Penny & nickel hoarders, here's my challengeSubmitted by BKV on Mon, 11/15/2010 - 18:54
I read recently on this board that people think they can make an instant 20% profit on nickels, or 100% on copper pennies.
I know it's wrong and I challenge ONE PERSON to prove it. (I DON'T ENCOURAGE MELTING, THAT'S ILLEGAL, but if you think you can break the law and brag about it, be my guest)
Let's start with pennies.
(I know this from experience)
-copper pennies only consist of 15% or less of all pennies.
-no matter how fast you can sort and filter through them, you'd have to return and use the leftover zincs.
Ok, let's say you DID go through all that work. How many people can actually sell their copper pennies today for more than 2x face value?
Now, for the nickels
-nickels are 75% copper, 25% nickel.
- the "120% face value" you're told by coinflation.com is the MAXIMUM metal value contained (this assumes it costs nothing to separate the allow and people pay spot price for it)
- in reality, NOBODY pays for unpure metal for its metal price
- I challenge ONE person to show me he's sold nickels for profit, or molten them and then sold it, doesn't matter. (Troy thinks he can melt them and not be discovered)
I've done the math, and asked around. I'm convinced until proven otherwise, that nickels DO NOT AND WILL NOT sell for a long time. (and when they do, they don't be for the melt value you see on coinflation)
If anybody has sold copper pennies for above 2x face value, I know a place which sells them for less than 2x face value (shipping included), might cut you the work and time.
I will no longer mention the website as I was accused of promoting it as my own. I have NEVER encouraged anybody to hoard nickels as they're ZERO profit. I ONLY recommended that site because from my experience, the price they sell is much worth it when time saved is factored in.
Please don't reply with "Yeah, but I can wait, and when that number goes up....blah blah blah". Until it happens, you can shut up. There is no profit now, admit it or not?