At what price do you think people would disregard the melt ban and start bringing copper pennies to underground melt-houses? I think we have had a poll or two asking something along the same lines, but I will add the component of people knowing that a melt ban is in effect and still try to find someone willing to buy them over face value to melt. I think if the melt value per a penny was 5 cents or more then we would see runs on banks for pennies. That is roughly a doubling of copper prices right now. Right now, the risk of getting caught doing a melt and also all the overhead of running a melt makes melts not worth the risk. At what price does the "street" see pennies as a risk-worthy (maybe nearly 100% victimless?) means to generate under-the-table revenue?
Scrap price of copper pennies? $3/lb for 1 lb of pennies ($1.54 profit). When people start getting desperate to feed their families. I hope I never have to do it.
I was thinking more of the meth drug crowd type who would see copper pennies as easier to risk fencing than plumbing copper. At that point, all the banks probably would have had their copper Lincolns already pulled by the Brinks sources.
And they have the advantage of being able to hand sort box in 15 minutes....
You are correct. Sad. Sad but funny!
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
at the point they are worth 10 cents. Thats when they will disapear immediatly. At that point boxes would be at about 2%. Has anyone one seen the main ad in coinflation today. They mention a small group of copper penny hoarders,,mmmmm i wonder who they are talking about?
At what price would Cu pennies become scarce?
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Posted - 08/20/2008 : 18:21:52
