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Old 11-15-2013, 04:15 PM   #1 (permalink)
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Default Searching pennies?

Buying a little silver every week to put back....and now im thinking what if I bought about $50 of pennies and sorting out the copper ones and getting a bigger lot and selling them.......how can I get started? do I just ask for pennies from the bank? How do I cash in the non copper ones without loosing money ( spending money on rolling them or coinstar)
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Old 11-15-2013, 04:18 PM   #2 (permalink)
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Do you have a strategy for profiting from the Copper Pennies? It is illegal to melt them down! I am assuming other folks are buying them above face value?
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Old 11-15-2013, 04:20 PM   #3 (permalink)
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You have to "dump" the newer pennies at a different back than where you pick up at. Multiple pickup and dump banks, is the way to go
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Old 11-15-2013, 04:21 PM   #4 (permalink)
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Do you have a strategy for profiting from the Copper Pennies? It is illegal to melt them down! I am assuming other folks are buying them above face value?
I figured people on here bought them .....I thought about rolling them and just holding onto them for now
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Old 11-15-2013, 04:23 PM   #5 (permalink)
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You have to "dump" the newer pennies at a different back than where you pick up at. Multiple pickup and dump banks, is the way to go
but how do you dump them?
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Old 11-15-2013, 04:23 PM   #6 (permalink)
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Do you have a strategy for profiting from the Copper Pennies? It is illegal to melt them down! I am assuming other folks are buying them above face value?
Not huge market right now for them ($130 for $100face value) but back in 2006 they were selling for $260 per $100fv. Once the ban is lifted, which it will be, just a matter of time, they wil be back to that price or more (depending on Cu spot)
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Old 11-15-2013, 04:27 PM   #7 (permalink)
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I think they are well worth sorting and holding onto.. I just wanna know the best way to go about it without sinking money into coinstar or rolls
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Old 11-15-2013, 06:46 PM   #8 (permalink)
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If you want to search pennies, do it without the idea of copper bullion in mind. Look for scarce and rare varieties. Wheat pennies, Double Dies, Off centers. This way you can save all the coppers if you want, and may have a chance to hit a good error penny, or scarce date wheat penny.

As said above, Dump banks are a MUST.
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Old 11-15-2013, 06:49 PM   #9 (permalink)
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What are dump banks LOL
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Old 11-15-2013, 07:25 PM   #10 (permalink)
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What are dump banks LOL
Dump banks are the banks where you exchange your non-copper pennies for cash.
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Old 11-15-2013, 07:39 PM   #11 (permalink)
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so get your pennies from one bank and dump at another? I live in a small town so I have limited banks.......I think my bank has a machine to exchange your money does the ones at the bank take a fee like coinstars? whats the best way to take it back. Like this?
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Old 11-15-2013, 07:55 PM   #12 (permalink)
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so get your pennies from one bank and dump at another? I live in a small town so I have limited banks.......I think my bank has a machine to exchange your money does the ones at the bank take a fee like coinstars? whats the best way to take it back. Like this?
Maybe casinos might take pennies? they have big coin sorting/counting machines
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Old 11-15-2013, 08:35 PM   #13 (permalink)
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if your sorting pennies for profit id suggest a new line of work or investment
BUT if your sorting pennies as a long term investment it has a better return on your money than and CD, back interest, or anything like that.
Don't forget out of your "profit" you will need a coin sorter $400-$500 bucks(if your serious) and it also takes a lot of time
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Old 12-07-2013, 12:51 PM   #14 (permalink)
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how much would cost be to buy a smelting device and any equipment needed and just start smelting them in my backyard?
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Old 12-07-2013, 01:19 PM   #15 (permalink)
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how much would cost be to buy a smelting device and any equipment needed and just start smelting them in my backyard?
$1,000 or so, and life in prison. I believe the punishment is 5 years for each coin you are caught with. (so 250 years for a .50cent roll), but on the otherhand, I don't know about you, but I have never heard of anyone getting arrested for this, so I don't think you would get caught, but I don't think it is worth risking any jail time, to get a 1/3 of lb of copper.

now someday there will be melting allowed by law again, and then whoever is holding alot will profit. I know between 3 guys that are holding almost 40 tons. I was up to 4 or 5 tons before selling all of mine off.

I know guys back in 06 moving tractor trailer loads daily to CA, melting pennies, and making 50-100k a DAY profit. That is why the law is in place now. People get greedy(smart) and take too much coinage out of circulation, which creats problems for the Mint, who then would have to spend millions making more coins, to offset, everyone melting them down.
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Old 12-07-2013, 01:51 PM   #16 (permalink)
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$1,000 or so, and life in prison. I believe the punishment is 5 years for each coin you are caught with. (so 250 years for a .50cent roll), but on the otherhand, I don't know about you, but I have never heard of anyone getting arrested for this, so I don't think you would get caught, but I don't think it is worth risking any jail time, to get a 1/3 of lb of copper.

now someday there will be melting allowed by law again, and then whoever is holding alot will profit. I know between 3 guys that are holding almost 40 tons. I was up to 4 or 5 tons before selling all of mine off.

I know guys back in 06 moving tractor trailer loads daily to CA, melting pennies, and making 50-100k a DAY profit. That is why the law is in place now. People get greedy(smart) and take too much coinage out of circulation, which creats problems for the Mint, who then would have to spend millions making more coins, to offset, everyone melting them down.
ye id never get "caught" so the risk dont matter really just wanted to see if it would make sense financially... which it really doesnt.
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Old 12-09-2013, 12:10 AM   #17 (permalink)
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4 or 5 tons.... thats a lot of pennies. How did you sort on that scale?


I do the penny thing. I sort thru 2 $20 boxes a week. I have the PERFECT dump bank. They have their own coinstar type machine. I just dump the coins in, and bring the ticket to the counter and they deposit it. no fee.

I sort all my wheats out, and my 1981 & earlier. I just dump the 1982 penies back in with the zinc pennies.
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Old 12-09-2013, 12:26 AM   #18 (permalink)
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So the good pennies are pre 1982 right? What about quarters nickles and dimes? What year did they stop putting silver in those?
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Old 12-09-2013, 01:52 AM   #19 (permalink)
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So the good pennies are pre 1982 right? What about quarters nickles and dimes? What year did they stop putting silver in those?
Pennies - 1982 and before
Nickels - Only 1942-1945
Quarters - 1964 and before
Dimes - 1964 and before
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Old 12-09-2013, 03:58 AM   #20 (permalink)
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So the good pennies are pre 1982 right? What about quarters nickles and dimes? What year did they stop putting silver in those?
For pennies 81 and older are copper. Any 82 and 83 pennies u gotta weigh them if they are 3.1 its copper if its 2.5 its not. If u find any 1983 pennys that weigh 3.1 sell them because they are worth decent money
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Old 12-09-2013, 06:42 AM   #21 (permalink)
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For pennies 81 and older are copper. Any 82 and 83 pennies u gotta weigh them if they are 3.1 its copper if its 2.5 its not. If u find any 1983 pennys that weigh 3.1 sell them because they are worth decent money
How much will the pre 82 copped pennies weigh?
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Old 12-09-2013, 09:01 AM   #22 (permalink)
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4 or 5 tons.... thats a lot of pennies. How did you sort on that scale?


I do the penny thing. I sort thru 2 $20 boxes a week. I have the PERFECT dump bank. They have their own coinstar type machine. I just dump the coins in, and bring the ticket to the counter and they deposit it. no fee.

I sort all my wheats out, and my 1981 & earlier. I just dump the 1982 penies back in with the zinc pennies.
I use to hand sort and use a Ryedale to sort, did it for years, but done with it now. My mother and girlfriend both work at the same bank(Mom is the branch manager, gf is the teller manager. I had it great, I would pick up at least 6 boxes a week, and they would dump them for me.
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Old 12-09-2013, 09:06 AM   #23 (permalink)
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For pennies 81 and older are copper. Any 82 and 83 pennies u gotta weigh them if they are 3.1 its copper if its 2.5 its not. If u find any 1983 pennys that weigh 3.1 sell them because they are worth decent money
Really a big waste of time weighing 83's, I think there have only been 2 or 3 83's copper ever found. I seen one in person, and the condition was horrendous, and it still sold for $15k, if you had a newer looking penny(close to AU), you would be looing at 100k or more.
Throughout the years, I weighed close to 100,000 1983 pennies,with no luck. (I did find 2 that are over 2.5grams, but less than 3.1 grams). If they are copper(I think they were just miscut, and are thicker than normal pennies), I probably am still looking at close to $1k per penny
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Old 12-09-2013, 09:07 AM   #24 (permalink)
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How much will the pre 82 copped pennies weigh?
Copper pennies weigh 3.1grams(will vary slightly), Zinc pennies will weigh around 2.5grams. 82's are both copper and Zincs(I believe the Mint made about 75% Cu and 25%Zn.
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Old 12-09-2013, 05:09 PM   #25 (permalink)
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How much will the pre 82 copped pennies weigh?
3.1 give or take .1

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Really a big waste of time weighing 83's, I think there have only been 2 or 3 83's copper ever found. I seen one in person, and the condition was horrendous, and it still sold for $15k, if you had a newer looking penny(close to AU), you would be looing at 100k or more.
Throughout the years, I weighed close to 100,000 1983 pennies,with no luck. (I did find 2 that are over 2.5grams, but less than 3.1 grams). If they are copper(I think they were just miscut, and are thicker than normal pennies), I probably am still looking at close to $1k per penny
I will still look because u never know. I seen one at a coin shop it was horrible condition to but he ended up selling it for 17k. With the amount ill waste the minute to weigh them because u never know maybe one day u can get lucky and hit one(chances are not) but if I do hit one it will be well worth it if not then it will be a waste of a few minutes which ill live with lol
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