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Russ's Blog

24 Feb 2020

COPPER COINS OF THE USA

| Russ

If you all haven't heard the news, let me tell you. Because of the deadly coronavirus in China, there is a greater demand for copper, but many people are sick, so there is less supply. This has caused the copper market to skyrocket to $0.08 per gram of copper, leaving each copper cent worth about $0.24 and each kilo of copper worth around $83.

Comments

Kepi

Level 6

It doesn't hurt to keep some of our coinage "set aside"... won't take up to much room. You never know when a jar of pennies will come in handy ; )

Russ

Level 4

I understand it is illegal to melt copper cents, but I was referring to the melt value, so I would just sell the physical coin for its melt value.

Mike

Level 7

Doesnt matter if it was 60 dollars. It is illegal to melt copper cents. Melt all the silver you want. But it carries jail time.. The ignots you see are made leaggly by a mint. Researse .

Very cool thanks for sharing!

Long Beard

Level 5

Never really gave this metal much thought as a commodity. I would suspect that this bump in market value is related more to it's industrial usage. Why? As a general rule, gold offsets the dollar. Despite the declining market numbers on the DOW and S&P, the Corona issue has not caused it to rise more than a 16 dollar spread in the past three days. While both metals, as well as silver, are used in the industrial sector, copper is used the most. Or so this is my take on the current situation.

"SUN"

Level 6

China has started cleaning their paper money

Longstrider

Level 6

One can't legal melt copper cents. The copper in the 1982 cents is split. You have to weigh them to see which ones are all copper. The mint switched that year. Just to inject a little rationality here, you stand a much greater risk of dying from the regular flu than this corona strain. I think it's lethality is only 2%. We are good in the USA..

Mike

Level 7

The law about melting copper cents is you cant. You will be prosecuted. There are so many laws. You can melt silver but not cents or nickels.. And you cannot take more than five dollars worth of cents out of the U.S. They seem crazy but true.

Golfer

Level 5

I have seen copper ingots for sale and think, how many of those would I need to store away to make some money. Is it against the law to melt copper cents? 1982 and before are the best copper cents? I know a local coin dealer who is selling wheat cents for 3 cents each. Maybe I could buy a couple bags of them. It is very frightening if this virus hits all around the world in big numbers. Keep safe everyone !

It's Mokie

Level 6

I am just going to my backyard bunker, stocked with enough food to last a year, and hunker down with the Famz. I will also make sure I watch every Zombie movie, like Shaun of the Dead and Maggie so I know how to protect aforementioned Famz.

The panic from the Coronavirus appears to be affecting all corners of the financial markets, so it doesn't surprise me. I can't picture people lining up around the block with jars filled with copper coins for melt value yet thought.

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