Copper US Pennies

Discussion in 'Silver' started by Matthew 26:14, Dec 8, 2010.

  1. Matthew 26:14

    Matthew 26:14 New Member

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    While not about silver, interesting to see that the copper value of the US penny is about 3 times the face value of the coin.

    Spot copper is about $4.00 a pound. Each post 1982 US penny weighs 3.1 grams. 454 grams make one pound. Therefore 146.45 pennies make a pound.

    So you can put aside 146 pennies, costing you $1.46 and you have a pound of copper worth $4.00. Interesting :/
     
  2. zygote

    zygote Member

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    0.88/gram or $8.80/kg
    I wonder how much the old water tank in our roof is worth then...? :) And they said "never store your bullion at home"!
     
  3. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    here there everywhere
    Scrap metal yards are paying $6.50/$7 a Kilo
     
  4. Austacker

    Austacker Active Member

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    Interesting, now where to get a good supply ?

    I think some US evil bayers had bagged lots...
     
  5. wooferdog

    wooferdog New Member

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  6. goldpelican

    goldpelican Administrator Staff Member

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    The composition of the US one cent coin changed in 1982 (or therabouts). It's now mostly zinc I believe - it's pre-82 coins you want to stack.

    I've heard anecdotal reports of 44 gallon drums being filled with these coins by some stackers.
     
  7. Austacker

    Austacker Active Member

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    Now that makes them harder to get. Otherwise you would just order direct current ones and go and pocket the difference. The mints would be going backwards, or is that the Fed LOL
     
  8. ozcopper

    ozcopper Well-Known Member Silver Stacker

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    In the US the Rydale machine sorts the copper pennies (cents) from the later ones. Some 82 cents are copper and some are clad. Nate88, who is a member here can get them for you. There is even a forum dedicated to stackers of these coins!
     
  9. Free market

    Free market New Member

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    Just a side point to ask about are copper rounds worth buying for some diversified bullion holdings, and for future potential bartering?
     
  10. gimpy

    gimpy New Member

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    I believe US coins are illegal to melt... -for americans!- :)
     
  11. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    Depends what the sale price is in relation to the spot copper price. If you're paying a 300% premium for the manufacturing costs then I can't imagine it would be very profitable.
     
  12. predecimal

    predecimal Guest

    Well its getting closer to keeping those 5 to 20 cent pieces as precious metal

    20 cent piece has 2.8275 grams of Nickel @2.45 cents gram = 6.927
    8.4825 grams of copper @.88 cents gram = 7.4646 = Total 14.39 cents

    If Nickel is able to go back to its previous top of $54000 a tonne then the 20 cent piece would contain 15.27 cents (nickel) and 7.4646 cents (copper) a total of 22.73 cents.

    Must be getting close to the point where the Oz Mint must be thinking about changing the metal mix in the 5,10 and 20 cent pieces. If a 5 cent has 3.6 cents metal component and a 10 cent has 7.2 cents of metal in it, I cant see the Mint wanting to make too many of these in the future. Add in design, production, storage and distribution costs, and they might as well be throwing money out the window.
     
  13. ozcopper

    ozcopper Well-Known Member Silver Stacker

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    Look what happened in New Zealand!

    [​IMG]

    Image credit. Reserve bank NZ
     
  14. dccpa

    dccpa Active Member

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    GP is correct. Pre 1982 pennies are 95% copper and current pennies are only 2.5% copper. It is illegal to export the pennies for the purpose of melting them down for the metal content.
     
  15. THUCYDIDES79

    THUCYDIDES79 New Member Silver Stacker

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    The Gov & Bankers are skimping on base metals too. Next thing all money will be 'blips' on accounts in banks that
    we will access with keycards - that way its easier for them to lend it out.
    A few keystrokes on the computer - voila - there is a billion
    their forefathers would have been proud of them and their grandchildren will be ashamed of them
     
  16. dccpa

    dccpa Active Member

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    All the easier to steal your money too. Your card/account is empty sir.
     
  17. DSK

    DSK Active Member Silver Stacker

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    I have been stacking copper flatware/cups/pots, anything copper the last year for fun.
    St Vincents de Paul op shop in paddington was practically giving them away/...love copper.
    even a small tea tree candle placed in front of a copper plate standing up will reflect loads of light.

    my mum told me a story about growing up in Argentina during WW2...people would laugh at the Italians as they were hoarding everything
    copper but they had the last laugh when currencies were debased....funny thing she told me this after seeing my copper collection and thought it was a great idea. but when I gave her a silver coin she thought is was odd///
     

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