selling canadian copper pennies

[ahakh]

Hey
I wanted to know if anyone knows any Scrap metal place in Canada or close to the border that would take Canadian pennies for the copper weight?...just trying to make some quick cash for school expenses.

[didou]

It's actually illegal to melt Canadian penny in Canada, so i don't think scrap yards will take your penny for now. The penny will need to be removed from circulation and loose it's legal tender status before we can consider removing the melt ban on them.

It's also illegal to export them with the purpose of melting. And with the price of Canada post shipping you probably make no profit at all even if you try.

Sadly at this point i don't think it's possible to make any profit from Canadian copper penny unless the buyer live next door. The cost of shipping in Canada is so high that you will loose all profit from it. From research i have made, you need to sell your copper at over 2x face value to break even and get the same amount you will get from bank, no profit at all. Currently it's selling at around 1.3-1.7x face shipped from what i've seen here, possible only in the US where shipping cost is much lower than here.

Canadian copper penny are for long term investment and there is no way it can profit now unless the buyer is very close to you and you can deliver them yourself.

You can try ebay or in the market section here to find a buyer, but as i said, i don't think it's worth anything now. If you need money right now you're probably better dumping these copper coins to the nearest bank.

[frugalcanuck]

it all depends on where you live... how close to the US boarder / US postal service. I think Canadian pennies useuall go for a bit higher than US copper cents on here.

It is illegal to melt them. I think they are better off as government approved copper disks than scrap copper. You will never get melt value at a scrap yard anyways.

[TXBullion]

I would think if you were close to the border, load up, drive to the us and use the FRB to ship a couple tons

[JadeDragon]

Selling in Canada is problematic due to high shipping costs. Driving them across the border and shipping makes good sense. The other responses nailed it.

[ahakh]

Thanks for you input guys.
Im Toronto which is about 2.5 hours from the border. Maybe getting a buyer in buffalo, or shipping them with the Flat rate us postal would work best once Im in the states.

[highroller4321]

How much are you looking to unload? I am sure someone here would make it worth your trip.

[copperpennies]

You could call around to scrapyards in the states, I'm not positive but I don't think it is illegal to melt them in the states so I don't see why a scrap yard would not take them.

[didou]

You could call around to scrapyards in the states, I'm not positive but I don't think it is illegal to melt them in the states so I don't see why a scrap yard would not take them.

Is legal to melt Canadian penny in the USA but it is illegal to export them with the intend of melting them. Destroy coins or paper money on purpose can be a really costly penalty.

Good luck proving that to a judge if you are caught at the border with a bunch of penny box in the truck and a list of scrapyards number on the notebook on the helper seat.

Better to see a lawyer, sell only your numismatic coins to the USA or rethink the whole thing.

Beside melting bullion doesn't make a lot of sense, that topic already been discussed a lot here.

[Copper]

I buy CU cents, How much do you have for sale? I will be at the Person Int. Airport on Mon. Nov 15...mabye we could work something out.