If you check out Ebay, there are sellers who are selling their copper pennies and making a profit. This just proves that you can sell ANYTHING on Ebay and make a profit.
Recently with the price of copper, thieves have been breaking into the AC units of businesses and homes to rip out the copper and turn it in for cash. Does it make sense to " hoard" copper pennies to save for a rainy day? Some say that the copper pennies can be use for bartering in the instance the paper money that we use becomes worthless in some apocalyptic catastrophe that may or may not occur.
Before today, I had no idea that there are people out there actively hoarding copper pennies for their future. I like money just as much as anyone else, but I don't see me gathering up buckets or wheelbarrows of copper pennies to have on hand just in case.
What is your take on this? Are you a Penny Hoarder? Or would you just not bother with going through your pennies?
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13 comments:
um, no. i do not hoard pennies. we do have a change jar though--i doubt it's worth much since we have to use all the quarters for laundry. but we're saving it for spending money for our honeymoon next year. we will go on a honeymoon dammit! : P
I only had about 37 copper pennies in my change jar. Certainly not enough to do any damage with. Where are you planning to take your honeymoon?
It's little difficult for me to save pennies because these days I use my credit cards to get the cash back and do not use cash. But, when I did used cash back in the days, I did save all the coins.
I saw a news story on it and went into my various penny jars and found a handful or two. I think they are worth saving just in case.
When I used to use money more and go out for lunch, I would toss my change in a jar. Every month I would deposit my change in the bank, it averaged $30-40 per month.
I use my piggy banks as my emergency fund, so I'm sure I have some old enough. I wouldn't stock pile pennies for the value of their copper, though. That seems a little silly to me, and I think cashing in on that would be illegal. (That is, it's illegal to melt down or deface currency, so you'd either be breaking the law or selling it to someone who planned to break the law.)
It does seem a little weird doesn't it? I don't think the plans are to melt the pennies down right away.... it seems there is legislation in congress to make melting pennies not illegal.
It is amazing how the change adds up!
It sure couldn't hurt anything!
As you can see, I still save my change :)
Nah, I would never stockpile pennies, too much effort for too little return. I deposit my changejar in the bank a few times a year, usually get $60 out of it. I'd much rather use that to repay my debt and get ahead NOW so I can be ahead way further later... than pile up pennies. PLus, where would you store them all? Those things get heavy!
I know.... It would be cumbersome to store all those pennies. But some individuals are intent on doing just that. I think it is kinda crazy.
People buy copper pennies by the freight truck load and store them by the ton. Copper pennies are being looked at from the perspective of how silver coins were looked at in the late 1960s-1970s. A lot of people wish they had picked up silver coins cheap back then.
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