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The Value of Hoarding Copper Pennies

The act of collecting large quantities of copper pennies is referred to as penny hoarding. The people who work at this are able to put in a lot of time finding pennies which were made before 1983 because these are the pennies which contain mostly copper. The value of copper is actually much more than the face value of the pennies so people consider these to be solid investments. They can also be a good hedge against inflation too because a penny is not really worth what it once was as far as its buying power goes. Since it is not legal to melt them currently though, the people who hoard pennies count on some point in the future the laws will allow this. At this point their investments can really pay off well depending on the current value of the copper contained within the pennies.

Copper Pennies in Bulk

The bank is not always the easiest source for finding copper pennies. Yet when you buy pennies by the roll you get 50 of them at a time, and they can also be bought by the box at a cost of $25. The older pennies are the ones that you want to request though because the newer rolls will not do you much good. Remember that you need to find pennies made before 1983 in order to find ones made of copper. It can become really time consuming to have to open up all the boxes and rolls of pennies and then sort through them looking at the dates they are stamped with. However unless you purchase coin sorter then you will unfortunately have to do this process repeatedly in order to have an abundance of copper pennies.

Spending the time which penny hoarding requires, including to locate and then sort them, does indeed require a commitment. Selling the pennies is something that most penny hoarders will not do until they have a significant amount of them accumulated, and they are able to legally be melted. That day may come soon according to current discussions within the government and much of the talk within the news.

Sorted Copper Penny Rolls

One of the immediate benefits of sorting through all of those pennies is that there may be recurring instances where the penny hoarder will come across old Wheat pennies for example. These can be sold immediately due to the fact that coin collectors can use them for personal collections. The value of the Wheat pennies can far exceed not only the face value of the coin, but the value of the copper content as well.

Currently people looking to buy copper pennies should expect to pay somewhere between the face value and the current price of copper. There is typically a markup but not as much as it would be if the pennies could be melted down for their copper content. That day may not be so far away though, yet only time will tell. There is no doubt that copper is a valuable commodity and old pennies are still one substantial source of it. Those who have become involved with penny hoarding early will already have a good jump on the competition and dwindling volume as well. Also, the competition continues to grow as more and more people become aware of the potentially big payoff which penny hoarding could bring.