In mid-1982, the US Mint changed the composition of the penny due to the rising cost of copper. Post-1982 pennies contain only 2.5% copper, with the remainder being primarily zinc.
Collecting pre-1982 Lincoln cents can be a hobby and also an investment in copper. The higher copper content in these pennies makes them more valuable as a commodity than their face value and post-1982 counterparts.
Copper Prices
Copper prices continue to rise, resulting from the disruptions of several significant mining operations in recent months, such as the closing of the Cobre Panama mine in Central America. According to a report from the Economic Commission for Latin America and the Caribbean (ECLAC), copper exports from Panama account for 5% of the country’s GDP and more than 75% of the country’s exports. Market supply of copper.
The practicality and profitability of copper penny collecting depends on copper prices and the feasibility of sorting and storing large numbers of coins.
Each pre-1982 penny weighs 3.11 grams. Since are 453.592 grams in a pound, it takes about 146 pre-1982 penny coins to make a pound of copper. A typical 5-gallon bucket will hold around 200 pounds, around 30,000 coins, with a $300 face value.
Is it Legal to Melt Copper Pennies?
Melting down pre-1982 US pennies for their intrinsic value is considered a form of defacing currency and is illegal in the United States.
The intrinsic value of the metal does not change the fact that the coins are legal tender. Like Pre-1965 junk silver, there are many advantages to having an easily recognizable coin compared to some generic copper bar.
If it were to become legal to melt old pennies, similar to how it is legal to melt pre-1965 silver coins, based on the copper spot price of around $3.80 per pound, the melt value of a full 5-gallon bucket would be around $740.
Coin Roll Hunting for Copper Pennies
In many areas, coin roll hunting for silver coins has become more difficult due to bank service cuts and closures and the overall lack of availability of coinage. However, millions of pre-1982 pennies with a higher copper content are still in circulation. Take a look through your change cup and check the dates.
A bank box of pennies contains a $25 face value or 50 standard bankrolls of coins. For any practical penny stacking, you might want to consider an automatic penny sorting system.
For those considering stacking copper pennies as an alternative investment, some DIY penny sorting setups are available through both eBay and Amazon. These devices operate by comparing the weight of a sample coin to those passing through the mechanism.
If you’re still skeptical about the intrinsic value of pre-1982 copper pennies, search through some auctions and past sales on eBay to get a sense of the growing market.