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PointOmega
Penny Sorter Member
50 Posts |
 Posted - 02/28/2010 : 18:25:45
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I keep reading (with interest) about all the various strategies amongst the copper hoarders on this site. Which banks are better to dump... how to build relationships with tellers...and the overall copper percentages achieved when sorting. Here's my question: Do people have a goal, or even a whisper number on how much copper they are trying to hoard? How much copper is enough if hyperinflation or an economic meltdown strikes? Is it 100,000 pre-1982 pennies? Or is it 1,000,000 pennies, which is $10,000, or a $21,500 melt value. Is it even more than that? I guess what I want to know is, at what copper-penny count are people secure? I've never seen anybody even offer a ballpark figure. And while I'm asking these questions, how much physical room would a million pennies demand? Just curious to hear back from others.
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 02/28/2010 : 18:32:39
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| for some of us enough is never enough |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 02/28/2010 : 18:36:19
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1 million pennies = 1,000,000 or $10,000.00. This is a shade over 3 tons. This would fit easily in 4 55 gallon drums on 1 pallet.
I know some who have less than 10lbs of copper pennies and others that have several tons.
I think everyone has their own goals. How big do you want/need your 401k? How much do you need to feel comfortable? It all depends on the person.
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You don't have to be the BEST you just have to be.......SLICK
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 02/28/2010 : 19:17:09
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Can you sleep at night without worrying about bills? Are you concerned with the idea that we might encounter hyperinflation? Gold and silver can be profitable, with market-timing, but more than anything both are forms of insurance that you will maintain some purchasing power in the event of massive dollar devaluation due to depreciation. What's enough? That depends on your personal situation. I would want to have at least ten percent of my net worth (for those who are conservative) to twenty percent (for aggressive) invested across silver and gold (with an emphasis on silver). Those you need to buy. Once you have that foundation of precious metals, then go to town on copper and nickel. There are no limits, but be aware that large transactions will take place with small amounts of valuable precious metals, not huge amounts of lowly valued copper. Set yourself an affordable goal, but one that stretches you just a little bit to achieve, so that when you reach it you can consider with some wee bit of well-deserved pride, "Hey, I did it!"  |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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smalltimeopn
Penny Sorter Member
USA
54 Posts |
Posted - 02/28/2010 : 20:27:26
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For me, as beaunderos and others have stated, it's a way to diversifiy in the metals. Currently the supply is out there, you just have to sort. While sorting, there's no tellin' what you might find as this forum is full of examples of different coins members have found.
I was a 90% coin collector before I started this. I also sorted jefferson nickels looking to fill in dates I was missing on a nickel collection I started a few years ago. I stumbled across a site called "goldwhy" which led me here. I lurked for a while before joining.
I am slowly growing my "collection" while others are doing much higher volume. Slickeast points out the spacial requirements for large collections.
I have serious concerns about the future of our monetary system. The intrinsic value of metals can help protect your wealth as also has been stated.
This forum has a wealth of information from the other members. I'm still learning what is on this site myself. Good luck and have fun!
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garnede
Penny Collector Member
USA
386 Posts |
Posted - 02/28/2010 : 20:48:53
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| Each person has their own goal as to what is "enough". Though as you near a goal you may find yourself adjusting your goal. One million pennies seems a reasonable goal if you are collecting silver and gold at the same time. That gives you enough to barter till a coherent metal base currency becomes available if the worst should happen. If you do not believe that TSHTF is immanent and you are just hoarding as a way to make money on the market then I would say the only limit to what is enough is what you can afford. |
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theo
Penny Hoarding Member
USA
588 Posts |
Posted - 02/28/2010 : 21:17:42
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quote:
Originally posted by garnede
Each person has their own goal as to what is "enough". Though as you near a goal you may find yourself adjusting your goal. One million pennies seems a reasonable goal if you are collecting silver and gold at the same time. That gives you enough to barter till a coherent metal base currency becomes available if the worst should happen. If you do not believe that TSHTF is immanent and you are just hoarding as a way to make money on the market then I would say the only limit to what is enough is what you can afford.
I have goals that I want to reach and time frames in which I want to reach them. However, I know that once I reach those goals, I will also "adjust" them up to the next round number.
Obviously, space will be an issue as a stash grows, however; I don't think that one's finances are that much of a limitation as penny sorting can be done on any scale. Although someone on a tight budget may not be able to afford several hundred dollars a week in unsorted pennies, almost everybody can spare $5 to $10 a week build a little wealth. |
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PointOmega
Penny Sorter Member
50 Posts |
Posted - 03/01/2010 : 05:03:23
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Thanks for all the helpful feedback. Beau, I agree with you that one needs larger investment metals too, such as silver and gold, and that penny copper would be difficult to exchange for large purchases. Slickeast, thanks for putting it into physical perspective that 1,000,000 pennies will fit in 4 55-gallon drums on a pallet. As for me, I'm breaking down my hoarding preparations this way.
Gold: 30%
Silver: 40%
Nickel: 10%
Copper: 10%
G & A: 10% |
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Fatboy
Penny Sorter Member
USA
81 Posts |
Posted - 03/01/2010 : 06:33:18
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| Would the G & A: 10%, be considered part of the other "Base Metals", Steel, Brass and Lead? :-) |
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9er
New Member
6 Posts |
Posted - 03/01/2010 : 06:51:58
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I currently have two Ragu jars and two peanut butter jars full of pre-1982s. I would love to have much more, but I can only afford to sort through 3 drawers at work.
For me, copper is key. I cannot afford silver or gold at this juncture. I guess I'll stop when the pre-82s are gone. |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 03/01/2010 : 08:02:37
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PO... don't forget food and water, check out Nickelless's excellent blog at survivalprep.net.
9er... that's what's great about copper. It's ideal as a starting point towards preserving your purchasing power in the event of TSHTF. When you save up a fair amount of cents, you can always trade them to others here for silver, if you care to, then start over again with the copper. At this starting level, sorting is fun, not work like it is for the hoarders |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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smartinson
Penny Collector Member
USA
287 Posts |
Posted - 03/01/2010 : 09:17:31
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| I set my goal of 1 ton and reached that goal. For some reason, I just keep picking up more pennies to sort. So now the goal is 2 tons. Will that be enough, probably not - I just love sorting. |
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Common Cents
Penny Sorter Member
82 Posts |
Posted - 03/01/2010 : 09:50:05
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| I'm shooting for a ton. I just passed the quarter ton mark today, so I'm 25% finished. Any more than that just seems too cumbersome to me. There are other metals that are much more practical to amass. That being said, I wouldn't be surprised if I kept adding after I reached the 1 ton mark. If hyperinflation still looms large as a possibility, it makes sense to get as many CU pennies as humanly possible before the dollar crashes. And especially so if PM prices have already blasted off into the stratoshpere. If I can continue to add copper at $1.50/lb, then why not grab all you can? |
Edited by - Common Cents on 03/01/2010 09:50:38 |
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ScottyTX
Penny Hoarding Member
USA
508 Posts |
Posted - 03/01/2010 : 11:50:47
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| I'm taking it rather slow and steady waiting for the market to further develope. I keep telling myself then it will be too late but I like sivler and halliburton stock too much to dive deeper. It's mainly a time restraint for me, which also brings to mind, Scott why not just buy from the others. I guess I'm to cheap to pay for something I can get at face value myself. Oh Well, 1 ton would suffice for now. |
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Mikep2020
Penny Collector Member
USA
402 Posts |
Posted - 03/01/2010 : 12:02:03
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| My first goal was 200 lbs, once I passed that I made a new goal of 500 lbs. I have yet to reach that (350 lbs) but I have slowed down on sorting. I am comfortable with what I have now and continue to sort for wheats and other coins with copper stacking as a side effect, not the main purpose. I think if I ever reach 1000 lbs, that will probably be enough for me, but 1 ton is probably the most ideal as long as storage isn't an issue. |
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JobIII
1000+ Penny Miser Member
USA
1507 Posts |
Posted - 03/01/2010 : 12:59:13
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I believe 1,000,000 pennies takes up roughly 50 cubic feet of space.
I'd like to think the comfort level of pennies comes when you can't store any additional cents. |
Selling Copper cents. $0 FV available at 1.4xFV. Also interested in trading for wheat pennies and other coins Please pm me for requests or inquiries.
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PointOmega
Penny Sorter Member
50 Posts |
Posted - 03/01/2010 : 16:58:39
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| Yes, Fatboy, you are quite astute, "G & A" does stand for metals such as brass and lead......guns and ammo. Not sure anybody else picked that up. And Beau, I have heeded Nickeless's and other's advice: I'm all set on the water and canned foods front. Everybody else; good feedback and good luck hitting your numbers. |
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CrazyTom
Penny Sorter Member
USA
52 Posts |
Posted - 03/03/2010 : 22:02:43
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Every day on the way home from work I hit the same Wells Fargo, where I am now their "favorite customer" because I'm helping them to get rid of CWRs.
The teller says that more rolls come in than they can handle. Probably from broke people emptying their piggy banks and cookie jars.
I get 40 rolls which net on average 3 dollars in copper face. Takes about an hour to sort as I listen to talk radio and relax. My pace is therefore 15 dollars face a week.
I'm getting about 5 wheats and a few canadian coppers daily (today yielded a 1941 george VI). |
Read Atlas Shrugged if you want to know why this country is in the crapper. |
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jtm3
Penny Pincher Member
USA
187 Posts |
Posted - 03/04/2010 : 19:55:17
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| I would like to aquire 2 tons of 95% U.S. Copper pennies. Maybe a few hundred pounds of Canadian Copper too. |
Copper Cent Hoarding Wiki
coppercenthoarding.wikia.com
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Hoarding Copper: How much is enough?
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