Hi and Any Updates on the Future Demise of the US Penny

[horgad]

Its been many years since I last posted. I'm sitting on a fairly large hoard. Sold a sizable chunk last year, but at that rate its going, it will take me a decade or so to "de-hoard". So I'm still hoping scrapping will become legal again.

So just saying "Hi" and wondering if there is any current legislation in the works. I mean the attempts to decommission the penny all seems to fail, but maybe one day....

[Chief]

Its been many years since I last posted. I'm sitting on a fairly large hoard. Sold a sizable chunk last year, but at that rate its going, it will take me a decade or so to "de-hoard". So I'm still hoping scrapping will become legal again.

So just saying "Hi" and wondering if there is any current legislation in the works. I mean the attempts to decommission the penny all seems to fail, but maybe one day....

How did you sell "a sizeable chuck" of your hoard? What did you get for it?

[NotABigDeal]

Wow, long time no see man. Where ya been? Hope you stick around....

Deal

[horgad]

Not sure how many "trade secrets" I want to give away, but I have been selling them through the usual online channels and shipping via USPS flat rate. Its slow but steady averaging only about 10lbs a week in sales, but it adds up and I managed to sell over my goal of 500 lbs last year. I'm selling them for about melt plus shipping and netting (after fees) between 1.5 and 1.7 cents each depending on copper price fluctuations. It sucks yes...I always told myself I would never settle for less than 100% profit. But if I keel over before I unload them my kids will be spitting on my grave.

The good news is for everybody (which you probably already know) is yes there is a market for these things and yes they are worth more than what you paid for them. It just is not a huge market...yet. So it takes time and effort to sell.

[horgad]

"Where ya been?" Short answer: I lost interested not long after the metal prices collapsed and I realized the payoff was going to take many, many more years than I originally thought. Also during that time, I went back to being a corporate whore, and focusing on my day job. I'm seeing signs now that markets may be turning again in a penny hoarders favor. That plus my age and the math on how long it would take to sell out, I figured the timing was right for me to start back in but on the selling side this time...

[horgad]

Oh and for the record my biggest gainer to date was a circa 1960's greased die, strike-through error. Bought for 1 cent and sold for $18.00. I got another penny (large cud error) that in theory is worth like 4X that, but I have not managed to sell it as yet. Those finds were from way back when I was starting out and hand-sorting. Thus, only a tiny fraction of my hoard was searched for errors.

[TheJonasCollegeFund]

Oh and for the record my biggest gainer to date was a circa 1960's greased die, strike-through error. Bought for 1 cent and sold for $18.00. I got another penny (large cud error) that in theory is worth like 4X that, but I have not managed to sell it as yet. Those finds were from way back when I was starting out and hand-sorting. Thus, only a tiny fraction of my hoard was searched for errors.

Let's see the CUD!

[horgad]

There is a site that keeps a list of known cuds. I sent in images of the best of ones that I found and a least one was added to the list (including the one seen below). For those that don't know, a cud happens when a coin is stamped with a chipped die. The edge of the die fractures from the repeated stress of stamping and a small piece of the die flakes off. As result a part near the edge of a coin is not properly pressed/stamped and instead a blob of metal is left in the shape of the chip. Once it is noticed the die is replaced...

http://cuds-on-coins.com

[everything]

We don't hear much about the penny, we hear more about shunning people who pay cash vs. CC/Debit, etc.
In the news, and kind of interesting really as Philadelphia had a problem with stores moving towards cashless.
https://www.cbsnews.com/news/amazon-thr ... ss-stores/

One day for sure!, all other countries have, and rounding is so easy. So easy, more and more retailers will round. Many still don't, but like market vendors, they all round, some even to the dime, not using nickels or pennies. I was at the store the other day, and my total was something.58, and the cashier said I've got the 8 cents!

Copper would really have to go up in price, melt ban lifted, then have a big melt. Eventually, but still, they made so many of these late model pennies. And, the wheats, what would it take to send those to melt, or are they permanently hoarded. Maybe even the price of zinc would lead to it's demise who knows what decision or reasoning eventually turns the tide.

As long as U.S. government can operate in the red why change.

[horgad]

Yeah I did a little googling. It looks like the latest attempts have gone to die in committee.

circa 2017 (Senate, but was also introduced in the house)
https://www.congress.gov/bill/115th-con ... e-bill/759

[everything]

Words out, they are going to stop minting the penny. The special pennies they are making this year is the last of them.
https://www.coinnews.net/2019/03/06/thr ... oint-mint/

https://cashmoneylife.com/us-mint-cease ... roduction/

[Cu Penny Hoarder]

Words out, they are going to stop minting the penny. The special pennies they are making this year is the last of them.

https://cashmoneylife.com/us-mint-cease ... roduction/

Do you realize that article is an April Fools day joke?

One day the US (like Canada) will decommission the penny. I have about 3000lbs of pre-1983 US coppers, 500lbs Wheaties and multiple boxes of pennies with the new reverse design. Not worth much now, but in 20-30 years from now (???). I view it as supplemental retirement savings.

I also predict US nickels will be decommissioned at some point, but that is much further down the road.

[JadeDragon]

In Canada we killed the penny but we never saw a big organized melt. I've not asked the scrap yard about taking in bags of obsolete pennies in a long time. When the penny was freshly dead I asked and got some uninformed answer about not taking in money. It is not like people try to scrap copper pennies every week (or ever) so they have no idea.

[horgad]

Back before it was illegal I talked to a scrap buyer here in the US and he was very interested. I was surprised at how much he knew and understood about the whole thing. But I imagine that is very hit or miss.

I'm surprised there wasn't a melt of the Canadian penny organized by the government. Historically governments acquire the bulk of "obsoleted" coins by exchanging them with something worth less (like paper bills) and then they quietly melt the "obsoleted" coins.

[JobIII]

"Where ya been?" Short answer: I went back to being a corporate whore, and focusing on my day job....

No shame in this. Also where is lol reaction button?

[JadeDragon]

Back before it was illegal I talked to a scrap buyer here in the US and he was very interested. I was surprised at how much he knew and understood about the whole thing. But I imagine that is very hit or miss.

I'm surprised there wasn't a melt of the Canadian penny organized by the government. Historically governments acquire the bulk of "obsoleted" coins by exchanging them with something worth less (like paper bills) and then they quietly melt the "obsoleted" coins.

Absolutely the Canadian Govt was melting copper pennies long before they stopped making steel pennies. Called the "Alloy recovery program". When pennies were withdrawn the big banks all had $25 plastic bags they were filling to a preprinted line. Not a lot of care went into counting the pennies in many banks. The banks are still not allowed to sell pennies they take in, they still bag them and ship them off for destruction. I know people still turn them in regularly as I see penny bags on the back counter behind tellers sometimes. I even dump non Copper pennies in the CU coin counters as I find them, like when clearing out storage lockers.