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argent_pur
Penny Sorter Member
78 Posts |
 Posted - 07/24/2010 : 23:37:15
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Forgive me, copper penny collecting is something I just do as a side hobby. But it seems to me that, should the U.S. discard the penny and (most likely) rescind the ban on melting copper pennies, that a tidal wave of pennies will flood copper refiners for years. Maybe I'm wrong on that, but wouldn't that mean that we would be selling our pennies at a steep discount to their melt value?
Someone please enlighten a copper noob...
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Aristobolus
Penny Sorter Member
76 Posts |
Posted - 07/24/2010 : 23:45:10
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| No, we would be holding on until that tidal wave washes ashore (five to ten years)...then the price should skyrocket! |
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Shattered
Penny Hoarding Member
USA
523 Posts |
Posted - 07/25/2010 : 00:38:28
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quote:
Originally posted by Aristobolus
No, we would be holding on until that tidal wave washes ashore (five to ten years)...then the price should skyrocket!
Imagine how rare wheats will be after that. |
"I need metal in my life, just like an eagle needs to fly."
-Joseph DeMaio : Die For Metal |
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Klark Cent
Penny Sorter Member
USA
68 Posts |
Posted - 07/25/2010 : 00:44:23
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this makes wonder: does canada have a melt ban like the US does?
if not then i wonder what the refiners pay for canadian coppers. |
Edited by - Klark Cent on 07/25/2010 00:46:28 |
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Shattered
Penny Hoarding Member
USA
523 Posts |
Posted - 07/25/2010 : 00:57:53
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quote:
Originally posted by Klark Cent
this makes wonder: does canada have a melt ban like the US does?
if not then i wonder what the refiners pay for canadian coppers.
I think Canada is the reverse of the US. They can melt US cents but have a ban on melting Canadian cents. |
"I need metal in my life, just like an eagle needs to fly."
-Joseph DeMaio : Die For Metal |
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Klark Cent
Penny Sorter Member
USA
68 Posts |
Posted - 07/25/2010 : 02:06:42
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quote:
Originally posted by Shattered
quote:
Originally posted by Klark Cent
this makes wonder: does canada have a melt ban like the US does?
if not then i wonder what the refiners pay for canadian coppers.
I think Canada is the reverse of the US. They can melt US cents but have a ban on melting Canadian cents.
I see. So does anyone know what refiners pay for copper lincolns up there, or will they even accept them? I understand they can't legally be taken out of the US in any significant quantity, but still ...
Do they have "copper sniffing" dogs at the border?
lol |
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Klark Cent
Penny Sorter Member
USA
68 Posts |
Posted - 07/25/2010 : 02:10:39
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quote:
Originally posted by Shattered
quote:
Originally posted by Klark Cent
this makes wonder: does canada have a melt ban like the US does?
if not then i wonder what the refiners pay for canadian coppers.
I think Canada is the reverse of the US. They can melt US cents but have a ban on melting Canadian cents.
Oh. So Canadian cents can be melted in the US? If so, same question.
thx |
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cesario
Penny Pincher Member
129 Posts |
Posted - 07/25/2010 : 02:25:05
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quote:
Originally posted by Klark Cent
I understand they can't legally be taken out of the US in any significant quantity, but still ...
$5 on person, $100 if you ship them out.
You must be logged in to see this link. |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 07/25/2010 : 04:08:27
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| don't lie about what you are bringing out of the country, or you could get hit with 'failure to report'. |
"May your percentages ever increase!" |
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Kiwiman
Penny Pincher Member
225 Posts |
Posted - 07/25/2010 : 17:05:57
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even if we would have to take a steep discount on pennies it would only be until people got rid of theirs then as they became scarcer and scarcer the price will go up kind of like a story I read about some monkeys, ill see if i can find it.
You must be logged in to see this link.
The Man and the Monkeys: A Wall Street Fable
Once upon a time in a village a man appeared and announced to the villagers that he would buy monkeys for $10 each.
The villagers knew that there were many monkeys in their forest. They left their farms on the plains and went into the forest to catch them. The man bought thousands at $10.
As the supply of monkeys started to diminish the villagers stopped looking. Finding and catching monkeys was soon no longer worth the effort for $10. They started to return to their farms to plant the spring crop.
The man then announced that he would buy monkeys for $20 each. This new higher price renewed the effort of the villagers and they headed back into the forest to find and catch monkeys again to sell.
When the monkey supply diminished even further that summer and the people started to return to their farms, worried they had not made enough money selling monkeys to buy all the food they needed but had not planted any crops yet either, the man raised the price he'd pay for monkeys to $25 each. The hunt was on again.
Soon the supply of monkeys became so small that a villager didn't see a monkey in a day of hunting let alone catch one. Even at $25 each the effort was not profitable so the villagers finally headed back to their farms that fall. After nine month's absence from their farms they knew the time had passed to produce enough food for the coming winter, but at least now they had enough money from selling monkeys to buy food to eat.
But the man wasn't finished. He announced that he would buy monkeys for $50 each! The villagers became very excited. He also explained that he had to go to the city on business and that his assistant was to stay behind to buy monkeys on his behalf.
As soon as the man left the assistant told the villagers, "So you think you have made a lot of money selling monkeys, don't you? But do you want to really get rich?"
"Yes, yes!" said the villagers.
The man's assistant went on. "I have a gigantic, enormous cage filled with monkeys. I will sell them to you for only $35 each and when the man returns from the city you can sell them to him for $50 each and make a fat profit. You don't even have to work to find monkeys at all. Then you can not only buy all the food you need for this winter you call all buy flat panel TVs, too."
The villagers were thrilled. They collected all of their savings together and bought all the monkeys in the assistant's cage then awaited the man's return.
They never saw the man nor his assistant again. All the monkeys that were once in the woods were now in the village. All of the villager's savings were gone. That winter, half the villagers starved.
Moral: Substitute housing for monkeys, lenders for the man, and mortgage brokers for the man's assistant and you get the analogy. As the winter of the US economy arrives, you still have the house you had before the price was bid up. Now that prices are falling back down, who has your savings?
But don't worry. The government won't let you starve. To ensure re-election it will inflate to save the banks in the process by inflation redistribute wealth from savers to debtors, and debtors to creditors.
Now you know how Wall Street works the asset bubble racket.
(Original by Anonymous, improvements by metalman.)
Kiwi |
Edited by - Kiwiman on 07/25/2010 17:06:18 |
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Shattered
Penny Hoarding Member
USA
523 Posts |
Posted - 07/25/2010 : 18:01:19
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quote:
Originally posted by Klark Cent
quote:
Originally posted by Shattered
quote:
Originally posted by Klark Cent
this makes wonder: does canada have a melt ban like the US does?
if not then i wonder what the refiners pay for canadian coppers.
I think Canada is the reverse of the US. They can melt US cents but have a ban on melting Canadian cents.
Oh. So Canadian cents can be melted in the US? If so, same question.
thx
Yes we can legally melt Canadian pennies if we wanted to. I don't know of any scrap yards buying them though. |
"I need metal in my life, just like an eagle needs to fly."
-Joseph DeMaio : Die For Metal |
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fasTTcar
Penny Hoarding Member
Canada
573 Posts |
Posted - 07/25/2010 : 18:15:14
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Currently, there is an export ban from the US to Canada on bulk US pennies and nickels. It is theoretically possible to make money separating them in Canada from what normally circulates, but on scale, it is a much harder to make it work.
Even ten years ago, when the exchange rate was a 40% bonus to Canadians for US pennies, no one made a significant effort to work on pennies, because of the bulk and low value. Quarters, yes, but not pennies.
It is still currently legal to export Canadian pennies and nickel to the US. The second it lands on US soil, you can do whatever you want with them, including melting them. I personally export .999 nickels (pre 1982) on a regular basis for double face value and more.
If the Canadian mint does announce a demonetization of the penny though, it would open the flood gates for melting both US and Canadian pennies. |
www.londongoldbuyer.com |
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AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 07/25/2010 : 20:41:25
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In the grand scheme of things, is the amount of US copper pennies really that much when compared with annual mine production?
You must be logged in to see this link. |
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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smalltimeopn
Penny Sorter Member
USA
54 Posts |
Posted - 07/31/2010 : 17:05:10
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quote: "imagine how rare wheats will be after that"
Also any BU's you have picked up along the way!
quote: "...amount of US copper pennies really that much when compared with annual mine production?"
I would think it would be cheaper to refine than to mine - that is until they are all gone. Imagine how much wheats and BU's will be then! |
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Backed up copper refiners
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