Could a penny be worth $1.00 someday?

Discussion in 'Commodities Forum' started by SamClemensMT, Dec 7, 2014.

  1. Diana Smith

    Diana Smith Guest

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    Actually the newer pennies do not contain as much copper, however the pennies made from 1909 until 1982 contained a lot more. In fact they had 95% copper and 5% zinc. I am not sure about the percentage of the pennies made after 1982 though.

    I do know that there are a lot of people who go to free-sales off of craigslist and collect old wire cords, strip the wires to take out the copper and then sell them at recycling companies that will buy copper. I have actually considered doing this myself when I have gotten desperate for money!

    On the other hand I wonder if some of these older pennies may be worth more to a coin collector than it would be in melt-down value as copper. Not sure.
     
    Last edited by a moderator: Jul 8, 2016
  2. E.Mil

    E.Mil Guest

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    I don't think a penny will ever be worth a dollar. It's barely worth anything now and I highly doubt that will change.
     
  3. pwarbi

    pwarbi Senior Investor

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    I have to agree about the high interest savings accounts, while they do still exist, the high interest is nowhere near as high as what it had been in the past unfortunately.

    Will we ever see that time again? Not for a very long time in my opinion, I think the rates aren't going to be moving much, up or down, for the foreseeable future
     
  4. AtlantaSports

    AtlantaSports Senior Investor

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    Maybe in the very very very far future. If they stop making pennies, then it would be awhile before the penny would be worth much.
     
  5. Regicide3342

    Regicide3342 Member

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    I mean I dont think its going to happen. You need to measure the price of things by their price: Pennies are made from cheap metals as nickel so the price should never go off the charts. Of course if its a rare coin or something along those lines the things change dramatically. Who knows, maybe pennies will be a rare sight in the future years.
     
  6. Diana Smith

    Diana Smith Guest

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    After reading this topic and posts on it I started doing a little research and have found that copper wires if collected in a fairly large quantity can bring in a nice chunk of change, so I am now going to after-garage sales and collecting old electronic equipment, stripping the wires and collecting the copper from it. I am trying to figure out places where it is worthwhile to drive and find more of it in a halfway decent quantity.

    I had not thought about doing this before but now it seems like a fairly fun little money-making hobby. Does anyone have ideas on what types of places where it is likely that there may be a large amount of recycled things with copper? Fun idea! Also, is it legal to melt down pennies? I am wondering because of the machines that take pennies and stretch them out.
     
  7. Yosh

    Yosh Well-Known Member

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    I've never understood how something with monetary value could be worth significantly more than what it's actually, you know, worth. Yes, there's rarety, but at the end of the day, one penny is worth one penny.
     
  8. AtlantaSports

    AtlantaSports Senior Investor

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    Hey, I don't question it if I am the one in possession of the coin that is worth more than it is worth haha. I don't get coin collectors in general.
     
  9. asbrown

    asbrown Member

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    I think it is important to not confuse value with money. Money is just the medium of exchange we use, but value is something intangible. How much is a million worth to an investor or entrepreneur? If you don't think you can take a chunk of money and get more than its face value, then you might be looking at investing in the wrong way.
     
  10. ScooterBrandon

    ScooterBrandon Senior Investor

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    Many developed nations have stopped producing pennies since they cost more to make then they are worth.
    I have heard that it is NOT illegal to melt deface coins, only bills.
    Well actually it's a lot more complicated then that.
    I can't post links right now (not cool enough here yet) but there is some really interesting history if you want to look it up.
     

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