if the melt ban was lifted tomorrow, would you sell pennies?

[TXBullion]

If you would, what price? Im not doing a poll as I'm sure people will have explanations that won't fit within the answers

[No82s]

I would think the only price you could get for them would be #2 copper. No I wouldn't sell yet.

[DirtyFingers]

If I could catch the wave early on, yes. Otherwise no, I would wait to sell or trade. And I would wait as long as it takes for the market to come back after the super hoarders initially flood the market. IF that's the way they approach the market.

I'm just not sure what kind of market it will be and what it will pay yet. Like PM's, I'll wait on copper as long as it takes.

[Rodebaugh]

Nope.....I would however be an aggressive buyer.

[68Camaro]

Nope - frankly, while "number 2 copper" may be all that the normal scrap yards would pay as part of a random batch of metal, they are worth far more than that.

a) as an intrinsic value coin, hard to beat - leave it alone, as is, if the US currency falls apart.

b) if available by the hundreds of tons, a business that could focus on refining or reusing only copper cents would clearly be able to pay a higher price than number 2 scrap, knowing that they have exactly 95% Cu and 5% Zn in their feedstock, with minimal impurities, and no other major contaminants.

c) I'll also note there is a "new" (not really sure how long it has been out) bullet alloy being advertised which is exactly copper cent alloy, 95% Cu and 5% zinc.

[ed_vantage17]

Depends on what I could get for them. If I could get...say 1.7X or better, you bet.

[baggerman]

Nope, I honestly think 5-10 years down the road they will likely be worth .05-.10 each. Then I will sell and if not I guess the grandkids will have a lot of pennies

[inflationhawk]

I would wait as well. They are not hurting anything by sitting where they are. The opportunity cost of having the money in a savings account in virtually nil. Over time, as inflation kicks up, that will change. When copper appreciates and I find better opportunities for return elsewhere, I'll start selling my pennies.

[anarchir]

I would try and sell them off quick during the rush of orders that people would want from hearing about this melt on the news. Then buy some more pennies from the bank and re-sort them with enthusiasm.

[Diggin4copper]

maybe I would sell a portion of the stack if the price was 3 or 4 cents each...

[wagsthadog]

Hi there-

I would probably sell most of my stash at about 4-5Xface, but I would keep a few hundred face as reserve in case it goes higher.

wags

[JerrySpringer]

Probably only sell the copper cents if I needed the money or just did not have room for storing the pennies. Point of having having hard, non-paper assets like copper and silver is to get some diversification and maybe a boosted yield on your money. I mean, who wants to put all their money in low yielding CDs or all into stocks? After all, it is kind of funny that people, aka our friends and family in particular, think it is kooky to set aside copper but a no-brainer to keep money in the bank earning 0.2% interest ?

[silverflake]

I would sell at 1.5 cents or higher and I would pick up my sorting to a more agressive level and sell as much as I could so that I could buy as much silver as I could right now.

[Lemon Thrower]

i would want 80% of melt if the melt ban was lifted.

[Kurr]

If I save money in a bank, I get one quarter to one half of 1% in interest. If I put it in coppers, I can get 30-40% over face when I sell.

If I put money in a savings/checking it is easy to get "swiped away" on the card. If I have to broker a deal and have to wait 3-5 days for both sides to clear to get my 30-40% "interest" I am more prone to spend wisely and guard savings more aggressivly.

If the dollar is revalued, as I understand it, As the value of the paper fiat goes south, so equally does the coinage value go north. i.e. if the doller is devalued at ten old to one new, the cent would go from .01 to .10

Also there is the "basement" theory. It is a tangible investment that if copper drops to 1.00 per ton, it is still worth face value, minimum. But if copper goes to 100.00 per pound, i would be delighted to trade some for another asset. It will never drop below face value and lose me my initial investment, providing a "basement".

Because of all the reasons, covering such a wide range of situations, I feel copper cents are a multi faceted shield/hedge and would never want to be completely without.

I'd never sell all, unless a once in a lifetime deal came along. Thats what copper cents are after all. A once in a very lucky lifetime deal.

[RichardPenny43]

After the ban is lifted there will be a huge wave of melting/sorting. Once 90% or so of the copper is out of circulation I think they will start to exceed melt value, thats when I'll consider selling.

[bman]

I don't have any copper pennies, or silver, or gold, or platinum....

[TXBullion]

I don't have any copper pennies, or silver, or gold, or platinum....

I'm in that boat too, just theorizing

[bman]

I forgot nickels, I don't have any of those either!

[m21221]

It's a lot of work to sell for anything less than 2x face value. Time is your friend.

[misteroman]

would have to get around 2x each here too.
Silver, by the time you did that and actually received the machine and got it set up and placed orders it probably be too late.
Remember You actually have to sell enough and profit from it just to pay for a machine.
Just like after the melt ban is lifted and the CU's are getting very low like Ni in Canada, all these $4-500 Ryedales will be worth $20 sadly

[barrytrot]

After the ban is lifted there will be a huge wave of melting/sorting. Once 90% or so of the copper is out of circulation I think they will start to exceed melt value, thats when I'll consider selling.

Based on historical precedence I have to strongly disagree.

90% has routinely sold below spot and still does and there is less of it all the time.

Copper cents will always sell for less than refined copper.

That's why the safe bet once they legalize melting is to get into the refining business. Buy cents for 80% of spot and sell the refined metal for 100%. All day long. That will be a great business to be in once that occurs!

[pennypanner]

I would sell at 1.5 cents or higher and I would pick up my sorting to a more agressive level and sell as much as I could so that I could buy as much silver as I could right now.

This is what I have been doing for the last 6 months.

[avidbrandy]

No I would probably learn to start smelting them into rounds due to having obtained all the cheap copper.