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horgad
1000+ Penny Miser Member
USA
1641 Posts |
 Posted - 05/27/2008 : 07:24:59
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What is a Copper Penny Worth Today?
I think the best way to find the answer is to look at the question from as many different angles as possible. As such I have broken it down into range of 5 different values as follows from the current highest to lowest:
1. Pie in the sky the melt value of the copper penny taken straight from Coinflation You must be logged in to see this link.
2. Truck load of #2 scrap Cu 40k lbs of pennies scrapped in NJ post melt ban (150 per lb)
3. Retail what someone one might pay in a face-to-face transaction. Based on the last batch of E-Bay auctions including shipping and fees. The theory being that if a buyer is willing to pay that much total to get pennies on E-Bay, they would be willing to pay that much face-to-face and the seller would reap the benefits of not having to pay shipping and fees.
4. Small load of #2 scrap Cu a small load of pennies scrapped in NJ post melt ban (150 per lb)
5. E-Bay After Expenses Based on the last batch of E-Bay auctions after shipping and fees.
References:
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Edited by - horgad on 06/09/2008 09:47:46 |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 05/27/2008 : 07:27:09
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May 27, 2008
1. 0.025 per penny Pie in the sky (Cu at $3.80 lb and Coinflation price)
2. 0.0197 per penny Truck Load of #2 scrap Cu ($2.96 lb divided by 150)
3. 0.019 per penny Retail (Last 5 E-Bay Auctions: $71+$11, 112+10, 80+10, 77+10, 88+10)
4. 0.0187 per penny Small Load of #2 scrap Cu ($2.81 lb divided by 150)
5. 0.0158 per penny E-Bay After Expenses (Uses the same auction numbers as above minus $9.30 shipping and $7.50 in PayPal and E-Bay fees)
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Edited by - horgad on 05/27/2008 07:36:27 |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/27/2008 : 08:54:59
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I think to achieve a proper retail price you need to take a larger sample and throw out the 2 highest and lowest numbers. That number for my auction is an aberation.  |
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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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 05/27/2008 : 09:45:43
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quote:
That number for my auction is an aberation.
LOL! So true.
Without your sale the numbers drop to:
.0179 Retail
and
.0145 E-Bay After Expenses
I'm too lazy to do a larger sample, but I'll try and update the prices in a week or so. |
Edited by - horgad on 05/27/2008 09:56:47 |
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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
Posted - 05/27/2008 : 10:19:54
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| I helped to cause an aberation! |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/27/2008 : 12:40:34
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| I'll try to sell mine cheaper this week so it can be included in the sample. |
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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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 05/27/2008 : 12:58:16
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| Just bid mine up more than yours then you can be part of the sample |
"99% of all lawyers give the rest of them a bad name" 
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/27/2008 : 13:12:35
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If I sell some on a second chance offer for moboman's bid of $50 does that count?
I can't bid moboman's up higher than mine.. it takes 2 folks to make an auction.
Besides, if his auction went any higher that would just encourage him.. we can't have that. |
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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jadedragon
Administrator
Canada
3788 Posts |
Posted - 05/27/2008 : 15:14:34
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Went and looked at the scrap site referanced:
No.2 Scrap Copper
Clean unalloyed copper solids. May include clean, oxidized or coated (plated) copper clippings, punchings, bus bars, commutator segments, clean oxidized copper pipe or tubing free of excessive solder and light gauge clean, oxidized or coated (plated) copper wire but free of fine gauge hair wire. Should be free of excessive oxidation, scale, ash or brittle burnt wire.
Would pennies which I understand to be an alloy count as #2 Cu Scrap? Also this assumes you unbox and unroll them all since #2 scrap would require this. |
The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man. George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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n/a
deleted
84 Posts |
Posted - 05/27/2008 : 22:37:32
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Ebay copper penny 5000 lot sales
2-week period from 5-12 to 5-26
date price shipping total Stats (price only)
5/12/2008 81 10 91 Mean 77.31
5/12/2008 73 12 85 Variance 135.85
5/12/2008 74.99 11 85.99 Std. Deviation 11.66
5/12/2008 73 10 83
5/13/2008 72.01 9.95 81.96 Median 74.00
5/14/2008 69.35 11 80.35 Mode 76.00
5/15/2008 112.5 10 122.5
5/17/2008 77 10.95 87.95 Stats (total)
5/17/2008 76 9.99 85.99 Mean 88.13
5/18/2008 84.99 11.99 96.98 Variance 129.76
5/19/2008 66.59 11.95 78.54 Std. Deviation 11.39
5/19/2008 68.59 11.95 80.54
5/19/2008 68.59 11.95 80.54 Median 85.50
5/19/2008 83.02 10 93.02 Mode 85.99
5/20/2008 76.97 10 86.97
5/22/2008 67.88 10 77.88
5/23/2008 87.91 9.8 97.71
5/24/2008 71 9.99 80.99
5/25/2008 72 9.99 81.99
5/26/2008 76 12 88
5/26/2008 77 12 89
5/26/2008 76 12 88
5/26/2008 71 9.95 80.95
5/26/2008 112.58 10 122.58
5/26/2008 70.99 11 81.99
5/26/2008 70.01 12 82.01
Mean $77.31 $10.83 $88.13
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"Truth is treason in the empire of lies." -Ron Paul, from _The Revolution: A Manifesto_ |
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n/a
deleted
84 Posts |
Posted - 05/27/2008 : 22:41:56
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That did not post like I wanted it to... :(
Does anyone know if you can post a table in here (straight out of Excel)?? |
"Truth is treason in the empire of lies." -Ron Paul, from _The Revolution: A Manifesto_ |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 05/28/2008 : 00:38:17
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According to these ebay sales from one seller I stumbled across tonight, a recent steel Canadian penny is worth up to $2.03!!! And I was just heading to the bank tomorrow to dump a few thousand of these.... Maybe I should sell them one by one on ebay instead.
2006 New Mint Mark Non-Magnetic Canadian Penny BU (#250245474950) C $2.03 View Item
2006 New Mint Mark Magnetic Canadian Penny in BU Condi (#250245474360) C $1.03
2000 - 2008 Canadian 1 Cent Collection 16 Coins (#250239659653) C $0.99
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The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man. George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/28/2008 : 01:11:37
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| Whoohoo!!! I won high bag for the 2 week period! |
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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n/a
deleted
84 Posts |
Posted - 05/28/2008 : 08:55:56
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HCBT, you're just an outlier; you will be cast off into eternal darkness when I do the trimmed mean, as per your suggestion.
:) |
"Truth is treason in the empire of lies." -Ron Paul, from _The Revolution: A Manifesto_ |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/28/2008 : 12:08:01
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| Just as long as I stay on the upper edge that is OK with me. I would be interested in getting a copy of that excel spreadsheet if you could email me a copy. Great work! |
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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Nickelless
Administrator
USA
5580 Posts |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 06/09/2008 : 09:43:19
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June 09, 2008
1. 0.0243 per penny Pie in the sky (Cu at $3.69 lb and Coinflation price)
2. 0.0193 per penny Truck Load of #2 scrap Cu ($2.90 lb divided by 150)
3. 0.0183 per penny Small Load of #2 scrap Cu ($2.75 lb divided by 150)
4. .017 per penny Retail (Last 9 E-Bay Auctions: $79+$10, $85+$12, $72+$10, $70+$11, $113+$10, $68+$10, $75+$10, $71+$11, $113+$10)
5. .0136 per penny E-Bay After Expenses (Uses the same auction numbers as above minus $9.30 shipping and $7.50 in PayPal and E-Bay fees)
Note 1: I see that there was auction for 5000 1982 BU copper pennies that sold for $106+$16!!!! I didn't count it in the numbers.
Note 2: I used the median this time instead of the average for the E-Bay based values (the median was $75+$10).
Comments: E-Bay is looking pretty ugly. I can't imagine anybody doing all that work for so little profit (except for a certain special someone that shall remain nameless). The profit looks like about $2.50 per box of pennies sorted assuming 25% average coppers. |
Edited by - horgad on 06/09/2008 13:23:27 |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 06/09/2008 : 13:06:36
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We'll just have to make it up in volume! I've got a lot of machines to support. Just need bigger trucks. Maybe there is a slight advantage to longevity of presence in the market.. having been a market maker for over a year. 
Now if I could only get that copper percentage to jump up to 25%. Probability on that is about the same as Santa bringing me a Rollcracker 1000 for Christmas. Probability theory can be interesting. According to Murphy.. "The probability that the toast will land butter side down is directly proportional to the cost of the carpet." |
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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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 06/09/2008 : 13:29:54
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quote:
Originally posted by HoardCopperByTheTon
We'll just have to make it up in volume! I've got a lot of machines to support. Just need bigger trucks. Maybe there is a slight advantage to longevity of presence in the market.. having been a market maker for over a year.
Now if I could only get that copper percentage to jump up to 25%. Probability on that is about the same as Santa bringing me a Rollcracker 1000 for Christmas. Probability theory can be interesting. According to Murphy.. "The probability that the toast will land butter side down is directly proportional to the cost of the carpet."
I hope that you are either in sales or marketing in real life. Otherwise, your true talents are being wasted.
I guess that I never really looked that closely at your auctions. Do you pull all the wheats or are your batches strictly machine sorted? If you are not pulling all the wheats, I am, for sure, going to have to disqualify you from the data. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 06/10/2008 : 17:13:25
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Nah, It's just a hobby.
You know there is a whole extra manually intensive step that most folks don't do to pull all those wheats. |
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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What is a Copper Penny Worth Today?
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