Remember this formula

[omar]

If you want to find out the market price of a copper cent,
x = the probability of finding a copper penny in change, bank rolls, etc.
y = melt value
market price multiple = (1-x)*y

with the current probability of finding a copper penny at 22% (from what I've been reading) and a 2.5 melt value:
(1-0.22) * 2.5 = 1.875 is the fair market price per copper penny.

Some things to take into consideration
- the multiple will also be affected by perceptions about the metal's future movement (how bullish or bearish the participants are)
- probability of finding a copper penny is different by area, so this multiple might be higher or lower in different places.

[jasmatk]

good to know. did you come up with this formula or did you find it some where

[Joogaler]

That's pretty amazing. So math can actually be applied to my life, other than basic math that is.

[omar]

good to know. did you come up with this formula or did you find it some where

I majored in finance so it was easy to come up with this formula.

[Slaphot]

Nice formula Omar. Thanks alot! Welcome to the forum!

[wackzingo]

Formulas like this are based off the copper value but if melting were legal, scrap metal dealers would only buy them as red brass; A high quality red brass but brass nonetheless. Based on the current average red brass price that puts them at about $0.013 each. Some recent reports expected copper to go to $6-$7/lb. next year which would put them at about $0.02 each.

However, I don't expect that precious metal dealers would look at copper until it got to at least $1 per troy ounce.

1 troy ounce is .0686 lbs. For copper to get to $1 per troy ounce, the spot price would have to be 14.58/lb..

I think we're still several years away from copper cents being regularly traded like Gold and Silver if it ever does...although this doesn't stop me from collecting them because someone will always buy them and it still beats the interest I make in a saving account right now.