Copper pennies

[BillF]

Thought I would ask this here. Over the years I have accumulated a pretty good sized amount of pennies. Several thousand are wheats, which of course I saved, but now that I have a tumbler I have another mess of memorials. Quite a bunch are copper.
Do any of you separate out the copper from the zinc and save them? Is it worth it? Or should I just go dump them in a coin star?
I would like to know what others are doing with theirs.
Thanks.

 

[sprchng]

Pre-82 are worth about 2.2 cents in copper. The fine for melting them is $10,000 I think so as soon as I get $10,001 worth , it's of to the scrap yard. As the cost of copper accelerates the market will surely create enough clandestine methods for scrapping them that the FEDs will eventually give in so I continue to sort and save the coppers. I always make sure to keep a hundred zincs with holes drilled in them around just in case I need a like sized washer. The rest go to the coin machine at Wal-Mart,,,after washing of course.

 

[oneguy]

I've started sorting my coppers for two reasons: They are the last of the REAL coins that actually have some actual VALUE in metal content and now that I sort them it kinda makes it a little more rewarding to find the coppers amongst all the crap coins.........

There will come a time (not in my lifetime) when they will be appreciated. I also coin roll hunt (silver) and already some of the penny CRH's are sorting out their coppers, my neighbor sorts his out from change, and it appears some of us MD'ers are doing the same so they are already being pulled............

I've thought about when I'm ready to die maybe taking all my coopers and whatever clad I may have then and salting some public parks, etc. so any future MD'ers might be able to enjoy finding them as much as I did. Also thought about maybe making up a cache with my silver and hiding it in the forest and publishing an ad with clues as to it's where a bouts.......

 

[Larry (IL)]

To get the sell copper price, you first must refine the tin and zinc out, an expensive process which cuts deeply into your profits. Copper alloys sells for far less than spot copper for that very reason.......... if the law is ever changed. Also if the law is ever changed the copper market would be flooded with the hoarders turning in their pennies which in turn would crash the copper sell price due to supply and demand.

Copper spot price is what it costs to buy, not sell copper. If you want to save copper cents at face value, fine but don't expect to make big money doing it. IMHO

 

[WIHawker]

I save all my copper pennies and my wheats. I coin roll hunt pennies in the winter months also. Canada stopped making pennies last year, hopefully we will follow suit. There is a market on ebay for copper pennies. you can get up to 1.75 cents each for them depending on who is doing the bidding. As inflation goes up so will the price of copper. No matter what scrap price for them it will be more than face value if and when you will be able to scrap them. IMHO.

 

[Elton]

I had thousands accumulated over the years. Just this past summer I took most to Coin Star. Several hundred dollars worth.
As I get older I don't see the need to save for the future........ The future is now for a lot of us ....... and no one else really cares about a penny hoard..
I donated the cash to "Make a Wish" foundation.........well, almost all..I did buy a small coil...LOL

Make a wish foundation for ill children has always been a good cause in my opinion. I had the opportunity long ago to be the President of the local foundation chapter but turned it down. I have always felt a little guilty doing that !!

Like Larry IL ........ I see no real value in the near future other than face value..... Make a wish can turn that cash into a happy experience for a child now !!

At some point you reach the limit of storage, and some have to go..

 

[Larry (IL)]

A very worthy cause Elton, if you knew exactly what your donation was used for, I'm sure your return would be far more rewarding than what the pennies were worth.

 

[mudpuppy]

Funny thing about pennies..
On my F70 the zincs tid at @63 the coppers at @73 as do clad dimes...but the canadian pennies tid in @77 which makes a fellow dig every one of course hoping for some sort of silver..

I run on DP tones, (99 tones) so the copper US and canadian pennys definitely have their own higher and sharper sound than a clad one..
That said, I suppose it would be easy to keep the coppers separated from the zinc based upon the tone when discovered, just never took the time to do it

Anybody else notice this difference regarding US copper vs Canadian? and why?
Mud

 

[BillF]

I think for the most part that the consensus is to offload the pennies. Although I think I will continue to save the wheats. I like Elton's idea. We also have a Guild penny drive here that helps disabled kids and their familys. A few thousand pennies may help them more than myself.
Thanks for the input, guys.

 

[Elton]

Make a wish as I'm sure most know Grants a wish to a child for something they want to do, or an event they desire to attend....... Most of the children are inflicted with a non curable disease..so time of granting their wish is of the essence...

 

[tabman]

People didn't give much thought as to the worth of silver coins that were replaced by clad coins until years later.

A silver dime used to be able to buy you couple of ice cream cones. Two silvers dimes a gallon of gasoline.

I wouldn't count a copper penny at face value.

tabman

 

[BillF]

So Tab,
Are you saying that a penny should be looked at as having more than face value?

 

[mudpuppy]

I sold 200 wheats I found to a guy for 3c each this summer...ok so thats no kind of Rockefeller move, but it was better than face value! And, I bet a dollar that theres somebody close by to all of us that is hoarding pennies (copper) and will give you nearly the daily copper weight price for a bunch of them...
Mud

 

[tabman]

So Tab,
Are you saying that a penny should be looked at as having more than face value?

I couldn't have been any clearer. People years ago didn't give much thought to wheat back and Indian head pennies.

tabman

 

[BillF]

I thought you were pretty clear, just making sure.
Unfortunately for us, our government has made the memorial penny, copper or otherwise, only worth one cent, then it is up to me(us) to decide if it will be worth more some day and if we should save them.
The government is fickle and confusing, they say that coins are yours to do with as you please, as long as whatever you do with or to that coin is not for the purpose of defrauding someone, ie: making a 2 headed nickel and calling it a "mint error" to sell at high profit, yet you cant melt pennies or nickels for scrap value without risking a $10K fine. How is that defrauding anybody?
Oh well, thanks for the response Tab. I still think that when I get all of these cleaned up I will bag 'em and give them to Wishing Star or something. it isnt going to be much more than $8-10 anyway. I dont feel like rolling that many pennies.

So Tab,
Are you saying that a penny should be looked at as having more than face value?

I couldn't have been any clearer. People years ago didn't give much thought to wheat back and Indian head pennies.

tabman

 

[BillF]

I don't know why I said $8-10, more like 10x that much. I got a boat load o' pennies.

 

[ArizFlash]

I've started sorting my coppers for two reasons: They are the last of the REAL coins that actually have some actual VALUE in metal content and now that I sort them it kinda makes it a little more rewarding to find the coppers amongst all the crap coins.......

Don't forget nickels they are still the same composition and with the price of the metal they are the only coin worth their face value and sometimes a little more.

 

[BillF]

Nickels were also included in the law against scrapping. Big fines for little reward.

I've started sorting my coppers for two reasons: They are the last of the REAL coins that actually have some actual VALUE in metal content and now that I sort them it kinda makes it a little more rewarding to find the coppers amongst all the crap coins.......

Don't forget nickels they are still the same composition and with the price of the metal they are the only coin worth their face value and sometimes a little more.

 

[Midwest-Th'er]

I agree with Mud.Around here the coin stores pay 3 cents for any year of Wheat back.Plus I know 2 guys that pay 2 Cents for any pre 82.I've got a massive hoard of pre 82 Pennies i'm holding on to for the Copper.Just in case cuz you never know,and best of all it was pretty much free!!Happy Thanksgiving all,Be safe,HH

 

[ken ward]

I have been watching my pennies for many years now. I always check my change. When I clean my found pennies, I will go over them and pick out the copper. Maybe some day I will sell them... KEN