So if a Silver Quarter is Worth It's Value in Silver, Why is a Pre 1982 Copper Penny Not Worth Its Value in Copper?

[pepperj]

Most scrap places won't take metal if it's been melted in anyway.
That's unless you have a friend in the business and work out a deal I guess.

You would need a buyer.

I think most are mixing the order of selling up a bit.
Scrap yard-(sometimes a bigger dealer-broker-refinery/smelter-distributor-manufacturing-distributors-retailer.
The street person doesn't have access to smelter.
Some brokers will deal with public, some won't.
The dealers hate it when the broker plays at the street level.
The scrap metal industry is very competitive, and if one steps on toes it might not be a good thing.
There's a market for everything it seems.
The smelted copper that is full of oxygen/Hydrogen pitting looks right ugly.
I have bought Slag ingot, then sheared the casting in 3rds to see inside.
Had one that had a rock in the casting.
Everything that was purchased went off shore to China, at a reduced rate.

 

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[tamrock]

These guys sell pre 82 pennies for more than face value.

https://www.moneymetals.com/pre-1983-95-percent-copper-pennies/4?srsltid=AfmBOoo3raNdd6kCiKIxjHqB-yu56UR_KI5KbXmMs1_AHD9i9cGFrT9G

Looking at the reviews it seems most who buy these large lots are more interested in what they find in the mix.

Overall worth it
Found about 70 wheat pennies in the 34 lb sack. All dates were 1940 and above. Among the wheat pennies were some S mint marks which made the order worth it for me. Also, I found about a dozen Canadian pennies which was cool. There is also the added bonus of filling in my collection post 1958 and looking for error coins. Overall it’s worth it.

 

[Treasure_Hunter]

Posts deleted. Please remember our rules on language and insulting members.

 

[pepperj]

These guys sell pre 82 pennies for more than face value.

https://www.moneymetals.com/pre-1983-95-percent-copper-pennies/4?srsltid=AfmBOoo3raNdd6kCiKIxjHqB-yu56UR_KI5KbXmMs1_AHD9i9cGFrT9G

Looking at the reviews it seems most who buy these large lots are more interested in what they find in the mix.

Overall worth it
Found about 70 wheat pennies in the 34 lb sack. All dates were 1940 and above. Among the wheat pennies were some S mint marks which made the order worth it for me. Also, I found about a dozen Canadian pennies which was cool. There is also the added bonus of filling in my collection post 1958 and looking for error coins. Overall it’s worth it.

They claim 4960 coins are in the bag.
For $186.66
Though they claim it's close to melt value. 😁
Actual melt value is lower, with no wear.

Splitting hairs on a fraction of a cent does add up as the count gets higher.
1 cent profit over melt per coin.

 

[AU24K]

Is the melting of foreign copper/bronze coins illegal?
Suppose that you said that the hunk of melted copper that you have was from foreign coins.
How could your claim be disputed?
Asking for a Friend......
------------

Can't dies be ordered from companies to "mint" your own "Copper Rounds?"
There are many copper rounds currently in the marketplace......

Tokens – Numista

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Sure, the initial start-up cost would be somewhat expensive, but......
Eventually, couldn't one expect a profit margin?
There are about 10 (foreign) pennies to an ounce......
So, for ten cents of copper (foreign) pennies, one could "mint" and
sell one ounce copper rounds for about $4-$5 each.
A nice profit per ounce for ten (foreign) cents.....

Disclaimer:
I do NOT advocate ANY illegal activities.

Scott

 

[AusTexDude]

Those guys are getting $8-$9/LB for copper ingots on Ebay and some are far from pretty. Why would people buy these? Are they just dumb, or are we just dumb and missing some action?

 

[AusTexDude]

One could also argue that Quarters were never taken out of circulation, just the metal composition changed.
Same with pennies... they were not taken out of circ, just the composition has changed, just like the quarters.

 

[beepbleep]

You'd have to remove the 5% zinc to make pure copper out of the "copper" pennies then have it assayed.

 

[TORRERO]

Is the melting of foreign copper/bronze coins illegal?
Suppose that you said that the hunk of melted copper that you have was from foreign coins.
How could your claim be disputed?
Asking for a Friend......
------------

Can't dies be ordered from companies to "mint" your own "Copper Rounds?"
There are many copper rounds currently in the marketplace......

Tokens – Numista

Coin, banknote and exonumia catalogue, online collection management, swaps, forum, and more.

en.numista.com

Copper Rounds 1 Oz for sale | eBay

Get the best deals for Copper Rounds 1 Oz at eBay.com. We have a great online selection at the lowest prices with Fast & Free shipping on many items!

www.ebay.com

Sure, the initial start-up cost would be somewhat expensive, but......
Eventually, couldn't one expect a profit margin?
There are about 10 (foreign) pennies to an ounce......
So, for ten cents of copper (foreign) pennies, one could "mint" and
sell one ounce copper rounds for about $4-$5 each.
A nice profit per ounce for ten (foreign) cents.....

Disclaimer:
I do NOT advocate ANY illegal activities.

Scott

I don't think there is any way anyone could know where you got your copper, If you wanted to invest in machines to do it.. And melt down anything you want...
I mean old Indian heads are copper nickel and old Large Cents are the same and old KG coppers are this type of metal, no one would know.. But the cost vice profit would be really low...
by the time you invested your time.. ($25-30 per hour) then the equipment (2-3 thousand ?) How many pennies or foreign coins do you need to melt to break even ?

Just asking for a friend..

Which countries have pure copper coins.. ?
Because I think most countries have the same problem we have.. it's too expensive to mint copper coins theses days..

 

[TORRERO]

Are there any laws outlawing the sales of them?

No, basically that's what you are doing when you "Buy" something with money, you are selling your currency for the value of something else... am I right ? You can sell Silver and Copper coins, just not to melt them down for scrap..

 

[AU24K]

Now that Trump has ordered the US Mint to cease minting Cents,
will they be then considered obsolete, allowing for melting them down?

Scott

 

[TORRERO]

Now that Trump has ordered the US Mint to cease minting Cents,
will they be then considered obsolete, allowing for melting them down?

Scott

Good question, Another question, are we going to go like most other countries and change up our coins to include $1, $2, and $5 coins
Wouldn't it be great to maybe find four coins on the beach that equal $20 🤣
We have $1 coins I'm aware, and I dig them on occasion, but if they are forced to be in daily circulation then we will find a LOT more of them.

 

[ARC]

Thousands of silver coins are melted every day of all denominations.
Every smelter in the US receives butt loads everyday... even mint state coins are being melted.
There are even melting the large golds now. (due to golds now all time record breaking price.)

They have been melting coins down since the Pitman act in 1918...
where over 270 million Morgan dollars alone were melted.

 

[Red-Coat]

On 14 December 2006 the US Mint announced that interim rules were to take immediate effect to limit the exportation, melting, or treatment of one–cent (penny) and 5–cent (nickel) United States coins, to safeguard against a potential shortage of these coins in circulation. The interim measures were in force for 120 days prior to being entered in the Federal Code.

Specifically, the new regulations prohibit, with certain exceptions, the melting or treatment of all one–cent and 5–cent coins. The regulations also prohibit the unlicensed exportation of these coins, except that travellers may take up to $5 in these coins out of the country, and individuals may ship up to $100 in these coins out of the country in any one shipment for legitimate coinage and numismatic purposes. In all essential respects, these regulations are patterned after the Department of the Treasury's regulations prohibiting the exportation, melting, or treatment of silver coins between 1967 and 1969, and the regulations prohibiting the exportation, melting, or treatment of one–cent coins between 1974 and 1978.

The new regulations authorize a fine of not more than $10,000, or imprisonment of not more than five years, or both, against a person who knowingly violates the regulations. In addition, by law, any coins exported, melted, or treated in violation of the regulation shall be forfeited to the United States Government.

[Quoted from the MInt's press release]


As @TERRERO says in post #21, there are exceptions for individuals melting coins for things such as art projects or jewellery for personal use as long as they aren’t selling for profit.