corkykile Posted August 25, 2007 Report Share Posted August 25, 2007 Thought I would ask everyone what they thought about 'hoarding' copper pennies. Recently when I mentioned recycling Lincoln cents back into the mainstream a couple of coin dealers wanted to know why I am not keeping them. Now, tell me, are they *really* worth holding onto? I have been all over the internet searching for answers to that question and cannot come to a conclusion. And, I have not been able to find out for sure if selling old copper pennies to a metal recycler is even legal. Checking for federal laws about this subject left me more in the dark and farther afield than I had ever thought could happen. Has anyone found out anything legally definitive about what we can and cannot do with our pennies? Corky Link to comment Share on other sites More sharing options...
dustin43160 Posted August 25, 2007 Report Share Posted August 25, 2007 ive seen ppl sell em on another forum.. its llegal to take coinage into a recycling place and sell them... Link to comment Share on other sites More sharing options...
Art Posted August 25, 2007 Report Share Posted August 25, 2007 It is illegal to melt US coins at this time. As far as the value of saving the coppers - maybe. People have been saving wheaties since 1959 and they have been selling for approx 3 cents each for quite a number of years. Recently with the copper run-up they moved to 5 or 6 cents each in bulk lots -- back down to 4-5 cents. So, how long do you have to hold something to make a 200 or 300 or 400 percent profit worthwhile? If you have 100 dollars worth of coppers, perhaps the 100 dollars used to purchase one EF Large Cent would prove to be a better investment over the same period of time. It's anybody's guess. Link to comment Share on other sites More sharing options...
Burks Posted August 29, 2007 Report Share Posted August 29, 2007 Art does make a good point about investing it. Worse case scenario keeping them, you break even (kind of). I've got maybe 20lbs worth of coppers sitting here and at my parent's. What am I going to do with them? Roll the dice and hope for the best! Knowing me if I cashed them in and bought that EF Large Cent, it'd never be sold! Link to comment Share on other sites More sharing options...
quartercollector Posted August 29, 2007 Report Share Posted August 29, 2007 I'm keeping them in the hopes that when I have time I will sit and look for the best of them and maybe put a little coin shop somewhere in the world. Link to comment Share on other sites More sharing options...
dustin43160 Posted August 29, 2007 Report Share Posted August 29, 2007 eh ive been counting rolls and under my bed i have 3000$ worth of copper pennies.... eh i would take a pic of em all but there mostly holding my bed up lol! Link to comment Share on other sites More sharing options...
corkykile Posted August 30, 2007 Author Report Share Posted August 30, 2007 under my bed i have 3000$ worth of copper pennies.... Guess there isn't much room for dust(in) bunnies under your bed. Right now I am still torn about getting rid of the real coppers, but if I decide to keep them then I have to go through all these rolls and find out which ones are coppers. There are about 300 rolls right now, and counting. Well, whatever. But I did promise myself that the proceeds would go to the Boys and Girls Club in our little town. A friend says we are the smallest town in the U.S. that actually supports its B&G Club without outside help. My grand daughter and her pals spend a lot of time there. Looks like the majority of the pennies have to go. Corky Link to comment Share on other sites More sharing options...
dustin43160 Posted August 30, 2007 Report Share Posted August 30, 2007 under my bed i have 3000$ worth of copper pennies.... Guess there isn't much room for dust(in) bunnies under your bed. Right now I am still torn about getting rid of the real coppers, but if I decide to keep them then I have to go through all these rolls and find out which ones are coppers. There are about 300 rolls right now, and counting. Well, whatever. But I did promise myself that the proceeds would go to the Boys and Girls Club in our little town. A friend says we are the smallest town in the U.S. that actually supports its B&G Club without outside help. My grand daughter and her pals spend a lot of time there. Looks like the majority of the pennies have to go. Corky eh i need to put em in the basement but too lazy.. hate to see when i move out lol Link to comment Share on other sites More sharing options...
corkykile Posted August 30, 2007 Author Report Share Posted August 30, 2007 eh i need to put em in the basement but too lazy.. hate to see when i move out lol The basement might be too damp and it could cause them to get ruined. Hey Dustin, check out the Roosie I just posted... I think it might be a double on the reverse. Corky Link to comment Share on other sites More sharing options...
dustin43160 Posted August 30, 2007 Report Share Posted August 30, 2007 The basement might be too damp and it could cause them to get ruined. Hey Dustin, check out the Roosie I just posted... I think it might be a double on the reverse. Corky yea it is floods almost every weekend lol kk will do! Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.