Let me make sure I understand this........

[camtender]

So 147 pennies is a pound of copper (or 95%), copper is at $4.10 a pound.................................$1.47 = $4.10??????????????????????

When will the light bulb come one with the common person.....................

[CardsNCoins]

Taking into account that one penny is only 95% copper means that it actually takes 155 (154.737) pennies to get a pound of copper, but yeah, you have it right.

[Corsair]

That's right. But if you take that $1.47 in pennies and turn it into $4.10 in copper, that'll also cost you around five to ten years of your life and up to $250,000.

[Rodebaugh]

That's right. But if you take that $1.47 in pennies and turn it into $4.10 in copper, that'll also cost you around five to ten years of your life and up to $250,000.

You say, "So what are you in for?" to your new cell mate.

He replys, "I shot a man that was sleaping with my wife...then I took care of her"

The rough scar covered thug goes on to ask, "How about you?"

you: "melting pennies"

Cellmate, "man you are one twisted mother"

[HPMBTT]

Haha....I had to laugh. Hopefully, he doesn't turn out to be Bubba who is desperate and lookin for some fun.

Anyway....it's really hard to say if the Goobermint will lift the melt ban on pennies/nickels and when. I always thought that the Goobermint made lots of coin right before there was a major change in metal composition and/or a melt ban is lifted or enforced. Example...with the 64/65 silver change, you will notice they made a lot of new coin right before and after. Same goes for the copper/zinc change in 1982; just look at the large numbers of pennies that were made for the transition. But when you look at the present-day amount of newly minted Lincoln 2010 coins through October (updated on mintnewsblog), there doesn't appear to be any larger increase of coins minted to compensate for either the change in metal (if any) or the outright elimination of the penny (or nickel, for that matter). Also, the recent news passed last week in the Senate indicates that they are looking at doing a survey/study with the idea for potential FUTURE changes in metal composition in 1-2 years, but nothing in the immediate future.

So....it's hard to say. We'll see what happens. If they change the metal composition for the penny, I wouldn't understand why, as it's already crap zinc and worthless from a melt point-of-view. BUT....if they debase the metal in the nickel, then yes, I could see the public do a small hoarding of nickels (also mentioned in Survivalblog), just like there was in 1965. I don't know if there was a hoarding after 1982 for the copper penny (I don't think so).

I do NOT think there will be an outright elimination of the penny or the nickel.

[fb101]

Copper ETFs will raise public awareness which will lead to more sorting/hoarding which will lead to the copper being driven out faster which will lead to a sooner end to the melt ban.

[TXBullion]

So 147 pennies is a pound of copper (or 95%), copper is at $4.10 a pound.................................$1.47 = $4.10??????????????????????

When will the light bulb come one with the common person.....................

I thought we were supposed to save the zinc ones because they are shiner......

[uthminsta]

I thought we were supposed to save the zinc ones because they are shiner......

Absolutely.