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Copper To Make Coins Worth More As Scrap

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It could soon be worth Americans melting down their pennies for scrap, if zinc and copper prices continue their current rate of increase.
Copper prices have risen 30 per cent so far this year, and zinc is up 55 per cent – a rise of about $550 a tonne in a little more than three weeks.

That nickel in your pocket is almost worth what you think it is.
Rising metal prices have pushed the intrinsic value of the old copper penny to almost 2 cents, and a nickel is worth nearly 5 cents.
Metal prices are booming -- gold briefly crossed the $600-per-ounce mark Thursday on the New York Mercantile Exchange -- but the value of the metals in American purses and pockets is beginning to challenge the actual purchasing power of some coins.
According to coinflation.com, a Web site that tracks the metal value of American coins, the metal in old copper pennies is now worth 1.74 cents, and the newer zinc-based pennies are worth 0.72 cent each. A nickel, thanks to its copper and nickel metal content, is now worth 4.2 cents.
"Who says a nickel's not worth a nickel," said Todd Martin, an economic adviser to People's Bank in Bridgeport, Conn.
Prices are so high for metals that Martin joked it might be worth it to break a $20 bill for a $2 purchase and say, "I'll take the change in pennies please."

This is what happends when you create money from nothing, even the few remaing base metals used in your basic coinage achieve a real world value above the face value, which is being debased at an alarming rate.

This will spook the Fed, it's straight out of the Roman Republic, the Fed can only hope to replicate Diocletian's success.

Get your wheelbarrows ready.

wheelbarrow%20money.jpg

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What does all that mean in English? Are our 'coppers' made from copper and what are they worth?

I believe the article is talking about the US 1 cent piece. Knowing our lot our coppers have probably been made from recycled waste from Sellafield for the last 30 years :lol:

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If you factor in the cost of energy needed to melt the coins down I think it would be a struggle to turn a profit at from this at the moment, although the way commodity prices are going recycling of metals could become a boom industry.

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I believe the article is talking about the US 1 cent piece. Knowing our lot our coppers have probably been made from recycled waste from Sellafield for the last 30 years :lol:

I've been doing some digging. UK 'coppers' used to be an alloy of copper, tin and zinc, but rising commodity prices combined with manufacturing costs made them expensive to produce, so they've since been made from copper-plated steel. Nothing for us here then :rolleyes:

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Re UK pennies and tuppences. These have been magnetic for some years now. ( Yes, magnetic). Im not sure of the exact construction but I suppose that they are steel cored with a thin layer of copper. The BoE got there first I'm afraid. Check the older ones though. If they're not magnetic then they are high Cu + Tin I think. However, If you've got a stash of old d's then you're talking. Just think how much the BoE made converting 2.4 if those to the miserable little 1p things. However, I think you'll need lorry loads to make it worthwhile in any case.

LB

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I did a lecturer about coins in your pocket when I worked

at a red brick university at the midlands. I remember this

one young character he got all the students to empty there

pockets. He separated the copper plated coins used a magnet.

The tested the copper coins using a optical emission spectrometry

unit I think he manged to sell the 'coppers' x3 their actual value

to a scrap merchant.

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Guest wrongmove

I did a lecturer about coins in your pocket when I worked

at a red brick university at the midlands.

You did a lecturer ? :o

Is that why you don't work there any more ? :D

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I believe the article is talking about the US 1 cent piece. Knowing our lot our coppers have probably been made from recycled waste from Sellafield for the last 30 years :lol:

Indeed, they're mostly zinc, but that's been rising inexorably as well!

Edited by BuyingBear

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This will spook the Fed, it's straight out of the Roman Republic, the Fed can only hope to replicate Diocletian's success.

Get your wheelbarrows ready.

I remember thinking we were going the way of the Ancient Romans when they reduced the size of the 5p and 10p pieces. Think this was circa the late 80s-early 90s. I vividly recall fulminating about it in the crappy pub I used to drink in when I was a lad. Nobody wanted to know. A prophet is always without honour in his own land (or boozer).

Edited by LTD

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You did a lecturer ? :o

Is that why you don't work there any more ? :D

Is there a demand for metallurgy lecturers ? No - UK manufacturing almost

no existant thanks to the conservatives and new labour.

Edited by E Powell

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I'm a metallurgist :D

We purchased large quantitys of the various metals we use last year as an insurance against a surge in metal prices got plenty of tin bronze copper cobalt and zinc perhaps i could flip it lol

Phil :P

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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