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Hypocrisy_Central's avatar

Are penny hoarders wasting their time?

Asked by Hypocrisy_Central (26879points) July 22nd, 2014

I have heard some people cobble as many pennies together they can, to lay hands especially old pennies (the ones that were made of copper). They have the idea that one day the penny will be retired by the government and they can take the pennies into a scrap yard or some other places that takes metal and get the value of the weight of the copper which would be more than the penny was worth as money. If I know the US government, if they ever retired the penny they will recall all of the pennies than leave millions out there to be melted down for money. If the government seeks to reclaim the pennies so it can redeem the value of the copper, would that leave all those penny hoarders efforts in vain?

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8 Answers

KNOWITALL's avatar

Seems pointless unless you take them to a change counter. Hoarders are always ‘waiting’, drives me crazy.

jaytkay's avatar

Here’s an article about a guy who was buying truckloads of pennies from the Fed, keeping the pre-1982 coins (95% copper) and returning the newer ones (97.5% zinc).

I am guessing you would have to work on that scale to make it profitable. And the Fed figured it out and ended the opportunity in 2006.


gondwanalon's avatar

This is a big waste of time. Copper is a junk mettle now worth about $3.20 USD per pound. By the way I have > 50 pounds of pre 1982 US pennies. And I continue to collect them. HA!

KNOWITALL's avatar

@Gond My mom collects wheat pennies & hubs has some coins & $2 bills. I just don’t get it.

ARE_you_kidding_me's avatar

Nickels are a good hoarding opportunity also but pennies are better. no they are not exactly wasting their time.

zenvelo's avatar

Some people save it as a little rainy day fund. I used to take all my change at the end of the day and put it in a jar on my dresser. After about 6 years I had about $150 in pennies and another $500 in other change. Thanks good ness for coin counters so I didn’t have to roll it and count it.

ucme's avatar

Not as much as people answering this que…shit!

EmJay1070's avatar

I’m from the UK. We have pennies and two pence coins. I store them in an old coffee jar and after several months I’ll take them to the bank and deposit them. It’s not much, but once deposited, I can use the money as normal.
Several years ago I was in a difficult place financially – I’d been saving my pennies for months, exchanged them for cash at the bank and used it to pay electric bill and buy some food. Without the saved pennies, I’d have gone hungry.

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