The last two coins of value, where the melt price exceeds their face value, is the nickel and the penny. In 2006, Congress passed a law preventing you from melting your own money. So as JP Morgan has essentially cornered the copper market (which is not illegal) and the price is ramping up, your pre-1982 pennies are now worth nearly three times their face value. It presents an interesting argument. What is worth more? A dollar that has lost 97% of it's value, or a penny that has tripled in price? Note the value of ten dollars worth of old pennies in the box below...
|Base Metal Coin Melt Value Calculation |
Generated on December 22, 2010.
|Total Face Value:||$10.00|
|Coin Type:||1909-1982 Lincoln Copper Cent|
|Copper Price:||$4.2541 / pound|
|Zinc Price:||$1.0495 / pound|
Total melt value is $28.07.
(exact value is $28.0691134406)