| Author |
 Topic  |
|
|
nokozan
Penny Sorter Member
35 Posts |
 Posted - 01/28/2010 : 14:43:22
|
The amount of copper cents in circulation is lower every year due to hoarding, would it be safe to assume the sorted copper cents will never find their way back into the circulated masses. Do you think the people that are buying sorted copper cents higher then face value will ever give up on the idea and take a loss and cash them back in at the bank? its hard to imagine that every cent we sort will never be used in circulation again. lets say you sort a ton of cents and you think there are now a ton less copper cents in circulation. you then sell them to different buyers, for whatever reason the buyers decide to get some of the money back from the bank by cashing them in now there is a new supply of cooper cents back into circulation. the pre sorted copper cents are now floating around again you amass another 1 ton of cents thinking there are now 2 ton less cents in circulation but in fact your just counting the same supply twice.
what do you think the % of the copper cents we have sorted will end up back into circulation.
|
|
|
dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 01/28/2010 : 15:05:03
|
I think that some copper will back in the supply line just like silver will sometime make back in.
But only by people who do not know any better. |
Edited by - dakota1955 on 01/28/2010 16:26:41 |
 |
|
|
fasteddy
Penny Collector Member
USA
298 Posts |
Posted - 01/28/2010 : 15:06:33
|
| we could mark them like others mark the halves to see if they come back to them.....Something like if you love something set if free if it comes back it was meant to be....I do not plan on using any of my cents if I am in need of quick cash I am calling Hoard or one of the other mega sorters...;-) |
|
|
|
Zyll
Penny Pincher Member
USA
214 Posts |
Posted - 01/28/2010 : 15:17:05
|
| If for some reason the commodity markets crash in a huge deflation (yes, there have been some people predicting this), it might scare a few hoarders out of business and cash their coppers in. It would be a shame, for when currency revaluations happen, usually they don't touch the coinage, allowing your coin hoards to immediately gain 10 or 100-fold in face value. |
|
|
|
Corsair
Penny Hoarding Member
811 Posts |
Posted - 01/28/2010 : 15:41:32
|
| Baring something like Zyll mentioned, I think it's a safe bet to say that less than .01% of all the sorted pennies will make it back into circulation. |
So long, Realcent 1. Come visit us at Realcent.org! |
|
|
|
kirkland
New Member
USA
0 Posts |
Posted - 01/28/2010 : 15:47:32
|
| Interesting thoughts here. I'm not sure anyone would take that kind of a loss by returning the coppers to the bank. If they wanted to get rid of them, they could at least sell them on FeeBay or something to at least gain back what you spent and maybe make a little more money. I doubt any of us will do that, but the people we sell them to might not want them forever. . . |
|
|
|
bman
Penny Collector Member
USA
425 Posts |
Posted - 01/28/2010 : 16:35:06
|
| I bet a bunch of sorted copper cents went back to the bank when the melt ban went into effect. |
check out my coins for sale on ecrater : http://bmanscoinsforsale.ecrater.com/ |
|
|
|
toomuchcopper
Penny Collector Member
USA
406 Posts |
Posted - 01/28/2010 : 17:00:48
|
| I would say that 75% of my sorted copper goes back to the bank...I sell a lot of copper to people who are simply looking through them for the errors, wheats, indians, and different varieties and mintmarks to fill a coin book or whatever. They search them. take what they want and dump the rest. Happens all the time. I love it. |
visit www.crazycoinguy.com
for information on how to sort, what to sort, and sorting equipment. We also sell copper pennies in bulk, and other coins. |
|
|
|
garnede
Penny Collector Member
USA
386 Posts |
Posted - 01/28/2010 : 18:23:04
|
| It depends on how long it takes to lift the melt ban. If it takes a long time and the price of copper does not rise significantly, then the chances of someone needing to cash them goes up. But even if the price goes to $0.10 per cent, there will be people who cash them not knowing their true value. |
|
|
|
Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 01/28/2010 : 18:29:55
|
Well.., right after thanksgiving, I had a few jobs that were planned fall through. I needed to pay bills. I needed the money rather soon.
I won't disclose how much, but it took me three days and 2 TCF coin counters to dump them...
It happens...
|
|
|
|
misteroman
Administrator
USA
2565 Posts |
Posted - 01/28/2010 : 18:46:17
|
| Aren't you sort of close to me as well? I'd have bought them off ya. |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
|
|
|
cecropia_moth
Penny Pincher Member
USA
222 Posts |
Posted - 01/28/2010 : 18:50:10
|
Silver makes it back into circulation.
Anytime an older person who had saved the silver dies there is an opportunity for silver to flow back in. All depends if the heirs know that silver coinage has value over face. I would think the same could (and would) hold true for copper penny hoards.
Jeff |
|
|
|
uthminsta
1000+ Penny Miser Member
USA
1872 Posts |
Posted - 01/28/2010 : 20:48:37
|
Well, I hate to say it but yeah, some people are stupid. The perfect example, in my opinion, just crossed my hands today. A 2005-S proof half dollar from circulation. Now think about it. The coin was in a SEALED, HARD PLASTIC CASE. They had to break it open in order to take it to a bank. On the other hand, I got it today and sold it for two bucks within a matter of minutes. Are you seeing where I'm going? People on this site are saying they got gold coins in their penny rolls? Hello, McFly! Is anyone home for the people who are dumping this stuff?!?
Sheesh.
Anyway, yeah. People will get scared, go out and buy a load of copper at above face as a hedge or for whatever reason, then hear Obama's speech that everything's going to be okay, and cash it in for what they think is real money. At face. |
Come to the new and improved realcent: http://realcent.org
|
|
|
|
slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 01/28/2010 : 21:06:01
|
I picked up a roll of 40% halves at the bank. Someone cashed in someones stash for face. Copper pennies will be no different.
Let me ask you this. how many of ya'll still spend your pennies w/o looking at the dates? |
You don't have to be the BEST you just have to be.......SLICK
|
|
|
|
kirkland
New Member
USA
0 Posts |
Posted - 01/28/2010 : 21:54:18
|
I always save the copper pennies I find in my change. As you know from the "9 Pennies for a Dime" thread, I usually ask for pennies instead of dimes and nickels. Many cashiers are happy to get rid of pennies and they don't usually mind me asking for them. I look at dates even for the zinc pennies I spend. Just part of being obsessed in this rewarding hobby.  |
|
|
|
Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 01/28/2010 : 22:08:38
|
uthminsta, are you calling me stupid..?
|
|
|
|
uthminsta
1000+ Penny Miser Member
USA
1872 Posts |
Posted - 01/28/2010 : 22:31:43
|
| Certainly not!!! I was answering the question of the thread. You cashed in stuff because you needed to, and that is understandable. These things do happen. But many people will cash in stuff because they're uninformed or just don't care. A few years ago I worked at a church which was in a bad neighborhood. One day while walking to my car I found a broken proof set case. It was shattered right there on the edge of the street. My guess was that someone stole it, broke it open, and spent the coins. Little did they know they could have taken it to the coin shop downtown and gotten a lot more for it. Or worse yet, they probably knew it was worth more, but had already been turned away by the shop owner because he knew they had stolen coins. |
Come to the new and improved realcent: http://realcent.org
|
|
|
|
Kurr
1000+ Penny Miser Member
2906 Posts |
|
|
orionstarman
Penny Pincher Member
USA
106 Posts |
Posted - 01/29/2010 : 03:47:49
|
| Teenagers are stupid and impulsive and are always sneaking into mam and dads hoard to steal some money for what ever kids are into nowadays. Or worse, they break into someones house tp steal not knowing the value of anything and dumping it for what ever they can get. Hey, it says $25 right on the box and dear ol dad will never miss one box when he has about a hundred sitting in the garage. |
Those who would give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety.--Benjamin Franklin
|
|
|
|
dp2007
Penny Pincher Member
130 Posts |
Posted - 01/29/2010 : 07:08:53
|
| For all of the reasons mentioned I too think CU will return to circulation. The single biggest reason in my opinion will be when someone dies and the heirs have no idea what pops was up to. They'll take the loot down to coinstar and dump away. |
|
|
|
dp2007
Penny Pincher Member
130 Posts |
Posted - 01/29/2010 : 07:11:45
|
| Note to Bluegill and any other member. If you have to unload some of your hoard in a hurry for cash I'm sure a post on this board would result in a huge response. I know I'd travel far and wide for say 1.1 x face. |
|
|
|
NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
Posted - 01/29/2010 : 07:26:33
|
| My wife says if something happens to me she is taking my "ENTIRE" coin collection and dumping it at the bank. They will take the tons of copper, and the wheats and probably most of the silver but I don't know if they will take the Indians and older silver. I tried to tell her that some of my Morgans are worth over a hundred dollars a piece so it would be kind of foolish to dump them for a dollar, but she says everything goes to the bank. She doesn't want to be "inconvenienced" by having to take everything to a coin dealer and keeping track of everything. So sometime in the (far distant future hopefully) if you see a big wave of copper showing up in your copper sorting and big increase in Morgan dollars showing up in your silver searches you will know what happened. |
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. |
|
|
|
NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
Posted - 01/29/2010 : 07:29:29
|
| I agree with dp2007 if you are forced to liquidate part of your hoard post it here before taking it to the bank. Anything you get over face value helps you and the person you sell to gets a good deal. You both win. |
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. |
|
|
|
Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 01/29/2010 : 08:05:42
|
quote:
Originally posted by uthminsta
Certainly not!!! I was answering the question of the thread.
Cool, I wasn't sure which direction your previous post was going, that's why I asked for some clarification. 
|
|
|
|
Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 01/29/2010 : 08:16:41
|
quote:
Originally posted by dp2007
Note to Bluegill and any other member. If you have to unload some of your hoard in a hurry for cash I'm sure a post on this board would result in a huge response. I know I'd travel far and wide for say 1.1 x face.
I had them for sale in the WTS forum for 1.3 + shipping. I got zero interest...
|
|
|
|
El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 01/29/2010 : 09:22:42
|
quote:
Originally posted by NDFARMER
I tried to tell her that some of my Morgans are worth over a hundred dollars a piece so it would be kind of foolish to dump them for a dollar, but she says everything goes to the bank. She doesn't want to be "inconvenienced" by having to take everything to a coin dealer and keeping track of everything.
Ooof. I feel your pain. Tell her this: some Bank President will get her wealth if she does this. My dad has a friend who was a bank VP and has a very nice silver collection obtained at face value from coins brought in by depositors.
Funny, my Granny was very aware of the value of her silver coin stash.
|
Trust the government? Ask an Indian. |
|
|
| |
Topic |
|
will sorted cents sneak back in to circulation?
Forum Locked
