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user_79911's Blog

23 Apr 2021

Keep Copper Pennies?

Coins | user_79911

It is a well known fact that pennies minted from 1982 and back are made of 95% copper. These copperpennies are not rare at all. When I coin roll hunt, I find LOTS of copperpennies. Today we will dive into whetherto keep them or not. On first thought, you might think not becausecopper is not worth much. But I am here to tell you otherwise. If we take a look at the web, it takes 10-11 copperpennies to have a melt weightof 1 OZ of copper. If you look at the price of copper per oz today, it is $0.27 per oz. If we take a look at coinflation (A PCGS app) the copper melt value for ONE COPPER PENNY is $0.03 So if I were to go to the bank and get ONE roll ofpennies and there are, lets say 10 copperpennies in there. So 1/5 of the roll is copper. Then I have $0.30 And it cost me $0.10 So, as far as I can tell YOU should keep copperpennies. BUT ITS NOT THAT SIMPLE! Thepennies do not have this copper value unless they are melted and refined. BUT YOU CANT JUST MELT A BUNCH OF PENNIES! The government won'tlet you! Why, you might ask. Well, then there would be almost nopennies in circulation. So why keep them? Well because, you WILL be able to melt them! Yep! But only when the U.S. Mint stops makingpennies. You might think, when is that? Well it is estimated to be in 2026. But some people don'twant to wait that long! So they think of ways to melt them NOW! Some think, hey why not just fly them out of the U.S. and melt the there? Well because, the U.S. will only let you bring so manypennies out of the country. You might be asking how many? Well, the answeris not enghouth to make the trip worth it. So, your best option is to keep those copperpennies untilthey get rid of the penny, and sell them then. It will be a nice way to make so money! It might seem not worth it now, but in 2026 you will smile upon the day you started to save copperpennies! Thank you for reading, and good luck coin roll hunting! I am a kid, so the only coin denomination I can afford ispennies! I have a BIG tub full of copperpennies! Like 1,000's! So I will be SO glad when its 2026. Thanks for reading.

Comments

Nice blog and interesting! I would keep copper pennies, but I'd have to keep a lot of pennies, so I just don't really bother.

Mal_ANA_YN

Level 4

Neat to think about, just do not get your hopes up too much.

Golfer

Level 5

I never did save the copper cents. Just don't want to be one of the people that has barrels of cents in the basement sitting around. I would think buying some silver would be a much better option for investment. Copper is very plentiful and you just need to much of it to make investing in it a good idea for the average person. Maybe fill a crock with them, but don't go overboard.

Sure, I save copper pennies. It's funner than hoarding toilet paper.

Long Beard

Level 5

You brought up elimination of the cent. Technically, this will never happen despite what you read or hear. As the number one collected coin world-wide, they will only be struck for mint sets just like the Kennedy half dollar which ended for circulation in 2001.

DaNumisMasta

Level 5

I do save them. I always will.... its a matter of OCD and habit.

Mike

Level 7

There is no talk about getting rid of the cent. It's called that here. In England they call them pennys. Second why melt them. There are sites you can buy a brick for a good price or any other shape.. Nice and shinny.

Long Beard

Level 5

Right on, pal. CENT

Kepi

Level 6

I'll get a box of cents to search through then cash them back in when I'm done. Too bulky to store. ; )

I. R. Bama

Level 5

Not to be critical of you personally, but it makes me sad to think of all those potentially valuable coins being melted. Well instead of being stuck with 1000 oz of copper (which I have no idea where you would sell that cause I only see silver and gold for sale) you could trade it for about 27 ounces of silver

user_79911

Level 2

Its like you have a morgan dollar. You look up the melt price but you dont melt it. That's all I was doing.

user_79911

Level 2

I was just saying the value. It is 95% copper, so there is not need to melt.

Longstrider

Level 6

Well, I admit that I save them when I go roll hunting. Not really sure why. They are a bit bulky. I think of it as a savings program. I can always cash them in. I disagree with the made up date of no more minting of cents. Thanks.

"SUN"

Level 5

I gave up saving copper pennies.

user_79911

Level 2

Why? Its no harm done.

Mokie

Level 6

I was recently given over 10000 wheat back Lincoln Cents for a YN program we run through the Pennsylvania Association of Numismatists. Using your figures, that would amount to about 1000 ounces of copper. so at 27 cents per ounce, I am going to have about $270 in value. Discounting the fact that those Wheat Cents might have some slightly higher collector value. I can tell you right now, I would much rather have 10 ounces of silver squirreled away than 1000 ounces of copper. Copper is way to bulky to make it a useful store of value.

user_79911

Level 2

Yes, you could trade them for silver.

user_79911

Level 2

This took SO LONG to make!

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