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11 Posts |
 Posted - 01/15/2008 : 12:04:21
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I am a total newb to coinage. I just stumbled on this site yesterday and I have been doing a bunch of reading since. So this is what I have gathered from reading posts on here:
Pennies:
1. I should be hoarding pennies 1981 and older (though some in 82 as well) for there copper value which currently is approx 2.2 cents.
2. I should ask at the bank for boxes or bags of pennies, take home sort, then return the zinc to another bank (My credit Union has a coin sorter free for members).
Nickels:
1. Basically I should be hoarding all I can afford since the metal value is currently 6 cents.
2. Sort for the 42-45 and sell to collectors/coin shop.
Dimes:
1. Sort for 16-45 for collector value or silver value.
2. Sort for 46-64 for silver value
Quarters:
1. Sort for 32-64 for Silver value
Half Dollars:
1. Sort for 16-47 for silver value and possibly collector value
2. 48-63 Silver value
3. 64 Kennedy Silver Value
4. 65-70 40% Silver Value
Dollars:
1. 1878-1921 Morgan I assume more valuable to collectors than the metal value
2. 21-35 Silver Value
3. 71-76 40% Silver Value
What are some of the percentages you guys are seeing with Dimes, Quarters, Halfs and Full Dollars?
Trying to figure out if I should just avoid getting quarters and dimes altogether.
For those of you hoarding pennies and nickels, how much are you spending a week in the coinage that you keep?
Are you making enough on the rarer/collectible coins to cover most/all of your penny/nickel purchases?
How long did it take you to recoup the costs of your Ryedale (is that the right spelling?)?
Approx how much time is spent to pickup, sort, drop off $50 in pennies?
I really like the idea of having coins or metal that has REAL value.
Sorry for such a long first post, just trying to get started ASAP!
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 01/15/2008 : 13:08:22
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| I think you got it all just about right. I'm not sorting for silver..........did that years ago. Copper pennies are the new 90% silver still in wide spread circulation. I'm not looking for collectables except for the obvious that I come across. How much time you have invested into sorting depends on how big of an operation you want to do. Nickels only require a trip to the bank while you are going by. That is subject to change in the future of course. |
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Think positive. |
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Cerulean
Penny Hoarding Member
USA
993 Posts |
Posted - 01/15/2008 : 13:22:39
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| At best, the odds of finding silver tend to be 1 in 1000, unless you hit a good vein. |
Sorting Map
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Are you a Buffalo Hunter?
Wanna take seignorage away from the Fed? Spend *any* coins!
We cannot afford this government.
Cerulean's Standing Offer: $3/lb shipped for foreign coins |
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11 Posts |
Posted - 01/15/2008 : 15:05:53
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Thanks for the info guys. It looks like I will just skip everything except pennies and nickels (though some of the half dollar stuff I have been reading on here looks promising).
I see everyone talking about getting the Wheat pennies. Are you guys selling these, or do you just like collecting them? If you are selling, how much and where?
Just trying to find some sellable coins to help fund my hoarding. :)
I am thinking of getting a Ryedale (after I try hand sorting for a few weeks). It will go nicely with my Lee Reloading setup. :)
Anything else I am missing?
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 01/15/2008 : 16:44:38
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| Welcome to the forum. I think you got it about right. Pennies really are the best percentage wise.. and the cheapest to obtain too. Most of the silver stuff is for variety and for those times you sometimes get really lucky. You are going to the bank chasing pennies anyway so it doesn't hurt to pick up some other coinage. No down side.. you get the box of coins.. go through it and pull out all the treasure.. and you still have all your money. |
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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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
Posted - 01/15/2008 : 17:24:27
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Welcome!
I'm not rich, so I'm lucky to save $50-100 face value in CU pennies in a good month. That means buying about 8-12 boxes of unsorted per month (and converting my zincolns back into more unsorted boxes - you're lucky to have a free drop-off service for your zincolns!).
I don't think you'll be able to fund your hobby with "rare/valuable finds," yet as others have stated, "How many hobbies do you know of that actually make you money!?" A few hundred dollars should keep you busy for a while. Then see how you feel...
As for the nickels - I'm only going to save them from my change, or maybe buy a roll or two here and there.
In terms of silver, I'd advise buying silver all the way to around $25 for the long term. Too scarce in circulation. But I guess if I were rich...
p.s. don't forget gold and platinum on dips (although you'll need a safety deposit box and/or a secured safe for those metals).
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Edited by - starwarsgeek171 on 01/15/2008 17:27:17 |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 01/15/2008 : 17:47:15
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Welcome hotwls13.
After a while you will develop a new appreciation for the humble penny, especially pennies dated 1981 or earlier.
Getting pennies in change will no longer be an annoyance anymore, but a chance to add to your hoarde of copper.
It will be fun like treasure hunting minus the metal detector or the annoyance of finding pull tabs.
Its a can't lose proposition, you pay face value for the pennies and you double your money just by sorting dates.
What other hobby gaurantees that? |
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fiatboy
Administrator
912 Posts |
Posted - 01/15/2008 : 20:14:22
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Welcome, hotwls13. You seem to have the basics down, and over time, you'll learn more---there's always more to learn. That's what's so fun about coin collecting.
My advice? Just pursue what interests you. If you like sorting pennies, sort pennies. If you like sorting nickels, sort nickels. You seem to have an especial interest in the intrinsic value of the coins, and for that, You must be logged in to see this link. should answer most questions.
Have fun, and keep us posted.  |
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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1 Posts |
Posted - 01/15/2008 : 21:25:47
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I agree with the advice you've been given hotwls13.
For me the simplest approach has been to ask for nickels from my bank whenever I have business there (at least once a month). I get $20 worth at a time, and I supplement that by occasionally asking for nickels as part of my change when I'm in stores. Having once been a cashier myself, I know that most cashiers are eager to get rid of as many nickels as they can, since they'll have to count their change when their shifts end. So I see it as doing them a favor.
Another reason I focus on nickels is because I don't have to sort them when I get them from the bank. They are already wrapped up, and it's not really cost-effective to unwrap them to search for silver nickels. I've found one in the rolls I have, but only because it was on top and easily visible. Pennies have to be sorted if you get them in rolls from the bank, and I just have better uses for my time (and my eyes) than to check on their dates. I do save the pennies I get as change though.
It's quite amazing how quickly your nickel stash can add up if you're methodical about it. Since I started saving nickels about a year ago, I've accumulated about $460 face value, which in metal content is about $575.
Good luck with your hoarding!
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11 Posts |
Posted - 01/15/2008 : 22:14:02
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OK, I think I am gettin it. Basically the nickels are as much as your budget can handle.
I was reading somewhere that some guys are selling copper pennies for 2 cents a piece. If this is in-deed happening right now, I would love to sort/sell copper pennies to purchase gold or silver at half price(takes less space to store).
I know I'm behind by quite a bit, but this looks like my kind of thing.
Couple other questions:
1. What's PM? I think it has to do with silver coins, but not sure.
2. Wheats, what are you guys doing with them? Just collecting, or are you guys selling them off?
3. I know this is mainly about pennies and nickels, but where is the best place to purchase silver as close to spot value as possible? Also, what's the best way to buy silver...coins, bullion etc?
4. Are the penny rolls in the clear rolls worth checking or are they all gonna be new pennies?
Thanks again everyone for your advice.
I went today after work to my main branch. I asked if they had any $25 boxes of pennies. After she talked with her manager, she said they can get some in a couple days and they will call me. So, I will be sorting some pennies this weekend. :)
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 01/16/2008 : 01:30:26
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I have been selling copper pennies on eBay and in direct sales for about a year.. and have converted a lot of that into gold and silver which store much easier in the safety deposit box. It's always good to diversify.
1. PM is Precious Metals.. Silver, Gold, Platinum, Paladium
2. I hoard and sell wheats.. usually by the bag.
3. Usually a good place to buy silver coins/bulion is from your local coin dealer.. that way you don't have to pay for shipping.
4. Pennies in the clear rolls are just as good as pennies in paper rolls.. it is just a different type of coin wrapping machine. They are often called Brinks rolls. If you think a roll is all new it is easy to check with a digital scale. If a roll of pennies is all zinc it will weigh about 126 grams. If it does not weigh more than this, there is no copper in it and it is not worth sorting. It is actually also faster to sort pennies individually using the scale than to look at the dates with a magnifying glass.
Good luck and let us know how the sorting goes on the first couple of boxes. |
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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11 Posts |
Posted - 01/16/2008 : 10:09:45
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quote:
Originally posted by HoardCopperByTheTon
1. PM is Precious Metals.. Silver, Gold, Platinum, Paladium
It is actually also faster to sort pennies individually using the scale than to look at the dates with a magnifying glass.
Good luck and let us know how the sorting goes on the first couple of boxes.
Well duh.  I was thinking PM was some tricky code word.
What kind of scale would you recommend? Hopefully something cheap and can be found locally. Once I have tried hand sorting, I am sure I will want a RyeDale. Just can't justify it to myself unless I can sell the copper to pay for it and then buy silver (maybe gold if it comes back down out of the clouds).
I could also pick up one of those magnifying glasses on an adjustable arm.
As far as nickels....I was talking about this whole penny/nickel thing with my co-worker. He had asked why not just buy silver instead of hoarding nickels. Good question. My understanding is that nickels are preferred due to:
1. Easily available in small to large amounts at just about any bank, store etc.
2. Currently the metal value is around 6 cents (1 cent profit immediately)
3. When buying Silver, you are paying more than the metal (spot) value, so you are losing a little bit of $$ at the beginning
Does my nickel/silver comarison make sense? |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 01/16/2008 : 10:37:35
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Don't forget the most important thing. If we are all wrong and metal prices collapse, your maximum downside on nickels and pennies is 0 dollars. All you lose is time and maybe some face, but those of us going around to banks and bugging tellers about pennies probably are not very proud to begin with
On silver you could easily lose 50% or more. That is not to say that I am not bullish on silver, but the risk in silver is a totally different ball game than nickels and pennies. |
Edited by - horgad on 01/16/2008 10:42:12 |
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El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 01/16/2008 : 10:45:14
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If copper drop 50% to $1.60, we'd be even.
Those barrels will have to age a few years.
"We will sell no copper before its time" Orson Welles |
Trust the government? Ask an Indian. |
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cyberdan
Penny Collector Member
USA
289 Posts |
Posted - 01/16/2008 : 11:02:15
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quote:
(A) Nickels:
1. Basically I should be hoarding all I can afford since the metal value is currently 6 cents.
2. Sort for the 42-45 and sell to collectors/coin shop.
(B) Quarters:
1. Sort for 32-64 for Silver value
(C) Dollars:
3. 71-76 40% Silver Value
(D) What are some of the percentages you guys are seeing with Dimes, Quarters, Halfs and Full Dollars?
(E) Are you making enough on the rarer/collectible coins to cover most/all of your penny/nickel purchases?
(F) How long did it take you to recoup the costs of your Ryedale (is that the right spelling?)?
Welcome to the board. I will try to answer a few of your questions.
(A) I guess the metal value is 6 cents but there is a ban on melting these right now. If recyclers do start taking these in the future they will discount that 6 cents and probably try to pay you 5 cents or less.
(B) This goes for dimes, quarters, halves & dollars (not IKEs). 1964 and older! I have found a barber half & a morgan dollar.
(C) some IKE dollars of these years are 40% silver. (Some proofs only)
(D) can't give percentage because it is pretty small
here is quantity per $$$$ (for me, different for everybody)
dime: 2-3 per $500
quarter: 1 maybe per $750 - $1000
half: 2-4 per $500 (box)
6-10 per $500 (loose at bank)
Has been as high as 180 per $300
dollars: 1 per $1250
(so far 1 morgan, 1 silver round, 1 40% proof)
(E) NO!!!! (but on silver YES!!!!!!!!)
(F) It took me just a few weeks to hoard away $350 in copper cents.
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cyberdan
Penny Collector Member
USA
289 Posts |
Posted - 01/16/2008 : 11:09:37
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quote:
(A) Nickels:
1. Basically I should be hoarding all I can afford since the metal value is currently 6 cents.
2. Sort for the 42-45 and sell to collectors/coin shop.
(B) Quarters:
1. Sort for 32-64 for Silver value
(C) Dollars:
3. 71-76 40% Silver Value
(D) What are some of the percentages you guys are seeing with Dimes, Quarters, Halfs and Full Dollars?
(E) Are you making enough on the rarer/collectible coins to cover most/all of your penny/nickel purchases?
(F) How long did it take you to recoup the costs of your Ryedale (is that the right spelling?)?
Welcome to the board. I will try to answer a few of your questions.
(A) I guess the metal value is 6 cents but there is a ban on melting these right now. If recyclers do start taking these in the future they will discount that 6 cents and probably try to pay you 5 cents or less.
(B) This goes for dimes, quarters, halves & dollars (not IKEs). 1964 and older! I have found a barber half & a morgan dollar.
(C) some IKE dollars of these years are 40% silver. (Some proofs only)
(D) can't give percentage because it is pretty small
here is quantity per $$$$ (for me, different for everybody)
dime: 2-3 per $500
quarter: 1 maybe per $750 - $1000
half: 2-4 per $500 (box)
6-10 per $500 (loose at bank)
Has been as high as 180 per $300
dollars: 1 per $1250
(so far 1 morgan, 1 silver round, 1 40% proof)
(E) NO!!!! (but on silver YES!!!!!!!!)
(F) It took me just a few weeks to hoard away $350 in copper cents.
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11 Posts |
Posted - 01/16/2008 : 20:24:26
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Hopefully I will pick up my first box of pennies tomorrow.
After checking ebay, it looks as though $50 face is selling for around $80 to $100.
I plan to talk to a few more banks over the next couple days.
After I do my due-diligence, I plan to order the Ryedale.
I just think the hand sorting will take too long, and I am hoping for a 1hr per day spent sorting. |
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11 Posts |
Posted - 01/18/2008 : 21:52:42
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OK, picked up $50 in pennies today. Me and my son spent approx 1 hr going through $25 of them (I know, we are slow). I ended up with 3 lbs and 14 oz of copper pennies. If my calculations are correct, we ended up with 566 copper pennies. That's a little more than 22%. I have to say that this sorting by hand is slow (though I'm sure I could get a little faster with practice and a better setup). I think if I don't get a Ryedale, this new hobby will be short lived. I'd be willing to put in an hour a day after work and maybe a few more on the weekends if the time was yielding more $$.
But, there in lies the problem. If I am using a Ryedale 1hr a day, that's at least $100 (probably more like $150) worth of pennies sorted per day. At 22% copper, I am keeping/spending $22-33 per day out of pocket. Unless I am selling some on ebay, I will run out of spendable $$ pretty quick.
There is the second problem. Though I don't doubt in the long run our copper pennies will be worth .02 minimum, it looks like ebay is yielding a little less than that.
I'm the type of person that if I am going to do something, I try to make the most of it (especially if it is using my off-time). I have visions of 3 or more Ryedales, running 1 hr per day (to start), and spending my lunches picking up or dropping off pennies.
Haha, I was even contemplating a full-time operation, and hiring someone to do the sorting (via multiple Ryedales). I have a full time job that I don't plan on leaving, but I could run the business and do the pickups and drop-offs. If I could find someone willing to do volume purchases of my sorted copper, it could work.
I know I'm just a newb here, and this was my first box of pennies, but I just don't see me sorting through all these pennies for a potential $5-10 per hour profit. I know a lot of you guys look at this as something to do in your spare time, a fun hobby. If that's how you look at it then you are spending your time wisely.
To me penny hoarding/sorting is:
1. A way to make $$ either by selling on ebay or other means
2. A way to build savings/investment in real money while having the possibility of large returns on the copper value.
Sorry for the long rant, I'll stop now. 
BTW, we also found 6 wheats, 2 canadian and 1 scratched up piece of metal. |
Edited by - n/a on 01/18/2008 23:34:27 |
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11 Posts |
Posted - 01/18/2008 : 22:17:03
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| I can't figure out how to edit my post. Anyway, I forgot to add my 3rd reason for hoarding. It's a security blanket in the event all this paper money isn't worth anything in the future. My plan would be to use the profits from the sorting to buy more pennies as well as buying silver for now and possibly gold if it drops. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 01/18/2008 : 22:29:55
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quote:
Originally posted by hotwls13
As far as nickels....I was talking about this whole penny/nickel thing with my co-worker. He had asked why not just buy silver instead of hoarding nickels. Good question. My understanding is that nickels are preferred due to:
1. Easily available in small to large amounts at just about any bank, store etc.
2. Currently the metal value is around 6 cents (1 cent profit immediately)
3. When buying Silver, you are paying more than the metal (spot) value, so you are losing a little bit of $$ at the beginning
Does my nickel/silver comarison make sense?
Yes the nickel/silver comparison does make sense if one looks back to the 1960's and to current metals used in coins as guides.
Today, getting a five cent coin made out of cupro-nickel (the fancy way of saying 75% copper 25% nickel) is the same as getting a dime, quarter or half made out of silver in 1964.
Only the speculators realized the true value of the metal and hoarded all the coins they could get for a profit. The vast majority ignored the run on silver and lost out.
Today it is the same difference. While the US still has a cupro-nickel coin there is no gaurantee it will remain so forever. Suppose copper and nickel double in price, what then for the 5¢ coin? Will the mint still keep cranking them out and spend 12¢ for the raw material of a 5¢ coin? I doubt it.
Many nations around the world have turned to steel for their coins. Could the US follow suit? Maybe if the steel industry did a little political arm twisting to introduce steel coins.
quote:
Haha, I was even contemplating a full-time operation, and hiring someone to do the sorting (via multiple Ryedales). I have a full time job that I don't plan on leaving, but I could run the business and do the pickups and drop-offs. If I could find someone willing to do volume purchases of my sorted copper, it could work.
I think MaDeuce (the King of Canadian Nickel sorting) could give you some pointers on that endeavor.
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To edit a previous post click on the little icon that looks like a tablet of paper and pencil.
I learned that little trick the hard way. |
Edited by - pencilvanian on 01/18/2008 22:33:22 |
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11 Posts |
Posted - 01/18/2008 : 22:43:41
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"I think MaDeuce (the King of Canadian Nickel sorting) could give you some pointers on that endeavor."
Is he the one that had the nickels laid out on a big table and was using a forklift to set the big box of nickels up on the rack? I saw his post somewhere in here. That's what I'm talkin about. :) Though it looks like his operation was short lived either due to him getting all the silver, or he scared away all the silver to the point they would only send him new stock.
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fiatboy
Administrator
912 Posts |
Posted - 01/18/2008 : 22:44:17
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quote:
I can't figure out how to edit my post.
Click on the little paper/pencil icon above your post. |
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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11 Posts |
Posted - 01/18/2008 : 23:23:44
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quote:
Originally posted by fiatboy
quote:
I can't figure out how to edit my post.
Click on the little paper/pencil icon above your post.
Thanks, man, how did I miss that? |
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fiatboy
Administrator
912 Posts |
Posted - 01/18/2008 : 23:48:31
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quote:
Thanks, man, how did I miss that?
I don't know about you, but I tend to overlook things when I think about copper too much....
...happens all the time to me.
ahhh....copper. |
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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fiatboy
Administrator
912 Posts |
Posted - 01/18/2008 : 23:51:35
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quote:
...my 3rd reason for hoarding. It's a security blanket in the event all this paper money isn't worth anything in the future.
That's a darn good reason if I ever heard one! |
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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Let me see if I get the basics on Hoarding.
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