Debate, and discuss, just dont Bore me.

A new report out says those pennies you toss aside, and do not even deign to pick up when spotted lying around, may soon be worth a lot more!  Why?  Because the world is running out of Copper and other precious metals.

The study tried to predict the demand for metals should the whole world be brought up to first world standards in living and technology.  And found that while the Copper reserves and supply would just barely cover the demand, other metals like Platinum would be in very short supply.

Actually this is not really new news.  We have been treated to this story before with Oil.  Where only 30 years ago we were told we only had a 30 year supply, but today we have an 80 year supply (that is called new math).  I think the same thing will happen with these metals. As the demand picks up, so will the mining and extraction methods (since the price will be higher, you can use more expensive methods).

One thing that is really not being done today due to the cost is mining salt water.  For there is a lot of every mineral on the face of the planet in the seas, it just has been too cost prohibitive to extract it in the past.  But as the prices go up, the cost will not be so prohibitive!

But I am still going to save my pennies!  One day they may be worth a lot more than just a penny!


Comments (Page 2)
2 Pages1 2 
on Jan 23, 2006

The first Lincoln cent was produced in 1909 and had the wheat ears pattern on the reverse side. The composition of the penny was pure copper from 1793 to 1837.

Dontcha just hate a smartass?

No, I am embarrassed I did not keep up with the stuff!  But I am saving them! Now to get rid of those zinc ones!

Oh, and I do have Steel Pennies as well!

on Jan 23, 2006

He's right, Dr. Pre-1982 pennies (PLENTY of 'em in circulation) are what you want to stockpile. They actually changes because of the price of copper.

yea, I actually googled it after he posted!  And I agree.  I dont think they have much time at all left, especially based on this article.  Why waste metal on coins?  use plastic!

on Jan 23, 2006

Pennies are a waste of resources. The Federal Reserve should dump the whole concept.

Yea, but us Penny Pinchers would object!

on Jan 23, 2006

as of last thursday (1/19/06), copper was selling for roughly 2.19/lb. i heard 146 pre-1983 pennies to a pound. so you're lookin at no more than a $.70/lb profit.

the bubble may have already burst btw--if it's true the price push was fueled by the chinese trying to accumulate as much copper as possible prior to the start of their new year (something to do with upgrading their infrastructure altho why there was a time limit escapes me).

Damn!  You are a capitalist at heart!  Thanks for the market report!

on Jan 23, 2006

My grandparents used to keep change in a HUGE glass pig-shaped container with a cork snout. The coolest thing ever. They had lots of wheat pennies, which were fascinating to me.

Here's hoping you strike it rich with pennies, hehe.

Here's hoping you are in your Granparents will!  Wheats are very rare and more valuable than their metal content due to their rarity!

2 Pages1 2