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Copper Catcher
Administrator
USA
2092 Posts |
 Posted - 05/13/2008 : 18:07:43
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Ok fellow penny horde fans if you saw my previous post about our pennies becoming steel then you saw that the US House passed the change so our current beloved penny will have a steel core. The bill goes to the Senate now. According to the a May 5th Coin World article I read today if the bill become law the mint has 270 day to put the coin into circulation for the penny and approximately two years to put the change in effect for the nickel.
I can only assume that the Reydale will continue to work because it is reading the electronic signature of the inserted coin telling the coin acceptor which side to drop the coin.
Regardless, I still have run into a snag! I'm in NC and who ever is wrapping coins for Brink and distributing them to the banks is for a fact pull out all the copper! I reported on this some time ago and I check a brick wrapped by Brinks in the plastic rolls i.e. $25 again yesterday and it was still all zinc. I would assume no one will admit to being a commercial operator for the Mint or as a private entity but trust me folks they are leaving circulation faster than a cat licks his a##.
The real question is can anyone estimate how long the 95% copper supply might last? One year, maybe two at the most? Anyone want to take a guess?
The real question is can anyone estimate how long the 95% copper supply might last? One year, maybe two at the most? Anyone want to take a guess?
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Edited by - Copper Catcher on 05/13/2008 18:09:41 |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 05/13/2008 : 18:35:19
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We kind of touched on this before, but IMO it all depends on what you mean by a 95% oopper supply. I feel sorting percentages will be half of what they are 18 months from now. Two years from now there may still be copper coins in circulation but for most of us I don't feel they will be worth going after because of the low percentages that will be left. I would like to know who the big guns are out there because I don't think it is guys like us who are sorting out that football size field of pennies.
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Think positive. |
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El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 05/13/2008 : 20:22:22
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Cool graphic.
Does it represent all pennies ever minted, or just the copper ones? |
Trust the government? Ask an Indian. |
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n/a
deleted
84 Posts |
Posted - 05/13/2008 : 20:40:00
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| Guys, since the bullion premium on copper pennies broke into hoarding territory, hoarders have not made a dent, statistically, in the copper-cent percentages. Someday I'll reveal my statistical analysis I'm working on, but for now, that's all I'll say. |
"Truth is treason in the empire of lies." -Ron Paul, from _The Revolution: A Manifesto_ |
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 05/13/2008 : 20:48:45
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quote:
Originally posted by El Dee
Cool graphic.
Does it represent all pennies ever minted, or just the copper ones?
Nah, that's just what some of the major sorters on this forum have pulled out of circulation this year  |
Sorting In Northwest Mississippi |
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misteroman
Administrator
USA
2565 Posts |
Posted - 05/13/2008 : 23:05:55
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| it is hordy's field out behind his house. |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/14/2008 : 00:14:16
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Shhhhhh...  |
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 - 05/14/2008 : 08:23:54
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quote:
Originally posted by El Dee
Cool graphic.
Does it represent all pennies ever minted, or just the copper ones?
That's all of them ever minted.  Kind of like our field of dreams. |
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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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 05/14/2008 : 09:46:48
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| Would anyone like to give me address to this field so I can plug it in to my Nuvi and get the directions! Oh ya, I know, go to my nearest bank! :-) |
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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 05/14/2008 : 09:49:43
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| Ardent Listener if you are prediction is correct i.e. "sorting percentages will be half of what they are 18 months from now." then I need to order more pennies and soon! |
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topeka
Penny Pincher Member
160 Posts |
Posted - 05/14/2008 : 21:42:27
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"sorting percentages will be half of what they are 18 months from now."
What do you think cause this spike in hoarding?? |
Silver..poor mans gold
Copper..peasant silver |
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swusc
Penny Hoarding Member
USA
553 Posts |
Posted - 05/14/2008 : 21:51:53
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I don't know where you are in North Carolina, but if you are close to charlotte... I think there is a chance you will pick up some dumps. There are a few hunters around, but I don't think it would be more than a few dumps here and there though.
I am not dumping more than 4-8 boxes a month.
-SWUSC
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`Everybody is ignorant. Only on different subjects.' Will Rogers
"This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the "hidden" confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard." Alan Greenspan, 1966. |
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Saul Mine
Penny Collector Member
USA
343 Posts |
Posted - 05/14/2008 : 22:12:03
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Coins remain in circulation about 30 years. It's hard to be sure what that means because a lot of them get stashed, rather than lost. It has been 26 years now, and about 20% of coins are still copper. So 26 billion zinc pennies have been made, and 6.5 billion coppers are still circulating. That works out to roughly 32.5 million pennies per Ryedale, or $325,000 each.
I think we have a few years left. I promise I won't hoard my full share of $325,000! |
A penny sorted is a penny earned!
Please use tinyurl.com to post links. Long links make posts hard to read. |
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lukeownzu
Penny Collector Member
364 Posts |
Posted - 05/14/2008 : 23:27:39
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quote:
Originally posted by Saul Mine
Coins remain in circulation about 30 years. It's hard to be sure what that means because a lot of them get stashed, rather than lost. It has been 26 years now, and about 20% of coins are still copper. So 26 billion zinc pennies have been made, and 6.5 billion coppers are still circulating. That works out to roughly 32.5 million pennies per Ryedale, or $325,000 each.
I think we have a few years left. I promise I won't hoard my full share of $325,000!
I'll pick up where you leave off! :D |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/15/2008 : 03:07:53
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quote:
Originally posted by Saul Mine
I think we have a few years left. I promise I won't hoard my full share of $325,000!
Sorry.. I can't make that same promise. |
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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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 05/15/2008 : 11:28:43
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| It would be interesting to look back in time and determine how long it took for "real silver" coins to disappear from circulation. I think if you knew that time period and fully understand all the factors surrounding it you might be able to have some correlation as to how this might happen to the copper penny. Just another hair brained theory, mind you! :-) |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 05/15/2008 : 11:36:48
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| Perhaps, but it was a lot easier to sort out the silver coins by hand than pennies. Even rolls of dimes could be side-lined in a clear plastic tube and checked for clad markings. |
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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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 05/15/2008 : 11:44:42
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| True, Ardent...Saul I hope you are correct in your positive thought process. I still have not "paid for" my toys i.e. Reydale, Coin Counter etc.... I need time and MORE COPPER PENNIES PLEASE! |
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scooter
Penny Pincher Member
240 Posts |
Posted - 05/15/2008 : 21:49:56
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HI Realcentians
New memeber!. I have had my ryedale for a week now. I must say it is amazing |
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n/a
deleted
84 Posts |
Posted - 05/16/2008 : 00:01:58
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Saul,
I think you're off by a power of 10: they've made 260 billion zinc cents. The total mintage of copper Memorials was 158 billion. This adds to 418 billion Memorials made. Let's take half of that, to generously account for coins falling out of circulation, and multiply by 25%, which I think is a pretty fair national average of coppers currently in circulation:
209 billion x 25% = 52 billion coppers in circulation. I think this is a very fair estimate, and it's (roughly) ten times your estimate. Copper pennies will be around for many years, I think. I'm more worried about the copper price sliding down than the coppers being snapped up quickly. |
"Truth is treason in the empire of lies." -Ron Paul, from _The Revolution: A Manifesto_ |
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cyberdan
Penny Collector Member
USA
289 Posts |
Posted - 05/16/2008 : 12:23:14
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quote:
Originally posted by Copper Catcher
It would be interesting to look back in time and determine how long it took for "real silver" coins to disappear from circulation.
When did silver coins disappear from circulation? I hadn't heard that I have found almost 1500 silver coins in the last 1.5 years, most are halves (+ a Morgan & a Peace) |
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CajunCoin
Penny Sorter Member
USA
26 Posts |
Posted - 05/16/2008 : 15:02:32
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Silver coins dissappeared by the beginning of 1966 with the the occassional roll being found out to 1969. Once the changeover started there was a major coin shortage and tellers and cashiers had to be threatened with their jobs not to search or withhold coinage to make change, several cashiers at A&P where I worked had to be reminded to use "their" silver coins to make change when they really wanted to take them home and had moved them to the fifth slot, one cashier in particular was famous for her nickle change making ability when she had silver quarters available and the customer complained about getting so many nickles!! For a time, no one was allowed to sort silver!!
By 1970 most was gone!!
Silver disappeared quite quickly and the mint blamed the coin collectors, but when a quarter was worth 30 cents, who could resist keeping it! |
Real Money Rings True. |
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topeka
Penny Pincher Member
160 Posts |
Posted - 05/16/2008 : 22:52:51
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Since it only took about 5 years (1965-1970) for most of the Silver to leave circulation why is almost all the copper still in circulation after 26 years (1982-2008)?
If people were snapping up quarters worth 30 cents (20% potential profit) why are they ignoring pennies at 150% potential profit ? |
Silver..poor mans gold
Copper..peasant silver |
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thebeave
Penny Sorter Member
USA
49 Posts |
Posted - 05/17/2008 : 01:22:58
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| I would have to say this is because copper is not as well followed in the metals market as silver for one. Secondly, there were many many more pennies minted, therefore there are more copper cents in circulation and will take longer to pull out. I am definately not even a little bit mad that the copper is not disappearing yet. |
-------------------------------------------------
www.25centlinks.com
www.interestinginvesting.com
www.strangest-facts.com
8150 coppers |
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JerrySpringer
Penny Hoarding Member
669 Posts |
Posted - 05/17/2008 : 08:48:43
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*******************************************************
Quote:
I would have to say this is because copper is not as well followed in the metals market as silver for one. Secondly, there were many many more pennies minted, therefore there are more copper cents in circulation and will take longer to pull out. I am definately not even a little bit mad that the copper is not disappearing yet.
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Only these past years has copper attracted interest in a big way with the public. Prior to that, the penny was just a nuisance and not something anyone respected. Was it worth it to buy hundreds of dollars of pennies back way when for the copper when it was a $2 or less a pound? Also, stocks and real estate attracted a bulk of investment money. Perhaps the consistent coin collectors/hobbyists sorted coins routinely. The general public was not aware of coins being worth more than face value in any significant way. Couple that with people use credit cards virtually for everything more than they did 20+ years ago, the Lincoln cent just gathers dust in many places still.
I'd like to know what others here opinion is on Coinstar, btw. Do you think they are sorting the copper and other collectibles out of their machine bins? |
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topeka
Penny Pincher Member
160 Posts |
Posted - 05/17/2008 : 14:52:46
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| I really doubt if Coinstar has the time to sort. Why should they when they simply skim 8.9% off every dollar dropped into their machine. Forget pennies ....give me thirty well placed Coinstar machines! |
Silver..poor mans gold
Copper..peasant silver |
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When will we run out of pennies to sort?
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