A COPPER penny is worth 2.2 cents TODAY, IF you could design a machine to sort Copper/Zinc Pennies could you make a fortune? Melt the copper ones into ingots and pass back the near worthless zinc ones to banks?
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skagen
Happy Member
posted: Nov. 22, 2012 @ 7:40p
Let's say you buy $1,000 worth of pennies per round... you go to the bank and say, "hey, can I have 2,000 rolls of pennies???" that's about 550 pounds.... let's just call it 500 pounds to make the math easier. Let's assume the bank has 2,000 rolls of pennies in their vault and the cashier and bank manager doesn't laugh you out the door right there.
Assume maybe a 75% zinc, 25% copper penny distribution. So take $750 in pennies back the next day and let the cashier deal with 375 pounds of zinc pennies for deposit... "here you go!" (And you thought the looks we got for dropping off $1K or $2K of $1 coins at a time were bad). Let's assume again the cashier and bank manager doesn't laugh you out of the door right there.
Meanwhile, after your magic machine did it's thing, you've got yourself $250 of pennies worth $500, give or take. Now, find someone to buy all that copper at spot (good luck with that one). If you even get 75% of spot, congratulations, you've just pocketed $125 for your hard work minus whatever you think your time, gas, expense to build/maintain the machine, aspirin for your back, etc is worth.
imbatman said: It's illegal to destroy pennies for their copper, so unless you plan on melting them yourself, you may have a hard time unloading them.
I didn't google 'Refining Furnace' or what it would cost to have an OFFICIAL assaying permit, but it's ALL about quantity...ALL those things make sense if the quantity is present.
ubermichaelthomas
Tinkerbell
posted: Nov. 22, 2012 @ 9:25p
Is this what it's come to?
DirkDIggler
Senior Member - 3K
posted: Nov. 22, 2012 @ 10:59p
ubermichaelthomas said: Is this what it's come to?
are you just upset you didn't post this thread first?
goldsheet
Senior Member
posted: Nov. 23, 2012 @ 3:02a
ubermichaelthomas said: Is this what it's come to?
Yes, the metal in the coins are worth more than the devalued US dollar
ubermichaelthomas said: Is this what it's come to?
I mentioned the penny sorter to 2 relatives on Thanksgiving, and they looked at me like a criminal and both pointed out that melting down currency is illegal. This may be over the line.
lonestarguy
Enthusiastic Member
posted: Nov. 23, 2012 @ 9:11a
Perhaps there is some foreign currency you could do this with instead?
SUCKISSTAPLES
FW Historian
posted: Nov. 23, 2012 @ 2:39p
What foreign country would be stupid enough to have a coin whose face value is less than its melt value ?
Glitch99
Senior Member - 10K
posted: Nov. 23, 2012 @ 2:44p
beanie4me said: ubermichaelthomas said: Is this what it's come to?
I mentioned the penny sorter to 2 relatives on Thanksgiving, and they looked at me like a criminal and both pointed out that melting down currency is illegal. This may be over the line. I mention my 4-figure Cash Back checks and they look at me like a criminal, too. General reactions may not be the best barometer of an idea's merits.
Silver dollars, quarters, and dimes (at least used to) routinely fetch close to the spot value of their silver content on eBay.
chantspel
Senior Member
posted: Nov. 23, 2012 @ 4:19p
Glitch99 said: beanie4me said: ubermichaelthomas said: Is this what it's come to?
I mentioned the penny sorter to 2 relatives on Thanksgiving, and they looked at me like a criminal and both pointed out that melting down currency is illegal. This may be over the line. I mention my 4-figure Cash Back checks and they look at me like a criminal, too. General reactions may not be the best barometer of an idea's merits.
Silver dollars, quarters, and dimes (at least used to) routinely fetch close to the spot value of their silver content on eBay.
Shipping kills the deal.
germanpope
Graceful Member
posted: Nov. 23, 2012 @ 5:19p
ubermichaelthomas said: Is this what it's come to?
seems to be getting worse since you came back
ubermichaelthomas
Tinkerbell
posted: Nov. 23, 2012 @ 5:39p
germanpope said: ubermichaelthomas said: Is this what it's come to?
seems to be getting worse since you came back
I always did bring the worst out in people.
alamo11
Senior Member - 1K
posted: Nov. 23, 2012 @ 11:01p
Yeah.. No. This scares me.
owenscott
Broke Member
posted: Nov. 24, 2012 @ 12:51a
skagen said: Let's say you buy $1,000 worth of pennies per round... you go to the bank and say, "hey, can I have 2,000 rolls of pennies???" that's about 550 pounds.... let's just call it 500 pounds to make the math easier. Let's assume the bank has 2,000 rolls of pennies in their vault and the cashier and bank manager doesn't laugh you out the door right there.
Assume maybe a 75% zinc, 25% copper penny distribution. So take $750 in pennies back the next day and let the cashier deal with 375 pounds of zinc pennies for deposit... "here you go!" (And you thought the looks we got for dropping off $1K or $2K of $1 coins at a time were bad). Let's assume again the cashier and bank manager doesn't laugh you out of the door right there.
Meanwhile, after your magic machine did it's thing, you've got yourself $250 of pennies worth $500, give or take. Now, find someone to buy all that copper at spot (good luck with that one). If you even get 75% of spot, congratulations, you've just pocketed $125 for your hard work minus whatever you think your time, gas, expense to build/maintain the machine, aspirin for your back, etc is worth. Plus rolling the pennies too. I cant even imagine that.
This thread has been forwarded to the Secret Service.
Kanosh
Senior Member - 1K
posted: Nov. 24, 2012 @ 5:45a
Once I thought it would be fun to buy a Ryedale machine and sort. Then I realized all the hassle of going to multiple banks to pick up / dump pennies, sorting, selling on eBay, paying fees, shipping, basically negate the 50% or so markup that you could get.
cbdo2007
Senior Member
posted: Nov. 26, 2012 @ 3:13p
If you have a job or some other reasonable way to make money - then no this is a terrible idea. If you are retired and bored out of your gourd and don't have anything to do while you're watching the Price is Right and the Weather Channel all day, get a penny sorter and knock yourself out.
tightfistedmiser
New Member
posted: Nov. 26, 2012 @ 9:17p
This isn't as crazy of an idea as it might seem. This is actually already being done. Check out PortlandMint.com. They seem to be making a good business from sorting out the copper pennies and selling them.
BradisBrad
Enthusiastic Member
posted: Nov. 26, 2012 @ 10:31p
How horrible would this job be without a machine? Even if it profitted you $15/hour after all expenses. Looking at those tiny numbers all day would drive a man crazy.
ungar2000
Member
posted: Feb. 13, 2013 @ 4:00p
Anyone catch the latest Pawn Stars episode? The old man hoarded buckets of copper pennies. If you look closely you can see the "shield" on some of them, making those zinc obviously.
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