Wheat pennies

Discussion in 'General Chit-Chat' started by *Andi, Jan 11, 2010.

  1. *Andi

    *Andi Supporting Member

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    It is funny that you can judge things by a penny... But my hubby has done so ...

    I collect wheat pennies, I've done this ... well ... as long as I can remember. When I work as a cashier I found a few here and there ... about 12 or 15 a year ... but now 'all of a sudden' I'm finding wheat pennies each time I turn around.:D or :(

    I have found 12 wheat pennies in the last few days. Hubby thinks this is a sign of the times ... people are hurting and digging into very old piggy banks, l must agree ... somerthing is going on !!!

    My question would be 'how my people see the signs?'
     
  2. greaseman

    greaseman Well-Known Member

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    Here's a little note of interest. The local coin shop here will buy your wheat pennies for .02cents. it's the value of the copper. I think any pre 1982 penny is also mostly copper.

    Next interesting point. You might want to start saving nickels. Current melt value--nickel is worth more than a nickel. The content of the nickel is 75% copper, 25% nickel. metal prices are on the rise, and soon enough, I expect the government will stop making them, as they will be to expensive to make. So, go to the bank, buy some nickels, and hold on to them. Cheap investment, and it'll always be worth at least a nickel.

    I do not support coin melting, but in the future, if hard times truly hit, I don' think many people will be worried about getting caught melting coins--do you??
     
    Last edited: Jan 11, 2010

  3. UncleJoe

    UncleJoe Well-Known Member

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    I don't think they will stop making them. The metal composition will just change like the penny did to something cheap, like zinc with a nickel flashing.
    I've started asking for rolled nickels when I go to the bank to cash a check, usually $10.00 at a time.
     
  4. greaseman

    greaseman Well-Known Member

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    I also believe they will eventually change the composition of the nickel. Picking some rolls up at the bank is almost a no brainer. The price of base metals is on the rise again. The nickels are a great little way for even the tightest budget to save something that will suredly be worth more down the road.
     
  5. kyfarmer

    kyfarmer Well-Known Member

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    I like wheat pennies also, save all my change each month and go through it, and have been picking up more old coin's. It's true more show up during hard time's. Good post and should get folk's thinking about taking a second look at that change. :D
     
  6. sailaway

    sailaway Well-Known Member

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    I started saving my change again in June of 09, after cashing out. In a little over a year, I had collected over $1,200.00. I cashed out again a week ago, in 6 months I only had a little under $300.00. I should have had a little over $600.00 for half a year. The economy is off 50% for me. I wouldn't have counted out now, but I needed the money for bills. I did find a silver dime and quarter in the pile though. I hadn't found silver in change in a long time.
     
  7. *Andi

    *Andi Supporting Member

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    We use our change jar for vacation ... and yes ... I always check each coin.:D You never know what you may find.

    Like a indian head nickel ... someone local got it back in change the other day.:ghost: (I'm not sure if I should cheer or cry about that.)
     
  8. screaming_citizen

    screaming_citizen New Member

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    saving change

    I started my grandchildren saving change by giving each a birth year set:
    penny, nickle, dime, quarter, and half dollar.
    They save ALL coins from their birth year. They also save ALL pre '64 coins
    and ALL nickles. I believe the melt value of nickles will increase for some time to come.
    As an extra edge, at Christmas I give them Silver Eagles.
    It's not alot, but the eldest now has 12 ounces of silver plus his coinage.
     
  9. TechAdmin

    TechAdmin Administrator Staff Member

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    Welcome Screaming Citizen! Love the Avatar, Fry changed the way I thought of the world.
     
  10. Turtle

    Turtle Well-Known Member

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    So, this may be a dumb question, but what years of coins are good to save and for what reason? I found a bunch of old "mercury" dimes from the '40s when I was cleaning out my old room at my mom's house a few weeks ago; I was gonna see how much I could get for them, but maybe I'll hold on to them.
     
  11. bunkerbob

    bunkerbob Supporting Member

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    Hold on to them, good barter items, I believe they are 90% silver or more.
    Mercury Dime Values
    By the way the ones here Calif with hot air blow up the "hot air balloons".:sssh:
     
  12. Turtle

    Turtle Well-Known Member

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    Hey, I just said that half of the state was full of hot air . . . lol

    ya gotta admit, there are a ton of screaming liberals out there. My mother-in-law actually grew up in southern California, and she has lots of nice things to say about it.

    Yeah, I guess I'll hold on to my little coin stash a while longer. What other coins should I be looking for?
     
  13. bunkerbob

    bunkerbob Supporting Member

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    Gosh the list is long, any pre-64, half dollars, quarters, dimes and even nickels. During WWII the govt needed the metal in nickels and substituted 'silver', you can notice them usually by the dark stain or color on the surface. 1940ish dates. Jefferson (War) Nickel Silver Melt Value - Coinflation.com
    By the way my skin is very thick from kidding I've received over the years about Calif, you know "the land of fruits and nuts" especilly when I was in the military. The weather more than makes up for it, mid 60s and overcast today.
    Thanks.
     
  14. greaseman

    greaseman Well-Known Member

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    for you guys who don't keep up with current melt values of silver coins. Based on a spot price of silver, $18.40 for 1-16-10: all pre 1964 mintage coins:
    mercury dimes$1.33
    roosevelt dime:same
    quarters:$3.32
    halfs:$6.65
    halfs with 40% silver content $2.72
    peace dollars 1921-1935 $14.23
    eisenhower halfs-40% silver $5.81

    start saving rolls of regular nickels, as soon as the price of copper and nickel gets much higher, the government will surely change the content of the nickel to a clad coin. even at todays melt price for copper and nickel, the nickel is worth more than a nickel. Do the math--how long do you think the government wil keep this up?

    for accurate melt prices at any given price, go to :
    coinflation.com

    very good sight with value calculator for convienence. good luck.
     
  15. Magi

    Magi Active Member

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    My wife works in a pharmacy when the times get tough she sees alot of old coins. One day she brought home a one dollar silver certificate. Looked a lot like a dollar bill. Some older lady had used it to buy her meds for the month. I'm sure many of the elderly at some point and time have to dig into their special stashes and use the coins and old money that is special to them to pay for the meds that keep them alive.
     
  16. greaseman

    greaseman Well-Known Member

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    if no one has told you, you'll be happy to know that with today's spot price, or the melt value of a mercury dime, is about $1.22 each. That's based on a spot price of silver being $16.97 per ounce.

    There is a web site I use all the time called:
    coinflation.com

    This site has a value calculator that makes it easy to determine tha value of your coins. Many people would be shocked to know how much silver value they had sitting around in spare change from a long time ago. many people have saved it for years. I believe before the year is out, we'll se silver at $25 dollar anounce. Currently, it has had a price fallback. This is a great time to buy.
     
  17. Concerned_ Citizen

    Concerned_ Citizen Well-Known Member

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    what a GREAT friggen thread. Thanks a ton to the OP......i had never even heard of the IDEA or even thought about melt values and such.......