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 Posted - 05/10/2006 : 21:46:47
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Hey Im new to here. I just started hoarding pennies about a week ago. I read articles where people encourage you not to hoard pennies. They say that the cost of transporting pennies to a refiner is not worth the profit. That is a good point, however what if you melt the pennies yourself and eliminate the middle man?
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Posted - 05/10/2006 : 22:35:01
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I am not saving copper pennies just for their copper scrap value. I believe that when TSHTF IE: the almighty U.S. dollar goes to its intrinsic value of ZERO we will be using precious metals again to pay for or barter for what we need. You will be using gold for major purchases, silver for everyday purchases, and copper pennies to make change for the silver. Plus I just like the thought of getting something that right now is worth more than twice what I paid for it and if anything happens the other way I can still get my initial investment back with no risk.
A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain. --- Robert Frost |
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Posted - 05/10/2006 : 22:38:09
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I also forgot to add that as a penny it is known what the copper content and purity is. If they are melted down there is a question of how pure the copper realy is. It would be the same if you took and melted down some 90% silver coins and wanted to sell your home made bars. People would not be sure that it was 90% silver just by looking at it.
A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain. --- Robert Frost |
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Posted - 05/10/2006 : 23:29:07
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Hi guys ...first post.
First thanks to cent man for making this message board and the website ..much apreciatted.
I have been hoarding pennies as well...not done any boxes yet ..just a couple of bucks here and there plus regular change.
I have talked to a couple of people about the idea of investing risk free in copper pennies and everyone has no idea what im talking about.
thats actually a good thing.
one question ..do you guys clean your pennies?
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Posted - 05/10/2006 : 23:53:01
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quote:
one question ..do you guys clean your pennies?
I have thought about cleaning them and then figured it was not worth the effort. If I did I would most likely use something like a tumbler that you use to clean shell brass.
A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain. --- Robert Frost |
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realcent
Forum Admin
USA
246 Posts |
Posted - 05/11/2006 : 07:26:37
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quote:
Originally posted by metalman
Hey Im new to here. I just started hoarding pennies about a week ago. I read articles where people encourage you not to hoard pennies. They say that the cost of transporting pennies to a refiner is not worth the profit. That is a good point, however what if you melt the pennies yourself and eliminate the middle man?
Hi metalman, and welcome!
There are still many people, including people who hold gold and silver and other precious metals, who say that saving copper cents will never be worthwhile. They say it is time consuming, takes up alot of storage space, and no smelter will ever want to deal with them.
My reply is always that the same exact arguments were used against saving 90% silver coinage back in 1965 (and for years later) when they switched from silver to clad coinage. No one says that anymore, obviously, and I think copper will rise enough to cause people to stop saying that about copper cents and nickels in the near future. The problem for those people is by the time it is economically profitable to melt coins for copper, they will all have been removed from circulation.
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melting pennies
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