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2cents
Penny Sorter Member
USA
44 Posts |
 Posted - 03/20/2009 : 11:47:00
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Let me throw out an idea and get everybody's opinion of the pros and cons.
Just hoarding cents without sorting (at the present time).
Just accumulating as many cents from banks as you can afford on a regular basis.
And just storing them to be sorted at some later date.
Please discuss the pros and cons.
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2cents |
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barrytrot
Administrator
USA
721 Posts |
Posted - 03/20/2009 : 12:12:43
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Pros: Quick, easy
Cons: You have to apply 100% of your money toward some coins that you don't really want.
I think the majority of the higher-volume hoarders have at least a portion of unsorted on hand.
Another "pro" of the no-sort method is that you can transition to the "sort" method instantly :) |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 03/20/2009 : 12:28:13
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Buying a zinc penny now is like buying a silver, gold, or copper bullion coin for 300% over melt value. So I don't recommend no sorting or even "box sorting". There was a time when an average box of pennies was worth more than melt, but not now.
By the way, I recently reduced my unsorted box inventory down from about 300+ boxes to maybe 40 and my goal is to get to 0 because of that very reason.
A play here might be to hold gold, silver, and copper now and when a boxes of pennies or nickels or other coins gets to melt value again sell everything and buy unsorted boxes. That would lock in your profits and let you participate in further upside if there is any. |
Edited by - horgad on 03/20/2009 14:08:20 |
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kieblera5
Penny Hoarding Member
USA
859 Posts |
Posted - 03/20/2009 : 12:36:42
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I just hold unsorted boxes... I know that 80% of them are going to be zinc, but I don't think that my roommates would appreciate me sorting in the apt. So for now I just hold boxes of unsorted coin for later sorting. |
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Never argue with an idiot. They will drag you down to their level and then beat you mercilessly with experience.
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 03/20/2009 : 12:59:44
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| Barry nailed it. I dont want to tie up capital that I can use to get more coppers when 70% of what I get from the boxes I dont want to keep. If it were nickels, it would make sense. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 03/20/2009 : 13:43:55
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I sort when I walk in the door.(one bag takes about 15 minutes)
Now that I am getting bags it makes it so much easier. Why hold on to zincs right now? If zinc does go up. Then you can keep those too. It shouldn't take long to get a nice zinc stash built up.
I get about 23% CU pennies out of a bag.
I don't want to tie up money with zinc when I can use that money to sort more. |
You don't have to be the BEST you just have to be.......SLICK
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NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
Posted - 03/20/2009 : 17:20:12
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| I also say no real reason to "hoard" unsorted pennies. If you want to stock up so you have plenty on hand so you don't run out when sorting that's O.K. but if 70 to 80 percent are zinc that is too much capital to tie up. |
COPPER - the "poormans" precious metal!!!
SELLING - $100.00 face copper shipped to you for $189.00 machine rolled or bagged - PM me if your interested. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 03/20/2009 : 17:40:42
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| You could weigh boxes and return the light boxes to the banks. At this point in time I could think of much worse things then to have at least some of your money in pennies, zinc or copper, hidden in your house. I would go with nickels instead if I couldn't sort fast enough, but that's another story. |
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Think positive. |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 03/20/2009 : 21:45:23
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It simply doesnt make sense to invest your money in something that you know isnt going to give you a return. Zinc pennies will be worth only a penny for quite some time (in my opinion) Copper pennies are now always going to be worth more than a penny because they are now being seen as a copper investment. Even right now they are going for a premium over melt!
Dont tie up your money in zincs. Return the zincs to get more copper! |
Copper Penny Investing
www.portlandmint.com |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/23/2009 : 00:27:13
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It happens sometimes..
but usually not on purpose. You just get a little behind on your sorting because of work or other things.
I agree with the others here that it is best not to tie up your capital in assets (zinc) that are unmarketable or will not increase in value. You are much better off cycling your capital and converting it into the good stuff. I once sold one of those "unsorted" boxes on eBay for $30 plus $10 shipping.. but that doesn't happen very often.
Major disadvantages:
You quickly run out of capital.
If an opportunity comes up to sell off a couple of tons of copper at a good price, you have no product "market ready."
You would miss out on all the "fun" of sorting.
Slight advantages:
You never run out of pennies to sort when you are in the mood.
Even an 80/20 zinc mix is probably better than FRN's.
If they discontinue the penny and you can no longer get them, you will have plenty (for a while)
If they did that 5 for 1 conversion longshot you would hit the jackpot!
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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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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/23/2009 : 09:06:18
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| If it is primarily the time issue you are concerned about, your best copper play right now might be to use your available funds to buy all copper cents from other members while the premiums are extremely low. This way you don't have your capital tied up in zinc, you don't have to spend any time sorting, you free up sorting capital for a fellow member of our community, and you don't even have to go the bank.. they are delivered right to your front door. |
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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vrbsroma
Penny Collector Member
394 Posts |
Posted - 03/23/2009 : 10:11:47
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| I've had some six cent boxes lying around from time to time (week's worth) typing up $150 in coin, but compared to having a few half dollar boxes sitting in the corner collecting dust at $500 a pop that's nothing. Sort 'em if ya got 'em! |
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Possession is nine-tenths of the law.
When I give my two cents, they're always copper! |
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2cents
Penny Sorter Member
USA
44 Posts |
Posted - 03/24/2009 : 20:42:07
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Thanks for all the good comments.
Hoard (Chuck) made some especially useful comments pro and con.
I don't particularly like zinc cents.
They are not "REAL" compared to copper.
I have seen the effects of corrosion on both and zinc just doesn't hold up.
But, with the copper coating on the zinc, with protection from the elements, zinc cents can have potential numismatic value.
And they will still be worth a cent, at least until the penny is discontinued.
Then, I think, copper and zinc cents will both increase invalue numismatically.
Also, if we have hyper inflation, copper and zinc cents will both go up in value.
And if we have deflation, copper and zinc cents will both still be worth 1 cent each.
I still haven't started hoarding unsorted cents yet.
I am still buying sorted copper cents.
But I appreciate all your valuable thoughts and comments ! |
2cents |
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 03/24/2009 : 20:52:34
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Personally I cant have unopened boxes sitting in storage calling to me 24/7 so I have to sort them. It was an issue too when I collected baseball cards as a kid. Sometimes I would try to open packs as I was riding my bike back home. Luckily I only wiped out once. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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oober
1000+ Penny Miser Member
USA
1304 Posts |
Posted - 03/24/2009 : 20:55:03
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You may have commodities go up, obviously in a hyperinflation scenario they should...
Will zinc follow PM's and base metals such as Copper and Nickel? Maybe...
We just don't know..
My personal opinoin I would hold nickels if you dont plan to sort... I think melt was around 2.6c today no?
Nickels worth 52% of face in melt and zinc 31% of face in melt...
Now for some of the math guys (I am when I'm not lazy) at an 80/20 split...The overall melt value of a box of pennies would probably be around 50%
So plus 2% on the nickels... Nickels win :)
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 03/24/2009 : 20:59:40
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quote:
My personal opinoin I would hold nickels if you dont plan to sort... I think melt was around 2.6c today no?
Yep....nickels are a safer bet since the worst you can do is have a box of copper-nickel coins with possible bonus silver war nickels or 0.999 nickel Canadian nickels, or the occassional wild Buffalo.
Your numbers are right for the intrinsic metal values according to You must be logged in to see this link.
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My hobby: collecting real money 1 copper cent or nickel at a time.
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daviscfad
1000+ Penny Miser Member
USA
1664 Posts |
Posted - 03/24/2009 : 21:35:21
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| i say if your gonna hold on to zinc, just hold on to BU zinc coins. With the corrosion issue like 2cents said They will be worth a premium one day i think. Even now if you try to buy a BU roll of the zinclons from the 80's you pay a nice premium. So i would keep BU zinclons if you can |
Inquiring minds want to know |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 03/25/2009 : 08:39:03
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A while back there was an Zimbabwe article related to their coinage. As inflation started to rage, people were throwing out their coins because they were worth so little. Later as inflation continued they were searching for the discarded coins so they could sell them for melt value.
So initially people thought they were worthless because you couldn't buy anthing with them and later a melt market developed. This won't happen with the coppers as the market is already there, but I could see it happening at least to a small degree with zincs. A time may come when nobody wants them, but it probably won't last long. |
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n/a
deleted
146 Posts |
Posted - 03/29/2009 : 09:50:33
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I'm in a rural area and I don't like to deprive the banks of their zincs even though I hand sort & am not taking lots & lots of coins from them at a time. If I take too many at once the banks have to order coins to replace them and the tellers can get grumpy and it's not currently worth making those nice ladies & gentlemen upset while I can still trade 1 zinc for 1 copper very easily & pleasantly.
If I thought we were closer to a hyperinflation/paper money devaluing fast situation I would go to the banks & hoard unsorted coins of any & all denominations. But for now it makes sense to turn around the coins I don't want ASAP if for no other reason to free up capital for coins I do want.
So I keep churning them (I have less than a full roll of zinc LMCs on hand right now).
Just one opinion |
Edited by - n/a on 03/29/2009 09:51:54 |
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Hoarding Without Sorting
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