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Copper ends the week with a loss at 3.833/lb. but hold onto your pennies because a copper shortage is predicted for 2011.
---------------billy
---------------billy
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Have to ask....why do you re-wrap them if ye intend to sell them by weight for melt value?I can unwrap, separate copper from non, and re-wrap about 330 cents per hour
hagsComment
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Originally posted by hags View Post
Hags,
Good question. I don't think most scrap yards are buying copper pennies at least they're not advertising that they do. The prices they pay for copper pipe, wire etc. is maybe 50% of melt value so that would leave me at a break even point. The eventual buyers will probably be coin dealers as it is for silver coin. As the price of copper increases, the dealers will pay so much above face value such as they do for silver. I made a good buy of silver coin at 8X face less than 18 months ago. Now it is selling for 21X. When copper reaches maybe 5X you'll start seeing advertisements. The rolls are just an easy way to store and count the number. Also 3 rolls of cents(150) are roughly a pound, actually it is 146/ pound.
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They have a face value of around $1500 but at todays melt value of .0256248 per cent that's $3875.20 worth of pennies.So you'll need copper to be at $7 or $8 a pound to realize your pennies "value" of $3875.20? Is it roughly half what dealers will pay above face value?As the price of copper increases, the dealers will pay so much above face value such as they do for silver.
hagsComment
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Hags,
I don't doubt that copper will reach $8-9/lb. I just don't know how long it will take. The idea that a person can obtain any metal at less than 50% of melt value is intriguing. With silver, it seems as though the higher silver goes, demand increases and the amounts paid get closer and closer to actual melt value. This is what I'm hoping eventually happens with copper. Since I've got all my copper at more than a 50% discount I'd also sell for more than a little below market value. If you check melt value for silver at coinflation.com then compare to prices realized on e-bay you'll see very little difference, <10%. I'll just hold for now and try to figure out how to get some cheap silver.
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I have to agree with you billy.......
I see certain year wheat pennies are worth more then others....you been sellin' any of them on Ebay?....I had a 1914, but it wasn't a D mint.... I sold it for $30 to the local coin dealer.....not sure what makes certain ones so rare?...I've been told a 1914 wheat with a D mint is worth $300.....
hagsComment
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Hags,Originally posted by hags View Post
Condition is everything. I've got a 1914-D. It's worth about $200. Depending upon condition the price range is from a few $$ to thousands per cent. The 14-d is the 3rd rarest , however a 31-s of which about 1/3rd fewer were minted, is worth $100 in much better condition than the 14-d. From 1934 on, most can be obtained in like new shape for not much money. Even the common ones from 1909-1933 are worth a few bucks each if in above average condition. The common wheat back cent is worth about 5 cents. Rolls sell for 2.50 on e-bay. I've never sold them on e-bay but someone contacted me knowing that I bought a collection on e-bay and bought a near perfect 15-s from me for $300, quite a profit. The 15-s is the 11th rarest cent.
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Finally have retired from the copper acquiring business with 1051 pounds. current copper market is 4.18/lb or 2.8675 cents per.
Have started plan to obtain cheap silver. So far have only 9.00 worth. Will report on progress. It will take me about a month to see if this scheme works. It's completely legal, ethical, etc.
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Originally posted by riverbabe View Post
But, River, copper could collapse tomorrow. Also, since the news came out
I've been befriended by scores of women on Facebook, and Beth married me when copper was just pennies to the pound so, alas I cannot marry unless I convert to Polygamous Mormonry.
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cornering copper?
billy, just heard on CNBC that one trader was cornering the copper market. Googled it and, lo and behold! You picked a great time to cash in!
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River,Originally posted by riverbabe View Post
You could get me in all kinds of trouble!
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roflmao!!! Worse than the rolling pin. Really funny. Thanks for the laugh.Originally posted by billyjoe View PostRiver,
You could get me in all kinds of trouble!
--------------billyComment
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Originally posted by billyjoe View Post
Had to do an audit of my copper and found a tiny error. Final count is 3111 rolls or 155,550 pennies adding up to 1012 pounds pure copper since each cent is 95% copper. Current copper price is 4.26/pound so melted down I've got $4311 but I'll sell for $3111 or just $1 a roll but I wont pay for shipping. Hurry, this offer expires when copper goes up in price.
My cheap silver scheme was to find 35% silver nickels minted during the war years 1942-1945. They currently are worth 2.19 each. After searching 181,400 nickels I found 105 of them for a ratio of 1/1728. I've calculated it's not worth the effort. Also the bank ladies don't like getting the heavy nickel boxes out of the vault. One dropped a box on her foot.
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