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As I have just started, what do others do with all of the Lincoln Cents they come across? Do you save them or do you cash them in to be recirculated?
Thanks
Step one: Search for varieties and errors
Step two: Separate out the copper
Step three: hoard the copper
Step four: Dump the zinc cents in the river so I don't ever get them back again
All opinions expressed are not necessarily shared by willbrooks or his affiliates. Taking them may result in serious side effects. Results may vary. Offer not valid in New Jersey.
Any date before 1982 is (supposed to be) a copper alloy. Cents from 1983 on are (supposed to be) copper-plated zinc. The switch was made during 1982, so during that year you get both types. You can either weigh them: A copper-alloy cent will wiegh 3.11 grams, and a plated zinc will weigh 2.5 grams; or you can do what we call "the drop test." By dropping it on a table, a copper cent will "ring" when it hits, a zinc cent will "thud."
All opinions expressed are not necessarily shared by willbrooks or his affiliates. Taking them may result in serious side effects. Results may vary. Offer not valid in New Jersey.
If you turn them back in, you can take them to a different bank....or in my case I know when my bank sends them to the Fed, so I cash them in the morning before. This is just so you don't search the same ones over again. It pays to let your bank know what you're doing so you don't run into problems with their policies on coin.
I used to separate copper until recently I decided it was not worthwhile. I took some $700's worth back to the bank(s) in the past two months. Now I keep just the varieties, errors and well struck and/or high grade coins. (I do have a bourgeoning lot I file under "Interesting" containing anomalies that are not necessarily of any value but are different enough that I decide to keep them.) The rest go back to the bank.
I pick out the varieties, toss the post 1982 cents into the copper bin, and coinstar the rest. If you choose to accept the funds on say, Amazon.com, there is no fee. I do this over the course of the year and it really adds up by Christmas time.
I try not to hoard too many, after searching I sell them or spend them.
Even though coppers have metal value, I don't think it's going to pay off in my lifetime.
Bulk wheat cents still sell for only about 3-5 times face after over 50 years. Even bulk silver if you hoarded it since 1964 is worth less than 20 times face today, the same money in EE bonds would have done better. That's 50 years, over most of the time those doubled every 10 years (slower today but may change). So $1 then in 10 years $2, 20 years $4, 30 years $8, 40 years $16, 50 years $32. Many people that hoarded silver over 50 years family members cashed it in or somehow it went missing. Copper takes a lot more space and it's heavy. Even if someone hoarded bulk $20 gold pieces since they circulated, the metal value is below what you would have if it was in the bonds and and the person hoarding them would be almost 100 years old LOL.
(about 128 times face in bonds, that means gold has to pass $3000 an ounce to be ahead)
I think saving some high grade hand picked coins in rolls would pay off better but still, unless it's the right dates it still may not do well.
Like anything else there are some that do better, some unc cent rolls from the 80s did well. Still I think that random hoarding would cancel the gain since most did not do well.
I only keep a single tubed roll of the best unc coins from each year and I do this for fun. If things do well that's good but not my expectation.
Yea. Never thought about precious metals vs. other investment types since '64. I also save one BU roll per roll and that is the most I touch Shield cents. Copper gets sold off in 33 lbs lots. Zinc gets sent back to the coin machine that is handled by an outside company. Save errors and varieties.
I'm shocked at the lack of copper miners among us! I hoard copper. The cent won't be around forever, and I personally can't see the downside to putting it away.
Feel free to dump your copper off on my lawn for the paper equivalent. I'm paying face
I pick out the varieties, toss the post 1982 cents into the copper bin, and coinstar the rest. If you choose to accept the funds on say, Amazon.com, there is no fee. I do this over the course of the year and it really adds up by Christmas time.
that's where i take mine to coin star. I was unaware of the amazon icon on there. Do you have to have an account with amazon? I presume so
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