Time to Save Copper Cents

itsnotjustme · December 31, 2010 10:34AM

With copper at all time highs, a copper cent is worth 2.91 cents. I think this warrents space for a penny jar somewhere.

Calculator

TexasNationals · December 31, 2010 10:50AM

I have probally 50k or so pre-82 cents, they started in a 5 gallon bucket in the corner, now thye are in bags, I bought bags and bags of 1980 and 1982 copper cents (original sealed mint bags) with the intentions of searcing them for DDO's and DDR's for $65 last year and still haven't even opened them, so now I have crap loads of copper I can't melt that just sit in a closet! I will cut you a deal, being new years and all, I will sell you all of mine for 2 cents each and you pay flat rate shipping! Deal??

itsnotjustme · December 31, 2010 10:54AM

Negative. Why pay double face plus shipping when I can get rolls and rolls, open them, sort them, re-roll the zincs, etc??

TexasNationals · December 31, 2010 10:59AM

Open some rolls and you will see, maybe 1%-2% of coins are copper

itsnotjustme · December 31, 2010 11:15AM

Is it that low already? I think 1-2% of dime were still silver in 1974. I guess that is only 10 years after the change... we are now approaching 30 years of Zinc.

BigE · December 31, 2010 11:19AM

<< I have probally 50k or so pre-82 cents, they started in a 5 gallon bucket in the corner, now thye are in bags, I bought bags and bags of 1980 and 1982 copper cents (original sealed mint bags) with the intentions of searcing them for DDO's and DDR's for $65 last year and still haven't even opened them, so now I have crap loads of copper I can't melt that just sit in a closet! I will cut you a deal, being new years and all, I will sell you all of mine for 2 cents each and you pay flat rate shipping! Deal?? >>

No, I wouldnt want you to get hurt. If you walk back there your floor might cave in

-----------BigE

Weiss · December 31, 2010 11:24AM

I'm estimating it's about 20% copper here now. I don't think that shows a huge rush to melt given 1982 was, gulp, officially 29 years ago.

aj2525r · December 31, 2010 11:42AM

Hello,

I've been getting $5 in cents every so often and sorting out the pre-1982 copper ones. I'm averaging about 20% as pre 1982.

I'm not sure how many I have, I'm filling up an ammo can with them. I'd guess I have around $40 face value.

I keep wondering if the Federal Government is accepting bids for an industrial sorter to go through the cents and pull the copper ones out.

When Europe converted to the Euro, the old coinage was bought by China and used to make certain types of steel.

I wonder what will happen to the nickel as well. It's 75% copper and 25% nickel and the metal value is about face value.

I still think one BIG copper mine where the miners go on strike will bump copper to the front page.

tahoe98 · January 1, 2011 3:34AM

<< With copper at all time highs, a copper cent is worth 2.91 cents. I think this warrents space for a penny jar somewhere.

Calculator >>

...good point. but we'll have to wait for legislation making it OK to sell for melt. also, why not start saving

all the prez bucks and sacs and NA coins too!? they contain a bunch of copper also!! oh, wait, there's NONE in

circulation!!

InternetJunky · January 1, 2011 6:11AM

<< 

<< With copper at all time highs, a copper cent is worth 2.91 cents. I think this warrents space for a penny jar somewhere.

Calculator >>

...good point. but we'll have to wait for legislation making it OK to sell for melt. also, why not start saving

all the prez bucks and sacs and NA coins too!? they contain a bunch of copper also!! oh, wait, there's NONE in

circulation!!

>>

I'd feel sorry for the poor soul who was melting those dollar coins for 7.59% melt value

JamesMurray · January 1, 2011 6:29AM

<< Open some rolls and you will see, maybe 1%-2% of coins are copper

>>

Agreed , i think for a lot of people this boat sailed long ago.There were some of us who have been saying save copper cents for years now and of course were mocked and told what a waste of time it is.

ricko · January 1, 2011 6:50AM

I have beaucoup copper cents.... will go through them someday. Cheers, RickO

PreTurb · January 1, 2011 7:42AM

2nd Weiss, I still see about 20% in common change. A very small % of the public has any knowledge of coinage metal composition.

TexasNationals · January 1, 2011 7:46AM

Wow it is no where near 20% here, I went to the bank today and bought 20 rolls. Out of 1000 cents I pulled 33 copper's out, including one wheat cents, a lone 58-D. So 3.3%, which is higher than usual, I think the change jars are bing spent.

roadrunner · January 1, 2011 7:46AM

I still think one BIG copper mine where the miners go on strike will bump copper to the front page.

Chile is the world's largest copper mining nation producing about 35-40% of world supply. Imagine if Chile went into lock down for some reason or couldn't get their ore loaded into ships?

roadrunner

JamesMurray · January 1, 2011 7:53AM

An interesting snippet

Copper on the rise

CaptHenway · January 1, 2011 7:55AM

I don't know anybody on our dealer-to-dealer network paying any premium for 1959-1981 cents.
TD

adamlaneus · January 1, 2011 8:03AM

Cents are not really worth this, as it's illegal to melt them. The metal Zinc is under similar pressure that Copper is.

If the legislators were to make it legal to melt copper cents, then they would probably find themselves behind the eight-ball with respect to Zinc prices. So, there isn't really a reason to hoard them. Yet, folks that hoard cents aren't really thinking along these lines; so they get hoarded just the same.

I've got a basket of copper cents i've separated out from the zinc ones. I don't know why a slightly heavier box of coins makes me happy. It's not rational.

mingot · January 1, 2011 8:15AM

disregarding the legalities --

assuming that you can get an unlimited number of cents and that 5% of them will be copper, you would need to process 15,708,333 pennies to make the equivalent of one years pay for a full time, minimum wage, 5 days a week, no vacation job.

That's 15 million pennies.

I'm going to pass on hoarding copper pennies.

JamesMurray · January 1, 2011 8:21AM

Its illegal to do a lot of things that pass for the norm , doesnt mean i advocate law breaking but whats law today often isnt tomorrow.The main point that the naysayers seem to miss or avoid perhaps is that it's free , something for nothing.

TexasNationals · January 1, 2011 8:29AM

15,708,333

Isn't that 15 Million, not billion and only $150,000 worth on cents, doesn't sound to far off?

Vetter · January 1, 2011 8:34AM

Just to heavey for me to save.

mingot · January 1, 2011 8:38AM

<< 15,708,333

Isn't that 15 Million, not billion and only $150,000 worth on cents, doesn't sound to far off? >>

typo'd there, thanks.

and yeah, $150,000 worth of cents.

ambro51 · January 1, 2011 9:07AM

too much work.

tahoe98 · January 1, 2011 9:20AM

...i still say you're further ahead with the small bucks as far as copper hoarding.

itsnotjustme · January 1, 2011 9:28AM

It does not take legislation for melting to be legal. These restirctions were put in place by the US Mint (backed by legislation that allowed them to do it). The mint could lift the restriction. Lifting it on copper cents should go nice with the announcement that they will only be produced in a bullion version, limited to 33,000 per year, and distributed through APs.

TexasNationals · January 1, 2011 9:51AM

So, if you have $150,000 to buy cents and 5% holds true, then on your spare time or using a homemade seperating machine, you could make 15k extra a year if they were legal to melt.

Well if they make them legal to melt and I could find $150k worth of cents, I would dump them into the home made seperating machine (not hard to build and cheap to operate), put them into 55 gallon drums, load them into my heavy duty truck and dump them at the refiner for 15k in cash, heck yeah! Someone could easily and cheaply set up shop and make a ton of cash doing this, the only challenge would be staying into fresh cents!

mingot · January 1, 2011 10:14AM

<< So, if you have $150,000 to buy cents and 5% holds true, then on your spare time or using a homemade seperating machine, you could make 15k extra a year if they were legal to melt.

Well if they make them legal to melt and I could find $150k worth of cents, I would dump them into the home made seperating machine (not hard to build and cheap to operate), put them into 55 gallon drums, load them into my heavy duty truck and dump them at the refiner for 15k in cash, heck yeah! Someone could easily and cheaply set up shop and make a ton of cash doing this, the only challenge would be staying into fresh cents! >>

Assuming your homemade rig can sort at 500 coins per minute it will take you 500 hours to go through them all. And you will have to babysit for jams, reloading, and taking away the 40 tons of zinc pennies ... I'm still not feeling it. I will say that if I was retired (just had more free time) it would probably be super fun to build the sorter(s) and automate something this.

SaorAlba · January 1, 2011 10:28AM

Not sure where you guys are that you are averaging only 1-5% coppers, but where I live I average 20-25% coppers, and have had one bag from a bank that was nearly 75% copper. Along the way I have found cents dating back to 1901, several 1909s, 1910s and other teens. Also even found 8 steel cents in the last year. I guess I have about 800lbs of cents that I have been saving since 2007.

sonofagunk · January 1, 2011 10:33AM

Even with Copper at $4++/lbs, scrap places are only pay $0.30/lbs for pure copper wiring (maybe cause most of it is hot, but still)

itsnotjustme · January 1, 2011 12:48PM

My Home Depot Home Improvement books warns, don't touch hot wires!

Mission16 · January 1, 2011 1:54PM

Far more profitable to rip copper out of houses.

indiananationals · January 1, 2011 1:54PM

<< Even with Copper at $4++/lbs, scrap places are only pay $0.30/lbs for pure copper wiring (maybe cause most of it is hot, but still) >>

my local srap place pays $3.50 for copper ....and i sort and average 40-50% on them ..

fc · January 1, 2011 2:04PM

<< too much work. >>

you hit the nail on the head with that simple statement.
why in the world would i sort out copper cents when i can do many other things
that are much more profitable for the time and work put in?

if the best money making idea you can come up with is sorting out pennies that
you cannot melt or sell for the copper... i wish you luck ;-)

fc · January 1, 2011 2:06PM

<< 

<< Even with Copper at $4++/lbs, scrap places are only pay $0.30/lbs for pure copper wiring (maybe cause most of it is hot, but still) >>

my local srap place pays $3.50 for copper ....and i sort and average 40-50% on them .. >>

ditto. if your scrap place is only paying 30 cents a pound he has some really ******
customers.

GrumpyEd · January 1, 2011 3:09PM

It might be hard to get that many on a regular basis and even harder to get rid of the zinc ones accumulated in doing it.
After a few million I think I'd get over the urge to search them for varieties

It makes sense for big outfits like coinstar, they have access to the coins and already know how to get rid of the zincs.

BillyGoatsGruff · January 1, 2011 4:37PM

golfer72 · January 1, 2011 8:35PM

Stupid question. When these cents are melted what happens to the zinc component? It stays mixed in with the copper?

secondrepublic · January 1, 2011 10:11PM

Around here (Chicago area) it's about 25% coppers.

Not worth spending a huge amount of time on, but I pull out all the coppers I come across. Why spend a coin worth almost 3x face?

tahoe98 · January 2, 2011 1:27AM

<< Around here (Chicago area) it's about 25% coppers.

Not worth spending a huge amount of time on, but I pull out all the coppers I come across. Why spend a coin worth almost 3x face? >>

...very very good point.

Baley · January 2, 2011 1:47AM

There were some of us who have been saying save copper cents for years now and of course were mocked and told what a waste of time it is.

it all depends on what your time is worth. If you enjoy separating, storing, and holding pennies, if you're having fun, then great! (this is the key)

I did the math for myself, and can't make the numbers work: the time and effort involved in acquiring and separating the coins, the storing and having to maybe move them around, the opportunity cost of having the cash (enough cash to make the project worthwhile) tied up in pennies, being "that guy" with several 55 gallon drums of copper, having spent countless hours accumulating them, gas driving to and from the bank to get boxes of mixed rolls, the time and gas to return the zincs, the tripping over the boxes and barking my shins on the stored pennies, the washing the grime off my hands from handling them. Personally, NONE of that sounds like fun.

Others feel differently. Viva la difference! differences of opinion are exactly what makes a market.

Let's be honest: how much time are you penny hoarders devoting to this, and how much do you expect to make?

metalmeister · January 2, 2011 4:16AM

Not quite like the silver picking days, but must feel that way to the copper pickers of today.
BTW, I confess to a large and larger growing stash of pre 82' cents

JamesMurray · January 2, 2011 4:52AM

<< There were some of us who have been saying save copper cents for years now and of course were mocked and told what a waste of time it is.

it all depends on what your time is worth. If you enjoy separating, storing, and holding pennies, if you're having fun, then great! (this is the key)

I did the math for myself, and can't make the numbers work: the time and effort involved in acquiring and separating the coins, the storing and having to maybe move them around, the opportunity cost of having the cash (enough cash to make the project worthwhile) tied up in pennies, being "that guy" with several 55 gallon drums of copper, having spent countless hours accumulating them, gas driving to and from the bank to get boxes of mixed rolls, the time and gas to return the zincs, the tripping over the boxes and barking my shins on the stored pennies, the washing the grime off my hands from handling them. Personally, NONE of that sounds like fun.

Others feel differently. Viva la difference! differences of opinion are exactly what makes a market.

Let's be honest: how much time are you penny hoarders devoting to this, and how much do you expect to make? >>

I think you are spot on with that , it's fun and that's why i at least do it.There are quite a few pre 82 cents worth looking for and it's always nice to find a particularly old one.I don't get the "55 gallon drums" full or any of that.Speaking for myself i don't ever expect to make a fortune or even close.I do it because i know very soon there won't be any copper cents in circulation or at least not in the numbers we are accustomed to,this is already happening.
As for time devoted to it , almost zero , i'll go through accumulated change at the end of the day in the evening , clad goes in the change jar and copper cents in a bank bag.I don't roll search anymore because the banks won't take them back or are very reluctant to.

scottgardener · January 2, 2011 5:02AM

If after 30 years and copper is at an all-time high, one pre-1982 cent is worth less than three cents, it's no wonder that we haven't seen hoarding the way we did with silver, which is worth more per coin at a time when inflation had not hacked the value of individual coins to nothing. (Back then you spent coins. Today, you spend money and get coins in change.) I figure it would take months of sorting pennies before I could get $5 worth of copper. If it's illegal, it would be the ultimate petty crime, more a philosophical issue than one of dollar amounts.

LanLord · January 2, 2011 5:18AM

<< I still think one BIG copper mine where the miners go on strike will bump copper to the front page.

Chile is the world's largest copper mining nation producing about 35-40% of world supply. Imagine if Chile went into lock down for some reason or couldn't get their ore loaded into ships?

roadrunner >>

Like a large earthquake? Chili has had the biggest on record back in 1960. So that's not totally out of the realm of possibility.

mrearlygold · January 2, 2011 5:44AM

What do bags of wheat cents sell for nowadays? I'm pretty sure they were in the $119.00 per bag when I first started in this adventure 30+ years ago. I could be wrong but I definitely remember a friend of mine in Forked River NJ selling them for $149.00 a bag and probably much better in terms of dates and stuff. I was doing gem lincolns then and real gem 09-s vdb's were a grand.

And now I won't even allow them on my website

But we do have a 5 gallon water jug that I started thowing pennies sometime around 1983 that I've never gone thru and it's about 80% full. With my back there's no way I can move the dang thing alone heh.

JamesMurray · January 2, 2011 6:03AM

<< 

<< I still think one BIG copper mine where the miners go on strike will bump copper to the front page.

Chile is the world's largest copper mining nation producing about 35-40% of world supply. Imagine if Chile went into lock down for some reason or couldn't get their ore loaded into ships?

roadrunner >>

Like a large earthquake? Chili has had the biggest on record back in 1960. So that's not totally out of the realm of possibility. >>

A good point , i also was reading this morning that Chile is to welcome a Palistinian embassy and the Chilean president is to visit the west bank etc .. nothing like politics to screw up a country.

jmski52 · January 2, 2011 6:23AM

100 years from now, they will be talking about multiple "Randall Hoard" drums of pre-1982 copper cents, and it will be traced back electronically to this thread.

meluaufeet · January 2, 2011 7:42AM

Home Made Penny Coin Sorter Under $40

dbcoin · January 2, 2011 8:14AM

magnitude 7.1 quake hits Chile just moments ago

Quake

droopyd · January 2, 2011 9:41AM

You're probably better off financially (from a time-benefit standpoint) if you go through recycling bins and pull out the cans and bottles.

Time to Save Copper Cents

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