Coppers hoarders (?)

[Dozer D]

Is there any NEW copper news on the horizon as to whether or not the US Govt is to do away with the Penny, thus causing the copper market to hopefully increase from the slump that it's in. My % take of copper per box on cents is still running about the 15% range. Your thoughts and or comments on the copper subject or on your hoarding.

 

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[cdickrun64]

I just got done dumping $300 face of copper pennies. Converting it to junk silver coins.

 

[mxh5891]

I remember reading a few months back on this forum or the precious metal forum about a report that the government put out about them continuing to make the penny. From what i remember they are no closer to getting rid of the penny.

 

[ArkieBassMan]

Even if they choose to do away with the coin, how could it possibly make copper prices rise? If anything, the price of copper will fall due to the increase in supply.

 

[enamel7]

Even if they choose to do away with the coin, how could it possibly make copper prices rise? If anything, the price of copper will fall due to the increase in supply.

Yepper, that's correct. Soon as they lift the ban the bottom will drop out.

 

[ArkieBassMan]

Yepper, that's correct. Soon as they lift the ban the bottom will drop out.

I have to disagree with this as well. You'd have to be talking millions of tons hitting the market all at once to crash the price. I can't fathom there is that much out there being hoarded.

 

[LooseChange]

Even if they choose to do away with the coin, how could it possibly make copper prices rise? If anything, the price of copper will fall due to the increase in supply.

If the mint stopped purchasing Cu to be used in the clad layer of the one cent coin, that would reduce the demand on copper by a little over 400 tons per year (it would reduce the demand on Zn by 40 times that much). The demand-reduction impact on Zn prices would probably be noticed some. Not so much on copper though.

Yepper, that's correct. Soon as they lift the ban the bottom will drop out.

I have to disagree with this as well. You'd have to be talking millions of tons hitting the market all at once to crash the price. I can't fathom there is that much out there being hoarded.

I think a lift of the melt ban will "appear" to hoarders as if the price of copper dropped because there will be a huge supply bubble of sorted cents. So, while it might have little effect on the market trading price of copper, it would likely drive down the buy/sell price of sorted cents.

 

[baddbluff]

I totally missed the copper boom a few years back. I knew about the high silver prices and did find and sell quite a bit at a decent price. How much were you guys selling your copper cents for back then? 2+ cents? That must've been easy money.

 

[Argentium]

I don't think the copper price would be affected too much at all - there's almost no copper in the "zincoln" cent , the Zinc price might
be affected though .

 

[Liu21]

Copper on a 2014 penny? Lol you can't be serious? I got more copper in my body than there is in a 2014 penny...

 

[LooseChange]

Copper on a 2014 penny? Lol you can't be serious? I got more copper in my body than there is in a 2014 penny...

Only as serious as the facts.

2.5% of the weight of newly minted cents is Copper. That's a pretty small number (0.06g) and even though they mint 6+ billion cents per year, on average, that only amounts to approx 400 tons of copper consumed. 400 tons seems like a lot, but annual consumption of copper in the US is about 1.7M tons.

The point is that minting of the penny consumes a mere 0.02% of the annual copper consumption in the US. That was the point lol.

 

[conpewter]

Hmmmmmm from what I can tell a human body has .00823 grams of copper in it
What is your body worth?

Whereas a modern cent has .06 grams, so unfortunately the cent has more copper on/in it.

I really thought there would be more copper in the human body.

I'm guessing some women have a much higher amount if you count their IUD....

 

[RJJennings]

Hey all, just a thought on this you also need to remember that Illinois has vested interest in the Linclon cent being around for a long time. Heard that tourism dropped at Monticello when they took it off the Nickel..

 

[Avago]

Hey all, just a thought on this you also need to remember that Illinois has vested interest in the Linclon cent being around for a long time. Heard that tourism dropped at Monticello when they took it off the Nickel..

Why, is Lincoln's head in Illinois?