Derek.Sheriff wrote:Is it even legal to do this in the US?
Derek.Sheriff wrote:Apologies Highroller,
I should have done a quick search. Sounds like there are no restrictions. Since I have the time and want to know myself, l'll call a few scrap yards in my area and just ask them straight up. Seems like the ideal situation might be to get someone who owns a scrap yard interested in our "hobby" and/or create some kind of "buzz" in the scrap metal industry about these strange people who have contacted them about wanting to "scrap" their Canadian coins.
Derek.Sheriff wrote:After calling about 6 scrap yards in the Phoenix valley, one of them said they would accept them at their normal rate of $2.50 a pound. I had her double check with the owner and called her back 10 minutes later. She said that according to the owner, he knows of no law prohibiting it and would therefore like to do business.
Anyone have a handy calculator to figure out how much $2.50 a pound works out to per coin?
Derek.Sheriff wrote:given that copper is hovering around $4.30 lb right now, that was my impression -- very low! However, I was a little bit elated to finally talk to someone who would accept them as scrap. But here's another thought I had...If there is absolutely nothing illegal about melting or scraping Canadian coins (hope that is for sure), then why not melt them down ourselves into copper bars oneself and sell them on eBay (where people pay way too much for them) or mechanically transform them into something that any scrap yard would buy and have no issues with and pay top dollar for?
Derek.Sheriff wrote:BTW, is it legal for Canadians to export their copper pennies to the US? And is it legal for us to import them? I've already found a few Canadian eBay sellers who will. Not sure they're offering it at a reasonable price or not though.
highroller4321 wrote:Derek.Sheriff wrote:After calling about 6 scrap yards in the Phoenix valley, one of them said they would accept them at their normal rate of $2.50 a pound. I had her double check with the owner and called her back 10 minutes later. She said that according to the owner, he knows of no law prohibiting it and would therefore like to do business.
Anyone have a handy calculator to figure out how much $2.50 a pound works out to per coin?
$2.50 a lb is extremly low!! It should be near $3.60ISH There have been a ton of numbers thrown out there but the average mix seems to be $1.74 Ca copper pennies to 1 lb.
(http://www.scrapcopperprices.net/types- ... opper.html)No. 2 Copper wire nodules provide a 97% minimum copper content in the re-melt recovery rate. This category consists of No. 2 copper wire nodules that are unalloyed and are from a shredding or chopping operation.
frugalcanuck wrote:I know a business that would deffinately melt American coins here in Canada. Ill bring it up and see how much it would cost to melt.
Return to Copper Penny Bullion Investing
Users browsing this forum: No registered users and 10 guests