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4 Posts |
 Posted - 08/19/2008 : 21:26:14
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I am new to investing in coins and have several questions. I assume when everyone here talks about sorting they means getting tons of pennies from the bank and sorting out the pre '82 pennies since they are 95% copper and worth over .02 cents a piece but how do you redeem these for cash once you have them sorted out?
Sorry for such newbie questions but I have searched around the site and come up with nothing.
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fb101
Administrator
USA
2856 Posts |
Posted - 08/19/2008 : 21:33:46
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| Hoard them until the melt ban goes away (unknown) or sell them. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 08/20/2008 : 06:14:40
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fb101 answered the question perfect. Some sell, some hoard, and some do a little of both. Welcome to the site. Do a little more searching, you will be amazed the amount of information to be found here. Once again, welcome.
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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4 Posts |
Posted - 08/20/2008 : 08:34:45
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| Thanks for the replies, but where do you sell them? I have taken metal mainly aluminum to the local scrap yard I just don't know if they would take a brick of melted down pennies (although I would say it's melted down copper tubing). |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 08/20/2008 : 10:38:34
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It would be illegal for you to melt them down. They sell on eBay, but you have to pay eBay and PayPal fees. They also sell direct here on this forum in the Buy/Sell section. I have been known to buy some from other hoarders even though I have a nice little pile hoarded already. I have to go by the post office this morning to pick up about 10 bags that were shipped to me from other members.  |
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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B-Power-B
Penny Pincher Member
USA
111 Posts |
Posted - 08/20/2008 : 13:27:55
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| Since we are on the topic, aren't there pennies with higher copper content? Like old old? |
Those who trade liberty for security have neither.
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simplicitycounts
Penny Hoarding Member
USA
535 Posts |
Posted - 08/20/2008 : 14:12:53
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| A large cent would have a higher copper content by weight, but if you had one you would sell it for it's numinastic value, not its metal value. Canadian pennies have a better coppper content, 97% but they weigh different amounts then our pennies. |
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4 Posts |
Posted - 08/20/2008 : 16:13:35
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| It is my understanding that pre 1982 pennies are 95% copper. So they are relatively old but not like 1930's old. |
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fb101
Administrator
USA
2856 Posts |
Posted - 08/20/2008 : 16:47:42
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| About 9 out of 10 1982s I find are also 95% copper. In copper content of small cents age is irrelevant, but there are enough wheat penny hoarders to make it a must thing to separate out the pre 59s to hoard or sell as wheats. |
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Cody8404
Penny Hoarding Member
USA
602 Posts |
Posted - 08/21/2008 : 18:59:28
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Big thing we really do not want to break the law. Uncle Sam says no meltnig or exporting so we don't. My may not like and you will see us complain, but you won't see us break the law.
So far all I have done is collect the cents to trade in the day junk cents are traded like junk silver. I don't have the money the bigger horders do.
I have seen members of this forum sell them on ebay or other ways, this one is the most impressive. He does a good job have a look.
You must be logged in to see this link.
No he didn't pay me to post this, I just really like his site. |
Awake, O kings of the earth! Come ye, O, come ye, with your gold and your silver, to the help of my people, to the house of the daughters of Zion, to the help of the people of the God of this Land even Jesus Christ. |
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Newbie Question on Cashing in on Pennies
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