Newbie - 1st Box & Questions for smarter people

[kasteer]

Newbie - 1st Box & Questions for smarter people

Hi all. Been lurking here for a couple weeks and finally bought a box of pennies from my bank. Figured I'd start with that because its only $25. But I'm sure I'm very limited by choosing pennies. Any way, here's what I found:
8 Wheat (40, 46, 50, 49D, 55D, 42S, 47D and 53D), 5 Canadian, 1 German...

I guess thats ok. I can add 8 wheats to my collection (from 20+ years ago with my Dad).

Here's my Questions:

1-I read to hold onto aLL pre-1983 pennies because they're 95% copper and can be worth .02 cents each for the copper. Has anyone ever tried to sell pre-1983 pennies to a copper recycling place? Is it worth it? Am I wasting my time seperating them?

2-I found 3 pennies with a gold sheen (see below pic, added a regular 2006 penny for comparison). Are these proofs? They're definitely different from the other 2,497 pennies.

3-Was thinking of a box of nickels next... or should I go to half dollars? Are the nickels, dimes, quarters worth looking at? I'd really like to find some silver....

Thank you for your help.
Eric

 

Amazon Forum Fav 👍

Cry Of The Eagle: History And Legends Of The Cherokee Indians And Their Buried Treasure - Grab it through Amazon!

[coolpix9]

Re: Newbie - 1st Box & Questions for smarter people

Congress has outlawed the practice of scrapping pennies. You can no longer melt pennies for their copper value. Since we are only talking about pennies,saving the pre 83s is not a bad albeit slow way to save for the future. The mint has figured out it would cost more to replace the pennies if they were melted. If we ever get to the point that we round up or down all purchase to the closest nickel, your pennies would still be worth $$$$. Good luck, Jim

 

[kasteer]

Re: Newbie - 1st Box & Questions for smarter people

Thanks for the info. I counted 597 pre-1983 pennies I got in the box. I don't think I'll be keeping them now.

What would be the best chances for finding a silver coin (nickel, dime, quarter or half-dollar

 

[scotto]

Re: Newbie - 1st Box & Questions for smarter people

As for the pennies being copper, I believe it is pre-82 and not pre-83 that are. The last I heard, they were worth about 2.3 cents each, a roll of them going for $1.16. A little raise in copper and two will be worth a nickel. Definitely worth saving, IMO. I have 135 rolls of coppers now.

Probably your best bet for silver would be halves, then a toss up between dimes or nickels, and quarters are pretty much a waste of time to CRH, in my opinion.

 

[Wes_]

Re: Newbie - 1st Box & Questions for smarter people

I would still save your pre-82 pennies. While you can't sell them for scrap now, this ban (as with others previously) will pass. When it does, you may still have a hard time convincing scrappers that it is in fact legal to melt the coins. However, I suspect they will become like silver, bought and sold by the bag based on their metal, not face, value. If you are looking through pennies for wheats or errors anyway, it just doesn't make sense to ignore the pre-82s. Also, 82 was the year that the composition changed- some 82s are copper, some zinc. You can tell the difference by the sound- give them a solid flip in the air with your thumbnail. Copper will ring, zinc will not. Regarding the gold colored coins, I have seen a few myself- see here:

http://matse1.mse.uiuc.edu/metals/g.html

While halves may be your best bet for finding silver, this seems to be very regional, and finding and dumping them can take far more effort than CRHing normal circulating denominations. Consensus around here is that dimes are your next best bet for 90% silver. I found one in my first box the other day. Nickels might yield some 35% Ag, but I have no experience with those, yet.

 

[GMan00001]

Re: Newbie - 1st Box & Questions for smarter people

1-I read to hold onto aLL pre-1983 pennies because they're 95% copper and can be worth .02 cents each for the copper. Has anyone ever tried to sell pre-1983 pennies to a copper recycling place? Is it worth it? Am I wasting my time seperating them?

3-Was thinking of a box of nickels next... or should I go to half dollars? Are the nickels, dimes, quarters worth looking at? I'd really like to find some silver....

1 - I personally don't save all pre-1983 pennies, mainly because it would cost too much due to the volume that I search. Your percentage of 600 pre-1983 pennies out of the box of 2500 would be 24% pre-1983. If I had that exact rate of older pennies and kept them all I would have about $590 tied up in pre-1983 pennies just from my 2007 searches that I couldn't sell for more than face value for probably years. What I do instead is just save the early memorial and lower mintage dates as well as the ones that are Red and AU or better. I define my early and lower mintage dates as 1959, 1959-D, 1960, 1960-D, 1961, 1962, 1963, 1968-S, 1969, 1969-S, 1970-S, 1971-S, 1972-S, 1973-S, and 1974-S. I have pulled out approx. $30 in the early/low mintage memorials 2007. I personally prefer to roll my money over and find better stuff to hold onto, but that's just me.

3 - Depends on what your goals are. Nickels are great for the number of older coins, I find about 25 pre-1960 coins per box, with roughly 1 silver war nickel per box. Dimes, seem to vary somewhat by location, I find about 1-2 silver dimes per box. Quarters are tough almost everywhere though a few people on here claim to find silver quarters at the similar rate as dimes. Halves also are great in some areas and poor in others. My opinion is try a little of everything and see how thing and see what you like and how you do and go from there. If you are buying boxes, likely the most expensive part will be the gas back and forth to the bank since even if you don't find any silver you can still cash in the rejects and get your money back.

Have fun and keep us posted.

 

[fiatboy]

Re: Newbie - 1st Box & Questions for smarter people

here's my two cents (god that's a lame joke):

If you're just out for silver, stick with halves and dimes. If you like collecting, too, try whatever you like. Separating copper pennies from the Zincolns is a gamble. To me, the only hope that would make such an investment worthwhile is if the price of copper continues to rise so much that the Mint eliminates the penny altogether, wherefore it becomes demonitized and is perforce fair game for melting. And I think that will eventually happen, but not as soon as everyone thinks. Perhaps the Mint will once again change the penny's metallic composition before it scraps it for good. In the long run (5 to 10 years), as metals rise in price and inflation continues, I think the penny's demise is inevitable. If the Mint wants to get really wicked and stop the hoarders, all it has to do is keep making the penny for collectors only, but not for regular circulation, i.e., a de facto demonetization. In other words, a merchant would no longer accept pennies, but legally, the penny is still in circulation, thus maintaining the belting ban. Although at that point, the collectors-only pennies would probably be accepted by a merchant due to their collectible value. But really, at this point in the game, it's anyone's guess. As regards the metal, pre-1982's are the coppers, 1982's are both copper and zinc, and post-1982 are zinc. Most penny hoarders don't save the 82s because they assume that in the future, people will strictly want pre-82s just to keep things simple and uniform. Overall, I think it's worth saving pre-82s if you have the cash and the space.

Happy Hunting.

 

[kasteer]

Re: Newbie - 1st Box & Questions for smarter people

Thank you all for the valuable feedback.

I think keeping pre82 pennies in a significant quantity would be difficult (ie: space, cost, volume...). Especially if I have to wait years to see a proffit.

I guess the 3 gold colored pennies are nothing special...? I was hoping they would be, oh well.

I'm going to "dump" the pennies today at lunch... My first experience at this. Should be smooth.

I think I'll order a box of halves for this weekend. I am really looking forward to finding my first silver coin. Will probably try a box of everything (maybe not quarters) to see how they are. I like the thought of finding older coins as well as silver ones.

I'm in Maryland, does anyone have edxperience (they would like to share) about what is good to search for here?

Thank you all for your help.
Eric

 

[fiatboy]

Re: Newbie - 1st Box & Questions for smarter people

That first silver coin will be a thrill. Good luck and keep us posted!

 

[kasteer]

Re: Newbie - 1st Box & Questions for smarter people

Thanks everyone. FYI... I just ordered a box of halves. They're going to be ready Wed. Its a perfect opportunity since I'll need something to do this weekend (having a minor surgery Friday and am not allowed to move around, lift... for 3 days).

Can someone share their wisdom with me... How do you spot a proof?

 

[fiatboy]

Re: Newbie - 1st Box & Questions for smarter people

You'll know a proof when you see it. It's really pretty and shiny. And if you hold it just right, you can see reflected in it your own irrepressible smile from finding it, for it also functions as a small mirror. To wit, if it's a proof and you don't immediately recognize it as such, I dare say that it is not worth saving. Just my opinion.

 

[GPURS]

Re: Newbie - 1st Box & Questions for smarter people

Fiatboy is correct. If there is a proof in the box, you will recognize it immediately. Prettiest half dollar you will ever see! After you get done looking at it, you then take a picture and post it on this site so we can all enjoy it. Good luck with the surgery and the box! By the way, somebody once told me that it is only "minor" surgery when it is happening to somebody else!

 

[pepperpump]

Re: Newbie - 1st Box & Questions for smarter people

Hi Eric, here is my two cents as well. I am fairly new to CRH as well but have fallen for it as a new hobby big time. If and when you can, try halves but I would say you have to try a box of nickels. These have been great for me so far and are easy I think to find silver. Stay away from quarters as they are hunted out I feel. I am in northern VA myself and have only done 1 box of halves but I do have another one to pick up tommorow though.The box wasn't the best but it is fun looking for errors. Trust me, I will be getting a box or 2 of nickels though to hunt as well. Good luck CRH and keep us posted on your first box of halves!
Pepperpump

 

[kasteer]

Re: Newbie - 1st Box & Questions for smarter people

Picked my first boc of halves today. Went through 3 rolls becausa I couldn't resist myself... but nothin. I did find another gold tinted Half dollar similar to the 3 pennies I found... odd.

I'll let you know how it goes.

Thanks for all the feedback.
Eric

 

[rayzhell]

Re: Newbie - 1st Box & Questions for smarter people

I'll tell you what i just started 4 days ago my first try was 5.00 in cents 24.00 nickles 50.00 dimes and 125.00 in quarters then i decided to chance it and went with halves this morning i went through 9 banks and came up with 400.00 in halves we found 129 40% silver 1 90% and a franklin definently lay your hands on the halves it worked for me check out the pics
http://forum.treasurenet.com/index.php/topic,87007.0.html