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When copper reached a record high in February 2011, [47] the melt value of a 95% copper cent was more than three times its face value. As of January 21, 2014, a pre-1982 cent contained 2.203 cents' worth of copper and zinc, making it an attractive target for melting by people wanting to sell the metals for profit.
Currently, pennies are 97.5% zinc and 2.5% copper, and at current prices of those metals, each new penny has a theoretical "melt value" -- what you'd get if you melted down pennies and sold the ...
A penny, on its face, is worth one cent. $0.01 U.S. dollars. On the other hand, that same penny -- if melted down for the copper it contains -- could be worth quite a bit more. Due to the fact ...
While pennies with their new design continued to be minted unabated throughout World War II, there was a change in composition. Starting on April 1, 1942 Canadian pennies had their copper content increased from 95.5 percent to 98 percent and their tin content lowered from 3 percent to 0.5 percent. [20]
Also, as the price of the raw materials from which the penny is made exceeds the face value, there is a risk that coins will be illegally melted down for raw materials. [ 13 ] [ 14 ] Increased cost – Commissioned by Jarden Zinc, which supplies zinc "penny blanks" to the Mint, a report conducted by Navigant Consulting found that the government ...
Jackson said there are collectors who hoard pennies minted in 1982 and before for their copper value. But that scheme would only work if it ever becomes legal to melt them down, he said.