Should I start hoarding pre-82 cents?
OffMetal
Posts: 1,684 ✭
Since copper is about worth about 1.4x face, do you think it might be a good idea to hoard pre-82 cents?
-Ben T. * Collector of Errors! * Proud member of the CUFYNA
0
Comments
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
...good idea, bad idea?
I think that a machine could be invented to seperate the coins based on the weight
Liberty: Parent of Science & Industry
before you start or you may be in for a nasty surprise. Some of the scrap dealers have huge spreads
and some won't even accept coin.
then why not? done in bulk it could really add up.
Semper ubi sub ubi
<< <i>These coins will disappear much more slowly than the silver did. It just ain't worth it for 0.4c per coin. Maybe at 2c or 3c a coin the general public would start getting more excited about it. I agree you see them less than you used to - but on the other hand, they ARE 25 years old. >>
You're right that they'll be slower than the silver but there has already been an
unconfirmed report that Coinstar is pulling them. The counting houses can pull
out large percentages pretty quickly but none around here have started yet.
Cents have a very low velocity and it takes many years just to turn over 90% of
them. You'll still see these in circulation as long as the penny remains.
Watch production numbers to get a feel for how many are being removed since
every cent removed will result in a new one being produced. Ironically the new
one will probably cost more to produce then the profit on the cent melted. The
mint will start pulling their hair out and may seek legislation to protect the coppers.
Many will disappear overnight when the legislation is proposed.
mission furniture [ baseball cards] is the prime example your read the books over the years people
hate it no one want it's 30's a decade later none around 40's so so on and so on
in the 70 or 80's highest selling 450000.00 furniture a couch
so say what you want depends on supply and demand some day they'll be one depends on if your willing to wait
I'm not surprised to hear that the same situation finally applies to copper Memorial cents made 47 to 24 years ago. Will I hoard them? Not if it takes my time away from finding more interesting and scarcer coins.
<< <i>When I started collecting coins as a kid in the early '70s I read an article predicting that in 5 years wheat cents (some of which were less than 15 years old) would be as tough to find in change as Buffalo Nickels were a year or two earlier. Of course I started hoarding wheat cents even though they sold for 40% over face and could be had for face value + patience. 30+ years later, they sell for more, but haven't kept pace with inflation.
I'm not surprised to hear that the same situation finally applies to copper Memorial cents made 47 to 24 years ago. Will I hoard them? Not if it takes my time away from finding more interesting and scarcer coins. >>
I strongly agree it's a waste of time but there are opportunities here. Many of the varieties
are scarce except in circulation. If these coins are to be destroyed then these coins will for-
ever be scarce. Something many people don't realize is that when silver was melted there
was a higher probability of a BU roll being destroyed than a circulated coin because these
coins were more accessable and their owner more likely to have the means and opportunity
to sell them. The same will apply to the BU rolls of Lincolns. Many of these have too low a
premium to ship but are easily gathered up and hauled off for scrap. Some of the post '64
issues are less common than percieved. In the case of cents they are all common but the gems
and other special coins will be destroyed at the same time.
If it's not worth picking up a cent than how can it possibly pay to separate one out for .4c?
But, this will mean a real sea change in the long term and there will be opportunities.
Your on Spring break and your contemplating using that time to sort through pennies? Man, get a swimsuit on and head to the pool/beach or wherever there is water, oogle the females and drink a lot of beer.
So if the mint stops making sense, how many workers will be laid off...... which also means how many dollars will be saved?
<< <i>I'll say this the less people think their worth the more their worth in the long run
mission furniture [ baseball cards] is the prime example your read the books over the years people
hate it no one want it's 30's a decade later none around 40's so so on and so on
in the 70 or 80's highest selling 450000.00 furniture a couch
so say what you want depends on supply and demand some day they'll be one depends on if your willing to wait >>
Michael????
<< <i>I doubt they are disappearing from circulation due to the copper content.... more due to the time. These are now 24 years old. I think the ration would be little changed today from 5 years ago of how many cents in circulation are that old. >>
There may not be a big change from five years ago but there certainly is from ten
or fifteen years ago. Before Coinstar was so large most of the cents around here
were less than five years old. The pennies simply tended to go straight into peoples'
homes and never reappear.
Copper was up $200 per metric tonne today in the largest one day advance ever, and to a new record high.
I have to admit I save all copper pennies.......Why? Not really sure, but it only costs me a penny and I like to search for them. Most other
collectors aren't taking an interest in saving them so this alone interests me to save them. Also, saving copper pennies doesn't limit my spending on coins or paper money so it's not a big deal.
I've been hoarding for about 5 years and they are getting harder to find in quantity.
So..........Will they be worth anything? Probably not, but one never knows! Years from now they could have a premium as copper continues
to rise due to world demand.
<< <i>Text >>
Something many people don't realize is that when silver was melted there
was a higher probability of a BU roll being destroyed than a circulated coin because these
coins were more accessable and their owner more likely to have the means and opportunity
to sell them.
This statement is not correct. There were many many more circulated coins going into the melting pots than BU coins. I went to coin shops every day during the silver rush of 1980 and saw firsthand-But i did see some BU rolls of Mercury dimes and Walking liberty halves go through the counters and sent off to be melted..i wanted to buy them, but at 52 times face i could not afford it and the dealers were making so much money at that time they didnt care. True some BU coins went but most were circlulated coins over 90%. Bob
What I was trying to say is that a larger percentage of the unc coins available were
destroyed than the percentage of circ coins. This wouldn't have been true for rare
dates but would apply to many of the rolls which had sold for less than the new sil-
ver price.
The program will italicize something if you click on "quote" rather than "reply".