Hoarding copper pennies?

Bender

Does anybody know if the copper in pennies before 1982 has
raised the worth of the penny beyond its face value?
How much is the copper worth in those pennies as of now?

If not anybody want to guess when a penny will be worth
more than one cent? and when they will be taken out
of circulation?

I want to make a prediction of when this might happen.
Anyone's input will be appreciated.

CoinOnTheCob

Actually, an interesting thing did occur. Copper, for a very short time, went to $1.51 per pound. There are 150 pennies in a pound. Interesting.

To answer you question, I do hoard pennies made in 1981 and prior. Also, I love wheaties and have over 10,000 of them, although, copper would probably have to reach $15.00 to $20.00 per pound for me to make back what I have in those.

I also think that it is pennies that keeps the price of copper in check.
COTC

cladking

The copper in the pre-'82 small cents is worth about 1.05c now. The zinc cent
that has to be made to replace everyone that's hoarded or melted probably costs
about 1.5c though the mint says that when zinc was about .15c per coin lower
that they cost only about 1c to produce.

I doubt they survive being made for circulation more than another 18 months un-
less zinc drops or demand for coins plummets.

ddink

<< <i>I doubt they survive being made for circulation more than another 18 months un- >>



Dropping a coin is a political decision. As such, don't count on anything happening that quickly.

lordmarcovan

What then? Aluminum cents, finally? That would be kinda neat. I would like aluminum cents more than the Zincolns we have now.

DominusDeus

Isn't aluminim more expensive than zinc? The only metal I can think of that's cheapter than zinc is lead... Don't think we'll have lead coinage circulating any time soon...

lordmarcovan

Plastic is next, then, I guess.

CoinOnTheCob

<< <i>What then? Aluminum cents, finally? That would be kinda neat. I would like aluminum cents more than the Zincolns we have now. >>



Me too. Although, aluminum doesn’t do well in the ground either.

Edited to add: My metal detector doesn't detect plastic.

ddink

IIRC the reason the 1974 aluminum cents were nixed was because the vending machine industry raised all kinds of heck about light coins jamming their machines. Since no vending machines take pennies anymore, I suppose nothing would stand in the way of plastic coins--besides the "weird" factor!

SFDukie

<< <i>Isn't aluminim more expensive than zinc? The only metal I can think of that's cheapter than zinc is lead... Don't think we'll have lead coinage circulating any time soon... >>



I believe that copper is about 1.50 a pound, Al 85c/lb, Zn 60c/lb. I think the cost of CU would have to increase quite a bit to make it worthwhile to remove them from circulation, but Canada is withdrawing their nickel containing coins and selling them as scrap metal
Canada
Don

MrSpud

Canada is going to melt down their Nickel containing coins? Interesting. Wonder what that will mean for the value of the surviving ones a few years down the road. I wonder if the dark siders know about this yet... I am going to go over there and ask them...

cladking

The real problem is that the cost of making anything is over 1c. Even if the metal
were free the cost would be prohibitive.

thebeav

Bender,
The cent issue aside....Did anyone ever tell you that you have a remarkable resemblence to George W.?

Paul