if so I am going to the scrap yard.
2006-07-28 14:32:36 · 7 answers · asked by in_the_hood_of_ga 1 in Business & Finance ➔ Other - Business & Finance
yes in this fiscal quarter the penny is worth more then what it is... the penny is no longer 100% copper and hasn't been for a long time.. the price of the penny changes every year due to the demand and price of the metals that are used to make it... how ever if ur deciding to go melt all the pennies you have and resell it, it would be a loss... it costs a lot more to melt them...
2006-07-28 14:39:42 · answer #1 · answered by underagelying 3 · 0⤊ 0⤋
The cost of making the penny has exceeded one cent - 1.4 cents to be exact - meaning the U.S. Mint could lose a mint, or $43.5 million, producing the penny this year. The Mint is also losing a pretty penny on the nickel. The agency, which plans to produce 1.7 billion of them this year, shells out 6.4 cents for each five-cent piece. And you still believe that Social Security will be there for you at retirement?
Now your Answer --- The composition was pure copper from 1793 to 1837.
From 1837 to 1857, the cent was made of bronze (95 percent copper, and five percent tin and zinc).
From 1857, the cent was 88 percent copper and 12 percent nickel, giving the coin a whitish appearance.
The cent was again bronze (95 percent copper, and five percent tin and zinc) from 1864 to 1962.
(Note: In 1943, the coin's composition was changed to zinc-coated steel. This change was only for the year 1943 and was due to the critical use of copper for the war effort. However, a limited number of copper pennies were minted that year)
In 1962, the cent's tin content, which was quite small, was removed. That made the metal composition of the cent 95 percent copper and 5 percent zinc.
The alloy remained 95 percent copper and 5 percent zinc until 1982, when the composition was changed to 97.5 percent zinc and 2.5 percent copper (copper-plated zinc).
So unless you have some really valuable old coins - the answer is no.
2006-07-28 23:03:01 · answer #2 · answered by Robert Q 1 · 0⤊ 0⤋
No it is not feasable! I tried it once! And besides that you have to go back a long time (at least 20 or 30 years) to get pure copper pennies! All the pennies since the late 70s I believe are only copper plated! Try it on a recently minted penny. Grind the edge or scratch the surface and you will see it is a silver color inside! I believe it is pot metal!
2006-07-28 21:33:38 · answer #3 · answered by Jimmy Pete 5 · 0⤊ 0⤋
I heard on the News that it costs almost 79 cents to produce a penny, Only older pennies have the copper. The US has stopped producing pennies and hopes that people out there will not be hoarding them in jars and burying them under their houses.
2006-07-28 21:41:22 · answer #4 · answered by Peach 4 · 0⤊ 1⤋
pennies are no longer made from 100% copper. the government already beat you to this thought.
2006-07-28 21:34:45 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Old pennies are copper. Tinkle one of each on a table and you'll see.
2006-07-28 21:35:53 · answer #6 · answered by gtoacp 5 · 0⤊ 0⤋
A six year old put it this way when asked to finish the proverb;
A penny saved is........his reply.....not much.
2006-07-28 23:22:23 · answer #7 · answered by Anonymous · 1⤊ 0⤋