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43 Posts |
 Posted - 04/07/2007 : 09:54:06
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I know this has been asked before, but how many coppers are out there? I read that there are 100 billion pennies out there. say conservatively that 17% are copper, you really think there are 17 billion out there?
the other day I got change and they probably thought they were pulling a fast one on me by giving me a canadian penny. I looked at the date, 1972! it promptly went into the canadian penny jar. I win.
how many canadian coppers do you guys think are out there?
"Preserving coinage by the pound"
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Ardent Listener
Administrator
USA
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Posted - 04/07/2007 : 14:16:38
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17% sounds conservative to me. It might still be more like 25%. IMO, most copper pennies have not been 'hoarded'. They may have fallen back into people's couches so to speak, but they are not in copper hoards. Guys like us are still rather rare, but we are growing fast.
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For good times to come or bad times to come, now is the time to save your copper or nickel coins. |
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Posted - 04/07/2007 : 16:04:39
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I wonder if banks and places like vending machine businesses(for other change, not sure they take pennies) will start to wise up to the copper penny? has anyone had any luck getting change from vending machine businesses and the like?
also, if there is 25 billion pennies out there, how much copper is that?
"Preserving coinage by the pound" |
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Posted - 04/07/2007 : 22:37:12
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According to megapenny project, there are currently 200 billion pennies in circulation. Also, the Mint coins 10 billion pennies per year.
Now, if you figure the Mint has been making 10 billion pennies per year from 1983 to 2006, that's 240 billion zincs that are out there. Even if you factor in pennies growing along with M1, for that 200 billion figure to be accurate nearly all coppers would have had to have been melted down by now.
Also, for 50 of the 98 years of the penny, the Wheat Penny was issued. You have to figure there's a heck of a lot of these out there being hoarded. As "The Greatest Generation" passes, you have to figure these hoards will start to come onto the market. The regular copper penny was on the market for 24 years & the zinc penny is in it's 25th year of production.
My guess, given the 200 billion figure:
Zinc pennies: 120 billion (4.8 billion per year)
1959-1982: 30 billion (1.25 billion per year)
1909-1958: 50 billion (1 billion per year)
This means roughly 1/4 of pennies are off the market (the wheats). Of the remaining 3/4, 20% of them are copper. Once we consistently see below 20% rates we'll know someone is removing them from the system.
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In the land of the blind, the one-eyed man is King! |
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Ryedale
Administrator
USA
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Posted - 04/07/2007 : 23:00:24
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Less and less everyday, thanks to our preservation efforts. Keep up the good work.
Ryedale
Hoard Copper Pennies,
The market will develop |
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how many copper pennies are in circulation?
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