7 reasons not to buy copper pennies

[hobo finds]

http://www.scrapmetaljunkie.com/

He is a member here just has not posted in some time...

[tinhorn]

A better title would have been Why You Shouldn't Sell Copper Bullion Coins As Scrap Metal. If he thinks you can buy copper pipe at Home Depot for melt price, he hasn't been to my local Home Depot. I'd type more but I have to package some 10-pound units of coins for my eBay customers who paid $32 to $36 for them.

[penny pretty]

nice site though! Where I work they put the old computers in a box and call someone to haul away, but any of us can take. Ill have to read some articles, seems informative!

[wheeler_dealer]

Oops.

[barrytrot]

A better title would have been Why You Shouldn't Sell Copper Bullion Coins As Scrap Metal. If he thinks you can buy copper pipe at Home Depot for melt price, he hasn't been to my local Home Depot. I'd type more but I have to package some 10-pound units of coins for my eBay customers who paid $32 to $36 for them.

That was my exact impression: Apparently if you think that scrap metal is the end-all-be-all of metal then copper cents aren't for you.

[bazmonkey]

So all he's really saying is that paying for pre-sorted cents is silly because people sometimes pay too much?

Fair enough, but that's a big article for a wee little point.

[avidbrandy]

Correct me if I'm wrong, but I thought before the melt ban scraps yards just gave you the scrap copper price.

[thripp]

It was always less than scrap copper price -- if you read the Pincher Processing story it says he only got 85% of melt value since the smelters didn't like how the zinc burned off while smelting them, or something like that.

[reddirtcoins]

....and just think... 85%... (1.8fv) One day baby, one day!

[hobo finds]

I think you would get #2 copper price for them, not spot copper price

[wagsthadog]

Hi all-

It's an informative post, and actually pro-copper cent...just don't BUY them above face- you need to get them, uh, some other way.....

wags

[jldco]

"If you are sorting copper pennies, more power too you! I am as well! But, I have seen some people buy them for more then scrap price. Don’t be that person. Firstly, you shouldn’t be buying copper pennies from anyplace but the bank. Secondly, when you realize that you could have just bought scrap copper , you will feel like a fool."

"Honey, would you rather I buy money and stack it in the closet, or buy junk and fill up the garage and back yard with it?... I know, but this guy has a junk website and he said buying these pennies is stupid and I should buy street rubbish instead... I know, but now I feel like such a fool"

There was some good stuff about common misconceptions, but give me a break... Buying copper pipe and wire would be more of a "blind item" to many of us than copper coins. You can't fix stupid.... a fool and his money are soon parted... and the list goes on; take your choice. People pay too much for all things everyday. I guess since he's not selling copper pennies, it's easy to say its foolish to buy them... Sounds a little selfserving to me. Just like it's little self serving that I do sell them and I find his position a little disagreable...

[John_doe]

http://www.scrapmetaljunkie.com/

He is a member here just has not posted in some time...

so does this mean he wants to sell at face, if so have him send me a pm.


get all those pesky worthless coins out of his way.

[John_doe]

....and just think... 85%... (1.8fv) One day baby, one day!

from the reports I have read we are past peak production, and china is increasing consumption by double over the next 5-10 years.

[John_doe]

If the dollar was going to crash tomorrow I would like to have cents just as much as anything out there. The liquidity would be great, not to mention their purchasing power would go through the roof.

I'm sure some of the brics countries would be happy to take that copper off your hands for such a cheap price also. I bet they would pay melt for them.


As for people not buying because they are circulating, that is their option. Sorting is a lot of work, and is quite time consuming. I do not sell coppers, and will not until china lays the smack down on the market.

You can give 7 reasons to not buy them, most can give a hundred or more to buy them.

I'll stick to my guns.

[scyther]

If the dollar was going to crash tomorrow I would like to have cents just as much as anything out there. The liquidity would be great, not to mention their purchasing power would go through the roof.

? If the dollar crashed, the "bottom" provided by their legal tender status would become meaningless. And since copper is overwhelmingly an industrial metal and not a precious metal, the copper price would probably also fall in an economic crisis. So I think the purchasing power would actually decrease a lot.

[barrytrot]

If the dollar was going to crash tomorrow I would like to have cents just as much as anything out there. The liquidity would be great, not to mention their purchasing power would go through the roof.

? If the dollar crashed, the "bottom" provided by their legal tender status would become meaningless. And since copper is overwhelmingly an industrial metal and not a precious metal, the copper price would probably also fall in an economic crisis. So I think the purchasing power would actually decrease a lot.

The dollar crashing doesn't eliminate commerce It probably jump starts it within a few months actually. China is building-building-building. Copper isn't going down substantially, especially if the dollar was worth 10% as much.

[John_doe]

If the dollar was going to crash tomorrow I would like to have cents just as much as anything out there. The liquidity would be great, not to mention their purchasing power would go through the roof.

? If the dollar crashed, the "bottom" provided by their legal tender status would become meaningless. And since copper is overwhelmingly an industrial metal and not a precious metal, the copper price would probably also fall in an economic crisis. So I think the purchasing power would actually decrease a lot.

People will look for a cheap means to barter. More people can afford copper than gold or silver. Hence my liquidity arguement. If it is widely traded I doubt the value will drop, not to mention increasing world demand with decreasing supply and mining capacity as stated in the post above.