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Is keeping pre-1982 cents worthwhile

CoinshowmanCoinshowman Posts: 148 ✭✭✭
in Precious Metals

I was cleaning out the garage and ran across a few coffee cans of pre-1982 cents I had sorted out of circulation a number of years back. I hate to take them to a Coinstar machine, with the melt value being around 2x face, but with melting illegal, it's probably not worth holding on to them. With interest rates so low, a savings account would take over 20 years to double in value, so I could hold on to them another 20 years in hopes of doubling my money, before I'd be "losing" on the investment.

What's your opinion?

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Comments

  • OPAOPA Posts: 17,121 ✭✭✭✭✭
    edited January 30, 2017 6:11AM

    You left out some important factors in your possibilities...A) INFLATION factor...what will the purchasing power of 100 cents be in 20 years, compared to today? B) Is there a chance that the FEDS will lift the ban and what will the price of copper be in 20 years. Have fun, digesting your dilemma.

    PS. I'm also accumulating copper pennies, but that's just for the fun of it. Keep in mind, not all 1982 pennies are 95% copper. A scale will tell you the difference.

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Sell them on the BST or ebay....Cheers, RickO

  • 1630Boston1630Boston Posts: 13,781 ✭✭✭✭✭

    Over the past few weeks I cashed in about 30,000.
    Just my opinion but I don't see any real potential. They take up room and cost a small fortune to mail if sold. :smile:
    I'll use the $300 towards a coin or some bullion and enjoy that.
    Again, just my thoughts.

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  • tneigtneig Posts: 1,505 ✭✭✭

    At least they cost a penny. Not 5cents plus premium.
    Can't say I've held as much value on my other PM coins.
    But I'm still holding both.

    COA
  • BaleyBaley Posts: 22,660 ✭✭✭✭✭

    Depends on if you enjoy it. If it's fun for you, then yes, it's "worth" it to save copper pennies, regardless of "profit"

    If it's not fun, then it depends on what your time, effort, and space is "worth" to you to do the Work,
    to expend the resources of gathering and storing the coins.

    Liberty: Parent of Science & Industry

  • 1630Boston1630Boston Posts: 13,781 ✭✭✭✭✭

    For me it was fun roll searching and saving the cents.
    These are a couple of things that i found in circulated rolls from the bank.


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  • johnny9434johnny9434 Posts: 28,334 ✭✭✭✭✭

    if anything you got a few bucks if anything down the road.

  • bronco2078bronco2078 Posts: 10,225 ✭✭✭✭✭

    hold on to them for dear life , they are the only bullion you will ever be ahead on B)

  • mkman123mkman123 Posts: 6,849 ✭✭✭✭

    I say if your doing it as a hobby and dont go overboard, it doesn't take too much money or room. Now if you go hardcore and start doing trash can fulls of this, then it can be problem some. For me I just go through the change I get and put away pre 82 cents for fun

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  • mariner67mariner67 Posts: 2,746 ✭✭✭

    A waste of time, energy and space.
    Minimal if any premium not worth it.

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  • cohodkcohodk Posts: 19,127 ✭✭✭✭✭

    @mariner67 said:
    A waste of time, energy and space.
    Minimal if any premium not worth it.

    Yup.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • Downtown1974Downtown1974 Posts: 6,796 ✭✭✭✭✭

    I've been seperating them from the change I get for a few years now. I ask myself why I do it every time. I don't know what my end game will be.

    MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940

  • hchcoinhchcoin Posts: 4,829 ✭✭✭✭✭

    Cash em in and take your significant other out to eat ;)

  • hchcoinhchcoin Posts: 4,829 ✭✭✭✭✭

    Valentines day is coming up you know <3

  • rte592rte592 Posts: 1,670 ✭✭✭✭✭

    @hchcoin said:
    Valentines day is coming up you know <3

    Is that a ROLL of pennies in your pocket...
    Save the wheets, color up the rest.

  • piecesofmepiecesofme Posts: 6,669 ✭✭✭

    @mariner67 said:
    A waste of time, energy and space.
    Minimal if any premium not worth it.

    I beg to differ because I know some old timers that sure wish they had held onto their 90% silver change starting in 1965. ;) My brothers and I have accumulated quite a bit of these, lost count how much. We measure how many we have by 55 gallon drums now. Dont ask for a pic, the brother where they are stored at has forbidden it. He thinks the IRS will raid and take it all lol. He doesn't even like us talking about it publicly.

    To forgive is to free a prisoner, and to discover that prisoner was you.
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,293 ✭✭✭✭✭

    Who says melting is illegal ? The treasury department or congress ?

  • OPAOPA Posts: 17,121 ✭✭✭✭✭

    @TwoSides2aCoin said:
    Who says melting is illegal ? The treasury department or congress ?

    US Mint (Treasury Dept) in 2006....You can google it for details.

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • MorganMan94MorganMan94 Posts: 1,330 ✭✭✭✭✭

    Well considering they have a 0% ROI since 1982 and earlier I would spend them.

  • TwoSides2aCoinTwoSides2aCoin Posts: 44,293 ✭✭✭✭✭

    @OPA said:

    @TwoSides2aCoin said:
    Who says melting is illegal ? The treasury department or congress ?

    US Mint (Treasury Dept) in 2006....You can google it for details.

    The US Mint doesn't make law. That is a function of our legislative branch of government.

  • element159element159 Posts: 511 ✭✭✭

    I save them, because I think it is fun to have something to look for in change. I only have a couple of liters or so of them.

  • crazyhounddogcrazyhounddog Posts: 13,969 ✭✭✭✭✭

    Keep them forever until you die. That's my motto.

    The bitterness of "Poor Quality" is remembered long after the sweetness of low price is forgotten.
  • tnsprotnspro Posts: 786 ✭✭✭

    I have a problem....haha....all pre-82


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  • bigzesteebigzestee Posts: 129 ✭✭✭

    I thought it was only illegal to melt for profit.I say save them.They're easy to find and the cheapest way to get copper legally.

    BST references several

  • hchcoinhchcoin Posts: 4,829 ✭✭✭✭✭

    @tnspro said:
    I have a problem....haha....all pre-82

    That looks heavy

  • CoinshowmanCoinshowman Posts: 148 ✭✭✭

    Interesting responses to the original response, thanks. I've got about half of a 5 gallon bucket to take to Coinstar this weekend. I'm hoping to get enough on a gift card to take care of Valentine's dinner at Red Robin.

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  • 1630Boston1630Boston Posts: 13,781 ✭✭✭✭✭

    Good call @Coinshowman

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  • hchcoinhchcoin Posts: 4,829 ✭✭✭✭✭

    I'll second that - good call!

  • 1630Boston1630Boston Posts: 13,781 ✭✭✭✭✭

    I have another batch in my trunk to deposit at the CU next visit. :smile:

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