A double your money investment

[Jerry]

I curiously searched the internet for info on copper prices wondering what pennies are worth if you scrapped them out.

I find out 1000 pennies ($10 worth) weighs 6.25 lbs. and are 88% copper resulting in 5.5 lbs of copper. Copper spot price today is $4.28 per lb. which comes out to $23.54 for the 5.5 lbs of copper in the pennies you bought for $10.

And who knows the scrap yard may give you something for the 12% zinc

Here is my plan… Buy a 30 ton dump truck for $100K, fill it with pennies, haul them to the scrap yard and make $712K profit and make a planter out of the truck.

[oldfrat]

That will be more like a $702K and 5 years of free room & board as there is a $10,000 fine and 5 years in prison for melting US currency.

[Uncle_Jesse]

I believe Will Rogers said “The best way to double your money is to fold in in half and put it back into your pocket.”

[Kerry_Stratton]

@oldfrat

That will be more like a $702K and 5 years of free room & board as there is a $10,000 fine and 5 years in prison for melting US currency.

I have a feeling they would take the 702K too because it is an ill gotten gain. Likely you will be out the truck also. So no planter. Bummer. Sounded good at first.

[Marco]

Jerry,
NO scrapper would give you “what it’s worth” anyway. Much like the current “WE BUY GOLD” scams, the amount paid to the victims is about 50-60% of the actual value. Sellers BEWARE! The ones who “double” their investments are the buyers NOT the sellers.

Mark

[ducksterman]

The last time I checked …if you drilled a hole in one it would be worth 4x the penny…as a washer.

[Panman]

@Jerry

I curiously searched the internet for info on copper prices wondering what pennies are worth if you scrapped them out.

I find out 1000 pennies ($10 worth) weighs 6.25 lbs. and are 88% copper resulting in 5.5 lbs of copper. Copper spot price today is $4.28 per lb. which comes out to $23.54 for the 5.5 lbs of copper in the pennies you bought for $10.

And who knows the scrap yard may give you something for the 12% zinc

Here is my plan… Buy a 30 ton dump truck for $100K, fill it with pennies, haul them to the scrap yard and make $712K profit and make a planter out of the truck.

According to the US Mint in 1982 they changed the composition of the penny to 97.5% zinc and 2.5% copper.

Tim

http://www.usmint.gov/about_the_mint/fun_facts/?action=fun_facts2

[Grubb]

I have a small Jar full of wheat pennies, wonder how much copper is in them? lol

[Jerry]

@Panman

According to the US Mint in 1982 they changed the composition of the penny to 97.5% zinc and 2.5% copper.

Tim

http://www.usmint.gov/about_the_mint/fun_facts/?action=fun_facts2

Back to the drawing board

[oldfrat]

But at least it is your drawing board, not the warden’s.

[ohiotuber]

@Marco

Jerry,
NO scrapper would give you “what it’s worth” anyway. Much like the current “WE BUY GOLD” scams, the amount paid to the victims is about 50-60% of the actual value. Sellers BEWARE! The ones who “double” their investments are the buyers NOT the sellers.

Mark

BINGO!!! Sorta like baseball card collecters…They will NEVER get what the card is “said” to be worth.
Mike

[ohiotuber]

@Grubb

I have a small Jar full of wheat pennies, wonder how much copper is in them? lol

Tim…It ain’t the copper, sell the WHEAT!!! :roll:
Mikey

[Gringo]

I just counted up all the change out of my various drawers and tins I throw the loose refuge from my pockets - made $501 profit, was very surprised. I showed the missus my new wad of notes and excitedly raised several possibilities I could spend it on, but with her help I decided to pay it off my credit card. Yawn.

[Gnu_Bee_Flyer]

Now if you were talking about those old real silver coins, thats where the money is. At one time they were worth 16 times their face value.