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wagsthadog
Penny Hoarding Member
USA
565 Posts |
 Posted - 09/11/2008 : 11:41:58
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Hi all,
I was just thinking what everyone would do if the gov lifted the melt ban on pennies, say, tomorrow.
Do you think you'd race to the scrap dealer as fast as you could, or would you keep the pennies you already have?
Lots of conflicting ideas- would the copper price rise due to frenzied demand or drop due to oversupply? Would J6P finally take notice? Worse, would BANKS take notice, limiting orders towards customers? (I shudder to think of that one)
Just looking for thoughts-
I'll go first- I'd probably cash in my 59-82 coppers ASAP, but I'd always keep the wheats, and maybe up my penny standing order to $200-$250 a week, and ride that as long as it lasts.
wags
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Only when they CAN'T have it, ......THEN they'll want it.
I love Cents. If you get an UNC box, you win. If you get a regular circ. box, you win. If you get a zinc box, you don't lose....so you still win. |
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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 09/11/2008 : 11:59:11
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| I think I'd either cash half of mine in or sell them to someone. I'd keep the other half. That way if the price skyrockets, I'll have been half right in the fact that I hoarded half. If the price plummets, I'll have been half right because I dumped when the price was high. Also then the half that I kept could also have numismatic value in the future, like IH, or Flying eagle cents today!! |
"99% of all lawyers give the rest of them a bad name" 
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 09/11/2008 : 19:23:52
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| Many would race to the scap dealers just as they would if they had copper pipe scrap. Others would continue to hoard even more since they would know they could always cash in when they wanted and consider such a hoard as savings for the future. |
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Think positive. |
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 09/11/2008 : 21:05:43
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| I would cash mine in so I could buy more equipment to sort faster. |
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fb101
Administrator
USA
2856 Posts |
Posted - 09/11/2008 : 22:03:17
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| I'd cash in enough to finally buy a ryedale. |
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eharrison
Penny Pincher Member
USA
234 Posts |
Posted - 09/11/2008 : 22:24:53
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| I would cash mine in use it to buy silver and some to keep on hoarding. |
Freedom is popular
That's why I voted
Ron Paul! |
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TenBears
1000+ Penny Miser Member
USA
1021 Posts |
Posted - 09/12/2008 : 08:38:31
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| My penny sorting efforts would greatly increase as there would be a very easy market for my copper. |
"Rich," the Old Man said dreamily, "is not baying after what you can't have. Rich is having the time to do what you want to do. Rich is a little whiskey to drink and some food to eat and a roof over your head and a fish pole and a boat and a gun and a dollar for a box of shells. Rich is not owing any money to anybody, and not spending what you haven't got." Robert Ruark
there are too wild Indians...
there are too wild Indians...
there are too wild Indians...-----still taunted
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n/a
deleted
146 Posts |
Posted - 09/12/2008 : 08:52:10
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I'm treating my copper pennies as the *destitute* person's gold (since silver is the poor person's gold) and hanging onto it for the bad times I am increasingly sure are coming. Hearing stories about how the government is bailing every rich person and their friends out (but not you or me) makes me ever more certain that copper pennies will be a more preferred form of money than paper (or the way things are going an entry in a spreadsheet on a server somewhere). That and the story of the little old German lady who got through the Weimar hyperinflation okay because she had a bathtub full of metal coins keep me thinking I wouldn't want to run out and trade copper pennies in even if the melt ban is lifted.
Plus I'm hand sorting so I don't have a whole heck of a lot of money tied up in this (I can't justify buying a Ryedale...maybe buying a digital scale to sort my 1982 coins is doable though).
I don't know what the price of copper would immediately do if the melt ban were lifted but I would think that at some point Joe 6 Pack will finally learn that not all of his pennies are only worth 1/100th of a paper dollar (which to him seems so far to still be valuable). That may make sorting and saving copper pennies as we know it hard to do and that banks at some point would cut individual people off from ordering pennies in mass quantities.
But I could be wrong...it's hard to predict the future. |
Edited by - n/a on 09/12/2008 09:01:57 |
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TenBears
1000+ Penny Miser Member
USA
1021 Posts |
Posted - 09/12/2008 : 09:02:16
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quote:
Originally posted by nomore
That and the story of the little old German lady who got through the Weimar hyperinflation okay because she had a bathtub full of metal coins keep me thinking I wouldn't want to run out and trade copper pennies in even if the melt ban is lifted.
Welcome to the forum nomore. You seem well informed with that little piece of information. There are many of a like mind here in realcent. |
"Rich," the Old Man said dreamily, "is not baying after what you can't have. Rich is having the time to do what you want to do. Rich is a little whiskey to drink and some food to eat and a roof over your head and a fish pole and a boat and a gun and a dollar for a box of shells. Rich is not owing any money to anybody, and not spending what you haven't got." Robert Ruark
there are too wild Indians...
there are too wild Indians...
there are too wild Indians...-----still taunted
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What if they lift the melt ban?
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