Penny Pinchers of the World Unite!

http://www.foxnews.com/story/0,2933,182170,00.html
from JoeUser Forums

A new report out says those pennies you toss aside, and do not even deign to pick up when spotted lying around, may soon be worth a lot more!  Why?  Because the world is running out of Copper and other precious metals.

The study tried to predict the demand for metals should the whole world be brought up to first world standards in living and technology.  And found that while the Copper reserves and supply would just barely cover the demand, other metals like Platinum would be in very short supply.

Actually this is not really new news.  We have been treated to this story before with Oil.  Where only 30 years ago we were told we only had a 30 year supply, but today we have an 80 year supply (that is called new math).  I think the same thing will happen with these metals. As the demand picks up, so will the mining and extraction methods (since the price will be higher, you can use more expensive methods).

One thing that is really not being done today due to the cost is mining salt water.  For there is a lot of every mineral on the face of the planet in the seas, it just has been too cost prohibitive to extract it in the past.  But as the prices go up, the cost will not be so prohibitive!

But I am still going to save my pennies!  One day they may be worth a lot more than just a penny!

3,104 views 20 replies
Reply #1 from JoeUser Forums Top
Interesting.

But you know, I used to make it a habit of picking up pennies and saving them (when I was much younger). I would then cart them all over to the store and buy baseball cards. I recall that at one time I had over $10 just from pennies I had picked up and stored.
Reply #2 from JoeUser Forums Top

But you know, I used to make it a habit of picking up pennies and saving them (when I was much younger). I would then cart them all over to the store and buy baseball cards. I recall that at one time I had over $10 just from pennies I had picked up and stored.

I have 2 gallon pickle jars full of pennies.  Been saving them since High school.  I just chuck my change in there, and let them accumulate.  After reading this article, it may be a very nice inheratance for my kids!

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Reply #3 from JoeUser Forums Top
Yeah, but pennies aren't made of copper these days. They are 97.5% zinc with a 2.5% copper plating.
Reply #4 from JoeUser Forums Top

Yeah, but pennies aren't made of copper these days. They are 97.5% zinc with a 2.5% copper plating.

Since when?  I knew the robbed us of silver, but when did they start doing this?  I've been robbed!!!!!!!

Reply #5 from JoeUser Forums Top
Since 1982
Reply #6 from JoeUser Forums Top
Yeah, but pennies aren't made of copper these days. They are 97.5% zinc with a 2.5% copper plating


Ah, but if there's even a shortage of Zinc, Dr. Guy will be rolling in it!! ;~D
Reply #7 from JoeUser Forums Top

Since 1982

Whew!  I was in high school in 70-74!  So I guess I got some real coppers! But thanks for the info! Now I know what to look for when I am saving them!

Reply #8 from JoeUser Forums Top

Ah, but if there's even a shortage of Zinc, Dr. Guy will be rolling in it!! ;~D

Some say I already am rolling in it!

Reply #9 from JoeUser Forums Top
Prior to 1982, pennies were made of an alloy of 95% copper, and 5% zinc. But as the cost of copper rose, a penny's worth of copper started costing more than 1 cent.

Even your older ones aren't pure copper. Sorry.
Reply #10 from JoeUser Forums Top

Even your older ones aren't pure copper. Sorry.

I got Wheats tho!

So I do have copper!

Reply #11 from JoeUser Forums Top
The first Lincoln cent was produced in 1909 and had the wheat ears pattern on the reverse side. The composition of the penny was pure copper from 1793 to 1837.

Dontcha just hate a smartass?
Reply #12 from JoeUser Forums Top
Yeah, but pennies aren't made of copper these days. They are 97.5% zinc with a 2.5% copper plating.

Since when? I knew the robbed us of silver, but when did they start doing this? I've been robbed!!!!!!!


He's right, Dr. Pre-1982 pennies (PLENTY of 'em in circulation) are what you want to stockpile. They actually changes because of the price of copper.

If I were to guess, I'd say the penny doesn't have much more than a couple decades of existence, anyway, though. It's getting harder and harder to find ANY metal that can be made into a coin cheaply enough. So even your post 1982's might be collectable one day.

(for the record, I have a quart jar and a half full of pennies at present...and adding to 'em daily).
Reply #13 from JoeUser Forums Top
Pennies are a waste of resources. The Federal Reserve should dump the whole concept.
Reply #14 from JoeUser Forums Top
as of last thursday (1/19/06), copper was selling for roughly 2.19/lb. i heard 146 pre-1983 pennies to a pound. so you're lookin at no more than a $.70/lb profit.

the bubble may have already burst btw--if it's true the price push was fueled by the chinese trying to accumulate as much copper as possible prior to the start of their new year (something to do with upgrading their infrastructure altho why there was a time limit escapes me).
Reply #15 from JoeUser Forums Top
My grandparents used to keep change in a HUGE glass pig-shaped container with a cork snout. The coolest thing ever. They had lots of wheat pennies, which were fascinating to me.

Here's hoping you strike it rich with pennies, hehe.
Reply #16 from JoeUser Forums Top

The first Lincoln cent was produced in 1909 and had the wheat ears pattern on the reverse side. The composition of the penny was pure copper from 1793 to 1837.

Dontcha just hate a smartass?

No, I am embarrassed I did not keep up with the stuff!  But I am saving them! Now to get rid of those zinc ones!

Oh, and I do have Steel Pennies as well!

Reply #17 from JoeUser Forums Top

He's right, Dr. Pre-1982 pennies (PLENTY of 'em in circulation) are what you want to stockpile. They actually changes because of the price of copper.

yea, I actually googled it after he posted!  And I agree.  I dont think they have much time at all left, especially based on this article.  Why waste metal on coins?  use plastic!

Reply #18 from JoeUser Forums Top

Pennies are a waste of resources. The Federal Reserve should dump the whole concept.

Yea, but us Penny Pinchers would object!

Reply #19 from JoeUser Forums Top

as of last thursday (1/19/06), copper was selling for roughly 2.19/lb. i heard 146 pre-1983 pennies to a pound. so you're lookin at no more than a $.70/lb profit.

the bubble may have already burst btw--if it's true the price push was fueled by the chinese trying to accumulate as much copper as possible prior to the start of their new year (something to do with upgrading their infrastructure altho why there was a time limit escapes me).

Damn!  You are a capitalist at heart!  Thanks for the market report!

Reply #20 from JoeUser Forums Top

My grandparents used to keep change in a HUGE glass pig-shaped container with a cork snout. The coolest thing ever. They had lots of wheat pennies, which were fascinating to me.

Here's hoping you strike it rich with pennies, hehe.

Here's hoping you are in your Granparents will!  Wheats are very rare and more valuable than their metal content due to their rarity!