from Amazon
Sunday, December 04, 2011
Arbitraging pennies for its base copper value
Clients use Youngs because he separates copper pennies from the chump change—the newer pennies that are only worth $0.01.
But in the weird world of penny hoarding, getting to the copper is a very big problem. It’s illegal to melt pennies an there is an obscure federal law that makes it illegal to transport more than $5 in pennies out of the country.
Penny hoarders know this of course, but they also know something else. In what could be the biggest legislation to hit the U.S. Mint in 50 years, officials are now looking at the composition of pennies and nickels and considering an overhaul. If the laws change and the mint decides to abolish the penny, people would be free to melt them down for the copper.
A penny saved, many times over, could be a whole lot earned.