| T O P I C R E V I E W |
| ZippyGaloo |
Posted - 07/05/2009 : 03:32:03
I have 8.8 pounds of pre-1982 pennies. What should I do with them?
1. Keep them.
2. Take them to that green machine at the grocery store.
3. Sell them for more than face value? If so, how, where and how much can I get?
Thanks |
| 25 L A T E S T R E P L I E S (Newest First) |
| HoardCopperByTheTon |
Posted - 09/14/2009 : 22:53:57
I would.. but it won't fit in a Flat Rate box.  |
| AgCollector |
Posted - 09/14/2009 : 12:35:36
quote:
Originally posted by HoardCopperByTheTon
Whatever happened to the mini-hoard of 8.8 pounds? Did it get traded for silver, sold, or cashed in at the bank? Did hoarding continue and now the hoard is up to 9 pounds? Perspiring minds want to know..
ZippyGaloo.. you have to gather up a few more coppers to trade for even 1 bar of silver.
Hmm, Hoard- that bar doesn't look like copper. You better send it to me for assaying! |
| slickeast |
Posted - 09/14/2009 : 10:10:21
quote:
Originally posted by HoardCopperByTheTon
Happens all the time.
Noobie shows up.. asks "How do I cash in on the this copper gravy train?.. Whaaaaaat, there's actual work involved?!!!! I thought this was gonna be easy money. Dang, those things are heeeeeeeavy!"
Then we never hear from them again.
Conversly, we get some new folks that ask a few questions in the beginning.. then buy some hand cleaner and dive right in with the rest of us. Soon they are well respected contributing members.
I am still considering getting some pennies from the bank and maybe sorting a few, then I can contribute to the forum |
| HoardCopperByTheTon |
Posted - 09/14/2009 : 08:56:56
Happens all the time.
Noobie shows up.. asks "How do I cash in on the this copper gravy train?.. Whaaaaaat, there's actual work involved?!!!! I thought this was gonna be easy money. Dang, those things are heeeeeeeavy!"
Then we never hear from them again.
Conversly, we get some new folks that ask a few questions in the beginning.. then buy some hand cleaner and dive right in with the rest of us. Soon they are well respected contributing members. |
| twocents |
Posted - 09/12/2009 : 16:23:27
Now that was a funny read. I would question if this were serious question or someone just yanking your chains. Honestly, one would have to avoid reading any other threads on this site to create such a mockery. The best value here would be to spend the $12.76 as cash rather than somehow be swindled to a lower value on shipping it. I would also wonder if it were 8.8 pounds or actually 8 pounds 8 ounces.
Oh an Slickeast, being the smaller hoarder that I am, the Coinstar is my primary dump site. I go for the Amazon e-certificates at no counting cost. I can't get pennies from the bank fast enough to keep up with my wife's Amazon spending. |
| HoardCopperByTheTon |
Posted - 09/12/2009 : 11:57:27
Whatever happened to the mini-hoard of 8.8 pounds? Did it get traded for silver, sold, or cashed in at the bank? Did hoarding continue and now the hoard is up to 9 pounds? Perspiring minds want to know..
ZippyGaloo.. you have to gather up a few more coppers to trade for even 1 bar of silver.
|
| dakota1955 |
Posted - 07/15/2009 : 05:57:20
pm sent |
| HoardCopperByTheTon |
Posted - 07/15/2009 : 00:21:11
Probably about an ounce. But it will cost you at least $4.95 to ship the copper. |
| ZippyGaloo |
Posted - 07/14/2009 : 23:34:14
quote:
Originally posted by dakota1955
If he is willing I would trade his 8.8 # of copper for silver.
OK, how do I do this and for how much silver? |
| dakota1955 |
Posted - 07/13/2009 : 20:31:57
If he is willing I would trade his 8.8 # of copper for silver. |
| Silver Surfer |
Posted - 07/13/2009 : 15:45:46
quote:
Originally posted by Gr33nday43
quote:
I think this is being beaten to death. If you feel that silver will rise more than copper, buy silver. If you feel copper will rise more than silver, keep your copper pennies. That's all there is to it.
He asked for advice. Now, he can weigh his options and make an informed decision with no regrets. |
| Gr33nday43 |
Posted - 07/13/2009 : 04:01:45
quote:
Originally posted by ZippyGaloo
quote:
Originally posted by Silver Surfer
quote:
Originally posted by ZippyGaloo
Currently copper is at $2.25 per pound. Currently I can't sell the pennies accept at face value. Currently my 8.8 pound bag can get me one ounce of Silver. Silver will definitely go up before a melt ban is lifted on the penny. Makes more sense to unload my bag of pennies at face value and buy silver.
You most certainly can do what you are suggesting. It's just not what I would do. It takes a considerable amount of effort to accumulate that much copper if you are sorting by hand. Why not just save the copper and use zinc cents or federal reserve notes to purchase the one ounce of silver?
Copper was around $5.00/lb. last year. Check www.coinflation.com for metal value of coins and kitco.com for current and historic spot prices of metals.
Again...I can take my pre-65 dimes and quarters and use them at face value to purchase one ounce of silver. It is not preferable to buy silver this way, but, of course, it can be done. Similar scenario with using your copper cents to buy the silver. You are using coinage with more intrinsic metal value than you need to use to make the purchase.
As of 07-12-2009, the metal value of a copper cent is .0145811. The spot price of silver is $12.65.
If you use your copper cents to make the purchase for the silver, you are using $18.44 of copper metal value to make the purchase for the one ounce of silver at the spot price of $12.65.
But, it sounds like it's something you really, really want to do and you've made up your mind so...go for it.
I agree with everything you say here, but what I think you might be missing is the rate of increase on silver vs copper. I believe silver will increase substantially more than copper. Also, I may never be able to get more than face value for my copper pennies if the melt ban is never lifted.
I think this is being beaten to death. If you feel that silver will rise more than copper, buy silver. If you feel copper will rise more than silver, keep your copper pennies. That's all there is to it. |
| ZippyGaloo |
Posted - 07/13/2009 : 02:08:17
quote:
Originally posted by ZippyGaloo
quote:
Originally posted by Silver Surfer
quote:
Originally posted by ZippyGaloo
Currently copper is at $2.25 per pound. Currently I can't sell the pennies accept at face value. Currently my 8.8 pound bag can get me one ounce of Silver. Silver will definitely go up before a melt ban is lifted on the penny. Makes more sense to unload my bag of pennies at face value and buy silver.
You most certainly can do what you are suggesting. It's just not what I would do. It takes a considerable amount of effort to accumulate that much copper if you are sorting by hand. Why not just save the copper and use zinc cents or federal reserve notes to purchase the one ounce of silver?
Copper was around $5.00/lb. last year. Check www.coinflation.com for metal value of coins and kitco.com for current and historic spot prices of metals.
Again...I can take my pre-65 dimes and quarters and use them at face value to purchase one ounce of silver. It is not preferable to buy silver this way, but, of course, it can be done. Similar scenario with using your copper cents to buy the silver. You are using coinage with more intrinsic metal value than you need to use to make the purchase.
As of 07-12-2009, the metal value of a copper cent is .0145811. The spot price of silver is $12.65.
If you use your copper cents to make the purchase for the silver, you are using $18.44 of copper metal value to make the purchase for the one ounce of silver at the spot price of $12.65.
But, it sounds like it's something you really, really want to do and you've made up your mind so...go for it.
I agree with everything you say here, but what I think you might be missing is the rate of increase on silver vs copper. I believe silver will increase substantially more than copper. Also, I may never be able to get more than face value for my copper pennies if the melt ban is never lifted, where as this does not matter with silver.
|
| ZippyGaloo |
Posted - 07/13/2009 : 02:06:57
quote:
Originally posted by Silver Surfer
quote:
Originally posted by ZippyGaloo
Currently copper is at $2.25 per pound. Currently I can't sell the pennies accept at face value. Currently my 8.8 pound bag can get me one ounce of Silver. Silver will definitely go up before a melt ban is lifted on the penny. Makes more sense to unload my bag of pennies at face value and buy silver.
You most certainly can do what you are suggesting. It's just not what I would do. It takes a considerable amount of effort to accumulate that much copper if you are sorting by hand. Why not just save the copper and use zinc cents or federal reserve notes to purchase the one ounce of silver?
Copper was around $5.00/lb. last year. Check www.coinflation.com for metal value of coins and kitco.com for current and historic spot prices of metals.
Again...I can take my pre-65 dimes and quarters and use them at face value to purchase one ounce of silver. It is not preferable to buy silver this way, but, of course, it can be done. Similar scenario with using your copper cents to buy the silver. You are using coinage with more intrinsic metal value than you need to use to make the purchase.
As of 07-12-2009, the metal value of a copper cent is .0145811. The spot price of silver is $12.65.
If you use your copper cents to make the purchase for the silver, you are using $18.44 of copper metal value to make the purchase for the one ounce of silver at the spot price of $12.65.
But, it sounds like it's something you really, really want to do and you've made up your mind so...go for it.
I agree with everything you say here, but what I think you might be missing is the rate of increase on silver vs copper. I believe silver will increase substantially more than copper. Also, I may never be able to get more than face value for my copper pennies if the melt ban is never lifted. |
| Gr33nday43 |
Posted - 07/12/2009 : 18:34:03
quote:
Originally posted by ZippyGaloo
quote:
Originally posted by Gr33nday43
Well said, Hoard. I think that you should keep the copper, and keep hoarding. But, "You can lead a horse to water, but you can't force it to drink." My Ryedale arrives next week, so I'll be getting my tons.
What is a Rydale? And should I get one?
A Ryedale is a machine that sorts copper cents(pre-82), from zinc(post 82), at the rate of 300 pennies per minute, or 5 per second. http://www.Ryedalecoin.com |
| Silver Surfer |
Posted - 07/12/2009 : 17:56:55
quote:
Originally posted by ZippyGaloo
Currently copper is at $2.25 per pound. Currently I can't sell the pennies accept at face value. Currently my 8.8 pound bag can get me one ounce of Silver. Silver will definitely go up before a melt ban is lifted on the penny. Makes more sense to unload my bag of pennies at face value and buy silver.
You most certainly can do what you are suggesting. It's just not what I would do. It takes a considerable amount of effort to accumulate that much copper if you are sorting by hand. Why not just save the copper and use zinc cents or federal reserve notes to purchase the one ounce of silver?
Copper was around $5.00/lb. last year. Check www.coinflation.com for metal value of coins and kitco.com for current and historic spot prices of metals.
Again...I can take my pre-65 dimes and quarters and use them at face value to purchase one ounce of silver. It is not preferable to buy silver this way, but, of course, it can be done. Similar scenario with using your copper cents to buy the silver. You are using coinage with more intrinsic metal value than you need to use to make the purchase.
As of 07-12-2009, the metal value of a copper cent is .0145811. The spot price of silver is $12.65.
If you use your copper cents to make the purchase for the silver, you are using $18.44 of copper metal value to make the purchase for the one ounce of silver at the spot price of $12.65.
But, it sounds like it's something you really, really want to do and you've made up your mind so...go for it. |
| HoardCopperByTheTon |
Posted - 07/12/2009 : 10:35:41
Currently copper pennies can be sold above face value.. but for small quantities the shipping would kill you.
If you are near any other member, they would be happy to take those copper pennies off your hand for face. Where are you located? |
| ZippyGaloo |
Posted - 07/12/2009 : 03:47:40
Currently copper is at $2.25 per pound. Currently I can't sell the pennies accept at face value. Currently my 8.8 pound bag can get me one ounce of Silver. Silver will definitely go up before a melt ban is lifted on the penny. Makes more sense to unload my bag of pennies at face value and buy silver. |
| ZippyGaloo |
Posted - 07/11/2009 : 12:56:12
quote:
Originally posted by Gr33nday43
Well said, Hoard. I think that you should keep the copper, and keep hoarding. But, "You can lead a horse to water, but you can't force it to drink." My Ryedale arrives next week, so I'll be getting my tons.
What is a Rydale? And should I get one? |
| Gr33nday43 |
Posted - 07/11/2009 : 11:29:15
Well said, Hoard. I think that you should keep the copper, and keep hoarding. But, "You can lead a horse to water, but you can't force it to drink." My Ryedale arrives next week, so I'll be getting my tons. |
| HoardCopperByTheTon |
Posted - 07/11/2009 : 11:24:12
In the Beginning... it was illegal to melt silver coins. Certain commercial interests got their lobbiests to work on the congresscritters and got laws passed banning the melting of silver coins. Later, when they determined it was in their self interest for the public to be allowed to melt coins, they lobbied their congresscritters and got the law changed again to make it legal to melt silver coins. I think this was around 1969.
When the melt ban is eventually lifted or even if it is not lifted but copper prices climb significantly.. the commercial processors will fire up their apparatus and the copper cents will virtually dissapear in weeks. Members here have seen evidence that this apparatus is already in place and merely awaits laws or copper prices favorable to the commercial interests before it is fired up again.
There is certainly nothing wrong with trading your copper cents for silver. I have converted a few tons of copper myself. The laws of supply and demand influence the markets for both markets. For copper cents, the supply exceeds the demand so they tend to trade at a discount from spot.. though some sellers get above spot due to more attractive packaging and good marketing. There is not the ready market for copper cents that exists for silver. Silver tends to trade at a premium to spot.
If spot for spot trades were available, many here would convert a portion of their copper hoards to silver. There is one member currently offering to trade copper for silver at a ratio favorable to the silver owner and he has had very limited success.
Because of shipping costs.. trades either way for small quantities like 8 pounds don't make sense for either party. You need decent quantities of copper cents to make any deal work. Check the completed deals section for a rough idea of what copper and silver are truly trading at in the real market. |
| Gr33nday43 |
Posted - 07/11/2009 : 11:04:04
Silversurfer...I think hoarding is a low risk inflation hedge. If you would have invested $1 in the stock market instead of $1 in silver coins in 1964, you would have a lot more money right now. It really only makes sense to hold commodities in a bull market as a investment vehicle, and not an inflation hedge. Back in 64', a silver quarter would buy a gallon of gas, the same is true today. |
| Silver Surfer |
Posted - 07/11/2009 : 10:15:59
quote:
Originally posted by ZippyGaloo
I don't mean to beat this to death, but at current prices my 8.8 pound could nearly buy an ounce of silver. My copper at $5 per pound would be $44. Silver would have to go up to $44 per ounce. If copper goes up doesn't it make sense that silver will too, and probably more than copper?
No one has a crystal ball. I have some gold, silver and copper. Doesn't hurt to be diversified. If you have no interest in copper, sell it here on this forum. Hoarding dimes and quarters before 1965 didn't make a lot of sense to some people back then. In retrospect, it made a lot of sense, did it not?
Would it make sense to pay for an ounce of silver using pre-65 dimes and quarters at face value? Of course not.
How about 900 circulated Morgan dollars at $1.00 face value for one ounce of gold?
|
| slickeast |
Posted - 07/11/2009 : 07:22:26
you CAN melt SILVER coins all day long if you wanted to, but most are just held for their value.
Are you melting your silver coins, bars, or your gold coins or bars. I doubt it.
The value of the copper penny will either be determined by the price of copper or its face value.
ok..melt your pennies into a bar..copper prices take a dive to 1.00/lb. Now all you have is some copper worth 8.80 instead of 12.xx as pennies.
now melt your silver coins that you just paid 10x face for. then try to sell the bar. well guess what....they were worth more as junk silver coins than they are as a .900 bar. |
| ZippyGaloo |
Posted - 07/11/2009 : 01:35:11
quote:
Originally posted by slickeast
quote:
Originally posted by ZippyGaloo
I don't mean to beat this to death, but at current prices my 8.8 pound could nearly buy an ounce of silver. My copper at $5 per pound would be $44. Silver would have to go up to $44 per ounce. If copper goes up doesn't it make sense that silver will too, and probably more than copper?
Maybe silver will go up at the same rate as copper. but don't count on it.
Listen to what you are saying. You have 12.xx in copper pennies that you aquired at face value. If you have 10X that many when silver hits 44 an ounce and copper is 5 lb. you can buy 440.00 worth of silver for only 120.00 - 130.00fv in pennies.
Now tell me how to get 10 oz of silver for only 30% of its value?
That is just one of the many reasons to store away as many copper pennies that you can while you can still get them for face value.
But it's illegal to melt copper pennies. How can I sell them for anything other than face value? And don't say an end of the world senario. |
