifted.
I just bought some pre-65 coins for 12x face value because of their silver content, so you don't need to melt them for them to be sold at a higher value.
Quote:
Personally, I just sort and roll change. Have about $60 in pre '82 pennies accumulated so far.
I heard about those Rydale machines, but they're like $600, aren't they?
So far I collected about 10,000 pre-82 pennies or $100. I figure I might as well since they're circulating in such good numbers right now. Maybe someday they'll have a return of investment like the pre-65 coins did.
-------------------- No knowledge can be certain, if it is not based upon mathematics or upon some other knowledge which is itself based upon the mathematical sciences. -Leonardo da Vinci (1425-1519) Speak well of your enemies. After all, you made them.
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debianlinux
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Re: Pennys worth more than 1 cent? [Re: pothead_bob]
#8700972 - 07/30/08 05:23 AM (15 years, 7 months ago) |
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1) I understand the coins can be sold for melt outside the US. Also they can be sold within the US to some refineries when explicity referred to "copper slugs". Kinda like the "water pipe" ideal in head shops. DYODD!
2) Yes, a ryedale is about $600 and the commitment to generating truly large amounts of copper is not trivial. I happen to know the ryedale inventor and several other folks who use the machine and they spend roughly 10-12 hours a week operating the machine and running back and forth to banks. Storage space is a concern. These guys store in 55 gallon containers in outdoor sheds. Personally, i don't have any banks in my area that will take loose coins and rolling the zinc back up is certainly a deal killer as the machines to do that truly are expensive.
3) Hoard nickels as if you would dimes had you traveled back in time to 1964. I predict the material composition of nickels to be downgraded to steel before the end of 2009. Maybe then we can sort them with magnets?
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pothead_bob
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Re: Pennys worth more than 1 cent? [Re: debianlinux]
#8701092 - 07/30/08 07:11 AM (15 years, 7 months ago) |
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I think I read that it's also illegal to take large amounts of coins outside of the US for that very reason, but don't quote me on that.
I have two banks in my area that have coin sorters that don't charge any fees, which are great for getting rid of the loose change. I think the banks would get irritated giving out so many pennies, though. Considering that they have to eat the cost of shipping the coins to their bank. I've asked for boxes of pennies before and some bank branches would question me a lot or flat out refuse. I don't see how I could get my money out of a Ryedale for that reason.
I've heard that a bill is going through Congress to let the mint change the metal composition of coins. They were talking about not only downgrading nickels, but pennies too, since zinc has been going up in value recently and the metal is now 50% of the value of a penny. Imagine that! Actually putting the same amount of value into a coin that it's worth instead of just printing out worthless toilet paper for nothing!
-------------------- No knowledge can be certain, if it is not based upon mathematics or upon some other knowledge which is itself based upon the mathematical sciences. -Leonardo da Vinci (1425-1519) Speak well of your enemies. After all, you made them.
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debianlinux
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Re: Pennys worth more than 1 cent? [Re: pothead_bob]
#8701593 - 07/30/08 10:48 AM (15 years, 7 months ago) |
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There are restrictions on removing largish amounts of coins from the borders. The same applies to cash and precious metals. Take that for what it's worth.
I have gotten boxes of pennies many times with no questions asked. Returning large amounts of pennies can get questions asked. You make sure to keep separate banks for the pickup and the dump.
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pothead_bob
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Re: Pennys worth more than 1 cent? [Re: debianlinux]
#8701610 - 07/30/08 10:56 AM (15 years, 7 months ago) |
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Yes, I figured that you should be dumping at a different branch then where you get new ones. I was talking to a teller when returning coins once, though, and I asked her where the coins go that I was dumping into the sorter. She said that they go back to the Federal Reserve for processing - removing foreign currency and damaged coins from circulation. She might be clueless, but this would mean that my pre-82 depleted coins get removed from my region, wouldn't it?
I've never had questions asked taking pennies back, just getting them. Although, I just dump my coins into a machine, so the tellers don't actually know how many pennies I'm bringing back. Maybe they'd bitch if they knew I brought back 150 rolls of pennies.
-------------------- No knowledge can be certain, if it is not based upon mathematics or upon some other knowledge which is itself based upon the mathematical sciences. -Leonardo da Vinci (1425-1519) Speak well of your enemies. After all, you made them.
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debianlinux
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Re: Pennys worth more than 1 cent? [Re: pothead_bob]
#8701698 - 07/30/08 11:21 AM (15 years, 7 months ago) |
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Gresham's Law of which the Federal REserve is our current instrument.
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MapleLeafs
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Re: Pennys worth more than 1 cent? [Re: debianlinux]
#8725505 - 08/04/08 05:10 PM (15 years, 6 months ago) |
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so your saying that these ryedale machines can sort the coins by the year on them?
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MapleLeafs
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Re: Pennys worth more than 1 cent? [Re: MapleLeafs]
#8725518 - 08/04/08 05:13 PM (15 years, 6 months ago) |
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holy shit it does. is it worth it to buy one?
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pothead_bob
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Re: Pennys worth more than 1 cent? [Re: MapleLeafs]
#8725663 - 08/04/08 05:47 PM (15 years, 6 months ago) |
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How many pennies you plan on sorting? It will take quite a few to recoop the losses of buying the machine.
Considering that you typically pull between 600 and 700 pennies a box, and that you make 1.5 cents on each penny, you'll make between $9 and $10.50 per box. I think the machine's like $600, so figure on doing about 60 boxes to get over the capital investment.
-------------------- No knowledge can be certain, if it is not based upon mathematics or upon some other knowledge which is itself based upon the mathematical sciences. -Leonardo da Vinci (1425-1519) Speak well of your enemies. After all, you made them.
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Beanz



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Re: Pennys worth more than 1 cent? [Re: pothead_bob]
#8744678 - 08/08/08 03:01 PM (15 years, 6 months ago) |
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if your trying to scrap pennies there worth less than 1 cent cuz its classified as dirty copper
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Prisoner#1
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Re: Pennys worth more than 1 cent? [Re: Beanz]
#8759862 - 08/11/08 08:04 PM (15 years, 6 months ago) |
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pre-82 pennies have a 95% copper content, it qualifies as #2 copper, dirty copper would contain tin or lead greater than 6% of the alloy
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Prisoner#1
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Re: Pennys worth more than 1 cent? [Re: Prisoner#1]
#8759887 - 08/11/08 08:15 PM (15 years, 6 months ago) |
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copper
#1 = 2.85lb #2 = 2.64lb sheet 2.54lb motor windings .22lb
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