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deleted
33 Posts |
 Posted - 07/05/2009 : 03:32:03
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I have 8.8 pounds of pre-1982 pennies. What should I do with them?
1. Keep them.
2. Take them to that green machine at the grocery store.
3. Sell them for more than face value? If so, how, where and how much can I get?
Thanks
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 07/05/2009 : 06:30:18
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Welcome ZippyGaloo,
Go ahead and delete option #2. Never feed the coinstar.
#3 is not a great idea due to the small amount.
#1 is probably your best bet. Since you only have about 12.00 in pennies it can't be hurting you too bad financially or taking up too much room.
Stick around...read some old posts and maybe you will want to add to your pile. |
You don't have to be the BEST you just have to be.......SLICK
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phildogg
Penny Sorter Member
51 Posts |
Posted - 07/05/2009 : 08:14:21
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Yeah I agree def. #1. why do you want rid of them? Why not just keep them and add to the collection.
phil |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 07/05/2009 : 08:41:01
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| Keep adding for if you want to get of them now you are not hooked yet on hoarding. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 07/05/2009 : 10:36:05
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Set them FREE! That's only about 25 rolls.. half a box. Roll them up and take them to the bank so someone who appreciates them can get them and add them to their hoard.  |
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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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 07/05/2009 : 10:48:38
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quote:
Originally posted by HoardCopperByTheTon
Set them FREE! That's only about 25 rolls.. half a box. Roll them up and take them to the bank so someone who appreciates them can get them and add them to their hoard.
Now hoard that isnt very good advice to be giving our new memebrs! They dont know that you are a kidder so he might actually do that.
ZipyGaloo welcome to the forum! I agree with what slickeast says!
Also NEVER feed the coinstar machine. There is no reason to loose 10% of your money. |
Copper Penny Investing
www.portlandmint.com |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 07/05/2009 : 10:53:41
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Are you sure I was kidding?  |
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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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 07/05/2009 : 11:09:56
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| Hoard..come on.. I think there is still some left in circluation for you to get! LOL |
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Gr33nday43
New Member
Uzbekistan
10 Posts |
Posted - 07/05/2009 : 17:06:28
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Send them to my Zippygaloo, I'll take good care of them for you. I'll even give you a piece of paper that says you own them...
Seriously, I'd turn them in at a bank, unless you want to go through the hassle of weighing them. Credit unions often have free coin counters in their lobbies. I get to use a 4000 coin per minutute counting behemoth at one of my local branches in the vault room...Call around. |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 07/05/2009 : 18:55:22
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quote:
Originally posted by Gr33nday43
Send them to my Zippygaloo, I'll take good care of them for you. I'll even give you a piece of paper that says you own them...
Seriously, I'd turn them in at a bank, unless you want to go through the hassle of weighing them. Credit unions often have free coin counters in their lobbies. I get to use a 4000 coin per minutute counting behemoth at one of my local branches in the vault room...Call around.
He said PRE 82's He knows they are copper... |
Copper Penny Investing
www.portlandmint.com |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 07/05/2009 : 20:22:52
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quote:
Originally posted by ZippyGaloo
I have 8.8 pounds of pre-1982 pennies. What should I do with them?
1. Keep them.
2. Take them to that green machine at the grocery store.
3. Sell them for more than face value? If so, how, where and how much can I get?
Thanks
IF YOU DECIDE ON #3 THEN SEE OUR MARKET FORUM. |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
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n/a
deleted
33 Posts |
Posted - 07/06/2009 : 02:32:37
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| What benefit is it to keep them? |
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Gr33nday43
New Member
Uzbekistan
10 Posts |
Posted - 07/06/2009 : 03:12:52
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quote:
Originally posted by highroller4321
quote:
Originally posted by Gr33nday43
Send them to my Zippygaloo, I'll take good care of them for you. I'll even give you a piece of paper that says you own them...
Seriously, I'd turn them in at a bank, unless you want to go through the hassle of weighing them. Credit unions often have free coin counters in their lobbies. I get to use a 4000 coin per minutute counting behemoth at one of my local branches in the vault room...Call around.
He said PRE 82's He knows they are copper...
My speed reading fails again...anyways the benefit of keeping the Zippygaloo is that they are a low risk inflation hedge, and copper speculation for the long term. KEEP THEM. |
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n/a
deleted
33 Posts |
Posted - 07/06/2009 : 03:52:51
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| Couldn't I sell my pennies and buy ounces of Silver for a better hedge against inflation? I guess I just don't understand how my 8 pounds of pennies will ever be worth much more than double face value. |
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JP_007
Penny Sorter Member
USA
58 Posts |
Posted - 07/06/2009 : 05:54:53
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Dont you think that twice face value is a good ROI? Try telling a stock guru that your investment at the very least will be worth what you paid for it, they will think your crazy! If you are a coin collector as I am you may want to go buy a box of pennies from your local bank to give the searching a try. If after that box you dont like it (haha like that would happen! ), you would probably have enough weight to sell it either on here or on ebay. Also, if by pre 82 you are including wheats those are worth 3 or 4 times face. Hope this helps! |
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Mikep2020
Penny Collector Member
USA
402 Posts |
Posted - 07/06/2009 : 08:04:56
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Keep them and add more to the pile, where else can you instantly get "free" money? With copper currently at around $2.25 a pound, copper cents are worth 1.5 cents, and as copper prices rise with inflation, 2x,3x,4x,5x face value is not unlikely in the future.
For example, take your 8.8 Lbs or $12.83 face value in cents, and copper prices rise to $5/lb down the road, your current pile will be worth $44. If you add to the pile now, that value will only increase expontentially. If you increased your pile to say 100 Lbs, that would be approximately $145 dollars in face value, but at $5/lb, it would be worth $500, thats $355 dollars in "free" money, and the only thing you "lost" is your time sorting. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 07/06/2009 : 09:01:35
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| While diversification is always a good idea, $12.83 will not buy you much silver. $19 does not buy much silver either. Now if you were to sell a few tons of copper cents, you might be able to take a respectable position in one of the noble medals. In inflationary times, many prices go up. There are those of us on this board that have already sold copper pennies for more than 2x face in the past, but most are holding for higher prices in the future. The big advantage of copper as a hedge is the limit on your downside risk. It can never go below 1x face.. your cost of acquisition, unless the government demonitizes it. With copper, you are able to acquire it below melt value. With silver, you are going to have to pay market price (unless you sort a lot of clad and get lucky).. at least 10-11x face to acquire it. So silver would have to go to over 20x face for the same ROI. Of couse, none of us can accurately predict future markets and there is always the potential you could lose 90% of your investment if silver were to crash. That said, most of us on this board hold silver and gold in our portfolio as well. |
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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cwgii
Penny Hoarding Member
USA
924 Posts |
Posted - 07/06/2009 : 12:30:32
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| gee , and i cannot get anyone to take my #100 fv for the shipping cost, paypal and 1.00 |
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deleted
33 Posts |
Posted - 07/06/2009 : 23:08:35
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| I don't mean to beat this to death, but at current prices my 8.8 pound could nearly buy an ounce of silver. My copper at $5 per pound would be $44. Silver would have to go up to $44 per ounce. If copper goes up doesn't it make sense that silver will too, and probably more than copper? |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 07/06/2009 : 23:28:15
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quote:
Originally posted by ZippyGaloo
I don't mean to beat this to death, but at current prices my 8.8 pound could nearly buy an ounce of silver. My copper at $5 per pound would be $44. Silver would have to go up to $44 per ounce. If copper goes up doesn't it make sense that silver will too, and probably more than copper?
Maybe silver will go up at the same rate as copper. but don't count on it.
Listen to what you are saying. You have 12.xx in copper pennies that you aquired at face value. If you have 10X that many when silver hits 44 an ounce and copper is 5 lb. you can buy 440.00 worth of silver for only 120.00 - 130.00fv in pennies.
Now tell me how to get 10 oz of silver for only 30% of its value?
That is just one of the many reasons to store away as many copper pennies that you can while you can still get them for face value. |
You don't have to be the BEST you just have to be.......SLICK
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n/a
deleted
33 Posts |
Posted - 07/11/2009 : 01:35:11
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quote:
Originally posted by slickeast
quote:
Originally posted by ZippyGaloo
I don't mean to beat this to death, but at current prices my 8.8 pound could nearly buy an ounce of silver. My copper at $5 per pound would be $44. Silver would have to go up to $44 per ounce. If copper goes up doesn't it make sense that silver will too, and probably more than copper?
Maybe silver will go up at the same rate as copper. but don't count on it.
Listen to what you are saying. You have 12.xx in copper pennies that you aquired at face value. If you have 10X that many when silver hits 44 an ounce and copper is 5 lb. you can buy 440.00 worth of silver for only 120.00 - 130.00fv in pennies.
Now tell me how to get 10 oz of silver for only 30% of its value?
That is just one of the many reasons to store away as many copper pennies that you can while you can still get them for face value.
But it's illegal to melt copper pennies. How can I sell them for anything other than face value? And don't say an end of the world senario. |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 07/11/2009 : 07:22:26
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you CAN melt SILVER coins all day long if you wanted to, but most are just held for their value.
Are you melting your silver coins, bars, or your gold coins or bars. I doubt it.
The value of the copper penny will either be determined by the price of copper or its face value.
ok..melt your pennies into a bar..copper prices take a dive to 1.00/lb. Now all you have is some copper worth 8.80 instead of 12.xx as pennies.
now melt your silver coins that you just paid 10x face for. then try to sell the bar. well guess what....they were worth more as junk silver coins than they are as a .900 bar. |
You don't have to be the BEST you just have to be.......SLICK
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Silver Surfer
Penny Pincher Member
USA
148 Posts |
Posted - 07/11/2009 : 10:15:59
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quote:
Originally posted by ZippyGaloo
I don't mean to beat this to death, but at current prices my 8.8 pound could nearly buy an ounce of silver. My copper at $5 per pound would be $44. Silver would have to go up to $44 per ounce. If copper goes up doesn't it make sense that silver will too, and probably more than copper?
No one has a crystal ball. I have some gold, silver and copper. Doesn't hurt to be diversified. If you have no interest in copper, sell it here on this forum. Hoarding dimes and quarters before 1965 didn't make a lot of sense to some people back then. In retrospect, it made a lot of sense, did it not?
Would it make sense to pay for an ounce of silver using pre-65 dimes and quarters at face value? Of course not.
How about 900 circulated Morgan dollars at $1.00 face value for one ounce of gold?
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"Of all tyrannies, a tyranny exercised for the good of it's victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busy-bodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end, for they do so with the approval of their own conscience." - C.S. Lewis |
Edited by - Silver Surfer on 07/11/2009 10:42:05 |
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Gr33nday43
New Member
Uzbekistan
10 Posts |
Posted - 07/11/2009 : 11:04:04
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| Silversurfer...I think hoarding is a low risk inflation hedge. If you would have invested $1 in the stock market instead of $1 in silver coins in 1964, you would have a lot more money right now. It really only makes sense to hold commodities in a bull market as a investment vehicle, and not an inflation hedge. Back in 64', a silver quarter would buy a gallon of gas, the same is true today. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 07/11/2009 : 11:24:12
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In the Beginning... it was illegal to melt silver coins. Certain commercial interests got their lobbiests to work on the congresscritters and got laws passed banning the melting of silver coins. Later, when they determined it was in their self interest for the public to be allowed to melt coins, they lobbied their congresscritters and got the law changed again to make it legal to melt silver coins. I think this was around 1969.
When the melt ban is eventually lifted or even if it is not lifted but copper prices climb significantly.. the commercial processors will fire up their apparatus and the copper cents will virtually dissapear in weeks. Members here have seen evidence that this apparatus is already in place and merely awaits laws or copper prices favorable to the commercial interests before it is fired up again.
There is certainly nothing wrong with trading your copper cents for silver. I have converted a few tons of copper myself. The laws of supply and demand influence the markets for both markets. For copper cents, the supply exceeds the demand so they tend to trade at a discount from spot.. though some sellers get above spot due to more attractive packaging and good marketing. There is not the ready market for copper cents that exists for silver. Silver tends to trade at a premium to spot.
If spot for spot trades were available, many here would convert a portion of their copper hoards to silver. There is one member currently offering to trade copper for silver at a ratio favorable to the silver owner and he has had very limited success.
Because of shipping costs.. trades either way for small quantities like 8 pounds don't make sense for either party. You need decent quantities of copper cents to make any deal work. Check the completed deals section for a rough idea of what copper and silver are truly trading at in the real market. |
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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Gr33nday43
New Member
Uzbekistan
10 Posts |
Posted - 07/11/2009 : 11:29:15
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| Well said, Hoard. I think that you should keep the copper, and keep hoarding. But, "You can lead a horse to water, but you can't force it to drink." My Ryedale arrives next week, so I'll be getting my tons. |
Edited by - Gr33nday43 on 07/11/2009 11:29:58 |
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What to do with 8.8 pounds of pre-1982 pennies
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