Copper cents off the market

[Dozer D]

Does anyone think that the U S will ever drop the penny (cent) from the current monetary system similar to what Canada did a few years ago? What does the U S stand to gain & loose if they did, I have no thoughts on this move. If they did, wouldn't the price of COPPER skyrocket or plummet like a rock? I've been copper cent (pre-'82 cents) hoarding for the past 4-5yrs hoping that they will become a small investment as a PM. Comments for discussion.

 

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[kcm]

I think one day they will, but there's still a lot of money flying around. It has been said for many years that the Mint loses money on cents. That's most likely very true. Yet there MUST be a reason they're still minting them!!

When in doubt, I always follow the saying, "Follow the money", and I don't mean the cents they're stamping! For example (and I'm ONLY hypothesizing here!!), the Mint buys their blanks from a source. And their source gets the metals from their source. If the gov't is losing money in these dealings, is it possible they could be gaining in another way? Like maybe in PAC donations or some such?? ...This is the point I was trying to make. Again, just pondering. But it gets me to thinking sometimes!!

 

[Diver_Down]

I think one day they will, but there's still a lot of money flying around. It has been said for many years that the Mint loses money on cents. That's most likely very true. Yet there MUST be a reason they're still minting them!!

When in doubt, I always follow the saying, "Follow the money", and I don't mean the cents they're stamping! For example (and I'm ONLY hypothesizing here!!), the Mint buys their blanks from a source. And their source gets the metals from their source. If the gov't is losing money in these dealings, is it possible they could be gaining in another way? Like maybe in PAC donations or some such?? ...This is the point I was trying to make. Again, just pondering. But it gets me to thinking sometimes!!

You are overthinking it. Fact: The US Treasury is the only Federal department that returns a profit to the government. One word - Seigniorage. The difference in the cost to produce the coin and the face value. In the case of the cent, they lose money. Big deal. But look at the quarter, big money maker. The offset is overall a profit is made in making coins for circulation. Now, look at the programs for collectors. Massive profits are made.

 

[SorenCoins]

I mean, since 1982 they can make them for less than a cent to make, so I'm not sure. The day will come Im sure though.

 

[vpnavy]

IMHO - it will never ever happen. The penny will be with us forever - period!

 

[scruggs]

The Penny is here to stay!

 

[bakkhoe]

Cent is required only for sales tax. Other than that, it is a useless coin. It's value in purchasing power is insignificant. Note how many are just thrown away.... check out a parking meter area with your detector, you probably won't even need a detector to find a handfull.

 

[Johnnybravo300]

The lose of purchasing power more than makes up for the mass printing of worthless money. They dont lose money on printing DEBT, but you do.

 

[xr7ator]

I mean, since 1982 they can make them for less than a cent to make, so I'm not sure. The day will come Im sure though.

This is incorrect. It costs 1.8 cents to make one penny and 7 cents to make a nickel.

 

[Peyton Manning]

I too keep the copper ones, guess when the world ends I can melt them down and make water pipes!

 

[A2coins]

thats crazy

 

[Johnnybravo300]

There's not enough copper in them to affect the copper market. Maybe zinc but zinc is worthless anyway.

 

[Johnnybravo300]

Copper cents crossed 3 cents melt this week and still climbing.

 

[ARC]

I too keep the copper ones, guess when the world ends I can melt them down and make water pipes!

Tired of rolling papers huh ? ? ?.

:P

 

[jim4silver]

Copper cents crossed 3 cents melt this week and still climbing.

Too bad it is still illegal to melt cents for profit or take them out of the country for that purpose. Same with nickels. As copper price keeps rising, it wouldn't surprise me to see US copper cents at 5 cents melt each.

Holding pre 82 cents wouldn't be a bad thing with hope that they lift the ban someday if you had the room to store and time to sort them initially. Or could use a machine like the one below. If they never lifted the ban you would still have the coins to spend or deposit. I thought about doing this years back when I still was into CRHing silver halves, but figured I wasted enough time searching for silver and didn't need a new "hobby".

http://www.pennysorter.com/

 

[Johnnybravo300]

No need to melt them, the copper hoarders on Ebay buy them all up for melt value by the roll. Selling them is probably the easiest.
I'm sure theres been many pennies melted through the years even tho it's illegal.
Just cant really enforce something like that realistically.
It doesnt seem like its worth it yet, maybe when they reach a buck but I'll hold mine for now. It all adds up!

 

[usandthem]

I still have about $600 in copper pennies from CRH a few years back. I was selling them for 2 cents each at the LCS. Bought silver with the proceeds. I'm ready if he starts buying again.

 

[Johnnybravo300]

I'd say silver for half price is a good deal. That's a good idea.