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What are pennies made before 1982 worth wholesale, just for the copper?

piecesofmepiecesofme Posts: 6,669 ✭✭✭
in Precious Metals
I have a chance to buy a rather large quantity and need a litle help with pricing. It use to be around .025, is that what it still is? If I could buy them for .015, would I be able to get .025 from a dealer or maybe at a coin show? The couple dealers I've called said it all depends on how much I'd be selling them...that doesn't help me.
To forgive is to free a prisoner, and to discover that prisoner was you.

Comments

  • sebrownsebrown Posts: 424 ✭
    Appears to be double - $.02 per!

    "In the absence of the gold standard, there is no way to protect savings from confiscation through inflation [...] Gold stands in the way of this insidious process. It stands as a protector of property rights." - Alan Greenspan
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    I have a couple of gallons of those cents....but have to search them first....oh well, no hurry... maybe next year it will be .05 per cent...image Cheers, RickO
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    cool, thanks for than link sebrown. Looks like right around .022.
    Now I have to figure what a dealer would actually pay me. My brothers and I have over $6000 face of these, and if I can get this purchase done would put it up over $8500.
    I'd like to buy this Lot at a good price and just cash out all $8500, storage room is already an issue lol, but I'd have to convince both brothers to do the same and I know one for sure most likely wouldnt want to do cash out.
    Anyway, thanks for the help.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • mrpaseomrpaseo Posts: 4,753 ✭✭✭
    I'm not sure people are buying/selling them as copper yet... are they?

    This page always has the updated metal value of the cent. It updates the calculations every time the page is opened.

    Best.
  • mrpaseomrpaseo Posts: 4,753 ✭✭✭
    As of this moment,

    1. Calculate 95% copper value :

    (3.2820 × .00220462262 × 3.11 × .95) = $0.0213771

  • tnsprotnspro Posts: 786 ✭✭✭
    Try this guy, if he sells, he buys! - Copper Pennies

    Currency Wants: Any note with serial number 00000731
  • guitarwesguitarwes Posts: 9,266 ✭✭✭
    Are they from 1959-1982 or do they have mixed wheaties in with them?

    I know these were doing well on ebay at one time when copper was kickin' it, but he hassle of seperating them into 5000-10000 lots and shipping them is aggrivating. Best to sell a one fell swoop.

    Wonder how long it would take a count 850,000 cents with a machine?
    @ Elite CNC Routing & Woodworks on Facebook. Check out my work.
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  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    With the $6k face we own, they are all actually 1959 to 1981 instead of 1982. We wanted to eliminate the chance of the '82's that are 97% zinc from being in the Lot.

    The guy I may buy the $2500 face from says there are 82's mixed in but not many because he was aware of this too. So I'm trying to use that to my advantage by saying I have to take the time to pick all those out then and determine if they're 97% copper ones or not.
    Gotta use every tactic I know to get them as cheap as I can, right image
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • derrybderryb Posts: 36,779 ✭✭✭✭✭
    illegal to melt US pennies or nickels and limits on how many can leave the US (to avoid them being melted outside the US).

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • tneigtneig Posts: 1,505 ✭✭✭
    You can make batteries out of them, tile the floor with them and poly, give out bank bags full as cheap holiday presents, door stops, weights, give rolls at tips, drive other parents crazy by giving to the their kids, stack them next to dollar bills in a showcase and watch them grow in value as the paper decreases, pay off the CC with them, use as trail markers, pay the cable bill in person with them for spite, etc.

    All good things where the alternative would cost even more...

    ps. POM. I think your deal via that large count is a very good deal for a penny stacker. Volume makes the difference.
    COA
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    Where did I say I that I had any intent to melt them? Once again, someone reads something into it that clearly wasn't said, or even implied image

    These are bought & sold in the open market for the copper content. They don't need to be melted to be traded as such.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • derrybderryb Posts: 36,779 ✭✭✭✭✭


    << <i>Where did I say I that I had any intent to melt them? Once again, someone reads something into it that clearly wasn't said, or even implied image

    These are bought & sold in the open market for the copper content. They don't need to be melted to be traded as such. >>


    Where did I say that I believed you were going to melt them? Once again, you read something into what clearly wasn't said." image

    The mention of the law on melting pennies was pointed out to show that copper content in pennies is irrelevent to value.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    You are one piece of work, i tell ya.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • derrybderryb Posts: 36,779 ✭✭✭✭✭


    << <i>You are one piece of work, i tell ya. >>


    thanks, beats paranoia

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • waynemewayneme Posts: 852 ✭
    some day you will be able to melt them just like silver and any other metal
    the mint has worked with
  • nam812nam812 Posts: 10,578 ✭✭✭✭✭
    Whether the melt value of a copper cent is 2.1, 2.2, 2.5, or 73.9 it has ZERO to do with what you can sell copper cents for. Their sale-able price is in no way tied to their melted value.

    That being said, there is definitely a market for copper cents on eBay, or even face to face if you happen to establish a connection (ie. work with a past ebay customer privately, craigslist, get lucky, etc...).

    Personally, I refuse to pay more than 1 cent for a copper cent, so I harvest my own, but if I didn't, it is VERY EASY to find them (not on ebay) for .0135 per .01 shipping included. When copper cents can be bought that cheap, that makes buying to flip very hard.

    $100 face on eBay (which is 68 pounds in a medium flat rate box that allows 70 pounds max) typically sells for $150 to $160 with free shipping. Then after 13% total fees and shipping you're back to about $120 to $130 (which is .012 to .013 per .01).

    On average it takes me about 14 bank boxes (approx. 7 hours work counting pickups and zinc dumps) to harvest $100 face value of copper cents (and that's using a Ryedale to sort, not hand sorting), so for me to make $25 on that $100 face, even though it's a 25% profit, is only about $3.50 per hour.

    Once again, buying copper cents above face value to flip is difficult so I sort copper pennies to keep for the future. They may never be worth many multiples of their face like silver coinage, but it makes me feel like I'm in on the ground floor of something.
  • AUandAGAUandAG Posts: 24,760 ✭✭✭✭✭
    Direct from PCGS's coinflation:

    » There are 0.6514 pounds of copper and 0.0343 pounds of zinc in $1 face value of copper cent(s).

    » A roll of copper cent(s) has 50 coins and is valued at $1.10 when copper is at $3.3285 / lb and zinc at $0.8890 / lb (exact value is $1.0992571084956).

    That's 2.2¢ each in copper and zinc (zinc is very minor but does have value).

    bobimage
    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    nam812...that is a good way to look at it. Maybe my language in describing melt, value and "for the copper" is off.
    To summarize, my brothers and I are not "flipping" these, it's something we've been just adding since 1984. After hand sorting, yes hand sorting (mainly one of my bros...he has no life lol) we fill 5 gallon buckets with the copper ones that we estimate to be $350 face. Pour that bucket into 55 gal drums. We have never actually counted it all so it's just an estimation based on a 5 gallon bucket being $350.
    I am wanting to add another $2500 face that I have the opportunity to buy pretty cheap and then cash out, but my bros will not. I'm propsoing to them to buy me out 'cause I'd just rather have the cash at this point. I dont consider a near 30 year plan to be flipping, it's just been a fun thing to do but i'd rather have the cash than continue to hoard them. Funny, because I'm the youngest one and I want out lol.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • nam812nam812 Posts: 10,578 ✭✭✭✭✭
    You are overestimating what a 5 gallon bucket will hold. $250 is far more accurate, but if you shook the bucket a few times during filling I guess you could possibly get it to $260.

    If you weigh one of your buckets you will know exactly what you have. A copper penny weighs 3.11 grams (not accounting for wear), so $250 face value would be 25,000 X 3.11 grams which equals 77,750 grams which equals 171.4 pounds.

    For smaller math, 147 circulated copper cents is generally accepted as 1 pound.
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    Where we ya 29 years ago when we decided to go with $350 as the standard nam? J/K-ing. Good info.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • nam812nam812 Posts: 10,578 ✭✭✭✭✭
    After further review, I don' think you could get $300 in, but I could see a 5 gallon bucket holding $275 to $290 if shaken and no space left at the top.

    Best estimation for you would be weight using the calculation above.
  • perkdogperkdog Posts: 30,588 ✭✭✭✭✭


    << <i>After further review, I don' think you could get $300 in, but I could see a 5 gallon bucket holding $275 to $290 if shaken and no space left at the top.

    Best estimation for you would be weight using the calculation above. >>




    I didnt Know my friend Nick was a PM guy?

    Hi again Nick image
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