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A Copper Penny Hit 3 Cents Today In Melt Value


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  • The title was changed to A Copper Penny Hit 3 Cents Today In Melt Value

Hey Dances, I wonder how many persons are willing to pay 3c per copper penny right now? 

Since a US penny is legal tender, I doubt any metal scrapping business would accept US pennies....I’ve got about 30,000 common wheat pennies (all detected coins). One of my buddies was selling his wheat pennies on another detecting forum (1000 pennies + a semi key date wheat included)...he was getting 3 cents a coin a year or two ago selling them this way.

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A friend use them for washers to hold tin down on a goat shed. It’s cheaper than buying washers in a hardware store.

 It’s been for years that it cost more to make them than they worth.

 Chuck 

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1 hour ago, Dances With Doves said:

ou can't scrap them yet

Yes you can if you first put them on the railroad tracks and wait for the train go by. They have taken almost $30.00 worth just last month. They were in very bad condition before reshaping them for the scrap yard.

 

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6 hours ago, Valens Legacy said:

Yes you can if you first put them on the railroad tracks and wait for the train go by. They have taken almost $30.00 worth just last month. They were in very bad condition before reshaping them for the scrap yard.

Around where I live it's illegal (trespassing) to even step onto railroad property or right-of-way (except at crossings).  An acquaintance who is a photographer (also a detectorist) said in his town the RR has charged people with traspassing just for showing a photograph (I think on Facebook) of a railroad track that was taken while standing on the RR right-of-way.

Another "Big Brother Is Watching" thing to look out for.  Maybe not every RR company is this zealous, but I've heard for years they don't like people putting anything on the tracks.

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Copper pennies aren't all copper though so melt value would be probably considered scrap at the fraction of their face value. Also not legal to melt coins.

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2 hours ago, kac said:

Copper pennies aren't all copper though so melt value would be probably considered scrap at the fraction of their face value. Also not legal to melt coins.

Also the cost of converting 95% copper pennies to 100% copper ingots must be folded into the value, as well as profit margin for the smelter.  But after all that there is still a premium for the possessor.

The legality is a separate (but concrete) issue.  It goes along with the finders-keepers and antiquity laws discussions/threads.  IMO it's the least logically defendable law of the three given it serves no purpose other than to maximize the circulation of a worthless denominational coin.

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