there's been multiple threads on this already, can somebody just breakdown to me what the anticipated yield is on these things, say you hoard 10kgs of 5c pieces. Has anyone done the maths on how much copper that is, what they expect the value of it to rise to and who will pay you for it on metal content and at what % of true value - like you don't typically expect to get spot for sterlingware because of the extra refining costs, plus it's illegal to melt down legal tender. So my question is, how do you actually profit off this scheme and is the reward worth the energy/storage costs, etc.. serious question, any input appreciated..
10kg = ~3534 5 cent pieces = ~ $176.70 Coins are 75% copper and 25% nickel Approximate values at present for 10kg is $90 copper and $30 nickel.
so we got a loooooooong way to go then, assuming that the price of copper doesn't collapse along with the rest of modern industry..
i envisage a secondary benefit of hoarding 5c pieces being able to Scrooge McDuck style nose dives into huge piles of coins. But on a budget.
I saw the oppourtuity of the current silver price and decided to liquidate my 5c holdings yesterday. You should've seen the look on the face of the teller when I handed over my stash for counting....all up I'd squirreled away $296.90 in 5c peices. Going by that earlier calc...it must've been 20kgs worth. If anything, it was an interesting way of saving.
My bank has a machine - you poor in a bucket load of coins, it counts it all out and then you get a printout to take to the teller. I didn't trust it the first time so I counted out about $800 of coin (mixed denominations) only for it to agree exactly. Bastard machine wasted my time even though it was correct.
I also liked Richie Rich. He was totally rich, but he was like, a good guy, who struggled to deal with the moral and ethical problems attached to be insanely loaded. Happy problems.
Well I just got 10 rolls of them for $20. kids can play with them one day? Novelty factor for feebay? Knuckle dusters? glue to sidewalk? Have hours of fun at the airport when the next ashcloud hits just feeding them into the money donation thingy that rolls them around till they fall down the hole.? Use as jewellry? And Ritchie Rich for president!!!
I was more of a hong kong fooey kinda guy. Him and Batfink.... but then neither of those are remotely related to PM's :/ I took back my $40 of Chubb-wrapped circulated 5c pieces today. I would like a stack of uncirc wrapped ones though.
actually a really cool picture... look at that depth guage.. reads 90ft! And the digger in the background scooping up gold for absolutely no reason other than it can. What a statement!
I'm starting to think the same way. Although it's obvious that long term there's a benefit to having these coins and they WILL end up becoming more than face, fact is, they won't have the same movement as silver had and being space conscious, I am not sure I can really be bothered with storing the stuff long term for smaller gains. I've got about 20 kgs all up at present of cupronickle that I might head to the bank with and convert to fiat - to convert to silver.
Sounds like a reasonable plan but my coin hoarding is for a different purpose - it's not so much for gains as metals go up it's to hold it's value while keeping an emergency fund on hand. People may not like accepting you $500 in coins but legally they have to
Actually the don't have to. There are limits which the Currenct Act 1965 sets out, being: 16 Legal tender (1) A tender of payment of money is a legal tender if it is made in coins that are made and issued under this Act and are of current weight: (a) in the case of coins of the denomination of Five cents, Ten cents, Twenty cents or Fifty cents or coins of 2 or more of those denominationsfor payment of an amount not exceeding $5 but for no greater amount; (b) in the case of coins of the denomination of One cent or Two cents or coins of both of those denominationsfor payment of an amount not exceeding 20 cents but for no greater amount; (c) in the case of coins of a denomination greater than Fifty cents but less than Ten dollarsfor payment of an amount not exceeding 10 times the face value of a coin of the denomination concerned but for no greater amount; (d) in the case of coins of the denomination of Ten dollarsfor payment of an amount not exceeding $100 but for no greater amount; and (e) in the case of coins of another denominationfor payment of any amount. Source: Australian Currency Act 1965 and Reserve Bank Lots of stores take coins as a goodwill gesture but they are quite within their rights to refuse payment. A store can also stipulate the method of payment as part of the terms of sale (contract) and under current law, the consumer either accepts the terms or goes elsewhere. Sorry to burst your bubble. :lol:
Man that just shat all over my dream of making a big purchase in coins to some business that irritated me - please tell me if my bank pisses me off I can still take them in their to get changed
