one cent coins

whats newxt

Whats the scrap value of a one cent coin? Anyone know?

whats newxt

A one cent coin is 90% copper and since it cost more to make a one cent coin than it is to buy was thinking it could be an idea. A one cent coin cost 2 cents to make so technically if i went into a bank and bought 1,000 euro worth of one cent coins and melted them down and i sell the ingots for scrap i would turn 1,000 euro into 2,000 euro.? Am i right or just mad?

Kristopherus

Mad:D

Not a NSA agent

You need to take into account the time involved, cost of smelting, finding someone who is interested in buying. Im not sure if you could make a profit but it would have to be a huge amount of coins.

whats newxt

I could just make one of these

GreatDefector

whats newxt wrote: »

A one cent coin is 90% copper and since it cost more to make a one cent coin than it is to buy was thinking it could be an idea. A one cent coin cost 2 cents to make so technically if i went into a bank and bought 1,000 euro worth of one cent coins and melted them down and i sell the ingots for scrap i would make 2,000 euro.? Am i right or just mad?

stone mad. That's 100'000 1c coins
btw at 2.3g each its 230kg of coins

Good luck

Guy:Incognito

whats the weight of a coin?

Last time I sold scrap copper it was €4.25 a kg iirc.

Del2005

Is it not illegal to destroy currency?

Also just because it costs 2c to make doesn't mean that is the metal value, there's a lot of work to get the copper into a coin.

whats newxt

Guy:Incognito wrote: »

whats the weight of a coin?

Last time I sold scrap copper it was €4.25 a kg iirc.

2.30 grams (or so it says on the internet)

whats newxt

Del2005 wrote: »

Is it not illegal to destroy currency?

Also just because it costs 2c to make doesn't mean that is the metal value, there's a lot of work to get the copper into a coin.

Aren't they phasing them out anyway. But yes i have probably miss calculated and not factored in the proper costs

whats newxt

Guy:Incognito wrote: »

whats the weight of a coin?

Last time I sold scrap copper it was €4.25 a kg iirc.

If that's true then you would loose money doing this!

GreatDefector

Guy:Incognito wrote: »

whats the weight of a coin?

Last time I sold scrap copper it was €4.25 a kg iirc.

434 x1c (so €4.34) for the coins required to make 1kg of copper which will get you €4.25

so a 10c loss before you even consider melting the coins

Atlantic Dawn

In 2011 the price was about a third higher, it would be commerically viable if the price returned to that especially given the dollar is now worth more than it was back then against the euro.

http://www.infomine.com/investment/metal-prices/copper/all/

Guy:Incognito

Atlantic Dawn wrote: »

In 2011 the price was about a third higher, it would be commerically viable if the price returned to that especially given the dollar is now worth more than it was back then against the euro.

http://www.infomine.com/investment/metal-prices/copper/all/

Highest I ever got was €4,50 a kg. Thats maybe 10 trips across 8 years between 06 and 14.

Del2005

whats newxt wrote: »

Aren't they phasing them out anyway. But yes i have probably miss calculated and not factored in the proper costs

There use as change is being fazed out in Ireland, and other countries, but the coin is still legal tender and can't be destroyed.

cruizer101

You also forgot to factor in that coppers and in fact made of steel and coated in copper so worth far less than you think.

https://en.wikipedia.org/wiki/Euro_coins