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user_77425's Blog

15 Mar 2020

Are Canadian Pennies Worth Much?

Coins | user_77425

I just went to a coin show and found a guy selling 1 pound of Canadian pennies for $2.85, with 98% copper. I asked around and found out that only a few dates are worth much. He said it was legal to melt the pennies because it is not US currency. Is that true? If so, I am going to try to melt them for copper.

Comments

CentSearcher

Level 5

Canada no longer makes cents so it might be worth holding on to for when their value goes up in the future

JudeA

Level 4

Again, no idea. Seems like he would be smart enough to pick out all the rare/semi rare ones out. Its only $2.85 however, if I was in your place I would take it. Most people have never seen a foreign coin, and like Long Beard said, you could probably get some people interested in the hobby.

Mike

Level 7

Long Beard that's a great Idea.

Long Beard

Level 5

If it were me, I'd drop $2.85 for a pound and pick through them putting the better ones in a folder. The remainder I'd give away to non-collectors in the hope of gaining new hobby members. If only one takes an interest I'd call that money well spent. Just a thought. I liked the post!

user_77425

Level 3

I think I might do that Long Beard!

"SUN"

Level 6

It is always good to study or ask questions before buying something.

Mike

Level 7

Break out the yellow pages look for smelters who knows he will be braking the law. You can melt all the silver You want legit. But not cents. Get all the cents you have and get a nice ten pound bag. Make sure he knows how.long he will be going to jail for!. I can tell you fresh melted cents are beautiful. There are mints that sell them. They could make a ten pound cent for you.

Golfer

Level 5

Sounds like he was selling them as foreign coins by the pound. Saving copper for melt value doesnt seem like a good idea for the average person. You need a lot of copper and space. Then you need to transport the copper if you have a lot. Imagine having a few hundred pounds of copper in your basement. I know canadian money auctions for face at our local coin club usually.

Longstrider

Level 6

That is a good question. I have no idea. Try calling a scrap metal buyer near you or a refinery. I know in CA the scrap dealers are VERY cautious about copper due to theft. As an example, the buy for #1 bright copper wire is $1.90 per pound as per 15 March. Good luck. Copper melts at 1,984 F. or 1,085 C. Takes a lot of energy to do that.

user_77425

Level 3

Thanks Longstrider.

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