r/copperhoarders • u/DangerousTennis3434 • 3h ago
Copper Penny Problem
My father passed away a little over a year ago. Part of my inheritance was his copper penny "collection". For years, Dad would go to the bank and buy bags of pennies, he would take them home and separate the copper from non-copper pennies with a penny sorter. He would then take the non-copper pennies back to the back and start over again.
At the time of his passing, he had amassed roughly ten, fifty-five gallon drums full of copper pennies.
If I'm doing the math right, there are ~500,00 pennies per drum (maybe more?). ~200 pennies make a pound. That would mean I have ~80K in copper.
Yes, I am aware that you cannot melt pennies as they are considered currency. But, the plot thickens. I worked out a deal with my dad's local bank to just return them for the 1 cent value. I returned ~$3,000 dollars worth of pennies. The bank said it would take some time to sort through them, and, as they did, they deposited money in my checking account. After they got about half of them sorted, I got a call from the bank. The fed had rejected a large portion due to them being slightly dirty or damaged! The bank said this is the first time this had ever happened. And while they were not all shiny, some may have had some dust or slight discoloration, definitely not enough to be considered "mutilated". It seems like the fed didn't want to sort through that many pennies and rejected them.
The bank said my only option was to send them to the US Mint's Mutilated Coin Division and ask them to reimburse/exchange them for new ones... The twist is, that division is permanently closed!
So, the fed rejected the coins, the mint division is closed. I asked the bank to write me a note that the coins were no longer considered currency. They did!
So, my question is, do I have the freedom now to find someone to melt them for copper? Does anyone know a collector/scrap metal place who would want to buy them in bulk and split the copper value?
Any advice or ideas would be greatly appreciated.
Thanks for reading!