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kavajava
Penny Collector Member
USA
487 Posts |
 Posted - 09/06/2008 : 14:31:58
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Just saw that APMEX is selling bags of copper pennies, (1959-1982) for $129.99.
They obviously have to buy them from somewhere--has anyone here ever tried to sell to them? Wondering if you might get more from them than from eBay?
Any thoughts?
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legacypac
Administrator
Canada
1653 Posts |
Posted - 09/06/2008 : 23:28:20
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| They advertise they want minimum $1000 deals. I don't know why, how or when they started offering copper penny bags? Any one got some insight on this? Dave - one of thier guys comes on here occasionally. |
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moboman
1000+ Penny Miser Member
USA
1333 Posts |
Posted - 09/06/2008 : 23:53:14
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| I'd be interested in $1000 dollar or larger deal... but the price would have to be right. |
I have a hard time resisting the temptation to take a wheat penny out of the take a penny cup when I see one! |
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HoardCopperByTheTon
Administrator
USA
3603 Posts |
Posted - 09/06/2008 : 23:54:32
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I might be able to scrape up that many.  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
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fb101
Penny Hoarding Member
USA
894 Posts |
Posted - 09/07/2008 : 07:07:24
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quote:
Originally posted by HoardCopperByTheTon
I might be able to scrape up that many.
In your case, it might take a leveraged buyout! |
A materialistic society cannot afford credit, it will inevitably implode.
Life and success are a "do it yourself" thing |
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jpf231
Penny Collector Member
USA
340 Posts |
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JerrySpringer
Penny Collector Member
385 Posts |
Posted - 09/07/2008 : 09:29:00
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| So, there is mounting competition to sell copper pennies we can get at face value and a little sorting labor. I think it is great. The more that copper pennies get highlighted as collectible and worth paying a premium over face value, the better for all of us. |
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Robarons
Penny Pincher Member
USA
167 Posts |
Posted - 09/07/2008 : 18:08:02
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| I think its cool but they seem to fail to take note of the 'the rules' of being in copper pennies. The need to mention the words melt,ban,export, etc. somewhere or their going to make a costly mistake. |
Seven days without sorting makes one weak.
I told my buddies theres no worry for a run on the banks. Joe Sixpack too lazy and *may* have a walk on the banks. |
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legacypac
Administrator
Canada
1653 Posts |
Posted - 09/07/2008 : 18:33:26
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quote:
Originally posted by Robarons
I think its cool but they seem to fail to take note of the 'the rules' of being in copper pennies. The need to mention the words melt,ban,export, etc. somewhere or their going to make a costly mistake.
Who made those rules? Reality is it is perfectly legal to export up to $100 for legit coin collecting purposes. Sometimes people take the US Mint regulation further then it really is intended. In some cases, the melt/export ban is used as a marketing tool to help prove that these coins are valuable and treasured. |
Edited by - legacypac on 09/07/2008 18:35:10 |
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Ardent Listener
Administrator
USA
2626 Posts |
Posted - 09/07/2008 : 19:35:55
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quote:
Originally posted by legacypac
quote:
Originally posted by Robarons
I think its cool but they seem to fail to take note of the 'the rules' of being in copper pennies. The need to mention the words melt,ban,export, etc. somewhere or their going to make a costly mistake.
Who made those rules? Reality is it is perfectly legal to export up to $100 for legit coin collecting purposes. Sometimes people take the US Mint regulation further then it really is intended. In some cases, the melt/export ban is used as a marketing tool to help prove that these coins are valuable and treasured.
Good pont. |
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fb101
Penny Hoarding Member
USA
894 Posts |
Posted - 09/07/2008 : 20:19:22
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| News to me. I thought we couldn't ship these out of the country at all. Be hard to insinuate numismatic value to them. I use the disclaimer in my ads so I don't wind up being "an accessory" when and if..... |
A materialistic society cannot afford credit, it will inevitably implode.
Life and success are a "do it yourself" thing |
Edited by - fb101 on 09/07/2008 20:22:21 |
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legacypac
Administrator
Canada
1653 Posts |
Posted - 09/07/2008 : 20:45:33
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http://www.usmint.gov/pressroom/index.cfm?flash=yes&action=press_release&ID=724 The actual press release of the melt/export ban. Key paragraph (the rest is pretty interesting too so read it all)
"Specifically, the new regulations prohibit, with certain exceptions, the melting or treatment of all one-cent and 5-cent coins. The regulations also prohibit the unlicensed exportation of these coins, except that travelers may take up to $5 in these coins out of the country, and individuals may ship up to $100 in these coins out of the country in any one shipment for legitimate coinage and numismatic purposes."
I'll give credit to the Mint for being practical. They recognized four vaid reasons and circumstances to export US coins.
1. Common travelers are unlikely to be carrying more then $5 in pennies and nickels. No reason to search travelers saving change to use on thier next trip to the US, or by returning residents.
2. They were not about to kill the international coin collecting business the Mint profits from, so they picked a number that is high enough that dealers can still ship out very full boxes of wheat pennies. It is really impractical to ship more then 10,000 pennies internationally at a time in one box anyway.
3. Various dollarized countries use US currency. That is why they allow export for "legitimate coinage purposes". The hundred dollar limit is practical for small shipments.
4. If you were a bank in a dollarized economy I bet you could get a license to ship pennies and nickels by the container load.
I'm a coin collector - in fact I have coin books and LOTS of coins to prove that. I don't plan to melt the coins, but I intend to use them for collecting and "coinage" purposes - specifically to use them as a store of wealth and medium of exchange in the future. So if any of you want to send me up to $100 of US pennies or nickels in one shipment, fill your boots. (PM for my address to send your copper donations)
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Edited by - legacypac on 09/07/2008 21:15:15 |
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Robarons
Penny Pincher Member
USA
167 Posts |
Posted - 09/07/2008 : 20:58:11
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Thanks for clearing up the issue legacy. I knew it was something like that.
With $100 limit on exporting pennies, this would make foreign investment difficult through APMEX. Notes of the export limits and that you can't melt them yet on their sales page would clear things up for people who may not know those regulations.
Still it would be interesting to whom they were buying the pennies from. Something tells me APMEX's supplier resides in California somewhere and has inventory by the ton (for future demand of course)
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Seven days without sorting makes one weak.
I told my buddies theres no worry for a run on the banks. Joe Sixpack too lazy and *may* have a walk on the banks. |
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Nickelless
1000+ Penny Miser Member
USA
1343 Posts |
Posted - 09/08/2008 : 18:45:02
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I e-mailed APMEX about this and here's the reply I got:quote:
We received your e-mail and would be willing to buy a bag of 5,000 Copper cents(100 rolls) for $75. If you have any further inquiries you can e-mail me or call me at 405-330-4222 ext.146. Thank you.
Ted Ancher
Product Manager
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Why hyperinflation is inevitable...and very soon:
http://www.shadowstats.com/article/292
http://www.ChrisMartenson.com |
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NotABigDeal
1000+ Penny Miser Member
USA
1848 Posts |
Posted - 09/08/2008 : 20:13:16
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So they are buying at 1.5x face. Interesting. That appears to be the "standard" going rate. At least it is now....
Deal |
I'm so sick over pennies....I frequently trade a dime or two for the whole "take-a-penny" container if sufficient coppers exist. That will get you some odd looks. |
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Nickelless
1000+ Penny Miser Member
USA
1343 Posts |
Posted - 09/08/2008 : 20:19:03
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quote:
Originally posted by NotABigDeal
So they are buying at 1.5x face. Interesting. That appears to be the "standard" going rate. At least it is now....
Deal
Don't know if they will pay for shipping, though. My take is that it's not worth it for most of us on here to sell to them. |
Why hyperinflation is inevitable...and very soon:
http://www.shadowstats.com/article/292
http://www.ChrisMartenson.com |
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kavajava
Penny Collector Member
USA
487 Posts |
Posted - 09/09/2008 : 12:24:10
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Well, at least you don't have to send them $1000 or more, but if you have to pay shipping, that means you net about $65...even with ebay and paypal fees I think most of you all are doing better than that on ebay aren't you? Can definitely do better here...
Pretty good spread for APMEX though...wonder how many they are selling... |
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legacypac
Administrator
Canada
1653 Posts |
Posted - 09/09/2008 : 12:47:00
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My next suggestion is to set $129.99 plus shipping as the new target in eBay auctions. Careful not to violate the eBay listing rules, but you could add in a statement like "$50 of copper pennies sell for $129.99 plus shipping at AMPEX" and if the listing rules allow, maybe include a link to the relevent AMPEX page.
There is no silver for people to buy at spot or under, so let's make copper the new silver and get it up to spot or more. |
Edited by - legacypac on 09/11/2008 21:59:39 |
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dmccarty
New Member
USA
12 Posts |
Posted - 09/12/2008 : 15:32:56
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Hi guys,
Just saw the thread here... I guess my ears were burning 'cause I heard LegacyPac mention my name. LOL.
The bags that you are talking about are handled by our numismatic division, not really for bullion reasons - though, they obviously have that going for them too. I don't know that we have any real plans to get "super active" with copper, though this sure may be an option for the future.
Ted is a great guy and will definitely take care of you as best he can.
As LegacyPac noted, you may do better for selling on EBay right now, as copper traders have a pretty established business there. But, APMEX does provide another possible outlet for you guys as well.
Who knows, copper may be the next silver soon…
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Dave McCarty
http://www.APMEX.com |
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fb101
Penny Hoarding Member
USA
894 Posts |
Posted - 09/12/2008 : 19:19:51
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quote:
Originally posted by kavajava
Well, at least you don't have to send them $1000 or more, but if you have to pay shipping, that means you net about $65...even with ebay and paypal fees I think most of you all are doing better than that on ebay aren't you? Can definitely do better here....
Aside from certain people who usually seem to get a premium on their auctions, looking at completed items shows me $53 to $71 mostly. After FEES, do you get $65 clear? I don't know if that is summer doldrums still going on. I don't think you get that much ($65) plus shipping here either. I'm considering shipping them some just to retrieve a lot of cash. - I desperately need a new laptop. |
A materialistic society cannot afford credit, it will inevitably implode.
Life and success are a "do it yourself" thing |
Edited by - fb101 on 09/12/2008 19:22:56 |
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kavajava
Penny Collector Member
USA
487 Posts |
Posted - 09/23/2008 : 13:49:07
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| I just saw that APMEX has LOWERED the price they are charging for bags of copper pennies to $119.99...they have 48 bags available...hmmm...wonder if they have lowered the price they are willing to pay as well? Wonder if they are having a difficult time selling them...wonder how low they will go on APMEX before they are gone? |
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kavajava
Penny Collector Member
USA
487 Posts |
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Lemon Thrower
Penny Pincher Member
USA
201 Posts |
Posted - 09/23/2008 : 15:05:02
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quote:
Originally posted by legacypac
There is no silver for people to buy at spot or under, so let's make copper the new silver and get it up to spot or more.
Treasury ought to put the same design on the penny as is on the silver eagle and call them copper eagles. they'd sell out in no time, lol. |
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Kurr
Penny Hoarding Member
576 Posts |
Posted - 09/23/2008 : 19:16:48
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| Now THATS an idea.... tmaring how much would dies like that for copper cents run? And could they be hand struck or would it need a good press? |
Always willing to trade copper for pm's
A number of people are educated beyond, sometimes way beyond, their intelligence. - Tenbears
My Ebay items: http://tinyurl.com/5pqkho |
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legacypac
Administrator
Canada
1653 Posts |
Posted - 09/23/2008 : 20:20:06
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| I need to get in gear and buy up all the remaining tmring Copper Eagles. That is a heck of a marketing idea Lemon Thrower. |
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byro007
Penny Pincher Member
USA
216 Posts |
Posted - 09/23/2008 : 20:26:50
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| I Talked to apmex about shipping some copper pennies to them and they said that i would be responsible for the shipping and that I could take the money in credit and puchase some bullion of there website as well. Im not goin to do it as i dont think 1.3 per penny is a good deal. |
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Any one ever try SELLING to APMEX?
