US cents: Worth saving all 1981 and earlier dates (copper)?

On about.com I came across an article written by a supposed (probable) coin
expert when browsing wheat cent value charts, and he noted that all wheat
pennies are basically worth 2 cents but actually more like 3 cents currently
for their copper bullion value. Then I found a related article saying it's a
fair idea to save ALL 95% copper pennies, which would be any year before
1982 (1981-on back- excepting of course the 1943 steel wheats). It made it
sound like as far as copper (not coin rarity), all these pennies are worth
saving because so many are being melted down for buillon value that years
from now they will be more valuable.

Is the general consenus this is true? I was going to roll up my pennies and
make bank exchanges and I still am for my newer ones, but should I just
stash away and forget about my older pennies for now? It also said there was
a mint error in transition in 1982 meaning that all 1982 pennies are
supposed to be made from zinc but copper was mistakenly used (the only way
to tell the copper ones is through weight in grams).

So........not necessarily for a collection, but should I consider saving
pennies as per above? What would I do with them years from now, if I wanted
to cash in on the value of copper? It almost sounds as if it's more trouble
than it would be worth but I don't know.........?

blue wrote:
So........not necessarily for a collection, but should I consider
saving pennies as per above? What would I do with them years from
now, if I wanted to cash in on the value of copper? It almost sounds
as if it's more trouble than it would be worth but I don't
know.........?

Just a hair over 2 cents each right now: http://www.coinflation.com/

This issue has been discussed numerous times in this newsgroup, so you
might check the archives. The short version is: Yes, the copper is
worth more than face value. However, turning that copper into cash
incurs significant expense - which at today's copper prices probably
isn't worth the effort.

Having said that, I save all the copper cents that come my way...

--
Jim Seymour

On Apr 3, 12:57 am, Jim Seymour wrote:
blue wrote:
So........not necessarily for a collection, but should I consider
saving pennies as per above? What would I do with them years from
now, if I wanted to cash in on the value of copper? It almost sounds
as if it's more trouble than it would be worth but I don't
know.........?

Just a hair over 2 cents each right now:http://www.coinflation.com/

This issue has been discussed numerous times in this newsgroup, so you
might check the archives. The short version is: Yes, the copper is
worth more than face value. However, turning that copper into cash
incurs significant expense - which at today's copper prices probably
isn't worth the effort.

Having said that, I save all the copper cents that come my way...

--
Jim Seymour

It should also be mentioned that the US Mint has imposed a ban on the
melting of US coinage.

http://usmint.gov/pressroom/index.cf...ar=ALL&group=1

Now whether or not the US Mint has any authority to impose law or the
ability to enforce it is up for debate. I await a court decision on
this one. Personally, I feel that if I earn money honestly, it's my
money to do with as I see fit.

John carney wrote:
It should also be mentioned that the US Mint has imposed a ban on the
melting of US coinage.

http://usmint.gov/pressroom/index.cf...ar=ALL&group=1

This interim rule is supposed to expire in a couple weeks (April 14),
and I haven't yet heard whether they've decided to renew it or not.
Anyone know?

My prediction is that the only thing this regulation accomplished was to
point out to people that pennies and nickels were worth more than face
value - which will encourage hording.

Now whether or not the US Mint has any authority to impose law or the
ability to enforce it is up for debate. [...]

As I understand it, the law specifically allows the mint to impose these
kinds of regulations - so I don't see any court cases coming up any time
soon.

--
Jim Seymour

"John carney" wrote in message
ups.com...
On Apr 3, 12:57 am, Jim Seymour wrote:
blue wrote:
So........not necessarily for a collection, but should I consider
saving pennies as per above? What would I do with them years from
now, if I wanted to cash in on the value of copper? It almost sounds
as if it's more trouble than it would be worth but I don't
know.........?

Just a hair over 2 cents each right now:http://www.coinflation.com/

This issue has been discussed numerous times in this newsgroup, so you
might check the archives. The short version is: Yes, the copper is
worth more than face value. However, turning that copper into cash
incurs significant expense - which at today's copper prices probably
isn't worth the effort.

Having said that, I save all the copper cents that come my way...

--
Jim Seymour

It should also be mentioned that the US Mint has imposed a ban on the
melting of US coinage.

http://usmint.gov/pressroom/index.cf...ar=ALL&group=1

Now whether or not the US Mint has any authority to impose law or the
ability to enforce it is up for debate. I await a court decision on
this one. Personally, I feel that if I earn money honestly, it's my
money to do with as I see fit.


There's a lot of things you can't do with your money, or the government says
you shouldn't, a few examples,

Buy heroin or any other illegal drug.

Give it to a lady in exchange for....................:-)

Bribe a police officer.

Billy

"Jim Seymour" wrote in message
...
John carney wrote:
It should also be mentioned that the US Mint has imposed a ban on the
melting of US coinage.

http://usmint.gov/pressroom/index.cf...ar=ALL&group=1

This interim rule is supposed to expire in a couple weeks (April 14),
and I haven't yet heard whether they've decided to renew it or not.
Anyone know?

My prediction is that the only thing this regulation accomplished was to
point out to people that pennies and nickels were worth more than face
value - which will encourage hording.

Now whether or not the US Mint has any authority to impose law or the
ability to enforce it is up for debate. [...]

As I understand it, the law specifically allows the mint to impose these
kinds of regulations - so I don't see any court cases coming up any time
soon.

--
Jim Seymour

Interesting. Hmm. I am still amazed at love tokens and hobo nickels, as I
thought it was (is?) illegal to "deface" US currency and coins, or to throw
them away in the trash (as to why anyone would do THAT I don't know...). Not
that I look at tokens and hobos and think "Oh the travesty, they're
defaced"- they are often beautiful, I've been looking online. I just simply
thought it was illegal to do that to money. I think it's pretty neat to look
at actually.

blue wrote:
Interesting. Hmm. I am still amazed at love tokens and hobo nickels,
as I thought it was (is?) illegal to "deface" US currency and coins,
or to throw them away in the trash (as to why anyone would do THAT I
don't know...) [...]

This is a common misconception. The law says it is illegal to
*fraudulently* deface coins. Many people forget that important word and
assume ANY kind of defacement is illegal.

Interestingly, it IS illegal to deface paper money in such a way as to
make it "unfit to be reissued". Thus, the "Where's George" folks are
probably OK, but tearing a bill in half is illegal.

Reference: http://answers.google.com/answers/threadview?id=426715

P.S.: I've thrown coins in the trash many times. Usually, it's Zincolns
that are battered beyond recognition, or 1964 nickels - which are my
sworn enemy! :-)

--
Jim Seymour

On Tue, 3 Apr 2007 00:44:43 -0400, blue wrote:
On about.com I came across an article written by a supposed (probable) coin
expert when browsing wheat cent value charts, and he noted that all wheat
pennies are basically worth 2 cents but actually more like 3 cents currently
for their copper bullion value.

coinflation.com will give you up to the day pricing on the metals.
Short version: pre-1982 pennies and nickels are worth significantly more
as metal than face value. But they're illegal to melt at this time.

Is the general consenus this is true? I was going to roll up my pennies and
make bank exchanges and I still am for my newer ones, but should I just
stash away and forget about my older pennies for now?

I am, got about 5 gallons of copper cents at the moment. Might get more
if I bother to fire up the mechanism again.

It also said there was
a mint error in transition in 1982 meaning that all 1982 pennies are
supposed to be made from zinc but copper was mistakenly used (the only way
to tell the copper ones is through weight in grams).

Any article with that in it is suspect at best. Nothing rare about a
1982 copper penny. Or a 1982 zinc penny.

So........not necessarily for a collection, but should I consider saving
pennies as per above? What would I do with them years from now, if I wanted
to cash in on the value of copper? It almost sounds as if it's more trouble
than it would be worth but I don't know.........?

Let's put it this way...if my dad had saved 5 gallons of silver in the
late 60's when they were commonly in circulation, imagine what that'd be
worth now.

On Tue, 03 Apr 2007 21:21:09 GMT, "note.boy"
wrote:


"John carney" wrote in message
oups.com...
On Apr 3, 12:57 am, Jim Seymour wrote:
blue wrote:
So........not necessarily for a collection, but should I consider
saving pennies as per above? What would I do with them years from
now, if I wanted to cash in on the value of copper? It almost sounds
as if it's more trouble than it would be worth but I don't
know.........?

Just a hair over 2 cents each right now:http://www.coinflation.com/

This issue has been discussed numerous times in this newsgroup, so you
might check the archives. The short version is: Yes, the copper is
worth more than face value. However, turning that copper into cash
incurs significant expense - which at today's copper prices probably
isn't worth the effort.

Having said that, I save all the copper cents that come my way...

--
Jim Seymour

It should also be mentioned that the US Mint has imposed a ban on the
melting of US coinage.

http://usmint.gov/pressroom/index.cf...ar=ALL&group=1

Now whether or not the US Mint has any authority to impose law or the
ability to enforce it is up for debate. I await a court decision on
this one. Personally, I feel that if I earn money honestly, it's my
money to do with as I see fit.


There's a lot of things you can't do with your money, or the government says
you shouldn't, a few examples,

Buy heroin or any other illegal drug.

Give it to a lady in exchange for....................:-)

Bribe a police officer.

Ah, but in that case, you're trading your money for goods (or
various types of services :-) You can find all manner of reasons for
prohibiting those sorts of things (public safety, etc.)

In the case of melting coins, you've just changed the form of the
lump of metal.

take care,
Scott

"Jim Seymour" wrote

Interestingly, it IS illegal to deface paper money in such a way as to
make it "unfit to be reissued". Thus, the "Where's George" folks are
probably OK, but tearing a bill in half is illegal.


*laughs* I forgot all about Where's George! A couple of years ago I tracked
one that I found- it came from a pretty good distance away but before I lost
my tracking number or way to trace it (I can't remember now, did I have a
password and account name or just tracking info for the bill), it didn't go
very far from my town. It wasn't too exciting.

I'd probably rather not know where my money has been. heh heh...