Is It Illegal To Hoard Pennies?

Can I melt down pennies and sell the copper?

As a result, with only a few wartime exceptions, any penny from 1981 or earlier — and some made in 1982 — have a high copper content.

At current copper prices, the melt value of older pennies is well over two cents.

Melt values are theoretical because actually melting down pennies is illegal..

Why can’t copper pennies melt?

Can You Melt Pennies and Nickels? Because of the rising price of nickel and copper that began in 2005, the United States passed a law that made it illegal to melt pennies and nickels for their metal content. … Replacing these coins would be an enormous cost to taxpayers.”

How much is a melted penny worth?

But pennies produced in the US between 1909 and 1982 fall in to a different category: at 95% copper and 5% zinc, the metal “melt” value (at current prices) is 247% of its denominational marketplace value of one-cent. For the copper alone, at $3.72 per pound, the intrinsic value is about 2.5-cents.

Should I keep old pennies?

You should keep all pre-1982 pennies. If you can distinguish between 1982 brass and zinc pennies, keep the brass ones. All wheat pennies are worth keeping. Keep all pennies (even recent ones) that appear to have something “off” about them — they may be error or die variety coins.

Are pennies made before 1982 worth more?

So for the past 30 years, pennies have been made with an alloy comprised of 97.5% zinc and 2.5% copper, but pennies minted before 1982 are 95% copper and 5% zinc. The price of copper has more than quadrupled over the past 10 years. So a penny produced before 1982 is worth 2.2 cents based on the metal it contains.

Can you still pay with pennies?

Can I still use pennies to pay for things? The penny is still legal tender in Canada and goods and services continue to be priced in one-cent increments. The phasing out of the penny only has an impact on some cash transactions.

Are pre 1982 pennies worth saving?

You want to focus on hoarding pre-1982 U.S. pennies, which contain 95% copper content, making the coin at least twice as valuable as its 1 cent face value. (Post-1982 pennies are not worth collecting, as they contain only 2.5% copper content — the rest is zinc.)

What can I do with pre 1982 pennies?

Penny Hoarders Hope For The Day The Penny Dies A pre-1982 penny has about 2 cents worth of copper in it. Some people hoard them, betting that the U.S. will kill the penny and then it will be legal to melt them down and they can make a killing.

Is it against the law to melt pennies?

Effective today, the U.S. … Mint has implemented an interim rule that makes it illegal to melt nickels and pennies, or to export them in mass quantities. With the soaring price of copper, a melted-down penny or nickel is now worth more than it would be in its regular state at face value.