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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 10/16/2006 : 20:28:53
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Home | Archives | Silver Coin Values | Contact
Zinc tops $1.80/lb --- All cents now worth more than denomination
October 16, 2006
Alec Nevalainen
Zinc passed the $1.80 mark today, that means the current "penny" has a melt value of $0.0101867. All the coins in your penny jar are worth more than their denomination (except for steel cents made during WW2).
There's been a lot of discussion lately about the elimination of the one cent piece. Jim Kolbe, the sponsor of the original bill in congress, has been mentioned several times with the Mark Foley scandal and it's unlikely his legislation will ever make it to the voting floor.
Personally, I think some kind of action is required. However, I would rather see the metal composition changed to steel or aluminum (similar to Canada) instead of outright removal of the denomination.
Shortages of cents and nickels is probably coming, maybe a lot sooner than most people think. Metal compositions of future coins should be changed before a disruption takes place, but I'm not sure there's enough time.
If copper/zinc/nickel prices continue to trend higher, not sure how mass melting could be avoided.
To find out the intrinsic value of U.S. coins (including pre-1965 silver), visit coinflation.com.
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If you can conceive it and believe it, you can achieve it. -Napoleon Hill
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 10/16/2006 : 20:34:09
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| LOL. Awesome. |
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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 10/17/2006 : 07:39:47
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I have to wonder if it might not be the time for penny sorters to hold on to all their pennies if they don't need the cash to buy more pennies to sort. Maybe even go to the bank and pick up several hundered dollars of boxed pennies and sort them out later. When you think about it you are never really out any money when you exchange your paper dollars for coins. Yes, it might be a pain to return them if you have too, but on the other hand what if the banks put a serious limit on how many you can buy?
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If you can conceive it and believe it, you can achieve it. -Napoleon Hill |
Edited by - Ardent Listener on 10/17/2006 08:33:03 |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 10/17/2006 : 17:16:11
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I doubt banks will start restricting the flow of pennies any time soon, considering how many billions of cents were minted.
Now this is true irony,
As of 10/17/2006
One hundred copper pennies are worth $1.00 face value and $2.31 melt value.
One hundred zinc pennies are worth $1.00 face value and 99 cents melt value, (could go up soon)
One dollar in paper or credit is worth whatever buying power it has after inflation is done with it.
I always knew there was a reason I liked collecting coins. |
Edited by - pencilvanian on 10/17/2006 17:17:34 |
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Frugi
Administrator
USA
627 Posts |
Posted - 10/17/2006 : 23:56:02
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It bugs me to no end wondering about all the rare dates, MS60+, mint errors, and all the other interesting cents that must be waiting to be found in my own hoard. I have never seperated any of the above from any of the regular coppers. I have always put it off until the future when I will have more time to seperate them. I know that there is alot of wheats (many of which are early dates-pre 1929), and at least a few indian heads, and pounds of uncirculated and proof copper memorial cents-all of which are just bumping around together in the same containers.[I am also bothered by the fact that I keep letting them bump around in the same containers together, alas I wish I had more time.
I brought this up because I have been keeping all my zinc cents for about the past 6 months instead of exchanging them. I have managed to acquire 5X as many zincs as coppers (which is alot of cents). I am bothered enough by the fact that I have so many copper numismatic cents getting beat up, now I gotta start worrying about the zinc numismatic coins.
When metal markets are active in bull runs there is alot of interest in numismatic coins. Zinc is very high now- could go much higher (I hope).
I have no time anymore to do anything I work alot and I am trying to plan my wedding coming up soon. I can easily see this bull run on metals lasting quite awhile and I bet within a couple years zincs may have a great numismatic appeal due to their lack of resistance to wear. Which means now not only will I have to seperate the rarities from the copper now I'll have to do it with the zinc too. It seems to me zincs do not retain that shine and or acquire a patina that is anywhere near those of the copper cents. (Example)-some cents come from fountains- you'll know because they are very corroded and plating coming off (that is just from sitting in fresh water for a few months); copper cents last an extremely long time compared to zincs-so it "might" be pretty hard to find nice grade zincs of any year.
All of this means that I need more time so that I can get off work sooner, plan my wedding to my pretty girlfriend better, and organize my copper zinc nickel CuNi silver hoard.
I have about 200,000 zincs.
Buy Less. Work Less. Live More
Real Eyes Realize Real Lies |
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n/a
deleted
103 Posts |
Posted - 11/02/2006 : 09:56:22
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1982-2006 Cent (97.5% zinc) * $0.01 $0.0107498 107.4900% - coinflation 11/2/06
The above post is intended for entertainment purposes only and in no way reflect the opinions of the flesh and blood person writing the text. All writings under the screen name "copperhead" are merely a characterization of the personna created. |
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Zinc cents now worth more than domination too.
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