Is it possible??

[hard.times.lures]

I have read the post about percentages of copper pennies collected by some of you. It looks like it is possible to get about 20% copper. So, I was thinking if you purchased $200.00 worth of pennies; you might get about $40.00 worth of copper pennies. These $40.00 worth will bring from 3 to 4 cents each on eBay or from a buyer of wheat pennies, or $120.00 profit. I know this can not be right. Can someone kindly set me straight on my math? Thank you, Bryan

 

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[TxTim]

Copper (1959-1982), pennies are worth about $.02 melt.
There is a limited market where you can get about 1.15 to 1.2 face for them.
Wheat pennies bring 3 to 4 cents and you may find about 7 per $25 box on average, more or less depending on your location.

 

[JasonB]

I see them selling for face + 50%. $100 in copper selling for $150. You have shipping and fees so there's a profit to be had but it's not 3 or 4x.

I also think supply is greater than demand for now. Once it's legal to melt them, I think this will change. The smelters will have an almost unlimited demand and will buy them up. Then it will be a question of whether it's worth the effort to pull them out of circulation. A Ryedale would pay for itself quickly I would think.

JasonB

 

[Ju8vP3t]

I'm wondering IF it'll ever be legal to melt them though..?

 

[AGCoinHunter]

I know other disagree but I dont see the ban on melting ever lifted. Just my 2 cents.

 

[Ju8vP3t]

I know other disagree but I dont see the ban on melting ever lifted. Just my 2 cents.

Me neither... , could be wrong though, it's happened before..

 

[SilverMiser]

you are confusing wheats with copper. You will not find $40 worth of wheats in $200 worth of pennies. You might find $40 worth in copper. I only average about 9 wheats per $25 or 72 wheats per $200.

 

[Cherryman68]

The ban will only be lifted after the end of the cent. I see that 2011 at the soonest they already have a new design for 2010. One day it will pay off though I think. And if nothing else its a saveings account lol

 

[ScoobaSteve]

It might be a possibility if we go to a world currency. Wait for the dollar to drop.

 

[quiksilver]

Even if the ban isnt lifted they might not enforce it because either it is a waste of time or it gets challenged legally.

 

[Silversound]

Either way, success = Preparation + opportunity. I'd rather be hoarding now than wait until it is lifted and/or they end the penny and everyone and their momma is scrambling to get copper pennies. I think of it like silver in the 60's. If I were alive then to hoard a ton of silver it would have been so easy! (Woodstock would have been sweet, too.) So instead I hoard copper now. Sometimes I feel foolish spending so much time just for a few extra pennies, but I think it will turn out to be a good move in the end. Somehow...

 

[mistergee]

the way i look at it is they will always be worth at least what you paid for them, so why not put some aside. also copper is a commodity and its prices rise and fall according to demand. if the demand is high enough whats to say they won't lift the ban.