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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 02/05/2008 : 11:29:35
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Poll Question:
Table based on February 04, 2008 closing base metal prices:
Copper $3.2861/lb
Description Denomination Metal Value Metal % of Denomination
1909-1982 Cent (95% copper) * $0.01 $0.0217911 217.91%
How low would copper prices have to go before you would stop sorting or hoarding more copper cents out of circulaion? I'm going to base the answer options on the penny's melt value percetage in relaionship to its face value. For example; yesterday's copper close price was $3.2861 per pound with the copper penny having a melt value of 217.91%.
This poll is not asking if you would cash in those copper pennies you already have at those percentages. Feel free to discuss that too if you like in your replies.
Also let's assume you are still finding as many copper to zinc as you are now.
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Think positive. |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
 Posted - 02/05/2008 : 11:44:21
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I put my cut off point at 150% because at that point I figure that I am only making about $10 an hour. However, the exact point depends on where I see copper going in the future. If I stopped being bullish on copper, I would probably stop sorting (or at least buying) so I could concentrate on selling no matter the current price.
Also at face value or below, I don't think that I would touch copper. There are just too many other less bulky metals available for face... |
Edited by - horgad on 02/05/2008 11:45:09 |
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n/a
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27 Posts |
Posted - 02/05/2008 : 13:19:04
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100% OR face= melt. If it falls below that, then my premis is wrong so logic says stop. I believe we are in a long term bull/inflation driven time for a number of reasons. China,india,
U.S. "Inflate or die" structual problem. Any or all will result in much higher base/precious metals, food, energy. |
Scrooge's signature dive into money. |
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Gresham
Penny Pincher Member
184 Posts |
Posted - 02/05/2008 : 14:38:13
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| The current copper price is irrelavent to sorting. Until the currency is switched to a cheaper metal or the penny eliminated and the melt ban lifted. Eventually the copper will be worth an infinite amount in declining dollars. A better question would be how long before we get to cash in on the profits. And would we. |
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c140cessna
Penny Collector Member
USA
419 Posts |
Posted - 02/05/2008 : 19:45:07
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I'm with Gresham!
Our paper FRN's are making a bee-line for zero....lost over 33% against the Dollar Index (basket of other FIAT Currencies also being inflated away) in just the past 3.5 years....in absolute terms our FRN Dollar is down probably 50% in that same time. Look at Silver/Gold/Platinum/Oil/Grain...just about anything you want...and the price has doubled in that time period....
I will hoard Copper Pennies until I run out of money or the local Cu% gets to about 10%.
I do not want a single paper dollar...only metalic bullion money....perhaps even zinc. |
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PennyProspector
Penny Pincher Member
USA
212 Posts |
Posted - 02/05/2008 : 20:42:10
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I voted at 100% because even though I would still be sorting them and still believe in the future value...... That is the point that I would stop sorting as agresivily! So, that is the emotional "changing point" for me!
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Happy Prospecting! |
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Know Common Cents
Penny Pincher Member
195 Posts |
Posted - 02/05/2008 : 21:53:04
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I would sort and hoard even more since there might be a higher percentage in circulation if copper took a big time dive. I'd continue even below the 50% level. I actually started coin collecting multi-decades ago and it brings back great memories of my Father and Brother going through bags of pennies. It was a thrill to find an Indian cent then and it blows my socks off now to find one during a sort.
Most every commodity has a cycle that can be tracked for past performance and trended for future expectations. Buying or acquiring items of real value in times when they've fallen out of favor increase one's likelihood of financial success. I remember $3 silver and $280 gold. Now with both selling at several multiples of those levels, I contently smile (but could kick myself for not buying more). |
Here in Wisconsin, we have some of the highest property and gasoline taxes in the US. We're squeezed so much, I have to make my daughter wear penny boxes for shoes. At least she has an endless supply. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 02/06/2008 : 00:01:42
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I think I would continue to sort and hoard even below 50%. I admit it.. I'm an addict.. LOL. I started sorting and hoarding copper pennies before they got to 100%. Of course I stepped things up a bit as copper prices increased. But I would continue to sort and hoard even if the melt value dropped below 50%. I still get quite a thrill over finding an Indian and even get pretty excited just finding a few wheats. There would probably be less competition if the price dropped, so it would be a good time to sort. I know over time the price would eventually rebound. I like "hard money" also. I will ride it all the way down.  |
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. |
Edited by - HoardCopperByTheTon on 02/06/2008 00:04:35 |
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fiatboy
Administrator
912 Posts |
Posted - 02/06/2008 : 01:24:38
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125%
I'd still collect pennies and sort coins, but not in bulk. My numismatic side would most likely come out of hiding. I'd probably start looking for more silver, too. |
"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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Cody8404
Penny Hoarding Member
USA
602 Posts |
Posted - 02/06/2008 : 03:00:57
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| I only have about $100 in copper cents. I haven't had enough time or money to collect more than that. I see the current low as a very forced artificial low and will not slow down nor will I divest my current collection, even if copper falls to zero, which it never will. |
Awake, O kings of the earth! Come ye, O, come ye, with your gold and your silver, to the help of my people, to the house of the daughters of Zion, to the help of the people of the God of this Land even Jesus Christ. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 02/06/2008 : 06:34:21
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Might as well keep it up, I voted below 50%. Like HoardCopperByTheTon said, I'm addicted to the thrill of the "find" or whatever. You never know what you can find....
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 02/06/2008 : 14:40:27
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| Looks like we have some serious "hard core" sorters here. |
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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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 02/06/2008 : 19:01:04
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quote:
Originally posted by HoardCopperByTheTon
Looks like we have some serious "hard core" sorters here.
 I guess so. And I'm willing to bet that when the copper cents are gone we will be sorting the zincs from the plastic ones. |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 02/06/2008 : 19:41:45
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quote:
Originally posted by Ardent Listener
quote:
Originally posted by HoardCopperByTheTon
Looks like we have some serious "hard core" sorters here.
I guess so. And I'm willing to bet that when the copper cents are gone we will be sorting the zincs from the plastic ones.
My thoughts too, sort them until they are gone. Probably will be sorting the zincs out, IF they keep making the penny and change the composition. IF they continue to make it, I think a composition change will take place as zinc will become to expensive.
Deal
p.s. I take it you are one of the "hard core" ones Ardent Listener? |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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wheeler_dealer
Penny Collector Member
USA
402 Posts |
Posted - 03/14/2008 : 11:29:59
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| When there is no copper left I'll probably start to hoard nickels big time until then it can go to zero. |
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mickeyman
Penny Pincher Member
Canada
243 Posts |
Posted - 03/14/2008 : 13:39:36
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| I am already hoarding coins whose face value is above the melt value. Canadian dimes and quarters. But not in an organized fashion, and not as hard as I am hitting the nickels. I am doing this for two reasons--partly for what future value they disappear, but more so as a way of accumulating cash at home in the event of a significant banking crisis. I used to keep paper money at home but that would disappear (and my wife didn't even have the decency to look guilty). But I find that she doesn't spend coins, so the piles of coins accumulate and they never disappear. And rolls of quarters are more portable than rolls of nickels. |
Not all who wander are lost. |
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aboxaweek
Penny Collector Member
USA
326 Posts |
Posted - 03/14/2008 : 16:00:23
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| i would continue to collect just because the world has a limited supply of it and the price would come back up. |
*HUCKABEE*
___08'____
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aloneibreak
Penny Hoarding Member
USA
672 Posts |
Posted - 03/14/2008 : 16:40:50
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quote:
Originally posted by mickeyman
I used to keep paper money at home but that would disappear (and my wife didn't even have the decency to look guilty). But I find that she doesn't spend coins, so the piles of coins accumulate and they never disappear.
lol. sometimes when she's short on FRN's she'll ask me for a few to make a small purchase or something. i'll hand her a couple rolls of halves or quarters and say "here honey, spend those". then i get a dirty look and she either digs a little deeper in her purse for paper or decides she doesnt need whatever it was all that bad. |
My reading of history convinces me that most bad government results from too much government.
Thomas Jefferson
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How low would you go?
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