It pays to save your pennies

[Richard Cranium]

 

[HT413]

Seems he never heard of inflation. Those first pennies he collected in 1970 lost 85% of their value by time he cashed them in.

 

[Cranky]

Seems he never heard of inflation. Those first pennies he collected in 1970 lost 85% of their value by time he cashed them in.

Better than throwing them at people

 

[conv67bdere]

Some of those wheat pennies could be worth more than just the $0.01 cent . . .

 

[Richard Cranium]

Some of those wheat pennies could be worth more than just the $0.01 cent . . .

True, but good luck separating them, looking each one's value up and then selling them.

 

[Cranky]

All Wheat Pennies are worth more than their face value of .01 cent. A good rule of thumb is that they are worth at least 3 or 4 cents even in poor condition, but those in good condition (not including special years) are worth at least double digit dollars ($10 or more) when purchased or sold in MS-63 condition.

http://cointrackers.com/wheat-pennies/

 

[biomedtechguy]

I would think the copper may be worth more than .01 each??

 

[JB400]

The copper alone is, but it's illegal to deface currency

 

[biomedtechguy]

it's illegal to deface currency

I had better get rid of my souvenir pressed penny collection...
https://www.elongatedcoin.com/

 

[dartforforty]

The copper alone is, but it's illegal to deface currency

How are these places that buy gold and silver be allowed to buy and sell silver coins for scrap silver value?

 

[ws23jrt]

True, but good luck separating them, looking each one's value up and then selling them.

That as my first thought. --Maybe passing them over a strong magnet could at least find the steel ones from 1943 and 1944?
Unfortunately, a -copper penny- from 1943 would not be picked up by a magnet.--It could be worth $10,000.

 

[Fran Blacker]

That as my first thought. --Maybe passing them over a strong magnet could at least find the steel ones from 1943 and 1944?
Unfortunately, a -copper penny- from 1943 would not be picked up by a magnet.--It could be worth $10,000.

Friend of mine use to copper plate them and put them circulation.
Years later at another we were talking about collecting coins. Steel pennies came up. His mother said she had a 1943 copper penny. I commented that it might be copper plated. So she brings it out and she got a magnet, it was the real thing magnet didn't move it. Don't know what they did with it. Got about 50 steel pennies in a tube.

 

[ws23jrt]

Friend of mine use to copper plate them and put them circulation.

Offhand that seems odd. How can that be worthwhile to do?
BTW the steel pennies were zinc plated to keep them from rusting.

 

[Fran Blacker]

Offhand that seems odd. How can that be worthwhile to do?
BTW the steel pennies were zinc plated to keep them from rusting.

Father had a machine and he had copper sulfate. I saw the result, believe you'd put the penny in for a few hours. We were 12 years old did have to make cents, .

 

[33 IMP]

What struck me was I thought he was stupid. The govt offered $125 for $100 in pennies just to get guys like him to turn them in. There was a copper shortage and it costs more than a penny to make a penny. His $4,000 in pennies was worth five grand. Even if he didn't want to look for valuable coins, at least he could have made some money.

 

[Fran Blacker]

Wheat pennies were 95% copper 5% zinc, new ones are plated zinc.

 

[vintage chromoly]

Pennies are mostly steel.

Melting them is not an option, even if it was legal

 

[33 IMP]

Wheat pennies were 95% copper 5% zinc, new ones are plated zinc.

And it still costs more than a penny to make a penny. That's why there is a "ban the penny" movement.

 

[ws23jrt]

Pennies are mostly steel.

Melting them is not an option, even if it was legal

This is not true. They are primarily zinc.

BTW melting down any metal item will not yield a value even close to offsetting the initial cost of fabrication of the item.

 

[vintage chromoly]

I stand corrected.
Either way, you cannot melt them for copper scrap.

This is not true. They are primarily zinc.