Big Boys Hobbies

Worth saving pre-1982 bronze pennies?

homebre973

homebre973

Junior Member
Joined
Jan 6, 2012
Messages
92
Location
HIllsborough, NC
I find a lot of pennies while hunting. I save all the wheats, which are few and far between, but is it worth keeping the pre-1982 pennies that are bronze (not zincolns) or just turning them in at the bank with the other zincolns?
Thx
Homebre
 
It all depends on if you are optomistic about the Gov. changing the laws about melting copper pennies. They did change the laws about melting silver coinage in the 70's and there's alot of folks who are hoarding the copper incase THAT law gets changed at some point. Right now a copper pre 1982 penny is worth about 2.5 cents, so there's room for making some $$ if it happens. : )
 
frankiefry said:
It all depends on if you are optomistic about the Gov. changing the laws about melting copper pennies. They did change the laws about melting silver coinage in the 70's and there's alot of folks who are hoarding the copper incase THAT law gets changed at some point. Right now a copper pre 1982 penny is worth about 2.5 cents, so there's room for making some $$ if it happens. : )
Click to expand...

Specially if you have a BARN to store em all in! :laughing::laughing::laughing:

Let's say ya store up 50,000 of em...sounds like a lot, huh? But that is only $500 worth...Then you cash them out if the gov'mt ever changes the laws, and you get $1,250 for your effort! That's only $750 ahead....not much for the cost of the storage space. And KT wonders what that would weigh? OH, well, only MY 2 zincolns worth of comment....:laughing::laughing::laughing:
 
The most valuable 1982 penny is the 1982-S. It goes for $2.50 in PF-65 condition. Now if you found a 1983 DD reverse, that penny goes for $325.00 in MS-65 condition. Of course that penny is rare, that is why that penny is worth a lot more.
 
KingTotsalot said:
Specially if you have a BARN to store em all in! :laughing::laughing::laughing:

Let's say ya store up 50,000 of em...sounds like a lot, huh? But that is only $500 worth...Then you cash them out if the gov'mt ever changes the laws, and you get $1,250 for your effort! That's only $750 ahead....not much for the cost of the storage space. And KT wonders what that would weigh? OH, well, only MY 2 zincolns worth of comment....:laughing::laughing::laughing:
Click to expand...

Effort is the keyword here. I dig up coppers as frequently as, if not more than, I dig up dimes. I don't cash them in. Instead I put them in a miniature barn (glass jar sized).

Let's get real. Wouldn't it be more effort to tumble and cash them in than storing them for future conversion to currency?
 
I've been saving all pennies for about 20 years or so. Just don't see the point of carrying them around in my pocket. Takes more than a few, to buy anything these days, mostly just get them in change. Most of the coins I dig, have been pennies as well. Basically free copper, of little use. I have a 3.5 gallon fish bowl, sort heavy glass, mostly full (maybe 2 inches from the rim), takes some effort to lift and move, and been years since doing so. Figure around a hundred pounds, with the glass. They are unsorted, figure on building a machine some day, likely have all the parts and materials laying around, just lack time and ambition.

Don't see myself going out buying pennies, but think it's worth holing onto what you have, and what you find. The price and value will likely just increase, copper is used in many things, besides money. Doubt it'll drop much, even when all the hoarders cash in.
 
I been looking at pocket change( 40+ years) longer than MDing (2 weeks) and look at all my memorials....2 more to keep looking for is 1970 small dates and 1972 DDOs....
 
KingTotsalot said:
Specially if you have a BARN to store em all in! :laughing::laughing::laughing:

Let's say ya store up 50,000 of em...sounds like a lot, huh? But that is only $500 worth...Then you cash them out if the gov'mt ever changes the laws, and you get $1,250 for your effort! That's only $750 ahead....not much for the cost of the storage space. And KT wonders what that would weigh? OH, well, only MY 2 zincolns worth of comment....:laughing::laughing::laughing:
Click to expand...

Not as large as youd think

http://www.kokogiak.com/megapenny/six.asp
 
I dig them because they are high numbers and im not likely to throw them away after so i keep them and have them in a coffee jar, in another jar and in money bags.

Not a lot and im not looking forward to being able to sell them for melt because they arnt worth much..if i found a 12" piece of copper pipe it would be the same as a bundle of memorials so it doesnt do much for me, just lets me know if a place has been hunted by a coin hunter, by a relic hunter or by someone willing to dig anything...its at least given me hundreds of practice flaps to learn from
 
I would think that if .gov scraps pennies, the market would get flooded and copper prices would plummet.
 
AWWH!! keep you pennies. Your finding them anyway. Just put them in a jar, seperate from the new zinc ones. Doesn't hurt anything to wait and see, it will take awhile to get enough to add up to antthing.
 
KingTotsalot said:
Specially if you have a BARN to store em all in! :laughing::laughing::laughing:

Let's say ya store up 50,000 of em...sounds like a lot, huh? But that is only $500 worth...Then you cash them out if the gov'mt ever changes the laws, and you get $1,250 for your effort! That's only $750 ahead....not much for the cost of the storage space. And KT wonders what that would weigh? OH, well, only MY 2 zincolns worth of comment....:laughing::laughing::laughing:
Click to expand...

Well $100 face fits nicely in a medium flat rate box from the post office. And this will weigh roughly 68lbs.

So $500 face shold weigh 340lbs.

I sell all mine locally to those who are already hoarding. I get anywhere from 1.25 to 1.4 cents each. Doesn't sound like much but on a larger scale there is some profit to be made. My last transaction was for $1000 face:D!!! Yep 10 flat rate boxes FULL of 1959 to 1982 copper pennies! This deal got me $1300. And it was local so no big gas guzzling trip to make.

So let's see...this guy hands he 13 $100 bills and I give him $1000 face in pennies. 30% profit.
 
A guy in Portland Oregon has been on the news several times for hording pennies for investment. He has I think they said he has several of the penny sorting machines. At last count (last year) he had at least $500,000 face value of the copper 82 and before pennys. That equals out to $1.5 million melt. Start saving even your nickles. It's all metal that still hold value and usually appreciates in troubled times. Cash will be worthless, look through history. Some places in the world they burn cash to stay warm.
 
Should also keep in mind, this is ready to melt and use copper, not copper ore, and will be more valuable. Don't think the price will come crashing down. It won't be just America interested in buying refined copper, it's used in a lot of stuff, and will continue to be in demand.
 
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