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Future Value of Copper Pennies if they are melted?

Hello. I was wondering the future value of pennies 1864 to mid 1982 that contain 95% copper. Congress currently has a ban on Scrap Dealers melting pennies and nickels. My question is if they lift the ban on melting 95% copper pennies. What would the impact be from a numismatic prospective? Of course most pennies that would be melted would be from 1960 to 1982 but could the outcome of millions being melted affect value to collectors?
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Comments

  • ambro51ambro51 Posts: 13,941 ✭✭✭✭✭
    IF that would happen big business such as Brinks or even the Federal Reserve would take care of 95% of the depletion, with 5% from the citizens.
  • cladkingcladking Posts: 28,720 ✭✭✭✭✭
    They will be melted eventually.

    At a few cents each it's not worth the effort to most people to gather
    them up and turn them in so many will survive. Of course as they turn
    up for the next couple decades people will simply dispose of many of them
    so the attrition will remain very high even after most of the melting is done.

    The most easily obtained are often among the first to go and ironically this
    means BU rolls from the late-'70's and early-'60's. It also means lots of the
    old wheat cents in low grade.

    Melting can turn common coins into scarce coins but this won't happen with
    extremely low denominations like the penny. It's just not worth the effort.
    But when these start going people will pay more attention to the coin as a
    collectible and will discover for the first time how tough many of these are
    in nice condition. This will apply to the zincs as well.

    The cents will probably be melted without being separated to save costs.
    It's easy enough to just skim the zinc off the copper and this is a safe means
    to dispose of all that toxic metal. The zinc pennies are worth nearly a cent
    anyway.
    tempus fugit extra philosophiam.
  • keyman64keyman64 Posts: 15,527 ✭✭✭✭✭
    Coinflation.com Over a long period of time, some issues may become harder to find in lower grades but that would take place over a LOOOONG period of time since so many were minted. I don't think something would become rare all of a sudden. In order for this to happen, copper prices would have to stay high enough for it to be worth it.
    "If it's not fun, it's not worth it." - KeyMan64
    Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners. :smile:
  • Not being able to melt them does not mean you can not trade them.
    I have seen rolls at shows for sale at spot for that reason.
    The government keeps record of coinage they destroy so there is probably some pretty solid numbers out there.
    Give the laziest man the toughest job and he will find the easiest way to get it done.
  • claychaserclaychaser Posts: 4,406 ✭✭✭✭


    << <i>There is 32.5 pounds of pure copper per $50 bag of pre-1982 cents. The current spot price for copper is $3.52, making the melt value $114.40 per bag, or 2.3 cents per coin. Has anybody located a coin or metals dealer that buys them?image >>



    ==Looking for pre WW2 Commems in PCGS Rattler holders, 1851-O Three Cent Silvers in all grades



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  • droopyddroopyd Posts: 5,381 ✭✭✭
    Small scale hobbyist sculptors who work in bronze are already doing this. Shhhh.....
    Me at the Springfield coin show:
    image
    60 years into this hobby and I'm still working on my Lincoln set!
  • CoinCrazyPACoinCrazyPA Posts: 2,899 ✭✭✭✭
    What about the nickel? I know some of the older Canadian nickels have a higher nickel percentage then ours. Is it legal to melt the Canadian Nickels, being they are foreign?
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  • OverdateOverdate Posts: 7,155 ✭✭✭✭✭
    << My question is if they lift the ban on melting 95% copper pennies. What would the impact be from a numismatic prospective? >>

    Not much impact, if past experience is any guide. In the late 1960's there was a temporary melt ban on U.S. silver coins. When it was lifted lots of melting went on, and even more during the 1979-80 price spike. There has also been periodic melting since then, but there are still millions of silver coins available, and most don't carry a premium.

    My Adolph A. Weinman signature :)

  • Current Melt Values

    Using the latest metal prices and the specifications above, these are the numbers required to calculate melt value:

    $3.4973 = copper price / pound on Sep 17, 2010.
    .95 = copper %
    $0.9670 = zinc price / pound on Sep 17, 2010.
    .05 = zinc %
    3.11 = total weight in grams
    .00220462262 = pound/gram conversion factor (see note directly below)

    The NYMEX uses pounds to price these metals, that means we need to multiply the metal price by .00220462262 to make the conversion to grams.

    1. Calculate 95% copper value :

    (3.4973 × .00220462262 × 3.11 × .95) = $0.0227794

    2. Calculate 5% zinc value :

    (0.9670 × .00220462262 × 3.11 × .05) = $0.0003313

    3. Add the two together :

    $0.0227794 + $0.0003313 = $0.0231107


    Thus, $0.0231107 is the melt value for the 1909-1982 copper cent on September 17, 2010.


    "...Congress currently has a ban on Scrap Dealers melting pennies and nickels...

    No wonder. The melt of each is over face. I say SCREW THEM! Why shouldn't the common man be able to make a buck this way? image
  • Half their weight in gold.
  • johnny9434johnny9434 Posts: 29,160 ✭✭✭✭✭
    i understand that there is 147 pennies ( cents if your prefer ) to a pound of copper. do the math on a roll of copper cents image
  • LindeDadLindeDad Posts: 18,766 ✭✭✭✭✭
    I find it hard to tell what went in the pot when looking at a poured ingot.image

    Guess I better add that all I have ever done is look at some ingots. I do not have a smelter.
  • cladkingcladking Posts: 28,720 ✭✭✭✭✭


    << <i>I find it hard to tell what went in the pot when looking at a poured ingot.image >>



    It can be analyzed.

    If you're making a really big ingot you'd best toss in something to throw it off. image
    tempus fugit extra philosophiam.
  • Is anyone buying wheat backs these days by the pound?
  • mrdqmrdq Posts: 1,186 ✭✭✭
    The guy I sold my silver to is buying wheat cents at 3 cents each, all you can carry in.

    --------T O M---------

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