Lincolns before 1982..... are they worth saving ?

@MasonG said:
Define "worth".

Better yet, look it up on line.

@MFeld said:

@MasonG said:
Define "worth".

Better yet, look it up on line.

I know what "worth" means to me when it comes to saving those pennies, but that doesn't help answer the question if it means something else to the OP.

If they are common dates, which most are, no.

@coinbuf said:

@mach19 said:
Just one question..... What is "YMMV"

I'm an old fart you know..... I'm not HIP to all this lingo ?

Your Mileage May Vary, and to your question no it is foolish to separate and save pre 1982 memorials. But that will not stop many from doing so.

Foolish is a bit harsh. Not profitable is more accurate and more kind.

Darn...

@mach19 said:

@coinbuf said:

@mach19 said:
Just one question..... What is "YMMV"

I'm an old fart you know..... I'm not HIP to all this lingo ?

Your Mileage May Vary, and to your question no it is foolish to separate and save pre 1982 memorials. But that will not stop many from doing so.

Thank you my friend !

Years spent researching this exact question and I don't get at least a "thanks"?

Does a pre-1982 Lincoln contain more than 1 cent of raw materials? Yes. One Lincoln cent contains about 3.5 cents of copper, and half a cent of zinc. Be aware: this does not necessarily mean that the end-result "melt value" is 4 cents; this is merely what it would hypothetically cost the government if they were to resume making Lincoln cents to pre-1982 specifications, since the government would have to buy the pure zinc and pure copper and mix them together. To properly work out the melt value of a base-metal alloy, you need to take the value of the refined major component (in this case, copper) and subtract the value of the cost of removing the contaminants (zinc) from the copper. While scrap metal merchants will be reluctant to give you a quote for recycling bulk quantities of cents (since this is still currently illegal), you can get some idea by looking up what a scrap metal merchant will pay for brass. I think it typically comes out to about 1.5 to 2 cents each, so in theory, selling pre-1982 Lincolns as scrap "should" be profitable, if they were all obtained for 1 cent each.

Are they ever going to be worth more than face value? Probably. Let's suppose you manage to hoard up one 5-gallon bucket full of pre-1982 Lincolns. Eventually, the scrapping ban will be lifted. Until then, any premium above face value will only be given to you by collectors/hoarders who want to acquire bulk pre-1982 Lincolns, or maybe speculators whoa re gambling that the ban will be lifted soon.

Are they ever going to be worth significantly more than face/scrap value, as collectable coins? Assuming they've already been searched for valuable dates/mintmarks/varieties, then no. Billions were made, and lots of people are saving them. For your bucket of Lincolns to be worth big bucks, you'd need to convince everybody else who is saving them to throw their buckets of Lincolns into the ocean.

Are there more profitable numismatic things you could otherwise do with the money you'd sink into hoarding Lincolns? Absolutely. If you merely banked your bucketful of pennies right now, you'd get several hundred dollars. With that money, you could buy a few nice one-ounce silver coins, or one moderately nice collectable coin; both of those options are more likely to see your profits grow faster than the potential profits of your bucket.

Can you sell them for more than face value? I started saving them recently because I can suddenly sell them every day for 2¢ each. If not, I’d still be spending them.

@DesertCoin said:
Can you sell them for more than face value? I started saving them recently because I can suddenly sell them every day for 2¢ each. If not, I’d still be spending them.

That's the answer

@jmlanzaf said:

@coinbuf said:

@mach19 said:
Just one question..... What is "YMMV"

I'm an old fart you know..... I'm not HIP to all this lingo ?

Your Mileage May Vary, and to your question no it is foolish to separate and save pre 1982 memorials. But that will not stop many from doing so.

Foolish is a bit harsh. Not profitable is more accurate and more kind.

Its a good way to save as well especially these days

The dealers by me grudgingly pay $3 per pound for wheat cents. Any Seinfeld fans here recall when Kramer tried to buy calzone’s with cents? The owner got mad and threw him out. “We take cash, not penny’s!” Lugging around 100’s of pounds of copper to make a literally a few bucks make no “cents” to me.

@jmlanzaf said:

@johnny9434 said:

@jmlanzaf said:

@coinbuf said:

@mach19 said:
Just one question..... What is "YMMV"

I'm an old fart you know..... I'm not HIP to all this lingo ?

Your Mileage May Vary, and to your question no it is foolish to separate and save pre 1982 memorials. But that will not stop many from doing so.

Foolish is a bit harsh. Not profitable is more accurate and more kind.

Its a good way to save as well especially these days

It's a way to save. I don't know about good. They take up space, will break your back, and don't compound in value. But, some people can't be trusted with cash.

I know people who "save" and "invest" by buying silver. They pay a 5 to 10% premium over spot and 8% NY Sales tax, as well. They need a 15 to 20% increase in the price of silver to break even. It is, frankly, a horrible way to save and invest. However, they lack the discipline to put money in a bank and not spend it. So...

I’m one of those people. Silver is up by 244% in the last year.

If saving money by hoarding coins, cash them in periodically and get involved in one or more dividend reinvestment plans that allow the initial shares to be purchased directly from the company or transfer agent. Periodic additional contributions from your rolled coin any any other small windfalls you may experience will add up.

A few decades of this can easily result in a five or even six figure "found money" surprise down the road.

@lusterlover said:
Cue the picture of the guy with rows of garbage cans full of pennies in his garage.....

In a garage. No humidity and temperature control. Many if not most of those pennies likely have various stages of corrosion evident.

@JBK said:

@mr1931S said:

@lusterlover said:
Cue the picture of the guy with rows of garbage cans full of pennies in his garage.....

In a garage. No humidity and temperature control. Many if not most of those pennies likely have various stages of corrosion evident.

Possibly, but not necessarily. It really depends on what part of the country they are located.

And numerous garages have temperature control.

@lusterlover said:
you guys are missing my joke, this is the famous chat board picture that seems to surface every so often...

We are all aware. You're missing our indifference.

We'd rather get Harsche with our buddy.