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Our coins (quarter, nickels, dimes, pennies) are made up of roughly 91% copper, 9% nickel.
If you do the math roughly 5.5 quarters equal about a ounce of copper, at this time a single ounce of copper costs $3.10
SO WHAT DOES THAT MEAN IN $ ??
roughly $1.25 in quarters = is $3.10 in copper.
Roughly $1.00 in quarters = is $2.48 in copper.
Roughly $0.75 in quarters = is $1.86 in copper.
Roughly $0.50 in quarters = is $1.24 in copper.
Roughly $0.25 in quarters = is $0.62 in copper.
@Lorgar with almost x3 profits on the table I can’t imagine it’s not profitable to do.
If you took $100 in quarters you would be getting $300 in copper. Even if it costs you $100 to melt it down you still have double your money.
@Twothousandshadows The problem is, it's more expensive to process the quarters sufficiently to get the copper than it is to just buy the copper
@DoubleD I’m not familiar with the process but I can’t imagine x3 in value can’t turn a profit.
@Twothousandshadows I encourage you to look into the cost of processing coinage chemically or via smelting for its base materials. I predict that you will find that the money and time you invest into the process is at best equivalent to the profit you would gain from doing so.
To your point: if the cost of acquisition > x3 the value, you won't turn a profit. It doesn't matter how much the intermediary step is worth if the net is negative.
Unless you're betting that the actual coinage will be less valuable than the metal in the near future.
@Twothousandshadows
@Twothousandshadows @Lorgar @DoubleD
You get 25 pennies for every quarter and pennies are supposed to have a higher percent of copper than quarters
If you save pennies and get rolls of pennies from banks then that is more copper per dollar than getting rolls of quarters from the bank
@Twothousandshadows @Lorgar @DoubleD
"Henry is only interested in those that are dated from 1982 and earlier because those are the coins made with 95 percent copper. A copper penny is worth more than other pennies -- now mostly made of zinc -- currently priced at $0.024."
"he can sell a $100 worth of pennies for $176, when shipping and packaging are included."
https://abcnews.go.com/Business/laws-change-penny-hoarders-cash-thousands-dollars/story?id=15076522
@Twothousandshadows @Lorgar @DoubleD
"But in the weird world of penny hoarding, getting to the copper is a very big problem. It's illegal to melt pennies an there is an obscure federal law that makes it illegal to transport more than $5 in pennies out of the country."
https://abcnews.go.com/Business/laws-change-penny-hoarders-cash-thousands-dollars/story?id=15076522
@shortstories @Twothousandshadows @Lorgar If you're hearing about something in the mainstream media, it's not profitable for individuals to do.
@Twothousandshadows you still need to extract the copper back from the coins though, which is going to be expensive.