What is Gresham’s Law?

A copper cent has well over two cents’ worth of copper in it, as of today’s close http://www.coinflation.com/coins/basemetal_calc.php Even the “cheap” zinc cents are almost actually worth 1 cent in the metal content. That’s how far the base metals have rallied recently.
One guy has engineered a machine that separates the wheat (wheat cents and other pre-1982 cents) from the chaff. Looks like it does a great job! www.ryedalecoin.com
Both cents are the same size and are both non-magnetic. The 95% copper cents are 3.1 grams, but the 97.5% zinc cents are 2.5 grams. That’s only 600 mg difference, and it didn’t look like it missed even once.
Even as the machine is now, it can blow through cents about ten times faster than I can by just looking at the dates.

I can see these cents getting harder and harder to find. As Gresham’s Law states, “Bad money drives good money out of circulation!”

Is the world crazy?

I have to just add this video from my Facebook friend Mark Dice, he is great at getting some good info
out there. I can’t believe people don’t realize the value of gold much less copper or silver.
I know they are clueless on copper for sure as many people throw pennies away or pay to dump them
into coinstar machines. Get a bank account, use the bank’s machine for free regardless of sorting them
for copper.

Melting coins is not legal in U.S.

While I do recommend people buy and save old copper coins, be wary of increasing copper values.
The temptation to sell them to a melter or to melt them yourself may overcome you. Allow me to state
that this is illegal and should not ever be done unless this law is changed to allow it. I advocate holding
your coins until some future date when they are great collector value and or the melting becomes necessary
at which time you could sell them for a nice profit… we will see. but for now remember Gresham’s law:
Good money drives out bad. Too bad they are “only” pennies. Ha Ha!!!

an interesting site or two…

The mass of pennies produced in my opinion are largely “unclaimed”, I cringe when I see folks putting them into Coinstar machines and payin 8.5% fee for cash. Wow, talking about paying money to pay money..
if you know what I mean. I used to think (about 5yrs ago) that we needed those machines because
who wants to take a 5 gallon pail of pennies up to a teller at a bank on your lunch hour and anticipate the reaction. There was virtually no “clean” way of trading in your pennies, now, thank God for increased
Copper value. I am studying the coinsorter at www.ryedalecoin.com and it looks very promising.

I was looking for some statistics on my earlier post on how many pennies “disappear” every year, I guess
I’ll keep looking. IF you find something please post it, I KNOW I heard a huge number one time years
ago and it certainly seems plausible that pennies ‘get no respect” … thus the opportunity has yet to
be seen.

Billions of dollars are lost every year.

I heard that once I don’t recall if it was Billions of dollars or millions but it was definately at least 1
million dollars in pennies are simply lost every single year. Where do they go? I don’t know, gutters, streets (then perhaps they get paved over). Nonetheless, I can imagine that this might be true. I mean who even picks em up for luck anymore. I barely do, especially if they look new, I am not interested in the newer zinc ones. I also suppose lots of people just leave them lay around and they disappear into glove compartments, washing machines and various other daily entrapments. Don’t forget the couch cushions or the seats in the car. I don’t know of any good way to extract them all that would be worthwhile, if anyone has any ideas please let me know. Other than when you see a penny, grab that bad boy. You won’t regret keeping track of these little gems. Keep in mind I am a billionaire. I mean a BULLIONAIRE. A silver BULLIONAIRE, A COPPER BULLIONAIRE. Which simply means I own a little bit of metal bullion, in various forms coins, scrap and pure bullion. Perhaps you should too. Why? next time….

Tools ‹ Iamabullionaire’s Blog — WordPress

Tools ‹ Iamabullionaire’s Blog — WordPress.

Hello world!

Welcome to Lifestyles of the BULLIONIAIRE!  In this introductory post I would like to state the purpose of this blog, 1)  TO CREATE BULLIONAIRES!   2) Forget about the concept of being a Billionaire or even a millionaire, while these are admirable goals, I feel that in today’s world of instant gratification, we desire status NOW!  Hence,  the opportunity to become a Bullionaire.  I will explain more later…. later that day, I would like to announce that
I am strongly encouraged by the precious metal Silver (Ag) in its many forms especially bullion or near bullion such as 90% silver coins from before 1965.  Silver is my BULLIONAIRE choice pick.  I admit I have stumbled on a new BULLIONAIRE method.  One that is achieveable by all and better yet more easily understood, I hope. COPPER,  specifically pre 1982 copper pennies.  They are 95% copper and as the price/value of copper increase so does the intrinisic value of every penny you have with a date prior to 1982, although I believe some 82’s qualify as 95% copper, they would need to be weighed to make sure.  More on this later, for now check this out, Go to www.coinflation.com and find base metal calculators and plug in x number of dollars in pre 82 pennies to find the melt value of the specified amount of  pennies.   Then Google Gresham’s law and come back and post a comment.

Thanks,

Here’s to you, Fellow BULLIONAIRE!

Jason