Why are pennies still being made? - Article

[Roller]

Hoarding for the bullion value does not make "cencts". I think the numism. value for nice copper cents would increase much sooner than a century. It would happen almost immediately the gov. announced that it was over.

[BadThad]

By the time you buy the oven and pay for the fuel and add your time for doing it, you'll come out loosing. I don't know how they could tell ingots from ingots from pennies anyway. In today's market you would have to have a LOTof pre 83's to make it worth while. I think when they (the mint or gov) get around to colleting them (and I think they are there alradey)the remainigng coppers will increase in value to the point that melting them will not make sense. I keep ALL coppers.

Indeed, the setup and equipment costs make it cost ineffective.

I don't know how they could tell ingots from ingots from pennies anyway.

If they really wanted to, they could tell from the composition and isotope ratios that the loot is melted cents. To be safe, you'd need to remove the zinc (no easy task) to throw off the hounds. However, unless your using dump trucks, the chances of getting caught would be slim either way.

I save copper too...why not. I don't care if it's for melt someday or numismatic reasons.

[BadThad]

I see it pointless to keep them, you will never be able to get rid of them for what they are. Copper. Why would melting them not make sense? They are a cent at face value and almost 3 cent in copper. If the value of copper goes up then it will still be 1 cent at face value and even more melted. Maybe 100 years from now they will be worth a collector value but nobody will live to see that. Im not hoarding anything. Im waiting to see one of you guys on A&E walking thru a house of pennies!!..lolol

Copper is $4.25 a lb and a lb of copper cents is $1.46 face value
50 years from now copper might be $50 lb but you will still have only $1.46. Will the government give you that? NOPE. They will give you $1.46 and keep the profit. If it was ever going to happen, they would of done it already before it goes up even higher.

You're forgetting the melt ban will eventually end, just like for silver. A lot of people laughed at the silver hoarders, but look who's laughing now. It's a good thing they did because there's a nice supply of silver coins for us collectors these days. However, it's quickly dwindling away at these prices!

IMO the gov is already pulling copper out by the ton every day. The melt ban has little to do with circulating coinage demand and more to do with the gov hoarding copper itself. Notice how many 2010 cents they put out? ....just over 4 billion!

[kloccwork419]

I can see saving your nice copper coins but ALL copper coins? No reason to. Lets fill a whole room of copper cents, then what? It will just be a room of copper cents. Nobody will see the light of day where the melt ban will end. Im not hoarding anything for a "might be worth it someday but nobody knows for sure" reason. Copper is nowhere close to comparing to silver.
A 150 year old Morgan dollar is FINALLY worth 30 times face in melt value!!! 60 years ago a copper cent was 1 cent, today its almost 3 times face in melt..WOO HOOOO!!!. Maybe in 150 years hopefully it might be worth 30 times in melt, but Im not hoarding them on a maybe. Call it what you like, I call it reality.

[Harry Behemoth]

The Canadian Mint has had a program for several years to take coins with higher base metal value from circulation and melt them. It is illegal for Canadian citizens to do it.

From the 2006 Royal Canadian Mint Annual Report:

The Corporation’s Alloy Recovery Program
(ARP) helped offset the pressure from
metal prices, too. The program draws in
truckloads of ‘white’ coin (25-cent pieces
mainly, and 10-cent and five-cent coins)
through coin-processing partners in key
Canadian cities. The Mint has the coins
melted, recovers the valuable nickel content,
produces plated-steel replacement coins at

a lesser cost and puts them into circulation.

[BadThad]

I can see saving your nice copper coins but ALL copper coins? No reason to. Lets fill a whole room of copper cents, then what? It will just be a room of copper cents. Nobody will see the light of day where the melt ban will end. Im not hoarding anything for a "might be worth it someday but nobody knows for sure" reason. Copper is nowhere close to comparing to silver.
A 150 year old Morgan dollar is FINALLY worth 30 times face in melt value!!! 60 years ago a copper cent was 1 cent, today its almost 3 times face in melt..WOO HOOOO!!!. Maybe in 150 years hopefully it might be worth 30 times in melt, but Im not hoarding them on a maybe. Call it what you like, I call it reality.

LOL! I'm not filling a room, it's taken me 3 years to fill a 5 gallon pail 98% full.

[Roller]

I have a container where I store just copper (that is, coins that are damaged or corroded). I figure I now have some 50 lb of pre 1983's that are in "acceptable" condition and another batch that are in excellent condition. I may pitch the former two batches sometime, but not just yet.

[kloccwork419]

LOL! I'm not filling a room, it's taken me 3 years to fill a 5 gallon pail 98% full.

lolol..I wasnt saying you . I was saying anyone in general. i doubt anyone will fill a room. Well...except Bobs hoard, it could fill a decent walk-in closet..lol

[DoubleYou]

lol, kloccwork. Bob has like 250,000 pennies for his house's foundation.

Wendell

[pennies4pennies]

One question. If they stop making pennies then what are we going to do?

Frank

[DoubleYou]

Round, hopefully to the nearest nickel. Nobody seems to make a fuss that we did away with the half cent and instead round to the nearest penny.

Wendell