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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
 Posted - 10/31/2009 : 19:33:03
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What would you do if you learned the Chinese were shipping our pennies overseas  in the empty shipping containers headed back? That they were sorting and melting overseas, beyond the reach of American laws?  Would it change your sense of urgency to accumulate a hoard? It could happen, ya know. 
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Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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billo
Penny Collector Member
293 Posts |
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 10/31/2009 : 19:59:41
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| Lol, why would they do that? They got plenty of Mines in their country. Slave labor beats shipping costs anyday |
Trolling is an art. |
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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 10/31/2009 : 20:18:30
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Melting Down Copper Pipes and Pennies By Mike Nizza
You must be logged in to see this link.
With pennies on our minds lately, The Lede notes a report that in today’s distressed real estate market, some houses, like some coins, are worth less than the metal they are made of:
Real estate brokers and local authorities say once-proud homes coast-to-coast are being stripped for copper, aluminum, and brass by thieves. Much of it ends up with scrap metal traders who say nearly all copper gets shipped overseas, much of it to China and India.
[...] “We’re seeing houses sold for $100 that are distressed houses that should not be recycled,” [Cleveland city councilor Tony Brancatelli] said. Some boarded-up homes in his Slavic Village community have “No copper, only PVC” painted on the boards to stop would-be thieves.
That disturbing state of affairs presents an obvious question: If it’s worth gutting a house for the salvaged copper pipes, should you melt down your pennies for scrap copper?
NPR’s Marketplace does the math for Todd Kraemer’s four-ton hoard of pennies (about 1.1 million of them, or $11,000 at face value):
Pennies before 1982 are 95 percent copper. Based on the current price, the copper in a pre-’82 penny is worth about 2 cents. So Kraemer figures his penny stash is really worth about $24,0000.
In 2006, The Financial Times suggested that “melting coins could start making cents.” But Tyler Cowen, who blogs at Marginal Revolution, disagreed with an economic argument that boiled down to “hold on to those pennies and wait.”
Those with less of a handle on the fine print can follow Mr. Cowen’s advice for another reason: Melting down those coins for their metal content is against the law. So as long as pennies remain legal tender, better keep your pocket change away from criminally minded smelters, or risk 5 years in prison and a fine of up to $10,000.
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barrytrot
Administrator
USA
721 Posts |
 Posted - 10/31/2009 : 20:38:05
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quote:
Originally posted by Neckro
Lol, why would they do that? They got plenty of Mines in their country. Slave labor beats shipping costs anyday
They would do it because it is cost effective. And if you have checked out the economic moves of China in the last few years you know they don't like using their own resources, they prefer BUYING ours!
China will probably one day own 50%+ of the United States. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 10/31/2009 : 20:49:00
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Well.. first I would be really inappropriate languageed.. cause if they were shipping out our pennies that way if means less containers available for back shipment. I have 250 tons of cardboard I need those containers for.
Second.. there are no empty containers going to China. Because of the ecomonic downturn in this country, there are a lot less containers of products coming in.. hence no containers available for back-shipment, or higher prices for shipment. It used to be you could get a good shipping rate for containers going that way.. but the decline in imports has changed that somewhat.  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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What would you do?
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