Just how much copper is in those 95% copper pennies from 1959-1981/2?? Is it time to start hoarding them? they were 95% copper, so I get a total of 2.9545 grams per coin. I have no idea how to figure out how many grams per ounce/ and or pound, as my Google searches seem to have both 31.104 grams/oz and 28.45 grams/oz. So, which is it?? also the current spot of copper is about $1.4285 (per pound I am assuming/ it can't be per ounce right?) Anyway, I've seen some posts about the copper value of those pennies being nearly $0.01 now, and if that's the case, I'd think it'd be good to start hoarding them now, before they cross the threshold. Just remember how people who hoarded silver coins early made out. Just a thought, anyone have answers/ideas/advice?? thanks! -marhjan
Both. According to this mass equivalent calculator 1 troy ounce = 28.3495g, and 1 av. ounce = 31.1035g.
Thanks Roy-- think I've pretty much figured it out. Assuming my calculations are correct each 1959-1981 US cent contains 0.0065136 pounds of copper. Taking the spot price of copper as 1.4285/lb, currently they are worth $0.0093, so almost .01. If the spot price rises to $1.54/lb melt value and face value will be equal, and any further increases beyond that is pure profit. Does anyone care to check my math?? ;-) Looks like it might be time to start buying more boxes of pennies at the bank, start a little hoard... at least you can't lose money right?? anyone else agree?? -marhjan
Lincolns before 1982 were in fact 95% copper and 5% tin (with the exception of 1943 Steel cents) Weight of a Lincoln Cent is 3.11 grams which 2.95 grams is copper. A troy ounce weighs 31.1 grams A troy pound is 12 troy ounces or 373.20 grams. An "avoirdupois" counce (what I like to call a "supermarket" ounce) is around 28.35 grams. Precious metals are sold via grams, kilograms, troy ounces and troy pounds. Copper, tin and aluminum are considered base metals and I believe they are not sold like Au, Pt, Pd, and Ag. So, with that said, here are both cases: $1.4285 per troy pound equals $.0038277 per gram ($1.4285 divided by 373.20) multiplied by a copper cent weight of 2.95 grams and your answer is $.01129 of copper value per Lincoln cent before 1982. You are right! The value of the copper melt of a Lincoln cent is worth more than $.01 if it is bought and sold via troy pounds. Now, an avdp. pound is 453.60 grams and using the same math, $1.4285 divided by 453.60 grams is $.003149 per gram multiplied by 2.95 equals $.009290287 per pre-1982 cent...still close to a "wash" between pure melt value and one cent. This is assuming that the refiner doesn't charge anything to take Lincoln cents and refine the copper back into pure form. So to answer your question, if copper is sold via troy pounds, then there is more melt value in a Lincoln than the cent itself. It is traded via avdp. ounces, a Lincoln cent is still worth more per unit than the raw copper value.
I remember back in the early 80's, banks were paying more than a dollar for a roll of pennies. I have a LOT of the old formula pennies put back in rolls. They came out of circulation, but if there were a lot of them melted for the metal, you never know how scarce they can be in the future, especially if the value of copper goes up again. Plus, it does't cost much to put them back.
I figured 151 to the pound but don't plan to double check. The tin alloy is actually worth more than copper. In any case there will be little melting until copper hits $1.60 and it won't happen in earnest until close to $2.
That was commerce driven. Our commercial customers were begging for cents to make change with, and there was a shortage that probably hadn't been seen since the Civil War begat token production.
So if copper is sold at the avdp pound, then a cent is not yet equal to its straight melt value for those minted before 1982. Even if copper increases above straight melt value of a Lincoln cent, somebody still has to take that cent, melt it, refine it to a "pure" form, and be able to sell it. With that said, until copper gets to about 15 to 20% above the raw melt value of a cent, no refiner will touch it because there is no money after costs involved with the above steps to put it back into pure form. Just like buying gold. You simply can't buy gold at London closing prices. These prices are just a benchmark for dealers to add to their brokerage fees and costs associated with getting that particular gold into a buyer's possession.
