O/T The worth of a penny???

old · Jul 28, 2012

Ok so went tot town today and was talking to a couple guys and the one was saying there are guys out there buying up as many penny's the old copper ones as they can and then melting them down and selling them as scrap copper and making a mint doing so. The one guy said they are worth 3 cents each so that is a 2/3s return on every buck you would buy. But isn't it illegal to deface money???
Just another sort of funny thing you hear now days I guess

keh · Jul 28, 2012

It's illegal, has been done years ago. One reason the government went to these copper plated pennies.

KEH

paul · Jul 28, 2012

Not much copper left in a newer penny, so don't think that is a smart idea.

Also heard 1.2 cents per penny, can't see it being worth 3 cents?

--->Paul

Angle Iron · Jul 28, 2012

Google search says 181 pennies per pound on pre 1982 penny that is 95% copper. So in the first place finding ones that are that old is a problem as would the cost to melt them down would be another. Then there is the legal side of it. What is clean copper selling for these days.
Angle Iron

Jim in michigan · Jul 28, 2012

this site shows the current melt value of coins, penny is 2 cents as of today
coins melt value

rustred · Jul 28, 2012

well they just eliminated our pennies cause it cost 1.5 cents to make one. they were just a useless thing anyhow.

Dave Sherburne NY · Jul 28, 2012

Death to pennies
Death to pennies

Anonymous-0 · Jul 29, 2012

I say, keep the penny, and ditch about 75% of big government!

old · Jul 29, 2012

75% shoot that would be the 25% that are the problems. LOL. I say keep the Constitution but from there get rid of every other person this year and then the other half next year and never let any one person stay in office more then one term and then to run for another office they have to sit out for 2 terms

Chris Jones · Jul 29, 2012

I think someone hit the nail on the head when they noted the cost to melt them down.

Around here someone stole a lot of bronze and copper flower vases from a cemetery lately. Now if I was that guy I would have to ask myself:
1. Is it worth it to commit a crime that could have significant consequences?
2. How likely is it the scrap yard will think its strange that I'm trying to sell them 137 bronze vases? It's going to make the news and they'll surely figure out where I got them.
3. How long will it take me to pull them all up and load them? Time I might be seen.
4. If I melt them down before selling them isn't that going to look odd scrapping a block of bronze? How much would it cost in fuel to melt them?
5. How much will I spend in gas hauling all these around?

For all they spend committing the crime they can't actually make much per hour and to commit a crime. They must just need their next crack fix and figure if they get caught they get the bonus of a cot and 3 square meals for a few months.

O/T The worth of a penny???

old

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keh

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paul

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Angle Iron

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Jim in michigan

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rustred

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Dave Sherburne NY

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Anonymous-0

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old

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Chris Jones

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