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Copper Pennies

G

GunDog

New member
Want to know how to double your money with no risk??? Check this out:

I separated the pile of pennies I've been collecting into two groups; copper & zinc. Since 1982 was the cutoff year, copper is 1981 - 1959, anything newer is zinc.

Today I did the math to see what the copper pennies were worth.

Copper is worth $3.39/lb. (as of today - it will change over time)
A copper penny weighs 3.11 grams
(28.35grams = 1 oz). * 16oz./1 lb. = 453.592grams/lb.
(453.592grams/lb.) / (3.11grams/penny) = 146penny/lb.

Therefore, 146 pennies are in 1 lb.; face value is $1.46; scrap copper value is $3.39 ! So, $3.39/146penny = 2.32 cents per penny !
 
Nice thought and good math, but it is against the law to melt cents and nickels for scrap, finding a buyer is pretty hard since the penalties are quite stiff if caught.
 
GunDog, for a long term strategy, if you don't mind storing a lot of weight for the amount of money involved, you've got a good idea.

Melting silver coins was illegal in the early 1960's too.

Once pennies are discontinued (it will happen eventually) restrictions on melting will no doubt be discontinued too.
 
n/t
 
Although I haven't checked the "legality" of it, I got the idea from a guy in Mexico who was buying buckets of U.S. coins from a scrap yard. So......regardless of U.S. legality, outside the U.S. it is VERY legal to do so! Just FYI.
 
P.S. I was just thinking about this. You armchair lawyers might want to consider this: Selling coins to a scrap dealer (or anyone else for that matter) does not deface the coins, and is therefore NOT illegal. The person who renders those coins into a copper ingot would be the person who should check into legalities!?

If you think it is illegal to buy/sell pennies in bulk, take a look here... http://realcent.forumco.com/
 
No one here said it was illegal to buy and sell, we said it is illegal to melt them down. What is commonly known as copper cents are really brass, 95% copper and 5% zinc, so just melting them down will not give you copper ingots, they must be smelted to remove the zinc, a costly process no matter where you live.
 
The Secret Service would probably come looking for ya ! :chase: LOL. CCH
 
So if it backfires, remember all the nice people here who tried to warn you !!!
 
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