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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 05/22/2007 : 19:22:45
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Other than being hard up for money, what would get you to cash in your hoard of nickels or copper pennies?
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Fanaticism is doubling one's efforts, yet forgetting one's purpose.
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Tourney64
1000+ Penny Miser Member
USA
1035 Posts |
Posted - 05/22/2007 : 21:47:38
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1. A great price, when there is plenty more supply available.
2. Also I have to sell some soon, my wife is tired of me collecting, and not selling it. I need to at least sell a small batch to prove to her it's worthwhile.
3. A better investment....say silver went to $5/oz.... |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/22/2007 : 23:57:32
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Funny you should ask this. The other day the lady of the house asked me what site I was on. I told her "I am on the penny hoarding board" She said "You better get on the penny unhoarding board!" LOL. For some reason she seems to think I have too many pennies. I can't imagine why. So I started selling off part of the hoard (While continuing to hoard more of course) Now she complains I am spending too much time counting, bagging and shipping. You can never make them happy.
"Preserving coinage.. 2 tons at a time"
HoardCode0.1:M48/14USCA:US1Cu639700:US5Ni2400:CA5Ni46 |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
 Posted - 05/23/2007 : 08:20:15
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Once the melt ban is removed and pennies and nickels reach full value based on their metal content I will sell. At that point, I don't see much reason in hanging on to them as I am not super bullish on copper and nickel. Until then, there is very little that would force me to sell my hoard.
Note: I would consider 20% less than coinflation prices to be "full" value. |
Edited by - horgad on 05/23/2007 08:23:55 |
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fasTTcar
Penny Hoarding Member
Canada
573 Posts |
Posted - 05/23/2007 : 16:34:13
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It is never a mistake to take a profit. While it is very possible to sell "too soon", you have to ask yourself why you are holding.
Personally, I am a silver guy. I have a hoard of silver that is long term hold. I also buy "junk silver" but sell it virtually every time I get to a bag lot. I need to have a float of cash to buy it, and I can buy it, and sell it when I get enough, while updating my collections with better coins for free. Any profits go to taking my family out to dinner and more .999. Then I have my float back to do it all over again.
I have recently parted with most of my Canadian nickel hoard. Some went to silver, some back to my float. I used that float to buy another $850 of nickels today to sort. Unless you have unlimited funds that you are willing to bet, you should try to continually buy when you can, take some profits and repeat. You will end up with more metal with less risk in the long run. And if you do it right, you might be able to get your hoard for free.
BTW, I believe horgad is right, that 80% of melt is a fair price for coppers and nickels. However, until the market is firmly established there, it will take some time for that to become the standard.
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 05/23/2007 : 19:50:11
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As most of you know I'm a U.S. nickel hoarding guy. No one in their right mind would be offering me more than face value for them as long as they could go to the bank and buy U.S. nickels themself. A shortage of nickels (due to hoarding) may bring offers from banks and/or stores of 10% or more premium on them. I might be able to cut a deal with a major bank in my areas to supply them with nickels. Of course that would not happen if the mint were pumping out steel nickels before a shortage can take hold. If they do switch over to a steel nickel then the value of my pre-sorted nickels would increase in value. It shouldn't be too much longer before the melting ban was then lifted as a steady supply of steel nickels would circulate. Much like what happened with U.S. 90% silver coins.
On the other hand if the price of silver were to go much lower I might start to de-vest myself of my hoard a little at a time and dollar cost average buying silver.
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Fanaticism is doubling one's efforts, yet forgetting one's purpose.
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/24/2007 : 00:39:56
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quote:
Originally posted by fasTTcar
It is never a mistake to take a profit. While it is very possible to sell "too soon", you have to ask yourself why you are holding.
Personally, I am a silver guy. I have a hoard of silver that is long term hold. I also buy "junk silver" but sell it virtually every time I get to a bag lot. I need to have a float of cash to buy it, and I can buy it, and sell it when I get enough, while updating my collections with better coins for free. Any profits go to taking my family out to dinner and more .999. Then I have my float back to do it all over again.
I have recently parted with most of my Canadian nickel hoard. Some went to silver, some back to my float. I used that float to buy another $850 of nickels today to sort. Unless you have unlimited funds that you are willing to bet, you should try to continually buy when you can, take some profits and repeat. You will end up with more metal with less risk in the long run. And if you do it right, you might be able to get your hoard for free.
BTW, I believe horgad is right, that 80% of melt is a fair price for coppers and nickels. However, until the market is firmly established there, it will take some time for that to become the standard.
I really like your approach. I have been doing exactly the same thing with copper pennies for a while. I sell a portion of the hoard and then use the money to buy more unsorted pennies. This is a great way to build a hoard at low cost.
"Preserving coinage.. 2 tons at a time"
HoardCode0.1:M48/14USCA:US1Cu639700:US5Ni2400:CA5Ni46 |
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just carl
Penny Hoarding Member
USA
601 Posts |
Posted - 05/31/2007 : 19:08:48
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I just wonder how many coins worth thousands are just dumped into a coin counter, wrapped in rolls, taken to a bank. Not so much with nickels, but there are numerous cents worth thousands of dollars.
Carl |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 05/31/2007 : 19:17:22
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You have raised a good question, Carl.
Much like what happened during 1980 when silver went up, many AU, Proof and rare dated coins went into the melting pot, with the owners being penny wise and pound foolish.
For every downside (the unknowledgable depositing the coins) ther is an upside, for those in the know (getting the rolls from the bank and finding the valuable cents.)
As in life, there are opportunities lost and opportunities found:
Wisdom, being at the right place at the right time, cash in hand and a little dumb luck are often the ingredients to a successful purchase or great investment.
I should have chosen "Cut-n-Paste" as a forum name, since that is what I do, mostly. |
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just carl
Penny Hoarding Member
USA
601 Posts |
Posted - 05/31/2007 : 19:27:53
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As to eleiminating a large amount of any denomination of coinage, long before a bank, metal recycler, etc. I would visit a coin show. There are possibly more coin shows lately than just about any other types of shows. In the Chicago area there are 3 coin shows a month. With so many coins worth hundreds, thousands and lately even millions, it is really not to smart to simply dump coins into a big pile. For example there is the famous Red Book on coins. On pages 399 to 403 there is a list of the top 250 auction prices for coins. The lowest price was for something called a half dime. Price $253,000. Highest price for a coin was a wopping $7,590,020. Obviously many in between. Ever wonder just how many you may have in those catagories and just throwing them into a pile, box or bag? Ever wonder how many people melt them down for a few cents over face value? Me, I look at every coin. I've found many worth hundreds and sold them for that at coin shows.
Carl |
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Cashing in the hoard?
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