How much would you pay for unsorted pennies?

[Derek.Sheriff]

Obviously the numbers are going to vary depending on the ratio of coppers to zincs, but has anyone done some experimeting to get some numbers on some kind of average weight range for unsorted pennies?

How much would you pay per pound for them if you wanted to buy someone's big jar or a whole bunch of unsorted rolls?

[Morsecode]

If I were buying in my particular area, I would already know from sorting (and Country's tireless stats) that my cu percentage is around 26%, and I would formulate an offer based on that. Subject to previewing a sample of the coins, of course.

[scyther]

If I were going to buy someone's big jar of pennies, I'd offer face value. And I wouldn't feel bad about it. It's not like it's silver. Most people couldn't care less if some of their pennies are theoretically worth 2 cents each, especially considering they're illegal to melt.

[ScottyTX]

If I were going to buy someone's big jar of pennies, I'd offer face value. And I wouldn't feel bad about it. It's not like it's silver. Most people couldn't care less if some of their pennies are theoretically worth 2 cents each, especially considering they're illegal to melt.

I beleive he is refering to how to come up with a close estimate as to the actual face value according to weight and not having to actually count them out...I would caution on the low side to be safe. Someone should pop in here in a bit to offer a fair estimate per pound as this topic has come up a few times in the past... Good luck!!

[Morsecode]

If I were going to buy someone's big jar of pennies, I'd offer face value. And I wouldn't feel bad about it. It's not like it's silver. Most people couldn't care less if some of their pennies are theoretically worth 2 cents each, especially considering they're illegal to melt.

Good point...

[deacon]

You have to guess the amount of copper in the lot. I assume you pay 1.4 cents per assumed copper cent. I didn't double check my math.

[dakota1955]

face value for me unless I would a bunch of wheats

[Rob72830]

Face value after running through a coin counter unless they were already rolled. Since I am going to have to run them through the sorter anyway the coppers are going to be worth exactly 1 cent to me. Just like getting boxes at the bank. Now if it was an old hoard more than 5 or 10 years old I would weigh them then make an offer. I would also tare my container so I am only weighing the coins.

[fasteddy]

I have bought jars and boxes by weight...i start low and never go over 1.75 a pound...ok once i did 2 bucks in my early days...lost money. You gotta look at the coin and get a little history...sample count doesn't hurt either.

[Shifty51]

Not to get too technical but...

Weight of pennies in lbs. x 453.59 (# of grams in a pound) = Total grams of all pennies
Total grams of all pennies x your copper percentage = Total grams of copper cents
Total grams of all pennies - Total grams of copper cents = Total grams of zinc cents
Total grams of copper / 3.11 = Total # of copper cents
Total grams of zinc / 2.5 - Total # of zinc cents
Total # of copper cents x .01 = Face value of copper cents
Total # of zinc cents x .01 = Face value of zinc cents
Face value of copper cents + Face value of zinc cents = Total Face Value / Fair Price

Example: You want to buy 10 lbs of pennies and you believe %18 of them are copper

10 x 453.59 = 4,535.9
4,535.9 x %18 = 816.462
4535.9 - 816.462 = 3,719.438
816.462 / 3.11 = 262.53
3,719.438 / 2.5 = 1487.78
262.53 x .01 = $2.63
1487.78 x .01 = $14.88
$14.88 + $2.63 = $17.51

This will get you close to a fair face value price.

I've calculated everything from 1 lbs of pennies at %1 copper to 20 lbs at %30 copper and everything in between and fasteddy's # of $1.75 per pound is pretty spot on. (Nice work eddy!!! Old pro!!) $1.75/lb. is going to get you pretty close to within a dollar of face value, (sometimes higher, sometimes lower) regardless of what the percentage is. Keep in mind that as the % of copper gets higher (upwards of %30), the amount you're going to lose using the $1.75/lb. formula is going to increase. (Coppers weigh more than zincs therefore the higher the % of copper, the fewer cents there are making up the total weight) If you look at a pile of cents and it looks like there is a lot of copper, you may want to back off that $1.75/lb. a few cents....Or bump it up, it can be looked at from both ways i suppose...Like fasteddy said, take a look at the cents. If it looks like a typical mix, you can't go too wrong with the $1.75/lb. formula.

Disclaimer: Shifty51 is not responsible for overpayment on unsorted pennies or any financial loss associated with the use of this system...