Two Hundred Billion Pennies

[Severian]

"Current estimates by the U.S. Mint place the number of pennies in circulation at around
140 billion. Others have estimated as many as 200 billion currently circulating. "

http://www.kokogiak.com/megapenny/twelve.asp

[odolvlobo]

Those two gigantic cubes of copper remind me of Warren Buffet's statement about all the gold in the world making a big cube and how it has no real value.

[dirtycat]

is that all copper or half zinc.. they stopped making all copper pennies at some point in the 80's iirc

[Adrian-x]

Truly awesome!
just thinking of the benefit Bitcoin could have on the need to reduce all that mining.

And for reference in the early 1720's Benjamin Franklin bought 3 loaves of bread for a threepenny. (Equivalent to 1 decimal penny.)  My... has our inflationary economic machine let us down.

[farlack]

What about if you lose power? Some natural disasters knock out power for months.

[istar]

What about if you lose power? Some natural disasters knock out power for months.

Than there are many better things to have than gold and many other things to worry about.
Bitcoin will still work in the rest of the whole world, once power comes back you will still have your Bitcoins or if you go to a place that have power you can use them.

[Severian]

And for reference Benjamin Franklin bought 3 loaves of bread for a threepenny. (Equivalent to 1 decimal penny.)  My... has our inflammatory economic machine let us down.

It still amazes me that what represented fifty cents when I was a kid, a Kennedy half dollar, is now worth upwards of $12. 2400% debasement doesn't bode well for the currency.

Snag some copper coins now and sit on them for a few years.

[Adrian-x]

Snag some copper coins now and sit on them for a few years.

Sure copper coins are almost free commodity money, they are going out of circulation in Canada soon because they cost more to produce than they represent in Fiat.

Pennies lie unclaimed in the streets on my way to work, the crack addicts don't even bother to pick them up I suspect because of fear of injury when bending over. (It is sad but they still see more value in picking up a cigarette buts and fighting over the deposit of pop cans)

[Severian]

I suspect because of fear of injury when bending over.

It's back-breaking work picking up free pennies in the street all day when a crackhead's time could be put to better use by just stealing something instead.

[Adrian-x]

I think drugs are subserviced by tax payers in my neighborhood; I was once opposed to the whole idea until an enlightening lunch with Richard Branson made me aware that it is a medical problem and not a criminal one, I don't think about it anymore. (That's probably why they pick up cigarette buts and not pennies)

But none the less there was a time when one could live a modest life off just $0.05 a day and still pay 10% to tax and 10% to charity.

Just the Pennies in circulation today (less inflation) could feed and maintain over 100,000,000 people for a year.

[allthingsluxury]

That is a lot of pennies! Canada is getting rid of the penny!

[J.Socal]

Try the US debt.http://www.usdebtclock.org/   

[SgtSpike]

Someone in my city actually made a "penny sorting machine" somehow.  It detects the real copper pennies (1983 or prior I believe) and puts them in one bucket, while throwing the zinc-infused pennies into a different bucket.  He goes to banks and buys as many pennies as he can, puts them through the sorter, and saves all the pure-copper ones.  He had something like a dozen 5-gallon buckets full of them.  Someday, when it is legal to melt them, he's going to have a nice chunk of change (MULTI-PUN!) from this.

I'd just like to know how to create such a machine. 

[dirtycat]

Someone in my city actually made a "penny sorting machine" somehow.  It detects the real copper pennies (1983 or prior I believe) and puts them in one bucket, while throwing the zinc-infused pennies into a different bucket.  He goes to banks and buys as many pennies as he can, puts them through the sorter, and saves all the pure-copper ones.  He had something like a dozen 5-gallon buckets full of them.  Someday, when it is legal to melt them, he's going to have a nice chunk of change (MULTI-PUN!) from this.

I'd just like to know how to create such a machine. 

nobody will know your melting them unless you like to talk. 

[SgtSpike]

Someone in my city actually made a "penny sorting machine" somehow.  It detects the real copper pennies (1983 or prior I believe) and puts them in one bucket, while throwing the zinc-infused pennies into a different bucket.  He goes to banks and buys as many pennies as he can, puts them through the sorter, and saves all the pure-copper ones.  He had something like a dozen 5-gallon buckets full of them.  Someday, when it is legal to melt them, he's going to have a nice chunk of change (MULTI-PUN!) from this.

I'd just like to know how to create such a machine. 

nobody will know your melting them unless you like to talk. 

Well, true, but I'd be more likely to hold them for a while than to attempt melting them myself.  I don't have a smelter, or capabilities for performing such a feat.  Not to mention, some people might begin to question my source for random hunks of copper.

[Adrian-x]

Someone in my city actually made a "penny sorting machine" somehow.  It detects the real copper pennies (1983 or prior I believe) and puts them in one bucket, while throwing the zinc-infused pennies into a different bucket.  He goes to banks and buys as many pennies as he can, puts them through the sorter, and saves all the pure-copper ones.  He had something like a dozen 5-gallon buckets full of them.  Someday, when it is legal to melt them, he's going to have a nice chunk of change (MULTI-PUN!) from this.

I'd just like to know how to create such a machine.  

Some cardboard and a magnet (salvaged from an old hard drive.) + a little ingenuity should do it.

Not sure on the exact composition but I have 2 - 2012 Canadian pennies and 1 is magnetic and the other is not.

[SgtSpike]

Someone in my city actually made a "penny sorting machine" somehow.  It detects the real copper pennies (1983 or prior I believe) and puts them in one bucket, while throwing the zinc-infused pennies into a different bucket.  He goes to banks and buys as many pennies as he can, puts them through the sorter, and saves all the pure-copper ones.  He had something like a dozen 5-gallon buckets full of them.  Someday, when it is legal to melt them, he's going to have a nice chunk of change (MULTI-PUN!) from this.

I'd just like to know how to create such a machine. 

Some cardboard and a magnet (salvaged from an old hard drive.) + a little ingenuity should do it.

Not sure on the exact composition but I have 2 - 2012 Canadian pennies and 1 is magnetic and the other sent.

Hmmm...  ^.^

[odolvlobo]

I estimate (roughly) that a dozen 5-gallon buckets means about a $5000 profit (about $.015 per penny). I seems like a lot of money, but what about the amount of time spent buying and sorting all those coins. I'm guessing it isn't a very high-paying job.

[dirtycat]

I estimate (roughly) that a dozen 5-gallon buckets means about a $5000 profit (about $.015 per penny). I seems like a lot of money, but what about the amount of time spent buying and sorting all those coins. I'm guessing it isn't a very high-paying job.

true.. having to collect all the coins sort em out.. if you decide to melt em you need propane or some type of fuel.. some cement to make a foundry furnace (or buy one  ).  A lot of work for what its worth.  To sell copper over here you need to show your ID and give a fingerprint but that rarely happens from what I am told.. and I think it only applies to copper wire and pipe not ingots.  Then good luck finding a place that will give you a good price per pound. I have met a lot of people talking about doing this but have yet to hear one of them attempting it.

[SgtSpike]

I estimate (roughly) that a dozen 5-gallon buckets means about a $5000 profit (about $.015 per penny). I seems like a lot of money, but what about the amount of time spent buying and sorting all those coins. I'm guessing it isn't a very high-paying job.

Good point!  I suppose many people probably feel like they'll be worth more in the future, but if that's the case, why not buy copper directly?

I estimate (roughly) that a dozen 5-gallon buckets means about a $5000 profit (about $.015 per penny). I seems like a lot of money, but what about the amount of time spent buying and sorting all those coins. I'm guessing it isn't a very high-paying job.

true.. having to collect all the coins sort em out.. if you decide to melt em you need propane or some type of fuel.. some cement to make a foundry furnace (or buy one  ).  A lot of work for what its worth.  To sell copper over here you need to show your ID and give a fingerprint but that rarely happens from what I am told.. and I think it only applies to copper wire and pipe not ingots.  Then good luck finding a place that will give you a good price per pound. I have met a lot of people talking about doing this but have yet to hear one of them attempting it.

Why would you melt them?  Just leave them in coin form and sell them that way, same as everyone does with silver and gold coins.