Are pre 1982 lincoln cents worth a premium?

SerialNumberGuy

I have an AP on my phone that tells the current melt value of coins. I noticed that it shows a metallic value of about 1.8 cents for pre 1982 cents (95 % copper). Is there a market for these 95% copper cents like there is for silver coins? If so where can they be sold. Any help on this would be appreciated.

TopographicOceans

They are still illegal to melt, but Congress may change that.

Until then, hoarders are, well, hoarding them and pay a small premium on large quantities.

joeykoins

The government should detain all zinc pennies to make bullets for the war and replace the zinc cents with steel cents! Just adding a little humor with the mix. sorry

sanitarium1inmate

There are quite a few of people who believe the melt ban will dissipate and would like to hoard as many copper cents as they can. Some speculate that copper may even get to the same status as Silver. They buy machines from Rydale to help sort the zincs out. At todays price of 1.8 per cent a hoarder would probably only pay about 1.3 per cent which would be a mute point to your time of collecting them and shipping them. When copper prices fly up and a single copper cent is valued at a melt of 2.5+, this would be a better financial move to get into. But, as for now I even hoard the copper ones for the future if they do get up there.

DaveG

If that app uses the current market value of copper to calculate the current melt value of a pre-1982 cent, you may be disappointed.

A while back, one of the board members here called a copper recycler. He was told that they're really only looking for pure copper (like pipes) and because of the cost to remove the impurities from copper cents, they'd only pay about 25% of the current copper price for cents.

However, if you do decide to hoard cents and you're storing them in your basement, you may want an alternative to just filling up a 55 gal. drum - think how heavy that drum will be when you fill it!

I'd go for smaller, more convenient to carry, containers, myself.

coindeuce

The last time I even bothered to look for a bid on any of the dealer networks for bag quantity (5000) copper Lincoln Memorial cents, it was something on the order of about $5-$10 over face.
Maybe you could lease a freight train coal car cheap enough to store them in to make your venture worth while. . .

FullStrike

Im thinking seriously of hoarding water. It's getting scarce and might make me rich one day.

Davideo

<< <i>The last time I even bothered to look for a bid on any of the dealer networks for bag quantity (5000) copper Lincoln Memorial cents, it was something on the order of about $5-$10 over face.
Maybe you could lease a freight train coal car cheap enough to store them in to make your venture worth while. . . >>



Nonsense, you just need to use the overflow mail truck on Mother's Day, Newman and Kramer style

Davideo

Ah, here was the thread I was searching for: http://forums.collectors.com/messageview.cfm?catid=26&threadid=819143&STARTPAGE=1

bronco2078

Yes they are worth a premium . There is a faddishness to it though that is fading as copper has come down . It's strictly a long term play not a flip. The flippers have moved on to something less strenuous

claychaser

Here's what a bunch of us geezers do!

tahoe98

<< <i>Here's what a bunch of us geezers do!

>>



...I would think that vintage glass container should bring a pretty penny...

ricko

I save all wheaties I get (two last week) in change...have a couple gallons to go through some day... Cheers, RickO

LindeDad

What can they buy is the question?

topstuf

<< <i>Im thinking seriously of hoarding water. It's getting scarce and might make me rich one day. >>



PM me. I make water every day.

mr1931S

They are still illegal to melt, but Congress may change that.

I've always wondered why they are not legal to melt.Maybe has something to do with fears of putting the copper market into a tailspin overnight if deemed legal to melt?

We know this.There are some huge,huge hoards out there raising havoc with cement garage floors.

element159

I save them for fun, but I dont imagine that it will ever be financially worth the trouble.

Meltdown

<< <i>I save them for fun, but I dont imagine that it will ever be financially worth the trouble. >>



ditto.

Overdate

<< <i>I've always wondered why they are not legal to melt. >>


I think they are concerned that a shortage might develop if the copper cents are withdrawn from circulation and hoarded on a large scale. Same goes for nickels. The cost to manufacture cents and nickels currently exceeds their face value, even though their metal value is less.

sanitarium1inmate

Those that purchase in bulk only pay a small amount of a premium, now is not the best time to be a seller of copper cents. I'm on another forum that deals with hoarding coppers and they have a lot of theories that the ban may be lifted.

sanitarium1inmate

I will get a box or 2 from my bank and sort them by hand checking for copper ones and errors. the rest go into the banks coin machine. I love those things, no fee and you don't have to roll the change up anymore. I will usually keep the dates separated and make solid dated rolls to sell if they are needed. Plus, you might find a diamond in the rough like a 1983 DDR I once found.

mr1931S

I think they are concerned that a shortage might develop if the copper cents are withdrawn from circulation and hoarded on a large scale. Same goes for nickels. The cost to manufacture cents and nickels currently exceeds their face value, even though their metal value is less.

There would be no shortage of pennies even if all the coppers were removed from circulation.Aside from copper pennies,the nickel,which is mostly copper,is the most valuable circulating coin from the standpoint of it's metal content.

At the current $2.89/lb price for copper and $6.22/lb price for nickel,Nickel (1946-2014)-$.041,a little over 4 cents per or 82% of face value.It would not pay anyone at this time to melt nickels for their copper or nickel content even if legal to melt.

I throw copper pennies into a jar as I find them.One of these days,I will check them for '69-S DDO,'70-S DDO,'72 DDO,etc.

My experience has been that I see one out of five or so pennies in circulation is dated before 1982.The last wheat penny I received in change was just a few days ago.It was a nice XF '44 that I gave to the clerk who had given it to me in change after my cash purchase at the supermarket.

johnny9434

like the wheats i just put the coppers aside. fwiw.

LanceNewmanOCC

<< <i>I'm thinking seriously of hoarding water. It's getting scarce and might make me rich one day. >>



good luck going up against the multi-nationals on that one. probably as bad as going up against big ag.

you think people have gone nutz over petroleum/oil, you should see what they do over water rights. (if you didn't already know all that)

on-topic. i haven't had any decent results on 59-82 lots of 5000+, even with mostly early dates mixed in.

experience proved my time and effort are far better spent on more lucrative and/or philanthropic causes.
.