Recent news may make the penny coin an economic windfall for those who have enough of them. Well, COPPER pennies, that is.
Most of us will know the copper cent was discontinued in 1982, replaced by one made of zinc - what we derisively refer to as the Stinkin' Zincoln.
The reason for this was simple: the price of copper made the cent cost more than it was worth to make and distribute.
Today the global demand for copper has only driven it's price higher. Many people are now purposefully hoarding copper cents for this reason. But there is one final hurdle before they can cash in on those buckets full of copper penny's: The Law. As of right now there, there's a law preventing the melting down of the copper coins and it is a federal law to transport more than $5 worth of them out of the country. The U.S. Government knows, that these pennies represent a store of a precious commodity and wish to keep them within our borders.
The game changer in all of this are new coinage laws being contemplated. A key feature of these laws would abolish the one cent and five cent coins making them no longer subject` to current federal coinage laws. When that happens, the copper cent will represent a serious store of value to those who have hoarded them. And there are plenty pf people who, as odd as it sounds, are hoarding them.
So for now hang on to those boxes of copper pennies you've gathered up while detecting. In a last 'hurrah' of sorts, the One Cent coins' demise may soon be an unexpected pay day for you.
The whole story can be seen here: http://news.yahoo.com/laws-change-penny-hoarders-could-cash-thousands-dollars-211547264.html
Most of us will know the copper cent was discontinued in 1982, replaced by one made of zinc - what we derisively refer to as the Stinkin' Zincoln.
The reason for this was simple: the price of copper made the cent cost more than it was worth to make and distribute.
Today the global demand for copper has only driven it's price higher. Many people are now purposefully hoarding copper cents for this reason. But there is one final hurdle before they can cash in on those buckets full of copper penny's: The Law. As of right now there, there's a law preventing the melting down of the copper coins and it is a federal law to transport more than $5 worth of them out of the country. The U.S. Government knows, that these pennies represent a store of a precious commodity and wish to keep them within our borders.
The game changer in all of this are new coinage laws being contemplated. A key feature of these laws would abolish the one cent and five cent coins making them no longer subject` to current federal coinage laws. When that happens, the copper cent will represent a serious store of value to those who have hoarded them. And there are plenty pf people who, as odd as it sounds, are hoarding them.
So for now hang on to those boxes of copper pennies you've gathered up while detecting. In a last 'hurrah' of sorts, the One Cent coins' demise may soon be an unexpected pay day for you.
The whole story can be seen here: http://news.yahoo.com/laws-change-penny-hoarders-could-cash-thousands-dollars-211547264.html
