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jman1237
Penny Sorter Member
USA
38 Posts |
 Posted - 08/08/2009 : 09:23:49
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Is this true? and if so, Is anyone actively doing this now or is the
price not high enough.
Living in ND I am relatively close to Canada, any ideas on how best to get a truckload in here to the U.S. (kidding) actually are there
laws or limits as to how much coin could be brought back ($10,000?)
I am also assuming if a person was in Canada for a few days they could simply sort them there and only bring back the good ones?
thanks,
Jman1237
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Jason Rasset
http://iamabullionaire.wordpress.com/ |
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slickeast
1000+ Penny Miser Member
USA
1356 Posts |
Posted - 08/08/2009 : 09:51:08
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I believe the limit is 10K.
the canadiains are not legal to melt but their coins are. :-)
you need a passport if you are crosing the border.
c140cessena goes to canada often. ask him for some input |
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barrytrot
Penny Collector Member
USA
409 Posts |
Posted - 08/08/2009 : 10:37:51
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Do we REALLY know this is true?
For one the US and CA are friendly with regard to law enforcement, so if it is illegal to melt Candian (coins) in Canada it might be illegal in the US.
I'm going to Canada and picking up another $1k in unsorted in a month with no desire to melt it, but if it were legal I might dabble :) But I would need to be positive! |
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jtm3
Penny Collector Member
USA
398 Posts |
Posted - 08/08/2009 : 10:57:15
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Why would you melt it now though even if it were legal?
Unless you were had industrial uses for it the gov't backed purity is a lot more trustworthy than a homemade bar. |
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AGgressive Metal
Penny Hoarding Member
USA
789 Posts |
Posted - 08/08/2009 : 12:42:40
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| Exactly what jtm3 said - if you are buying them for investment, they will always be worth more in government coin form than in a non-government bar. Plus there is the numismatic angle if you happen to save them for a few decades. |
And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
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http://www.randpaul2010.com/ |
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Gr33nday43
Penny Hoarding Member
Uzbekistan
884 Posts |
Posted - 08/08/2009 : 12:46:41
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| Look on eBay for prices of semi-quality poured bars. That is all I am going to say about melting copper coins. |
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biglouddrunk
Penny Sorter Member
86 Posts |
Posted - 08/08/2009 : 13:07:22
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| Wow I saw a 5kg bar selling for about 11 dollars per pound. Screw melting pennies at that price you could buy pure copper from you local metals dealer. |
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daviscfad
1000+ Penny Miser Member
USA
1300 Posts |
Posted - 08/08/2009 : 15:43:37
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c140cessena did have a truck load a few months ago |
Inquiring minds want to know |
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Cupronickel
Penny Sorter Member
USA
87 Posts |
Posted - 08/08/2009 : 19:59:18
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| Canadian .999 nickels are legal to use as melt in the US. I had a guy on the GIM forum wanting to sell me Canadians to use in my foundry. The price was so-so, but my problem would be employee theft. They don't steal the 99.9 pellets, but if they saw a bucket of nickels, well let's just say I don't think they could keep from grabbing handfuls. |
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Flbandit
Penny Hoarding Member
USA
567 Posts |
Posted - 08/08/2009 : 20:28:13
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| Unless you have a buyer, I don't think its worth it right now. My scrap yard is only paying about $1 a lb. for copper right now, so I would lose money going that route. You might make some money on ebay, given the amount over spot bars tend to sell for, but the buyers might be wary of unmarded bars. |
Are you throwing that out? |
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CoinHunter53562
Moderator
USA
1754 Posts |
Posted - 08/08/2009 : 22:57:16
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quote:
Originally posted by jtm3
Why would you melt it now though even if it were legal?
Unless you were had industrial uses for it the gov't backed purity is a lot more trustworthy than a homemade bar.
Co-sign...this was brought up on another metals forum and I answer the exact same way.  |
My hobby: collecting real money 1 copper cent or nickel at a time.
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jadedragon
Administrator
Canada
2809 Posts |
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c140cessna
Penny Collector Member
USA
419 Posts |
Posted - 08/10/2009 : 14:50:21
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I have over 3 ton Canadian Cu in hoard storage. You can do whatever you want with them over here in the USA. I'm pretty much only adding Canadian to my hoard at the moment....just a little US here and there...
I feel the ban may still be in place against US Cu when I want to exit or the opportunity is too good to resist. Having Canadian eliminates this this road block.
I never see myself melting or selling to a scrap dealer....only directly to an end user....I have some outlets lined up and I'm just waiting.
When $10 Cu/lb arrives...that is when to start to exit.....this will happen inside 5 years....in my opinion.
As a rule....I figure it should never be an issue to find buyers at 2/3rds of melt for US or Canadian.
Example: Let's say current spot is $3/lb (it is closer to $2.75 in reality....) $3/lb x .66666 = $2/lb.....since it takes $1.50 FV to make a pound......$2/$1.5 = 1.3333 X Face Value....and I feel that is about the current market price for our hoard these days. This rough rule seemed true back at the peak of $4.5/lb ......$4.5 x .6666 = $3.....$3/1.5 = 2.0 X FV and this would have been about the market price on Ebay at that time.
Using this rough rule of Penny Market Price = 2/3rds Cu Spot:
Cu Spot $/lb, Market Price of Penny Bullion in X of F.V.
$3 and under, 1.3X
$4, 1.7X - 1.8X
$5, 2.2X
$6, 2.6X
$7, 3.1X
$8, 3.5X
$9, 4.0X
$10, 4.4X
$11, 4.9X
$12, 5.3X
$13, 5.8X
$14, 6.2X
$15, 6.7X
$20, 8.9X
$22.50, 10X
In dollar destruction / big inflation / big loss of dollar confidence / perhaps even hyper-inflation - it is possible to see copper 5X to 10X from here....
A loaf of bread will still cost 1 lb of copper in this inflated price world....so no profit gain for us hoarders....unless you lock in some long-term debt at a fixed interest rate = only way to profit from inflation! |
Edited by - c140cessna on 08/10/2009 23:19:27 |
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dakota1955
Penny Hoarding Member
800 Posts |
Posted - 08/10/2009 : 20:57:10
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| I agree that they would be better left as coins than melt them and beside I don't think that finding copper pennies in Canada is all that easy anymore in great amounts. |
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Canadians are legal to melt?
