Wednesday, February 29, 2012
Saving Copper Pennies as an Investment
These are all 95% copper pennies - no post '82 copper coated zinc cents here. Right now, it is illegal to melt US cents. I believe this will change, but I never plan to melt them anyway. As the coins are now, in addition to having the metal value, they also have collector value since they are currency. It's just like the junk pre 1964 silver coins that are bought and sold based on their silver content. Copper cents are being bought and sold right now based on their copper content. Some coin dealers will pay more than face value for copper cents and some sell their copper cents on Ebay by the pound. Now is the time to save copper. One day people will be saying "I wish I had saved copper pennies when they were still in circulation". How many wish they would have saved pre '64 silver coins back when the coins were available at face value? Copper is treated today the way that silver was 50 years ago.
The United States Codes under Title 18, Chapter 17, and Section 331, "prohibits the mutilation, diminution and falsification of United States coinage." However, this statute does not prohibit the mutiliation of coins if done without fraudulent intent or use.