Copper Closes Wednesday 12/31/03 @ $1.0455/lb!!! Time To Sell Large Cents?

[gmarguli]

As I'm sure you are all aware of, Copper has had an amazing run over the past year. It's up from around 73¢/lb to almost $1.05/lb. That's ~44% this year. Is it any wonder that during this time we have seen a $39,100 1963 1¢ or a $12,000 1940 1¢?

 

Now, is it time to sell all my large cents and two cents (these have the most copper in them) and hold on to the Indian cents and early Lincolns, or should I just dump them all now?

 

How about holding them all and hoping copper goes even higher? Copper was up about 12% the year before. That's a two year winning streak. The chart is only going up, up, up!

 

Will the rising price of copper affect your buying habits?

[Wihlborg]

Greg,

 

I believe this is only the beginning of a multi year bull market for copper. I recommend that you take a hold position at this time.

 

John

 

[RobertB]

Greg,

You are so in luck. I am a copper broker. However I deal only in extremely small quantities. These coins you speak of would fit my requirement. As a bonus to you, I will pay 15% over KITCO copper quotes. This offer is only good for 48 hours so PM me for my address. I'll get that pesky copper 'junk' off your hands. Hurry, this won't last forever.

 

P.S.,

If these coins you speak of were 'estate pieces,' feel free to add 2% per oz. to my offer.

 

Rob

[jtryka]

 

Personally, I think copper is soon headed to $50/lb. or more, with the weak dollar, increasing activity in industry and dwindling supplies, this looks to me like a perfect storm for copper! That is why I save all of my copper pennies in a bag in my closet. Sure, I may look dumb now paying a 25% premium over melt, but once it hits $2 a pound, I am sitting pretty!!!

 

[jom]

I heard Bull was going for a premium these days. Should I sell?

 

 

jom

[sanmary]

WOW!! Who would have thought?? My beautiful 1794 Cent can now be yours for a nickel or so. Postpaid!!

[cladking]

For an even better metals play you should investigate cu/ni clad coinage. Incredibly nickel has been doing even better than copper and with these coins you can get the added little kick of nickel content. Hurry because there's likely to be a stampede when people realize that these billions of little discs will be worth a fortune when the time is ripe.

[Dry]

You guys are complete insufficiently_thoughtful_persons. Zinc has tripled in the last few months. There is increasing speculation amongst astute collectors that the cent will no longer be minted after 2020. This observation will only add fuel to the fire. It is no secret that Zinc is used heavily in the manufacturing industry and ther is no forseeable change in need. It should be obvious that investing in grade rarity Zinc coinage is the way to go.

[Leothelion]

Zinc has tripled in the last few months. There is increasing speculation amongst astute collectors that the cent will no longer be minted after 2020.

 

I'm wondering what they'll go to next? Plastic?

 

Leo

[gmarguli]

You guys really are experts in coins!

 

Copper rose from $1.0455/lb on 12/31/03 to $1.45/lb on 12.31.04. That's 38.7% increase in price.

 

Thanks to you I did not sell any of my copper coins which must have gone up at least 38.7% since we all know there is a direct correlation to the spot price of a metal (just like gold spot with gold coins) and its rare coin counterpart. For proof: $1,652.89

 

Sadly, I must say that I stupidly turned in three rolls of cents to the bank just last week. I don't know what I was thinking as I did this without checking the spot price and my bank ripped me off by only crediting my account with 1c per 1c deposited.

[JamminJ]

Sadly, I must say that I stupidly turned in three rolls of cents to the bank just last week. I don't know what I was thinking as I did this without checking the spot price and my bank ripped me off by only crediting my account with 1c per 1c deposited.

 

You have a good bank, I'm sure they took the time to break open each of the rolls and examine them for the relative content of copper and zinc cents. Since all the copper cents have long disappered from circulation (due to hoarding by the "copper bugs") the bank properly credited you account 1c for each of the 150 zinc cents you deposited.

 

Crisis averted!

 

-JamminJ

[gmarguli]

You have a good bank, I'm sure they took the time to break open each of the rolls and examine them for the relative content of copper and zinc cents. Since all the copper cents have long disappered from circulation (due to hoarding by the "copper bugs") the bank properly credited you account 1c for each of the 150 zinc cents you deposited.

 

Crisis averted!

 

-JamminJ

 

Nope, many of the coins were BU 1964 & 1964-D cents from original bank wrapped rolls I searched. Perhaps I can go back and ask them to pay me Greysheet bid for them?

[JamminJ]

You have a good bank, I'm sure they took the time to break open each of the rolls and examine them for the relative content of copper and zinc cents. Since all the copper cents have long disappered from circulation (due to hoarding by the "copper bugs") the bank properly credited you account 1c for each of the 150 zinc cents you deposited.

 

Crisis averted!

 

-JamminJ

 

Nope, many of the coins were BU 1964 & 1964-D cents from original bank wrapped rolls I searched. Perhaps I can go back and ask them to pay me Greysheet bid for them?

 

Might be time for a new customer friendly bank.

 

-JamminJ

[C.Urch]

I loathe the day the Fed's took copper out of our precious cents; filling them with so much zinc. Has anyone noticed a direct correlation between this event and the burgeoning of the national debt along with the decline of the dollar???

 

It's a conspiracy, I tell you; to seduce us into their paper currency trap so we can only afford to buy Fiats!

[cladking]

They'd probably want some sort of proof that they were really BU '64 cents. Then they might even slab them. The zinc cent didn't sell for a lot because of the zinc, it was the copper coating that was so pretty and escalating in value.

 

Laugh if you will but there are billions of coins being destroyed and every time metals prices increase there are a great deal more destroyed. While few collectors may have much interest in copper the price does have a large effect on the long term survivability of great numbers of coins. After more than half a century of being ignored and worn many coins are disappearing before collectors have even saved enough examples for all the museums.

 

While this may not be nearly as applicable to US coins of the last fifty years, you might consider trying to find a coin like a 1968 cent without carbon spots or an attractive '84-D with good surfaces. Some of these coins are actually in danger of being destroyed by the BU roll because prices are so low and the demand is negligible. Some day people just might decide to collect the debased cents of the '60's and '70's. Don't write off the nickels either since they are 75% copper and the addition of the designers initials doesn't offend everyone looking at these debased and uncollectible coins.

[michael]

 

great thread

 

 

michael

[Oldtrader3]

Regarding the copper content of the nickel, the 25% nickel content is worth about 3 times the copper content.

[Leothelion]

I must be losing my mind! I started reading this thread wondering how I could have missed it and then "bingo" I see a post by me! Perhaps I need to get out more!

 

Leo

[HaydenTubbs]

Greg,this is one of your best posts!

[Dry]

If anyone is interested, I'm still paying 10% over spot for copper coins by the pound

(Im a little choosey about the dates though).

[jom]

For proof: $1,652.89

 

Dear God! How did I miss that one??!! I must have been asleep at the wheel. I need to concentrate more on those Ebay auctions...there are some great deals out there! I mean...a Pop 3!!! I think I'll go shoot myself now...

 

jom

[CarlWohlforth]

hahahaha! I started laughing when I read the title before I even opened the thread. Thanks, I needed that.

[gmarguli]

Personally, I think copper is soon headed to $50/lb. or more, with the weak dollar, increasing activity in industry and dwindling supplies, this looks to me like a perfect storm for copper! That is why I save all of my copper pennies in a bag in my closet. Sure, I may look dumb now paying a 25% premium over melt, but once it hits $2 a pound, I am sitting pretty!!!

 

Copper closed the 2005 year at $2.06 (a 42% increase during the year). You should be feeling pretty smart right now!

[cladking]

I wonder how many rolls of memorial cents have been melted this year. I wonder how many have been dug out to be looked at by owners who hadn't thought of them in years.

 

I wouldn't wonder if copper isn't nearing a short-term peak.

[jom]

I'm still holding on to my shares in BS....its value is rising to new heights every day!

 

jom

[HaydenTubbs]

I'm still holding on to my shares in BS....its value is rising to new heights every day!

 

jom

 

Are you sure Jom?

You have to remember that it is a case of supply and demand;with supply increasing every day the bottom will soon fall out.

 

 

 

 

 

 

[cladking]

I'm still holding on to my shares in BS....its value is rising to new heights every day!

 

jom

 

Now there's a market with legs.

[midwest]

I'm still holding on to my shares in BS....its value is rising to new heights every day!

 

jom

 

If Hayden is your advisor make sure it isn't from a female cow

[SignatureSelect]

The funny thing Is I sell scrap metal. I was amazed at how much copper increased in price this year. copper hasent been this good in years.

[Norinn Radd]

The funny thing Is I sell scrap metal. I was amazed at how much copper increased in price this year. copper hasent been this good in years.

 

Not since Sumitomo. The question is how long will it last until the spike ends.