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Those pre 1981 pennies


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Can anyone tell me where you can sell or where you turn in those pre 1981 pennies at? If they are worth almost 2 cents.........I'd sure like to know where to sell them!

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If I'm not too far off base, I think the value of the pre 1981 pennies is based on the value of the copper they were built with...at least the memorial backed ones.....the wheat back cents (pre-1959) are worth more to collectors for mintage numbers, condition and more copper in them. The modern pennies are not worth the time or cost to make them. Feel free to correct me if my understanding is wrong.....

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Current law prohibits Melting. Yes they are worth more then face value. Sell them in lots for three for five times face value.

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Can anyone tell me where you can sell or where you turn in those pre 1981 pennies at? If they are worth almost 2 cents.........I'd sure like to know where to sell them!

Have you checked the scrap metal places and what they pay for #1 copper? I see on the web a high price would be $3.25/pound.

1 pound = 453.592 grams. A copper penny weighs 3 grams. You would have to have ~151 pennies to a pound. Even at the low in of $2.85/pound you would make money.

Food for thought!

Jim

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Current law prohibits Melting. Yes they are worth more then face value. Sell them in lots for three for five times face value.

What law?

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Yep it's illegal to melt, but if they don't catch you, it's not...lol But it's not illegal for the gov to melt...hmmm...go figure.

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Hi Mike,

The American pennies made from 1909 to 1982 were 95 percent copper, and 5 percent zinc, and weigh 3.11 grams. The only exception was the steel wartime penny made in 1943. Besides the fact that it is illegal to melt US coins, it is unnecessary to do that to sell them for their copper content. They are traded the same as any other commodity. Pre-1964 US coins are a good example: They are commonly traded like bullion, as is, by the bagful. It is a fact that they were 90 percent silver, so a 5 pound bag X .90 = 4.5 pounds of silver X today's spot price = the bullion value that is traded with. Pennies work the same way: 5 pounds X .95 X today's spot price. Simple.

Ben

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Another example. Go to the Provident Metals website. They are selling to investors 32+ pound bags of 5000 copper pennies, for $109.95 cash, more if credit. And a bag of pre-1964 silver coins with $100 face value for $1384.24. They are a common for of investment and trade.

Ben

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Copper along with gasoline is way down....... not a good sign with copper doing that which signals copper use for industry is way down

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Hi Joe,

You're right, not a good sign, but copper is still worth more than paper dollars or investments payable in dollars.

You can still smile because Washington says there's low unemployment, the recession is over, and were all making

a ton of money because the stock market is high.........

Yes, and the check is in the mail.........

Ben

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  • 1 month later...

I've been saving the copper Memorials for some time. No particular reason other than they gradually are getting rarer. I think I have 4 or 5 large pickle jars full. The ones I metal detect go into a separate jar. Most individual Memorials have little numismatic value. I just like collecting coins. Until the slots began discontinuing the use of actual coins, every three or four years my wife and I would go to Vegas with 40 or 50 pounds of nickels, dimes and quarters until they were all gone. Our saying was, "Happiness is not having to use an ATM in Vegas!"

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