Pennies by the pound?

[Hawkeye]

I know that some people buy pennies by the pound, and was wondering what a fair price is. I know the actual amount depends of the ratio of copper to zinc, but overall, what would be a fair price to offer someone for a bunch of pennies?

[misteroman]

well there are approx 150 copper pennies per pound and 180 zinc per pound. If there is a 25% ratio in your area that's 37.5 coppers and 135 zincs in there or about 172.5 per pound so just go from there. I tell people 1.50per pound I pay. If they're all copper better yet. If they're all zinc that's ok too

[justoneguy]

$1.60 a pound seems to be the going offer to buy rate on craigslist.

[Hawkeye]

Thanks, that's about what I figured. Last night I bought 11.5 lbs for 19.00, which works out to $1.65/lb, but that's fine because it was my cousin (who is also a good friend). I wanted to give him a fair price. I actually offered him 1.70, but we played around with the scale for a while and he said 1.65. Anybody else, I'd probably go 1.60 (or maybe even try for 1.50-1.55).

[mcsusanquilts]

I would only pay face value. If someone is desperate enough to need cash; they would accept the offer. Unless that person is a hoarder also. Then you will have difficulty. I know a hoarder that hoards wheat pennies. She has over 10000. She will not part with them.

[Hawkeye]

That seems to be what I've found in my limited experience. The people who have massive amounts of old pennies have at least a little "hoarder blood" in them. My uncle has a small barrel full of them that he's been saving for probably 30+ years, but he has no intention of getting rid of them.

[harley1]

i would say the most solid number on average per pound is 147

[misteroman]

^^^^ yes if they were all copper