| Author |
 Topic  |
|
JerrySpringer
Penny Hoarding Member
669 Posts |
 Posted - 11/06/2008 : 15:57:22
|
|
I almost just want to just sort pennies strictly for wheat pennies right now. The price of copper is low, so the premium on copper pennies is marginal. I will keep holding onto to the copper. Heck, push comes to shove, all the pennies I have will easily make for a month of living expenses I bet. Will institutions like Brinks and Coinstar keep separating copper pennies if the price drops significantly more? I suspect many on-the-fence hoarders will back off from copper if prices keep dropping. Thing is, if we get a spell of inflation and precious metals take off, is it possible that metals in general, and maybe most commodities will escalate in price?
|
|
|
n/a
deleted
478 Posts |
Posted - 11/06/2008 : 16:11:59
|
| Keep it. Fiat cuurency is being printed at the speed of light. Copper is money, cotton and linen (paper) FRN's are toilet paper. |
 |
|
|
fb101
Administrator
USA
2856 Posts |
Posted - 11/06/2008 : 16:12:53
|
I've noticed lately that every time the markets go up because they think things are getting better, metals go right up along with. Metals are discounting a severe recession, but as things improve (we hope!) metals will rise in sync with the improvement. Copper was down in the low $1 range, and the dow rose $900. The Dow has now given back almost every penny of that, but copper hasn't. (yet?)
I think I'll continue to hoard even copper. |
 |
|
|
|
oober
1000+ Penny Miser Member
USA
1304 Posts |
Posted - 11/06/2008 : 21:18:33
|
| When the USD crashes, copper will go up... Hold for now and continue as time allows... |
|
|
|
Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 11/06/2008 : 21:45:28
|
I think it is a given we have hyper inflation coming in the not too distant future. Cu prices will go back up(along with Au & Ag). You will feel kind of silly if you get rid of all your pennies and the the price of Cu goes up... 
Look at it as a savings account. Ask yourself this, would you rather have your 1 month of expenses in a savings account in a bank or in physical metal(in the form of legal tender) at home.
Either way it is saved money. But Cu will retain buying power a lot better than toilet paper FRN's when the inevitable happens. I'm still sortin' n' hoardin'. 
JMHO
|
|
|
|
CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 11/06/2008 : 23:00:23
|
| Only cash them in if you absolutely have to. Like others said here, if there is inflation, the intrinsic value will go up again. If you cash them in now, you will get back what you paid for them minus your time and gas money to pick them up, sort them, and dump them at the bank. Keep them as a savings account if nothing else. |
My hobby: collecting real money 1 copper cent or nickel at a time.
|
|
|
|
Nickelless
Administrator
USA
5580 Posts |
|
|
Gumby_5
Penny Sorter Member
USA
52 Posts |
Posted - 11/06/2008 : 23:30:59
|
quick question on copper pennies. Since it is illegal to melt them. Why do you guys keep them? you can not take them to the scrap yard. you can at best sell them on ebay for a bit but most people interested in that amount of pennies probably sorts and hoards themselves.
Are you waiting for the Fed to stop producing pennies? If that happens you still would not be able to melt them down as just becuase they stop producing does not make the penny actually money that can not be used. It would still be legal tender anywhere you go. |
2000 halves Sorted
0 Silver of any kind
97 marked coins of various colors |
|
|
|
Nickelless
Administrator
USA
5580 Posts |
Posted - 11/07/2008 : 02:07:31
|
quote:
Originally posted by Gumby_5
quick question on copper pennies. Since it is illegal to melt them. Why do you guys keep them? you can not take them to the scrap yard. you can at best sell them on ebay for a bit but most people interested in that amount of pennies probably sorts and hoards themselves.
Besides the fact that it's illegal to melt them, it wouldn't make any sense to melt them because everyone know the metal composition of pre-1982 copper pennes--95 percent copper, 5 percent zinc. It's common knowledge what they are, so you wouldn't have to convince anyone that what you had was 95 percent copper. The only parties that would THEORETICALLY melt coins for their metal value would be the end users--and we're not the end users. We're just holding on to our pennies, nickels and pre-1965 silver coins for the inherent metal value, not because we plan to melt them down. We're holding on to our coins (and hoarding them in large quantities) because of the value of their metal, which is the best reason I can think of not to stop.
With regard to (not) melting coins and the rationale behind hoarding pre-1982 pennies, as well as older silver coins, here's what I wrote to a friend who got hung up on the phrase "melt value" and misunderstood the logic behind hoarding coins:quote:
To fill you in a bit on what I'm guessing you're referring to about melting coins. The term "melt value" is commonly used among collectors of precious metals (especially in coin form), but that doesn't mean that collectors actually melt them. "Metal value" would probably be a better term to use among non-collectors. The deal with people collecting or hoarding copper pennies has more to do with the inherent value of the metal itself as a commodity, just as there's a premium price on pre-1965 dimes, quarters, half dollars and dollars because those coins are 90 percent silver, more inherently valuable than the coins since 1965 that are just a copper/nickel alloy. Nobody I know would advocate actually melting coins for their silver or copper content because the composition and weight of the coins are standardized and universally recognized for what they are--nobody would have to tell anyone that pre-1982 pennies are 95 percent copper, because it's already a well-known fact. :-)
The talk right now in penny-collecting circles is that as the dollar loses ground as currency, having no tangible assets to back it up, copper pennies (and possibly nickels as well, since they are 75 percent copper and worth about 120 percent of their face value in metal) might gain a more premium value as a method of payment because of those coins inherent worth, just as gold and silver (and copper too, for that matter) have been used as currency for thousands of years.
|
Visit my new preparedness site: Preparedness.cc/SurvivalPrep.net
--Latest article: Stocking up on spices to keep food preps lively
---------------
Be prepared...and prepared to help: http://www.survivalblog.com/charity.html
Are you ready spiritually for hard times? http://www.jesusfreak.com/rapture.asp |
|
|
|
jadedragon
Administrator
Canada
3788 Posts |
Posted - 11/07/2008 : 02:38:20
|
| If you are the kind of person who prefers to buy high and sell low, dump your copper pennies. Personally I'm not selling any stock, real estate, or metal just because prices of everything tanked at once. The only thing I'm selling is paper money to buy more real money. |
The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man. George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
|
|
|
horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 11/07/2008 : 05:28:11
|
It is impossible to say for sure how long this flight TO the dollar will continue, but as long as it continues copper prices will be under pressure. However, most people agree that the dollar rally will end soon and when it does inflation will return with a vengeance.
Frankly, I am surprised that the dollar rally has lasted as long as it has, but others are convinced that this is the start of a decade of deflation and recession.
The one thing that I think we know for certain is that copper pennies are the safest investment around in these very volatile times. If the deflation continues, you gain purchasing power even as the metal value shrinks (In other words, as time passes you spend pennies at face for cheaper energy, metals, and hopefully food.) If high inflation hits, the metal value will give you some protection against loss of purchasing power. Maybe not 100% protection, but anything will be much better than the 0% protection that holding dollars will give you.
IMHO, my dream "investment" right now would be to find a $20 silver coin with $20 worth of silver in it selling for face or a $20 gold coin with $20 worth of gold in it selling for face. Man that would rock.... |
|
|
|
Nickelless
Administrator
USA
5580 Posts |
|
|
horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 11/07/2008 : 07:12:51
|
quote:
Originally posted by Nickelless
quote:
Originally posted by horgad
IMHO, my dream "investment" right now would be to find a $20 silver coin with $20 worth of silver in it selling for face or a $20 gold coin with $20 worth of gold in it selling for face. Man that would rock....
How about some beachfront property along the White River in downtown Indy?  I'm sure you could get all kinds of metals from the river sludge.
If you see a guy panning for gold in the white river, stop and say hi because it is probably me.  |
|
|
|
Kurr
1000+ Penny Miser Member
2906 Posts |
|
|
SANITARIUM_INMATE
Penny Pincher Member
211 Posts |
Posted - 11/07/2008 : 11:19:21
|
quote:
Originally posted by Kurr
Lol, I have always wanted to try panning, never got around to giving it a shot though.
On ebay you can buy a bag of dirt from a supposed vein and pan it at your house and get some nice gold dust nuggets. I haven't bought any but I did think about it. I would love to go out to a real gold mine or vein and pan for true treasures, not just small dust nuggets. I'm a big gambler and I would love to have a chance at striking it with a nice lump of gold pulled out of the earth. |
|
|
|
horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 11/07/2008 : 13:42:22
|
I sell anybody who wants a bag a dirt with a 1/10 gold eagle in it for only $200. Just think of all the fun you could have.
Seriously, if you plan a vacation to certain parts of the country, there are many places that offer panning lessons. It is great fun for the whole family. I still have a spec or two of gold around that I found panning as a kid with my family 25+ years ago during an Alaskan vacation. |
Edited by - horgad on 11/07/2008 13:45:48 |
|
|
|
Ryedale
Administrator
USA
523 Posts |
Posted - 11/07/2008 : 13:49:43
|
Interestingly enough, my pennies (hoard) are the only investment that has not lost value lately. Every other investment, IE property, Silver/gold, and stock market (401K) has been handed it's ass. The pennies that I bought for a penny, are at a minimum worth a penny. In fact as the dollar strengthens, they have increased in buying power (think of gasoline). I believe this dollar strenght is only temporary, but when it does unravel again, the lowly copper penny will prove to be a wonderful store of earned money.
No other investment even now, has a basement price.
Also if the penny is eliminated, the large portion of circulating pennies will be turned in and the government will "dispose" of them. The leftover coins will trade for their commodity price at a minimum, and perhaps have numis value.
|
Ryedale
GET YOUR DRI-SLIDE FROM IRONBRAID
http://www.ironbraid.com/driside.html
Used with permission from Ironbraid.
Quote
"The real art of conversation is not only to say the right thing at the right place, but to leave unsaid the wrong thing at the most tempting moment."
Dorothy Neville-Rolfe |
|
|
|
scooter
Penny Pincher Member
240 Posts |
Posted - 11/07/2008 : 15:55:22
|
| pennies are still selling for decent prices. penny bullion sells for triple almost every week on ebay. things are not that bad |
|
|
|
Gumby_5
Penny Sorter Member
USA
52 Posts |
Posted - 11/07/2008 : 17:00:44
|
the travel channel has/had a show they would air a while back when I had cable. Treasures and travel or something. It was great the host would travel around the country searching and panning and hunting and digging for stones and metals and show you where to go and how to look. the last show I seen she was in the smokey mountain areas looking for rubies and in ks looking for meteors.
Sanateriam Inmate have you been to arkansas? Good to Diamond State Park and dig for diamonds. Pretty productive and popular place. |
2000 halves Sorted
0 Silver of any kind
97 marked coins of various colors |
|
|
|
jadedragon
Administrator
Canada
3788 Posts |
Posted - 11/07/2008 : 20:30:15
|
| Here here Ryedale! Great answer. My Nickel Nickels are doing ok too thank-you very much. Still worth what I paid for them - even just traded a bunch for hard to find junk silver through this board :) |
The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man. George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
|
|
|
Flbandit
Penny Hoarding Member
USA
851 Posts |
Posted - 11/07/2008 : 21:20:15
|
| I've been to Gem Mountain in NC. We got a bucket of dirt and sifted it in a small flume. It was great fun and we found quite a few stones. I had two cut that were later appraised for about $100 each. |
Are you throwing that out? |
|
|
|
Dan52
Penny Collector Member
USA
422 Posts |
Posted - 11/08/2008 : 12:07:02
|
| I stopped at 16 quart mason jars of copper pennies. I hope my friends here make a fortune. I started out sorting wheats almost two years ago. As the cost of everything rises, its possible they may do away with the penny. In that event it may be legal to sell them as scrap copper and people like HCBTT will clean up. I wish them luck. |
|
|
|
HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 11/08/2008 : 12:26:41
|
I still like the copper penny for holding value also. Unlike Ryedale, my penny hoard has lost some value. When I look at what I used to sell them for.. and then "mark to market" the hoard has lost considerable value.. not below cost yet.. but value has declined. Of course the price doesn't really matter all that much unless you are buying or selling.
My solution.. "Just sort more!" |
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. |
|
|
|
SANITARIUM_INMATE
Penny Pincher Member
211 Posts |
Posted - 11/08/2008 : 12:47:43
|
quote:
Originally posted by Gumby_5
the travel channel has/had a show they would air a while back when I had cable. Treasures and travel or something. It was great the host would travel around the country searching and panning and hunting and digging for stones and metals and show you where to go and how to look. the last show I seen she was in the smokey mountain areas looking for rubies and in ks looking for meteors.
Sanateriam Inmate have you been to arkansas? Good to Diamond State Park and dig for diamonds. Pretty productive and popular place.
I had not even thought about Arkansas for diamonds even though I know they are plentiful there. I will think about that one for sure. Thanx. |
|
|
|
nckt
Penny Collector Member
USA
304 Posts |
Posted - 11/08/2008 : 13:03:21
|
quote:
Originally posted by HoardCopperByTheTon
I still like the copper penny for holding value also. Unlike Ryedale, my penny hoard has lost some value. When I look at what I used to sell them for.. and then "mark to market" the hoard has lost considerable value.. not below cost yet.. but value has declined. Of course the price doesn't really matter all that much unless you are buying or selling.
My solution.. "Just sort more!"
Hey hoard i have not seen you in a while! |
|
|
|
CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 11/08/2008 : 21:34:34
|
quote:
Originally posted by Gumby_5
the travel channel has/had a show they would air a while back when I had cable. Treasures and travel or something. It was great the host would travel around the country searching and panning and hunting and digging for stones and metals and show you where to go and how to look. the last show I seen she was in the smokey mountain areas looking for rubies and in ks looking for meteors.
Sanateriam Inmate have you been to arkansas? Good to Diamond State Park and dig for diamonds. Pretty productive and popular place.
You're thinking of Cash and Treasures....great show! We loved watching that but I dont know if they have any new episodes in awhile. |
My hobby: collecting real money 1 copper cent or nickel at a time.
|
|
|
|
Topic |
|
To keep the copper or not......
Forum Locked
