Who is buying pre 1982 pennies

Alternatively, stay engaged in our discussions via our twitter and facebook pages. Don't worry about spam, because we hate it as much as you do! Beau W. November 12, at pm. Kurt Schultz says:.

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So if you buy them now you instnatly gain money. The other beauty of this is that its not like Iraqi Dinars and some other crazy investments people do. If the iraqi dinar goes to nothing you have worthless paper. With nickels or pennies at the very least you still have face value and can get your money back at any time.

Just not worth it to me you need something like 39, pennies just to break evn after buying the machine. With nickels howver you dont even have to sort them just buy them by the case from the bank. When I first heard this I agree it sounds a little nutty and I was about to get out my tinfoil hat but there's really nothing to lose. Exactly right about the pre coins. My parents and myself as a kid put coins away in piggy banks etc.

They heard about the transition to non-silver coinage and 18 years later to the zinc penny. So save we did. I occasionally hear someone say they used to pay around a quarter for a gallon of gas.

I tell them you still can. If you have a silver quarter it buys you more than a gallon of gas. The problem with copper pennies is that presently it does take tonnage to extract any meaningful amount of money.

Silver coinage currently has about 14 times face melt value. You can actually carry in about 50 lbs or so of these coins and receive a good practical amount of money.

People think copper is such a bother and you have to carry around tons and tons of it. So would you say the same thing if a copper penny traded at 15 times face value? Heck no you would go out of your way to find a place for them. I find it kind of funny that people pay money for a storage unit to store their junk that is probably only worth a few months rent in the first place but the burden of storing REAL money I. Everyone thinks on the short.

I get a 25 dollar box each wk for the copper and any potential numismatic. The zincs go back into coinstar or the bank. Coinstar offers free grocery gift cards in my area. I basically get free copper and I eat out of the grocery store instead of restaurants. I am thinking only of the long.

Someone told me there were 27 major copper mines in the world- 20 of them have reached bottom. Incentive enough for me. Call me a nutjob but I take it a step further and save the zinc pennies too. In 30 years what will be the price of zinc? Think inflation and metal depletion.

I diversify by saving zinc pennies copper pennies and nickels. I personally think our planets recoverable metal resources are going to hell in a handbasket and thats my reason for hoarding all three and looking at the full picture. All things considered, this whole scenario is a little over the top. Lets think about the logistics. Many banks will not accept a constant exchange of pennies, most are now replacing the coins brought in with the newer coins, and there is no guarantee that you will not get the same ones back I have tried , so this requires going to multiple banks.

It is also a federal offense to melt coinage, so that is an issue. There are literally thousands of people chasing this idea, so you are not alone. There are people looking for investors to chase this idea. There are better ideas. Real estate is coming back, stocks, bonds, etc. All of these are better ideas. All you will end up with is a lot of pennies. I have already seen people falling for this Ponzi scheme, because that is all this is.

Well ok there buddy lets go back to math class. He was saying that pennies weigh a pound. So , pennies weigh a ton. Pennies are worth closer to 2 cents each, intrinsicly. Faults on both fronts. He was talking about how much money you would have to convert into pennies to make a ton. Pete, you wrote this comment in Fast forward 8 years and what are your thoughts now?

The penny is slated to be discontinued in The laws regarding melting coins, while still in place regarding pennies and nickels, will no longer be enforced once these coins are no longer recognized as legal tender.

Once silver disappeared from circulation and the amount of cupro-nickel coinage took over, silver coins became obsolete as legal tender. The same thing will happen to pennies and nickels.

The rest is simple math. Finite resources vs an ever growing world population. Not cool Brian, I hope you replace the pennies you take. If not, you are the worst kind of person. On an interesting side note—Pre copper pennies are loaded with impurities. These elemental impurities include platinum, palladium, rhodium, moly, tellurium, etc. Just recently, mining researchers have found a way to refine tellurium from copper wire refining slag slime.

Extracting tellurium from pre- copper pennies, it would seem, would be much easier and far less expensive than slag extraction. Hoard on! No one seems to factor in the value of the copper penny as collector value. I am saving copper pennies for my retirement in 30 years or so. These pennies are going to have some things going for them.

I hand sort pennies myself and hoard up the copper as well…. But I am not really doing it for the copper value… rather I do it for the value of rare pennies such as double dies etc… Keeping the pre 82 pennies is just a bonus as far as I am concerned. But the value of the errors and such far far far outweighs ANY copper hoarding… I generally pull in an extra 20,, dollars A year finding rare coins and varieties in circulation and selling them online or locally.

I do search pennies daily and it takes about hours a day to do it. If they ever lifted the melt ban then I would certainly cash in the vast amount of copper pennies I have. But this article is right…. Unless its from me lol. Which is better? Copper is everywhere! Well, I can only say that there is one consideration that has bean completely overlooked…Numismatic value. The more you collect, the better your chances of aquisition. Sure, it takes time, but some have much more time than others.

Consider this in the equation. Thanks and God bless. Great point! That being said, in a SHTF scenario, nuministic value means nothing. Fact is, the value does exceed the fiat value. That is very well said! What are your thoughts on buying copper billion? For example.

What about buying scrap copper wire or scrap copper pipes for less than spot price? Yes I agree with your statement, but silver coins a re not Are you willing to make the the same starement thats its better to buy Both silver and copper coins have a known value and are already bought and sold at coin shops and on ebay. Sikver having a better upside for supply and demannd reasons. Coppers value would drop in a defaltionary depression but not a hyperinfaltionary depression. Silver is also a industrial metal and the price would drop in a delationary depression.

I can remenber people making the same dump truck argument ten years ago when when comparing silver to gold. Yes, but copper pennies are not made of pure copper. While copper is a base metal and not a precoius metal, the same seven reasons could be applied to silver coins. Yet people pay over scrap or metal value for them.

I dont see the differance. Also, the premium being paid for. The copper pipes in your house are all. I do however agree Silver is easier to store and carry. Silver can also go down in an economic crash though as history has shown. The long term is good for anything measured in dollars though. All good points; the biggest point of caution for copper pennies is that lesser informed people think that copper pennies are worth spot price, but they most certainly are not.

And in a SHTF scenario, bottled water, beef jerky and toilet paper would make better money than copper or silver. Pre lincoln pennies are made from low grade non-. There was no need to make a copper penny. It did not need to conduct electrical current. Because elect. These impurities include gold ,silver,platinum, paladium, rhodium, tellurium-to name a few. Yes, you have these impurities in your pre- lincoln pennies in minute quanities — all waiting for some future metal science guy to find some way to do cheap extraction.

It was just recently they found a way to remove tellurium from slag. Yes your pennies have trace tellurium. Perhaps as a precious metal, people are more willing to pay over spot, so when needing to sell, that works to your advantage.

If selling pennies, you might get over spot if selling individual pennies, but half-cent by half-cent profit might not make it worth your while. If you have say a hundred pounds of mixed pennies, is it best to just deposit them, or sell for scrap.

There are no wheat pennies in the amount of lbs. Calculate the time value of buying pre sorted copper pennies over hand sorting them. Then you can do an article titled always buy copper pennies, never hand sort them. Your logic is flawed.

You can sort through penny rolls while watching TV or sitting on your lunch break. So there is no reason to dismiss what the writer is saying. Your plan, though, smacks of laziness and poor planning. Appreciate the information. Yes, I enjoy collecting pennies in addition to scrapping: Christmas Blessings to all.

I collect pennies, but not for their scrap value, I just like old pennies. When I find one I want, I ask my manager for permission to trade out a penny from my wallet for the penny I want. I was going to encase it in casting resin and mount it in a frame with a map of the city he was born in and some facts about the year and his life.

It never ended up happening because my brother, who was supposed to be helping me with it, never actually did help. It goes to show the value of something, regardless of its stated value. Kirk, I also am a big collector of pennies. I have been collecting for over 40 years now and I am always learning about the different pennies and the history of them. From a penny collector Poe. True, I put one on my scale and it came up as 3.

Pre pennies will also make a different sound when dropped on the ground compared to Post penny. Any one selling copper pennies should understand the penalties if you are going to try and save your pennies for scrap. That was covered in the article. Melting silver or gold coins is fine. Virginia, I realize your post was years ago, but I feel compelled to mention that to bullion collectors the current melt ban is a bummer, but most feel like that will eventually be lifted once congress realizes that the market is telling them that the copper is worth more than a cent, that it has better use as anything other than a penny.

And consider silver dimes and quarters — many were melted down, but many are still being used as bullion. I agree with not paying a premium, one should be getting these for face value, but their value is apparent when you can go to eBay and find them being sold as bullion. Copper Pennies are a great investment! And you dont know how to read the article. The last two sentences before reason 1. This is sound advice — collect, sort, save all you want just dont pay to do so.

It depends on the type of copper pipe, but I can tell you that it takes copper pennies to make 1 pound of copper. It takes about pre lincoln cents to make a pound of copper. Old timers told me that a man who has metal is never broke. You keep your worthless federal reserve notes. That house in the country with old cars piled around it? It is time for this old bit of fan-fic: Bernanke, trying not to slip in the patches of blood on the floor, struggled with Greenspan.

The older man moved like a snake that moved like a former Fed Chairman who moved like a ninja. Improvising a tourniquet from the remains of the snake left over from the earlier simile, Bernanke moved on through the hallways. I just had to reply to this. You are exactly right. Who wants those banknotes? I have been buying thousands of dollars worth of coins and I never spend coins. I am getting ready for the collapse of the fiat dollar. I am buying up silver, copper, cupronickel and saving even the zinc pennies.

Copper pennies are already worth over face value. Zinc is closing in on face value and soon will surpass it. Nickels will be worth over a nickel again in no time. I am even banking on clad. The current dimes and quarters will be worth over face. When I get my check I immediately start converting it to coin.

This is for real. Paper dollars are going to be worth nothing. All paper assets. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Notify me of follow-up comments by email. Notify me of new posts by email. Don't subscribe All Replies to my comments Notify me of followup comments via e-mail. You can also subscribe without commenting.

In , the government stopped minting coins that had 90 percent silver content, which prompted many people again, myself included to keep pre coins.

The value of those coins rose dramatically, in part for their metals value and in part for their collectible value. In , the content of the penny was changed, moving from mostly copper to the copper-clad zinc coin used today.

James DiGeorgia, editor of the Gold and Energy Advisor newsletter, says the current opportunity is a particularly good one for the small investor, the person who wants a safe investment that includes a floor price — because the penny will never be worth less than one cent — and good potential.

Later is an important consideration here, because last December the U. Mint enacted new rules that made it illegal to melt pennies and nickels. Exporting coins for melting also is illegal.