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subaqua99
Penny Sorter Member
Canada
25 Posts |
 Posted - 12/09/2009 : 14:45:55
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So just had someone send me an offer. I am in Canada, if that makesany difference so all prices are in canadian.
Says he has 6500 pounds of pre 84 canadian pennies and will sell to me for $3.15 a pound. Thats what a scrap dealer offered him. Respond in next couple days or he will haul it all to the scrap dealer on Saturday.
So what does everyone think? My first thought...liar liar pants on fire.
A. - Didnt't think scrap dealers would by them, due to melt ban.
B. - Would he really be getting that price for them?
C. - If he is getting $3.15 a pound for them, should I be finding out where and off loading my hoard?
D. - What is everyone else paying for a pound of copper pennies?
Obviously a $1.50 is a great price face value. But how high would you go for a pound of copper pennies and consider it a low risk purchase?
Just curious other people opinions. Personally at $3.15 a pound I feel its pretty risky investmet. I know we all pray copper goes 10x in value someday, which would make it a good deal i guess. But I'm sure i could get cheaper even with shipping from others. Plus thats alot of money to tie up
Curious to hear more experienced peoples thoughts
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Edited by - subaqua99 on 12/09/2009 20:52:08 |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 12/09/2009 : 14:50:09
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I'd go with your gut. A, B and C make sense to me.
At current prices I would not pay $3.15 a pound.
Maybe $2.75 a lb at most. |
"May your percentages ever increase!" |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 12/09/2009 : 14:51:39
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| I would ask if you could get a look at them and see if they are pre 84 and how many could be King George or Edward. Try then to try to buy a part of them if they look good. |
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AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 12/09/2009 : 15:14:35
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| Ask him what scrap dealer and then call the dealer and ask if they accept pennies. |
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.
-Caxton's edition of Aesop's Fables, 1484 |
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barrytrot
Administrator
USA
721 Posts |
Posted - 12/09/2009 : 15:51:35
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quote:
Originally posted by subaqua99
Just curious other people opinions. Personally at $3.15 a pound I feel its pretty risky investmet. I know we all pray copper goes 10x in value someday, which would make it a good deal i guess. But I'm sure i could get cheaper even with shipping from others. Plus thats alot of money to tie up
You can by an unlimited supply for less than $3.15 a pound, so it isn't a "risky" investment it is simply over paying. Even with shipping inside Canada higher than the US, you can find as much as you want under that price. |
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natsb88
Administrator
USA
1850 Posts |
Posted - 12/09/2009 : 15:56:58
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quote:
Originally posted by AGgressive Metal
Ask him what scrap dealer and then call the dealer and ask if they accept pennies.
Even if a scrap dealer was buying pennies, I doubt they would say so over the phone. |
Nate
The Copper Cave
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subaqua99
Penny Sorter Member
Canada
25 Posts |
Posted - 12/09/2009 : 16:33:50
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well worded barrytrot, thats what I meant. I felt $3.15 a pound is overpaying.
Now you got me thinking. Any canadians on here selling huge hoards for less then this. If buddy is telling the truth and can sell unlimitted amount for $3.15, and I can get unlimitted amount for less then this, I can make unlimited amount of money.
So what are my fellow canadians selling a pound of copper for? Thanks for the comments everyone, newbie here appreciates all the help I can get. |
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JerrySpringer
Penny Hoarding Member
669 Posts |
Posted - 12/09/2009 : 20:46:00
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Don't buy the cents. On Saturday, stake out his place and see where he drives the pennies to. LOL. How the heck did he end up with 6500 pounds of coins? He might of pulled all the key dates from the hoard. But, as per an earlier question, you'd be paying 2 cents for each coin anyway so chances are any key dates you'd miss out on would more than be paid for by keeping your cash and buying them outright versus spending 2X face for a boatload of coins. Now, if he would allow you to cherry-pick coins from the hoard, then paying $3.15/pound may allow you to find some rarer Kings and such and just pay for those.
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subaqua99
Penny Sorter Member
Canada
25 Posts |
Posted - 12/09/2009 : 20:49:43
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Was just talking to buddy on phone. Here's the details - his grandfather collected them till he died in 1984. He was 98. No idea when he first started collecting. But must have taken a while to collect 6500 pounds worth. He has no idea whats in them, as they are in old whisky barrels that were stored in the loft of his grandfathers barn up till a couple weeks ago. No new coins were added after 1984. He has a load of scrap being shipped 1500 km away next week and plans on including them as well as he feels price of copper is going to drop and doesnt want to store them anymore. As far as melting, he said the recycler would melt the crown jewels if he thought he could make a profit.
So now I'm thinking like a treasure hunter.. What could be in there? He said he'll help me offload them to his recycler when the time comes and I want to get rid of them.
Now today I saw price of copper was $3.18 american. So recycler is offering him $3.15 canadian per pound for pennies. Does this sound right? Would leave the recycler with a very small margin wouldn't it? I guess it's the volume the dealer is looking at.
So question is $3.15 really that bad a price? Considering what I might find in there? Even if I found nothing, I could offload to recycler and recoup my investment as long as copper don't drop. If copper goes up even 10 percent, I would recognize a couple thousand profit on copper alone. Not to mention what i might make if i could put a few collections together or rolls of king george pennies together.
Please someone talk me out of this. LOL... CAN'T BELEIVE I'M Seriously thinking about giving someone $20,000 dollars for a million pennies. |
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barrytrot
Administrator
USA
721 Posts |
Posted - 12/09/2009 : 21:00:27
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quote:
Originally posted by subaqua99
Please someone talk me out of this. LOL... CAN'T BELEIVE I'M Seriously thinking about giving someone $20,000 dollars for a million pennies.
They aren't worth 3.15 CA a pound. So just find out where his "recycler" is and I promise you can get a few hundred dollars in finders fee from people on this board if it is truly available at an unlimited level.
I'm certain it is NOT true.
In fact if it is true, I will personally fly back up there and hire a team to start punishing the local Canadian copper supply :) |
Edited by - barrytrot on 12/09/2009 21:16:45 |
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 12/09/2009 : 22:25:22
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| I would go with buying a barrel and see what is in it. |
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PennyPauper
Penny Collector Member
USA
395 Posts |
Posted - 12/09/2009 : 22:42:05
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Wow quite a ordeal you got yourself into.First ? is how did you get in contact with this person.Did he contact you.How does he know your into coins? It could be a scam.Scammers prey on peoples weaknesses.Quote "My first thought...liar liar pants on fire."Your first impression is usually at least partly right.Something does not add up here.Unless the scrap manager is a coin buff,who else would pay that price?
Is it illegal to melt Canadian coins in Canada?
If his story is true,maybe you could go with knibloe's idea and just get a sample from the oldest bunch.Just be careful whatever you do. |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 12/09/2009 : 23:45:01
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quote:
Originally posted by barrytrot
quote:
Originally posted by subaqua99
Please someone talk me out of this. LOL... CAN'T BELEIVE I'M Seriously thinking about giving someone $20,000 dollars for a million pennies.
They aren't worth 3.15 CA a pound. So just find out where his "recycler" is and I promise you can get a few hundred dollars in finders fee from people on this board if it is truly available at an unlimited level.
I'm certain it is NOT true.
In fact if it is true, I will personally fly back up there and hire a team to start punishing the local Canadian copper supply :)
At $3.15 lb I would wear my 3 Ryedales out if the recycler bought everything at the end of the day. |
You don't have to be the BEST you just have to be.......SLICK
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biglouddrunk
Penny Pincher Member
138 Posts |
Posted - 12/09/2009 : 23:51:14
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| Well I did a little math (vary round estimated numbers). That weight is about 10K face value. You would have to pay 20k cash for them. Lets say you could get 1.5 face value for the coins for bullion purposes you would be risking 5K at the chance this lot has lots of numismatic coins. If unsorted george VI were worth 6 cents each then 10% of the stash would have to be George VI for you to break even. If the coins were distributed evenly from 1937 to 1984 than 33% of the coins would be george VI's. If 33% are George VI you would make a 10K profit of course it would take you a LOT of time to sort. If as little as 1% are George V then it would really be worth your while to buy them. |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 12/10/2009 : 00:50:55
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Sounds fishy. That is a huge hoard and it is not legal to melt Canadian pennies in Canada. Also, you can buy bulk copper pennies in Canada for less then $3.15 a lb
Check it out further - tell him you want to see and sample the pennies. If this is for real I think we could all make a small fortune selling to the scrap dealer. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 12/10/2009 : 06:39:42
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I understand your point of ..."what if there is treasure in them there barrels" but it is going to be a HUGE hassel, and all the pennies could be corroded from moisture anyway!
Before you pay anything you
-must know the man well.
-see the hoard first.
-get confirmation from the scraper that he would pay so near spot at a later date to you.
my two cents. |
"May your percentages ever increase!" |
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NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
Posted - 12/10/2009 : 07:49:30
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| The facet that melting them is illegal would scare me away as far as being able to get rid of them that way. I would have to have another way lined up to get rid of them. But I would still be interested because just like the right "wheat" penny is worth hundreds of dollars I am sure the right Canadian penny is as well. I would definitely want see all of them and be able to take a couple of pails home and go through them so you can see what dates are in there and what kind of condition they are in. As wolvesdad said they might be green and corroded. If this guy is honest and telling you the truth he will have no problem showing them to you, and letting you take some home to go through them. If they have been in this barn since 1984 a couple of more weeks isn't going to hurt anything. |
COPPER - the "poormans" precious metal!!!
SELLING - $100.00 face copper shipped to you for $189.00 machine rolled or bagged - PM me if your interested. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 12/10/2009 : 09:59:31
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Sounds like a perfect eBay ad for one those "unsearched hoards." Do you really believe those stories?
Aside from it being illegal for the scrapper to melt the coins.. no scrap dealer would pay anywhere near that close to spot.  |
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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hobo finds
Penny Hoarding Member
838 Posts |
Posted - 12/10/2009 : 10:24:31
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| How many barrels hold 6500 pounds? How is he planning on moving these with his other scrap to the yard? How much do the barrels weigh? Buy one that you pick out not him and then make your descision. |
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Junk Woody
Penny Collector Member
Canada
262 Posts |
Posted - 12/10/2009 : 12:06:08
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| I wouldn't store barrels of pennies in a barn loft. |
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hobo finds
Penny Hoarding Member
838 Posts |
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1945V
Penny Pincher Member
Canada
153 Posts |
Posted - 12/10/2009 : 13:15:00
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I think he pulling the old car salesman routine on you (i.e. creating a sense of urgency).
"If you don't buy it right away from me, I have another buyer waiting in the wings."
I agree with the other posters.
Scrap dealers will pay maybe 50% maybe 75% of spot but never 100% spot prices.
Scrap dealers are scrutinized closely by the police (like pawn shops) and will have nothing to do with illegal coin meltings or other suscipious offerings (like a ton of fresh copper wire or fresh copper tubing). He probably never dealt with a scrap dealer, looked up the spot price of copper on the internet and assumed that's what a scrap dealer will pay him.
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Edited by - 1945V on 12/10/2009 13:16:01 |
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ronin
Penny Sorter Member
USA
36 Posts |
Posted - 12/10/2009 : 18:29:51
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| Now... the idea of whisky barrels is intriguing in and of itself... so if he will sell those to you after he dumps the pennies with his scrap yard (yeah right!) those have a good $100 value apiece empty and in decent condition. |
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buyingsilvers
Penny Collector Member
441 Posts |
Posted - 12/10/2009 : 19:58:38
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I think $3.15 a pound from a recycler is bullsxxt.
But I think it would be worthwhile to buy a sample of the coins.
Maybe 25lbs or so to see what's in it. |
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Gr33nday43
New Member
Uzbekistan
10 Posts |
Posted - 12/10/2009 : 20:40:26
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| I agree with everyone else. I think the man is trying to scam you. But, you never know. Contact the scrap dealer. If he is not willing to give up the scrap dealer, he is BS'ing you. |
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subaqua99
Penny Sorter Member
Canada
25 Posts |
Posted - 12/10/2009 : 21:55:25
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Well thanks for all the advice everyone...I emailed him back this morning indicating no way I could bye $20,00 worh of pennies.
Then tested the waters to see how serious he was. Said i would drop by tommorrow and have look through barrels. I would bye the oldest one if it had enough george pennies in it. If they were actually one persons collection over a lifetime, they should have been. Also made an offer of $4.00 a pound if he would let me cherry pick through and pull however many pounds I could pull before he shipped them out. Therefore he might be able to make a few extra bucks and save on shipping them out.
I also told him I had friends with a few tons of their own, who would sell him for $2.75 a pound. Which would leave him a nice couple thousand profit. Figure he would be all over that one.
and guess what... no more responses.
You guys were right. He's full of it. I'll say that again, can never hear you right too many time., You guys were right. Thanks for all the advice, I'm new to this. Just needed to make sure I wasn't letting whole barrels of George V go to be melted, know what i mean. So thanks again everyone, and for you canadians out there I'll start another post to pick your brains a bit about Canadian Banks.
Great site guys, very friendly group. On a positive note I picked up my 1910 rolls from charity. Buddy was ecstatic I picked up and he didn't have to go to bank. Checked 120 rolls so far, averaging 50 % copper.
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What do you think of this offer?? (More details !)
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