I estimate (roughly) that a dozen 5-gallon buckets means about a $5000 profit (about $.015 per penny). I seems like a lot of money, but what about the amount of time spent buying and sorting all those coins. I'm guessing it isn't a very high-paying job.
Good point! I suppose many people probably feel like they'll be worth more in the future, but if that's the case, why not buy copper directly?
I estimate (roughly) that a dozen 5-gallon buckets means about a $5000 profit (about $.015 per penny). I seems like a lot of money, but what about the amount of time spent buying and sorting all those coins. I'm guessing it isn't a very high-paying job.
true.. having to collect all the coins sort em out.. if you decide to melt em you need propane or some type of fuel.. some cement to make a foundry furnace (or buy one
). A lot of work for what its worth. To sell copper over here you need to show your ID and give a fingerprint but that rarely happens from what I am told.. and I think it only applies to copper wire and pipe not ingots. Then good luck finding a place that will give you a good price per pound. I have met a lot of people talking about doing this but have yet to hear one of them attempting it.
Why would you melt them? Just leave them in coin form and sell them that way, same as everyone does with silver and gold coins.
currently a copper penny is worth.. a penny.
145 pennies is roughly a pound (could be wrong just googled it)
thats $1.45
1lb of copper on kitco says 3.70.
the copper its made from is worth more than the penny.
as far as I know most scrap yards are not going to accept a bucket full of pennies but who knows.
if your talking about the collector aspect to it then ya keep em.
who knows copper pennies could be the next rare american eagle coin (highly doubtful with the amount of copper pennies in circulation)