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A penny saved is 1.23 cents earned

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LateraLex
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Yes that bothers me. I actively discard pennies so the government will be forced to decommision the copper peso.
Post Tue May 23, 2006 5:59 pm
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Andrew
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Seems like with economies of scale that the cost to produce would be lower, go figure.

Now if we can just find someone who will pay 1.23 per penny, we've got an instant money making system... lol...
Post Tue May 23, 2006 7:51 pm
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hoardingcopper
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The nickel is now in the same boat.

There are a lot of people saving the older copper pennies. Myself included.

I mostly save them as a paranoid - the government may crash and it will be the end of the monetary/fiat system as we know it - type thing, lol.

Very Happy

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Post Fri Jun 09, 2006 6:33 pm
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bijan814
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quote:
Originally posted by coaster
I wonder how much scrap dealers will pay for coins?


Seriosuly, thats going to be my new business, to get pennies and sell it to them. lol if I get 1000 worth of pennies i will get back $1200.

lol
Post Tue Jul 25, 2006 5:47 am
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SomeBum
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Re: A penny saved is 1.23 cents earned  Reply with quote  

quote:
Originally posted by coaster
Due to the recent runup in metals prices, it now costs more to make some of our coins. I heard on the news tonight that it costs 1.23 cents to make a penny and 5.73 cents to make a nickel. Shocked

Yeah I heard that too. Let's go melt some metals down en masse Very Happy
Post Tue Aug 01, 2006 5:59 am
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go2self
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The problem is that todays penny is not made entirely of copper. It is 97.5% zinc with a copper coating. You would need pre 1982 pennies to get a fair price from a scrap dealer.

To top it off nickles are 95% copper.

Talk about a rigged market.

Time is our most volatile resource that if not used immediately is lost instantly
Post Sun Aug 06, 2006 11:00 pm
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go2self
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The idea has some merit. Research from http://www.metalprices.com/ and http://www.copperreport.net/Scrap_Copper_Prices.html

Scrap copper prices on the illegal marketplace are higher than one could picture. Scrap copper prices range from $1.30 to $3.55 on the black marketplace. That is an huge add to of scrap prices in a comparatively small period of time. As such, it is no shocker that there is an raise in burglaries that are orchestrated with the state reason of liberating people from their copper wire.

All is needed is a black marketer of us currency willing to participate in:
Defacement of currency, a violation of Title 18, Section 333 of the United States Code. Under this provision, currency defacement is generally defined as follows: Whoever mutilates, cuts, disfigures, perforates, unites or cements together, or does any other thing to any bank bill, draft, note, or other evidence of debt issued by any national banking association, Federal Reserve Bank, or Federal Reserve System, with intent to render such item(s) unfit to be reissued, shall be fined not more than $100 or imprisoned not more than six months, or both.

And the suggestion above is only hypothetical and in no way proposes that such action actually take place (whew, had to get that in there)

Time is our most volatile resource that if not used immediately is lost instantly
Post Mon Aug 07, 2006 1:58 am
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lpstong
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Nice clean up of thread there go2self. The idea is great in theory Wink

But it is incredible how the treasury brings out new coins yet knowing it costs more to make than the metal itself
Post Tue Aug 22, 2006 9:19 pm
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go2self
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there have even been entire copper water systems ripped out of public schools buildings here?
Hawaii
Georgia
Dallas
anyone got a couple of tons of pennies for smelting, looks like we got buyers

Time is our most volatile resource that if not used immediately is lost instantly
Post Wed Aug 23, 2006 2:33 am
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go2self
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penny for your thought  Reply with quote  

More interesting tidbits on pennies and nickles (credit to Auto Dogmatic)

* modern nickels are 75% copper and 25% nickel, worth upwards of 130% of their face value.
* pennies are worth more than face value, but pre-1982 through mid-1982 pennies are worth the most, as they are 95% copper (the "new" pennies are 97.5% zinc and only clad in copper; you can scrape the copper off in a few seconds with a steel instrument).
* "Old" pennies are worth more than 200% of their face value; "new" pennies are worth over 110%.
* The inherent value premium of these coins promises only to increase over time, as we have no reason to believe inflation will do anything other than continue (if not accelerate), as will commodities prices due to scarcity relative to global growth.

And another fun fact (thanks to Neal for posing this question): if base metal values continue to increase by 5% per year on average, and the dollar continues to depreciate by about the same, then in about 26 and a half years, a nickel will be worth a dollar in inherent value. If the rates are 10% per year, then in a bit over 13 years this milestone will be reached. None of this, of course, takes into account a dramatic, sudden drop in value of the dollar or increase in base metals values.

So should we start investing in pennies?

Time is our most volatile resource that if not used immediately is lost instantly
Post Wed Mar 14, 2007 5:24 am
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No-Brainer
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So if I have a jar of pennies on my fireplace that's two and a half feet in circumference and a foot and a half tall, how much is it worth and what should I do with it? It's way to heavy to lift and my wife wants to just keep it as a conversation piece.

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Post Wed Mar 14, 2007 4:47 pm
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go2self
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Funny  Reply with quote  

Curious that it is illegal to melt pennies and nickles.
Is that because quarters are worthless?

Time is our most volatile resource that if not used immediately is lost instantly
Post Wed Mar 14, 2007 8:13 pm
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porterms
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Thats crazy! I had no idea.
Post Wed Mar 14, 2007 11:03 pm
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go2self
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Even Crazier idea  Reply with quote  

What if we were to use a penny to buy $1.10 worth of goods and services and a nickel to buy $.95 worth. (wasn't that the whole purpose of metal as money)

That way we can use $1 bills for bubble gum (you will need 45 of those federal reserve notes) and each gallon of gas would cost 3 pennies.

Would that be a solution to the high cost of oil?!

I mean if we are truly in a global economy, then the trade value of copper should be like oil, determined by the market.

Ha, now that is a scary thought.

Time is our most volatile resource that if not used immediately is lost instantly


Last edited by go2self on Thu Mar 15, 2007 3:33 am; edited 2 times in total
Post Thu Mar 15, 2007 2:56 am
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