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Gr33nday43
New Member
Uzbekistan
10 Posts |
 Posted - 07/29/2008 : 11:46:50
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Well, instead of using a savings account I was thinking of just buying boxes of nickels and sitting on them, a long with my copper. Whenever I need money, I can look through the boxes for uncirculated coins, war nickels, and older coins. Should I instead save unsorted penny boxes? Both of these sound like viable options, since the only thing I can lose is inflation, and if inflation went up, the value of pennies and nickels should go up too, right?
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 07/29/2008 : 12:40:59
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In theory, the metal value of an unsorted box of nickels is only about 5.9% over face. The value of an unsorted box of pennies assuming 25% copper is $33.75 or 35% over face. Of course, the penny box is not really worth $33.75 unsorted. It is only worth the $33.75 after it is sorted. So that might be a bit misleading.
Maybe a better comparison might be if you looked at the melt value of the whole box instead of counting the zincers as .01 -- the melt value of a box of mixed pennies is just over $24.
Anyhow, to me, unsorted pennies look a bit more appealing at the moment (especially since I own a Ryedale), but it is probably best to diversify...
Math Crap:
((2500 * 75%) * .01) + ((2500 * 25%) * .024)) = $33.75
($33.75 - $25) / $25 = 35%
((2500 * 75%) * .005) + ((2500 * 25%) * .024)) = $24.38 |
Edited by - horgad on 07/29/2008 14:52:20 |
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Gr33nday43
New Member
Uzbekistan
10 Posts |
Posted - 07/29/2008 : 13:14:13
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| I think I'm going to do 75% pennies, 25% nickels. I also own a ryedale, so whenever I need some money I can just sort them, turn the zincers in and sell the coppers. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 07/29/2008 : 18:13:57
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| The main advantages of nickels is that they are easier to handle, storeage and turn back in if you have too. But I'm hoarding both pennies and nickels and remember, once the copper pennies are gone they aren't going to be minted again. |
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Using Nickels For Saving?
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