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2old
Penny Pincher Member
136 Posts |
 Posted - 08/25/2009 : 10:25:14
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I have collected coins, bought, sold, gold, silver, copper scrap, bags of silver coins and so on for years. When dealing with $1,000.00 face bags of silver, I never thought about the end use, or, are they melting it down? I just assumed they were, if they wanted to. I realize there is a ban on melting copper pennies. I have looked at the sales and prices on eBay. They do not seem to reflect the value of copper as you would see in $1,000.00 face bags of silver, nor the demand. Since this is the forum on Copper Penny Bullion Investing, can you tell me where the market is for these coins once you have them? I am all for sorting them, but do not want to end up with 50 gallon barrels of pennies that I can not sell for somewhere near the melt value, as I would if I have silver coins. Or, am I expecting too much?
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coppernickel
Penny Sorter Member
USA
61 Posts |
Posted - 08/25/2009 : 11:35:15
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There is a small market now in selling copper cents. The cents have thier face vaule and the mark the government promised they were copper.
Right now the dollar has been strong and there is little market for the cents. But in the past few weeks it has been noted going up.
Many of us think soon there will be a demand for copper cents as bullion comodity. |
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2old
Penny Pincher Member
136 Posts |
Posted - 08/25/2009 : 13:34:57
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So did you choose the blue pill or the red pill? In a way I agree with you. I wish I had paid more attention to the end use of silver coins when I was selling them. I have to imagine they were mostly melted down by someone, and I do not know the status of melting them down now. If for some reason, we have a copper shortage, I can see the law changing. With about 30% of them being 95% copper in rolls, that is pretty easy pickings, but I do not like the idea of being the dog who caught the car and did not know what to do with it. Thank you for your response.
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Everyone wants to go to heaven, but nobody wants to die. |
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Dan52
Penny Collector Member
USA
415 Posts |
Posted - 08/25/2009 : 15:20:29
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I sorted enough pennies to acquire 1300 + wheat pennies. I then switched to silver. For me, silver is more profitable. Take dimes for instance, I can't really remember the exact month I started sorting them, I think it was around october. At my peak, I was sorting 10-12 boxes per week. These were the ordered boxes from banks. I don't know how many non-ordered rolls I went through. Anyway, its been approx 11 months and I have acquired 640 silver dimes. (587 roosevelts, 40 mercs, 8 canadians, 5 barbers). Good luck.
PS: I bought 3 of the 640 dimes from a dealer. (2 barbers and a 51s roos)
PPS: The thing about pennies is that one day hoarding them may really pay off. Or not. Who knows?
PPS: Halves are also profitable. |
Edited by - Dan52 on 08/25/2009 15:29:27 |
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HoardCopperByTheTon
Administrator
USA
5250 Posts |
Posted - 08/30/2009 : 00:11:56
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If the price of copper declines significantly you will be able to sell the copper pennies above melt.  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Let me see if I understand this? If you cross the North Korean border illegally, you get 12 years hard labor; the Iranian border illegally you are detained indefinitely. If you cross the US border illegally, you get a driver’s license, a social security card, welfare, food stamps, free health care!
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slickeast
1000+ Penny Miser Member
USA
1370 Posts |
Posted - 08/30/2009 : 01:23:45
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Dan52, not to knock your success, but 640 dimes is worth 640.00-750.00 depending on who is buying. that comes to 15.00 profit a week. I am not saying it is not worth it. I search halved and I am not much more successful than that.
I said all that to say this. I can sort 1000.00 worth of pennies and yield 225.00 worth of copper pennies and sell at 1.35 each for a profit of almost 80.00.
still not worth quiting your day job.
I would do dimes but the machines I dump at drop dimes in the penny bags and my concern is that I would lose more in dumping than I made pulling the silver.
But the thrill of the hunt is better than the profits. |
You don't have to be the BEST you just have to be.......SLICK
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I am new to this.
