A Weird Way To Increase Your Money By Up To 500% !
 

This could be a weird way to increase your money by up to 500%! But there's a catch...

Your money has to all be in pennies!

Apparently, the copper in pennies is increasing in value. So much so that, some people speculate that the copper in one US penny could (if melted down) be worth up to 5 cents!

Now, I'm not sure of the "legality" of doing this (it may not be legal to melt down money) - but it's still interesting...

Here's an article about it... Coin shortage could turn pennies to nickels

According to that article, in May 2006, copper reached the price of $4.16 a pound. Also, there are 154 copper pennies in a pound of pennies. That means that, in May 2006, the copper in one penny was worth 2.7 cents!

So... It could "pay" to save your pennies! ;)

Dien

Re: A Weird Way To Increase Your Money By Up To 500% !
 

I forgot to mention that, apart from "melting down" copper pennies, you may just have to wait for the penny to be "revalued" to be the same value as a nickel (as the article mentions could happen)... Then just "cash in" your pennies!

I don't know if anyone would amass thousands (or tens of thousands) of dollars in pennies to take advantage of this... But it's a fascinating thought anyway... ;)

- Dien

Re: A Weird Way To Increase Your Money By Up To 500% !
 

NOW you tell me, Dien! I just took a whole big batch (I could barely lift it and a big, burly gentleman had to help me put it up on the counter)to the bank. We put our change out of pockets ect in containers and the penny one was so full and heavy I thought it might break the glass container so I emptied it into a large plastic container and took it to the bank.

Wonder if I went back with my receipt if they'd give them back in exchange for paper money? Then I'll wait and cash them in for 5 times their face value. Yeah...sure. :rolleyes:

Sandi Bowman

Thanks for the heads-up, Dien!
 

Hello Dien,

Thanks for the heads-up - greatly appreciated! I have quite a pile of pennies around, so I might have more money than I originally thought. :-)

If I remember correctly, I thought I heard a story about where the US Government may consider "eliminating" the penny and that prices will end in 5s and 0s so that we wouldn't "need" the penny anymore. I heard this probably around a month ago or so on some news program, but I don't remember what that program was. That might be another reason why the value of the penny is worth more than just 1 cent each.

Very interesting - to think our pennies could be nickels in disguise, LOL! :-)

Take care and have a great day!

Sincerely,

Joe Chengery III

Re: A Weird Way To Increase Your Money By Up To 500% !
 

Dien...

Thanks for that Interesting bit of Copper & Penny News. :)

Some Quick Penny & Copper research...

Got me Thinking of “Penny Hotsheets”

Keep in Mind...

Most People Hate getting Pennies in their change...

And would be More than willing to Give you All their Pennies if you ask Politely! ;)

Here's a little Fun and Maybe Profitable reading all about it...

Just “Twist” yourself a Million Pennies or so. :)

Pennies from Heaven as they say...

Could be Worth more than we Think!

http://www.copper.org/
http://www.kokogiak.com/megapenny/
http://www.pennies.org/
http://www.pennies.org/history/intro.html
http://www.fincher.org/Misc/Pennies/
http://www.metaltradingpost.com/
http://www.nevadacopper.com/
http://www.stormcopper.com/
http://en.wikipedia.org/wiki/Copper

Phil

Re: A Weird Way To Increase Your Money By Up To 500% !
 

I don't think it's legal to melt them down here in the UK where the same scenario applies. What gets me is that the young kids getting copper coins (here we have 1p and 2p coins in copper) are more likely to throw them on the ground than put them in their pockets.

Margaret

Heck - now doesn't that sound like a silver surfer LOL

Re: A Weird Way To Increase Your Money By Up To 500% !
 

There is a simple way why it can't be done. To buy the equipment costs more than the profit. Bet you never thought of that. I heard that on a business show on the radio.