Quick Answer: Can I Melt Down Pennies And Sell The Copper?

How much is a post 1982 penny worth?

DescriptionDenominationMetal Value1909-1982 Cent (95% copper) *$0.01$0.02490581946-2012 Nickel$0.05$0.05608291982-2012 Cent (97.5% zinc) *$0.01$0.00548781965-2012 Dime$0.10$0.02106137 more rows•Feb 23, 2012.

Is there a market for copper pennies?

Copper Pennies Are NOT 100% Copper! (Surprisingly, there are many people in the US that don’t know that the modern day penny is zinc. ) Copper Pennies Are NOT Worth Copper Spot Price!

Are pre 1982 pennies worth saving?

1. 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 was the last year pennies were made of pure copper?

The last mostly-copper cents (95% copper metal composition) were produced by the Denver Mint on October 22, 1982. The copper-plated zinc cent coins are still being produced today.

How many pennies does it take to make a pound of copper?

154 penniesThere is one pound of copper in 154 pennies, so when the price of copper is at $1.54 per pound a penny contains one cent worth of copper.

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.

Is cutting a penny in half illegal?

Section 331 of Title 18 of the United States code provides criminal penalties for anyone who “fraudulently alters, defaces, mutilates impairs, diminishes, falsifies, scales, or lightens any of the coins coined at the Mints of the United States.” This statute means that you may be violating the law if you change the …

Why is it illegal to melt coins?

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.”

It is not illegal to melt, destroy, or modify any U.S. coins in the United States. However, as with any law, there are important details to consider before deciding to melt down coins.

How much is 50 lbs of pennies worth?

Modern US copper-plated zinc cents do indeed weigh in at 2.5 grams each, but those made before 1982 are 95% copper and weigh in at 3.11 grams each. Thus the amount of dollars will range between $116.67 to $145.14, depending on the mix between old and new coins. The average is $130.90.

Can you make money by melting pennies?

If Laws Change, ‘Penny Hoarders’ Could Cash in on Thousands of Dollars. Copper pennies are worth more than others, but its illegal to melt pennies. Some penny obsessives believe the key to big money is in the copper coin.

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.

What happens if you melt pennies?

Melting pennies will release Zinc Oxide fumes which cause flu-like symptoms including fever, chills, nausea, headache, fatigue, muscle aches, joint pains, shortness of breath, chest pain, and cough.

How much is a pound of copper pennies worth?

5 The price of copper on Dec. 10, 2019, was $2.75 a pound. 6 That meant the copper in each penny was worth about 1.7 cents. Thus, the meltdown value of a pre-1982 penny was about 70% more than the face value.

Is it illegal to make a floor out of pennies?

Is A Penny Floor Illegal? No, penny floors are not illegal. Using pennies as a building material is perfectly legal. Contrary to popular belief, you can even damage the pennies or melt them down completely in order to create the penny floor of your dreams.

Are all 1943 copper pennies accounted for?

Copper pennies dated 1943 are not supposed to exist. They are supposed to be made out of zinc-plated steel. However, some of these pennies do exist and it’s a matter of sheer luck if you find one in pocket change.

Can you sell copper pennies for scrap?

NO! Not only is it illegal to scrap copper pennies or any US currency but it can come with a costly fine and a visit to prison. Many times scrap yards are asked by people if they take pennies or other coins for scrap.

Where can I sell my copper pennies?

1. Sell them on Craigslist or Ebay. Many people are hoarding these old pennies in bulk.

Where can I sell valuable pennies?

Fair Coin MarketsGreat Collections. Found online at GreatCollections.com this site allows you to sell your coins with low fees. … Teletrade. … Heritage Auctions. … All US Dollar Coins.All US Halves.All US Quarters.All US Dimes.All US Nickels.

Are wheat pennies worth saving?

Most wheat cents (wheat pennies were minted between 1909 and 1956) are worth about 4 to 5 cents. Those in better condition can have double-digit value. Special examples (especially those in near perfect condition) can be worth much more. Indian Head pennies from 1859 to 1879 are generally worth more than $10.

Will copper pennies ever be worth anything?

Today, the amount of copper in an old penny is worth a little more than 2 cents. However, zinc pennies made since 1982 are presently worth only face value.