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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
 Posted - 10/03/2006 : 16:21:50
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Don’t melt your coins yet!
Some outfit called First Federal Coin Corporation is selling wheat pennies to the gullible and uninformed for about 22 cents each
Quote from advertisement
“ U. S. Government to Abolish the Lincoln Penny….FOREVER?
For nearly 100 years, the Lincoln Cent has been a familiar everyday coin. But that may become history if recent legislation such as The Legal Tender Modernization Act (HR2528) is enacted, eliminating the one-cent coin forever.”
The ad offers a half pound of wheat pennies for a mere $19.95, of course a half pound of pennies is 74 Wheats. About 27 cents each for what dealers sell for about 5-10 cents each.
They also offer three whole pounds of pennies for $99 plus shipping and handling.
Three pounds works out to 444 Wheat pennies, or 22 1/2 cents each
This rip off, er, fine advertisement got me thinking, why not make up an offer for the papers to SELL our nickels to speculators instead of dealing with scrap dealers?
My sample of the advertisement
WORLD WIDE COIN CONVERSION UNDERWAY!
FIRST, SOUTH AMERICA, THEN EUROPE, NOW ASIA, WILL AMERICA BE THE NEXT COUNTRY TO CHANGE ITS CHANGE?
For decades, nations of the world have produced their coins from an alloy known as cupronickel, a combination of copper and nickel. However, as the price of these strategic metals has increased over the years, more and more nations are changing the metal content of their coins to aluminum or steel. The U. S. Mint is paying .068 cents to make a five cent coin. It is only a matter of time before the U. S. Mint is forced to alter the metal content of the Jefferson Nickel.
FACT: The U. S. Mint stopped making silver coins for circulation when the price of silver went up.
FACT: The U. S. Mint stopped making copper cents for circulation when the price of copper went up. Pennies are now copper plated zinc.
FACT: Many nations of the world use either steel or aluminum for their five cent coins.
America simply can’t afford to keep making five cent coins out of cupronickel.
Now is the time to profit from this run up in metal prices.
We are offering one pound of cupronickel Jefferson Nickels for $14.50 plus shipping and handling.
Profit from this once in a lifetime opportunity as prices of copper and nickel increase, causing your nickel collection to increase in value.
Quantities are limited.
Order today, they may all be sold tomorrow!
From
SKIP-TOWN INDUSTRIES
1 Rana way
Trynfindus NV
Note: I have seen offers of Susan B Anthony dollars for sale for 3 for $19.95, even though the coins best value is $2.00 each.
AT $14.50 a pound, we are talking $4.55 face value, or $9.95 profit.
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Edited by - pencilvanian on 10/03/2006 18:19:02 |
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n/a
deleted
143 Posts |
Posted - 10/03/2006 : 19:51:52
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pencilvanian,
do you mind if i plagiarize your ad? 
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 10/03/2006 : 20:01:22
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Not at all fellow forum member!
If this scam, er, attempt to profit off our holdings works, perhaps we can all go into business selling nickels.
P T Barnum said “There is a sucker born every minute“ but of course, the birth rate was much lower back then. |
Edited by - pencilvanian on 10/03/2006 20:02:11 |
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Frugi
Administrator
USA
627 Posts |
Posted - 10/04/2006 : 16:07:19
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I heard today from a bank employee that the state of Illinois will not allow the penny to be discontinued (somthing to do with Lincoln being from Illinois; and some weird statute.)
Real Eyes Realize Real Lies |
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Frugi
Administrator
USA
627 Posts |
Posted - 10/04/2006 : 16:12:43
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I have not been selling my cents lately, but I have sold them to scrap dealers already (for the ones I sold I made certain there were no wheats or rarities in there)[I sold them when I really needed money]. --The deal is is that it is knowing that our cents have the melt value assigned to them. If we needed to we could sell them like pre1965 silver coins (as bullion). Once I get my hoard large enough I will the start sorting them by date and mint and then roll 'em up, and save them to sell for a numismatic price.
Real Eyes Realize Real Lies |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 10/04/2006 : 16:33:41
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quote:
Originally posted by Frugi
I have not been selling my cents lately, but I have sold them to scrap dealers already (for the ones I sold I made certain there were no wheats or rarities in there)[I sold them when I really needed money]. --The deal is is that it is knowing that our cents have the melt value assigned to them. If we needed to we could sell them like pre1965 silver coins (as bullion). Once I get my hoard large enough I will the start sorting them by date and mint and then roll 'em up, and save them to sell for a numismatic price.
Real Eyes Realize Real Lies
May I ask, what kind of a scrap price did you get for your bronze cents?
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If you can conceive it and believe it, you can achieve it. -Napoleon Hill |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 10/04/2006 : 16:36:52
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Great plan, Frugi.
I just plan to hoard pre 82 pennies and will sort them out when its a cold, miserable winter weekend. Better than watching the idiot box. |
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Frugi
Administrator
USA
627 Posts |
Posted - 10/04/2006 : 17:11:12
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When Copper was at $3.50 lb. I got $2.40 a troy lb. min. of 50 lbs.
I also sold 10 lbs (troy) of canadian nickel nickels when nickel was at $14.80 lb.-I got $9.00 a troy lb.--The scrapper said they would/will pay $12.00 a lb. for 2000 lbs or more at one time.
Real Eyes Realize Real Lies |
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just carl
Penny Hoarding Member
USA
601 Posts |
Posted - 12/18/2006 : 21:33:34
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quote:
Originally posted by Frugi
I have not been selling my cents lately, but I have sold them to scrap dealers already (for the ones I sold I made certain there were no wheats or rarities in there)[I sold them when I really needed money].
Real Eyes Realize Real Lies
Of course you are aware of all the possible valuable coins in the Lincoln Cent era. I'm sure you have those books called Looking Through Lincoln Cents or you varified error coins with coppercoins.com. Amazing how many destroy coins with no knowledge of which ones are worth something. Naturally you looked for offsets, rotated reverses, oversized rims, double dies, etc.
Carl |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 12/19/2006 : 17:16:13
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| Thanks for the advice and the website Carl, it doesn't pay to be penny wise and dollar foolish. |
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just carl
Penny Hoarding Member
USA
601 Posts |
Posted - 01/15/2007 : 18:34:59
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As I just mentioned on another post. THINK. If you melted down a 1922plain Lincoln Cent you would have melted as much as $27,000, 1955Double Die could possibly bring $11,000. Rumors have it a 1943 Copper Cent would bring over $100,000. And someone would have melted these three for less than a Quarter????????
Again, I would advise Copper melters to look before you leap.
Carl |
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Metalophile
Penny Collector Member
USA
320 Posts |
Posted - 01/16/2007 : 07:18:11
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I think most of us put wheaties aside and save into a different pile. All of the cents you mentioned above are wheaties. Whenever I get a wheatie, it gets saved, and I often look up the date/mintmark in my red book.
Metalophile |
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DON’T MELT YOUR COINS YET!
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