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n/a
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73 Posts |
 Posted - 09/09/2006 : 15:31:34
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LAlandlord,
You don't really cash it in, primarily you take them out of circulation anticipating copper prices will remain high enough that it is worth your time to take them out of circulation. This happened I believe in the 1960's when 50 cent coins were mostly silver and they began to become worth more than 50 cents worth of silver so people started keeping them and then the mint started making coins out of less silver than none at all....or something like that. OR you smelt the coins (which has overhead cost), or you find a scrap yard that will actually take them, but they won't give you the copper price on the commodities market.
You must be logged in to see this link. shows how much they are worth assuming somebody paid you for the value of the metal content. It has $0.0236 if you have a pre-1981 penny which the bank will gladly give you thousands of for $0.01 each (gladly, depending on how many you ask for at a time, they gave me a funny look when I asked them if they were legally obligated to give me 1,000,000 pennies if I asked for them, considering the shipping cost would be high).
The silver half dollar I spoke of was a 1964 half dollar, currently worth $4.39 in silver value (probably more as a collectable). So if in 1964 you stockpiled them they on average earned 5% interest per year up until today. If you were a financial genius, back in 1980 if you had those 1964 silver half dollars they would've been worth $17.89 each at least wikipedia says silver traded as high as $49.45/oz back then. Go to You must be logged in to see this link., that would've given the 1964 collector a whopping 23% per year return on investment (albeit you could've just bought silver bullion the year before and got a 500%+ ROI, assuming you timed the market correctly).
Basically, that's what most of us on here are doing, taking copper pennies out of circulation before it becomes popular. I'd love to go to the bank, sort them, take them straight to the scrap yard and get double my money for the copper pennies but I don't think that is going to happen and copper could actually go down in value and we all wasted our time, but makes for a good hobby.
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73 Posts |
Posted - 09/09/2006 : 15:49:33
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My experience:
Total coins - 2000
copper - 537
zinc - 1365
wheat - 9
canadian - 9
1982 - 73
29.63% copper and 70.08% zinc not counting 1982 or wheat and canadian pennies. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 09/10/2006 : 09:32:40
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I agree with you eccentric, we are all collecting or hoarding copper pennies with the expectation that copper will go up. Back in the sixties, speculators started hoarding silver small change, knowing that the coins would be worth more than face value, and maybe would be worth more than melt value if a scarce coin was mixed in with the rest.
Let’s not forget the effect of numismatic value that comes with coin collecting/hoarding. Many collect wheat pennies and Indian Head pennies hoping the price will go up, not because of the copper value, but because the U. S. Mint isn’t making any more of these coins. Right now, these obsolete coins are collectors items, but when they were circulating freely only a few wise souls bothered saving them. Back in 1953, per an old Whitman Red Book, an Indian Head penny sold for as little as one dime each. Given enough time and as more people begin to realize that copper pennies are no longer being minted, the demand will begin to increase the price. As far as the 1959-1982 copper pennies are concerned, instead of melting them down or selling them for scrap, sell them as collectable coins once they are recognized as numismatic items.
Why settle for the scrap price of copper when you can name your own price and sell to collectors? |
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73 Posts |
Posted - 09/10/2006 : 14:01:41
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Ok, maybe a stupid question but I'm new to this, started out with the hoarding mentality but have also always been interested in the collectable value of a coin. I have a 6x to 70x stereo microscope on a boom so I can see coins of collectable value in very fine detail (didn't originally buy it for looking at coins, useful when looking at circuit boards and well being eccentric I like microscopes...)
I'm either not looking at the right price guide or haven't quite deciphered how they list pricing on PCGS (looks like a decent place to check prices but I'll take suggestions if there are better places) shows Indian Head pennies of Good quality worth $0.40, sometimes $5.00 depending on year but LOTS of them just say "-", which I assume means face value? That can't be, an 1882 Indian Head surely isn’t worth 1 cent in Good Condition and only around $5 in practically uncirculated condition. Lots of coins say "-", that surely can't be face value, can it? You must be logged in to see this link.
Something else I couldn't figure out is whether the numbers are listed in cents or dollars, at first I thought it was dollars but I saw some coins I though "no way its worth that much", but other places if I assume the value in stated in cents I can't believe they are worth so little for instance the 90% silver 1964 half dollar is "-" until you get to grade 64 then it says "15" which is obviously dollars but even a grade of Good has a smeltable value of $4. How am I misreading this, I searched the site pretty thoroughly but I didn't find anything saying if numbers were in dollars or cents or what "-" even meant.
Perhaps a little off topic, but I've seen lots of people quoting a certain coin is worth such and such but I can't seem to verify that from PCGS so please point me elsewhere or send me the secret decoder ring.
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 09/10/2006 : 15:05:14
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Sorry for the late reply eccentric, I went out for a bite to eat and took the computer offline while I was out.
As far as the price of Flying Eagle pennies/Indian Head Pennies are concerned, the site PCGS lists prices in dollar terms. Yes, dollars. The reason for the high prices is the fact that they only made 1000 1856 flying eagle cents and they are worth that much to a collector. In 1857 they made 7,450,000 and in 1858 they made 24,600,000. It seems like a lot, except so many have been lost, defaced, misplaced or worn down to a copper slug, that those that remain fetch a premium. For Indian Heads they only list those coins that are in high enough demand as to be over $15 dollars.
The only critique I have with the PCGS site is that it is really a site by coin dealers for coin dealers. Non coin dealers such as you and I can use this as a guide as far as coins go, but when it comes to coins a GUIDE is all we have to go with. One dealer may charge more than the guide says it is worth, another may charge less. Before we start bad mouthing coin dealers just remember he or she has a business to run, bills to pay, debts to manage, etc. some are better than others and some are cheaper than others with lower overhead such as online coin dealers.
I am sorry that they never put the Whitman Redbook online to help clear up some of the confusion. It lists all of the prices, not just the coins with the highest demand. If you can get a hold of a Whitman Redbook, even one that is out of date, it will help you figure out what prices generally are and how the pros grade coins. Grading coins isn’t an exact science, it is sometimes more opinion than fact, but coin dealers and numismatics did not want the standard for grading coins to be so rigid that it would deter all but the most skilled examiners from determining the exact worth of a coin.
Maybe someone will come up with the hardware and software to grade coins and eliminate any doubt, but I doubt such a device would go over well in the world of coin collecting/dealing. There is such a thing as too much technology. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 09/10/2006 : 15:09:04
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| Please forgive me for posting this information on this part of the forum, I know that this is reserved for percentages of coins found, and practically nothing else. I just wanted to clear up a question from a fellow forum member. |
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n/a
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73 Posts |
Posted - 09/10/2006 : 17:46:43
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| Not trying to hijack the topic trying to learn coin pricing and technically creating a new topic under "Hoarding Copper Pennies" wouldn't be the correct place to create such a topic. Perhaps a "Coin Collecting" subsection is appropriate. I didn't think making a coin collecting and pricing question/answer topic made sense as a topic in "hoarding copper pennies" and I suppose I could've put it in "General Discussion" or "Dumping Ground" or something but there were already several posts here saying such and such penny is worth so much so seemed appropriate as I couldn't verify that info elsewhere...probably mostly due to misreading the price guide. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 09/13/2006 : 16:22:22
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Today I decided to try my hand at sorting through copper pennies from the bank.
Started out with four rolls
Results:
64 copper
2 wheat
134 Zinc
percentage 32% copper not including the wheat
33% including Wheat
one wheat penny was dated 1955, but it wasn't the double obverse kind.
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cakesea
Penny Sorter Member
51 Posts |
Posted - 09/13/2006 : 23:37:55
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| i bought 14.50 worth of pennys in rolls that someone else brought in and i got 364 copper 1 wheatie 2 canadian pennys and 1 penny frim the bahamas and 1082 zincs |
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cakesea
Penny Sorter Member
51 Posts |
Posted - 09/14/2006 : 19:24:45
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| i bought another ten dollars worth of pennies today and i got 399 coppers 3 canadian pennies and 10 wheaties and 588 zinc pennies i plan on taking the zzincs bacl as soon as posible to get more pennies |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 09/15/2006 : 20:50:49
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1 Box of Canadian nickels, from TD bank in Collingwood. CDI stamped box, mixed hand rolls.
Breakdown:
414 Older Elizabeth .999NI
5 12sided Young Elizabeth
17 Round Young Elizabeth
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436 /2000
=21.8%
Also:
1 cuba 10ct, 1 srilankian 1ct
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143 Posts |
Posted - 09/15/2006 : 21:20:46
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i got 325/2000 = 16.25% on the last bag of canadian nickels i sorted
the bag is packaged by CHURCHILL Armed Car Service Inc., acquired from Royal Bank
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21 Posts |
Posted - 09/20/2006 : 14:19:49
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Got 50 loose rolls from the bank this morning. Highlights include 40 wheats(10 in 1 roll, 17 in another!), and 2 two Euro coins.
Copper: 839
Zinc: 1610
Canadians: 9
Wheaties: 40
33% Copper
________________________
"I've got all the money I'll ever need if I die by four o'clock this afternoon." -
Henny Youngman
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81 Posts |
Posted - 09/20/2006 : 19:23:01
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picked up 10 bucks in pennies...
209 copper
4 non zinc (3 wheats and one 1957 canadian penny)
787 zinc
a smidge over 20 %
not too bad. |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 09/20/2006 : 19:51:06
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Box of nickel counter rolls from Royal Bank in Collingwood:
464 Older Elizabeth .999
21 Round young elizabeth
5 12-sided younge elivabeth
1 12-sided george head
1 round george head
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492 /2000
24.6%
Also:
1 george head steel war nickel
2 greek 20ct, 2 singapore 20ct. |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 09/20/2006 : 22:36:43
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One box Canadian Nickels - hand rolls - from TD Bank, Collingwood.
600 Older Elizabeth .999 NI
66 Round Young Elizabeth
3 12-sided Young Elizabeth
1 "Rabbit"
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670 /2000
33.5% |
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cakesea
Penny Sorter Member
51 Posts |
Posted - 09/23/2006 : 19:22:23
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total coins: 800 pennies
copper: 292
other: 2 dimes
3 wheat pennies
1968 proof penny
2canadian pennies
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143 Posts |
Posted - 09/25/2006 : 04:14:04
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sorted through 125 rolls (5000 coins) of canadian nickels last week:
859/5000 = 17.18 %, or 6.872 pieces of pure nickels per roll, far below the formerly establised average of 8 per roll,
i have this sub-20% percentage for over a month now here in vancouver from royalbank branches, so, consider yourself lucky if you can constantly get above 20%; i am especially talking to you, CN,  
but i got a 1964 nickel with extra water line of extra fine(XF) quality,
here's a link for reference:
(the coin in this link is better than the actual coin i accidentally found)
You must be logged in to see this link.
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Edited by - n/a on 09/25/2006 04:43:01 |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 09/25/2006 : 13:15:57
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| I have a whole box (2000 coins) of '64s - I should search through them for EWL's |
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143 Posts |
Posted - 09/25/2006 : 15:04:09
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quote:
Originally posted by Canadian_Nickle
I have a whole box (2000 coins) of '64s - I should search through them for EWL's
may i ask how you acquire it? from bank or bought from ebay or local coin dealers? at what cost? i consider 2 times face value a good deal  |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 09/26/2006 : 15:25:08
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those are just the 64s from my regular sorting of bank boxes, so at acost of face value. I sort my nickels into:
1) Steel and Coupronickel - these go back to the bank
2) Older Elizabeth .999NIs (1965-81) - these are rolled and boxed tyogether
3) Round Younger Elizabeth
4) 12-sided young elizabeth
5) 12-sided george V head
6) Round george v head
7) round George IV head
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 09/26/2006 : 23:46:39
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Box from TD bank collingwood.
10 12s ye
1 rabbit
28 rye
405 .999 ni OE
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444
22.2%
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Frugi
Administrator
USA
627 Posts |
Posted - 09/27/2006 : 17:10:09
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I am not totally certain how many boxes I have searched but I started saving the empty boxes about 6mos ago--I have been searching now for a little over a year. I currently have 16 boxes that I store copper pipe fittings in. I also have an additional 4 boxes of pre96 canadian (mostly 1964 mint rolls)cents. I searched in the beginning really heavilly (about a box a day)
for about 3 mos. then got busy with other things and slowed down to maybe 1 box every two weeks.
Now Im lucky if I sort 1 or 2 boxes a month. I seperate my cents from 81 and earlier and 83 or later; 82s are also saved seperately. I have 1 bag of US nickels. ( no sorting involved ) 2 bags
of pre1981 canadian nickels( which were after sorting almost all Ni with exception of about 10 steel with chrome plate, and less than 10 post1981; and were purchased in local midwest usa at a coin store for USD $0.05 each,[the dealer looked glad to sell 'em --if he only knew!]. I also ask all local coin dealers to call me anytime they receive canadian cents. They know that I will always pay USD $0.50 each for canadian rolled cents(99% of the time the entire roll is pre1996) I think collecting canadian coins in america for numismatic purposes has simmered down quite a bit since the 1960's and most dealers are ready to sell at even exchange with US currency boxes of canadian cents; this is great because most rolls are from the sixties, in great condition, usually high MS state, are really shiny and involve no sorting -alot of the time they will still be sealed in mint packaging. At last this brings us to US Lincoln cents I guess that I havent sold any copper cents to a scrap yard in about 6 weeks; I have sold 50 lbs worth about 3 times, beforehand I called and spoke to the right person at the yard--usually the owner and explained what I had many said they didnt want to get involved, but out of about 10 that I called 3 said no problem, they also take canadian nickel nickels, but I dont sell those. I dont sell them anymore because now I have fallen in love with my penny hoard. I have over 40,000 copper lincoln cents, and 15,000 zinc lincoln pennies. I am not sure at what point I stopped taking zinkers back to the bank but it just became a pain in the !!! so I just keep everything in 5 gallon water jugs. In total I have hand sorted over 100 boxes easy w/ an overall return of about 30% copper. |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 09/27/2006 : 17:23:44
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1 box machine rolled nickels from TD bank, collingwood.
18 rye
6 12s ye
410 oe .999NI
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434 /2000
=21.7%
As far as totals go (in response to Frugi) I've got about 20,000 .999NI nickels as of last count. |
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143 Posts |
Posted - 09/27/2006 : 17:32:54
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welcome, Frugi,
since you are able to get some canadian coins in mint conditions, you may want to go through them when you have time(maybe upon retirement, for error and/or high mint state coins which will be worth many many times above face :)); after that you can sell them as metal
last week, i went to a local coin show in vancouver, bc, canada; bought some silver coins close to spot, and asked one of the coin dealer if he's aware of people hoarding pennies and nickels; he said yes, but would not suggest it because he knew of one customer having a certain quantity of british copper pennies, with difficulties finding smelters to take in his coins beacause of potential legal consequences...so, i am glad that you can do it in the states with relative ease  |
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Sorting percentages
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