Prospecting For Pennies

10-06-2025

The Lowly Penny.

Over the years, I explored many hobbies. Early on, I enjoyed metal detecting and later tried panning for gold. Those interests pushed me toward better gold extraction methods. I learned stream sluicing, high banking, and even operated a gold trommel. My wife also joined in and helped with the demanding work.

Later, I began a strange hobby, prospecting for pennies. I searched for 95% copper pennies and returned the zinc ones.

The Backstory To Explain.

The U.S. penny produced from 1909 until mid-1982 contained 95% copper. In 1982, the United States Mint switched the penny to copper-coated zinc. That year became a split year, with both copper and zinc versions in circulation. Rising copper costs forced the change, but the difference remains essential today.

So, What Is The Big Deal?

As copper prices rose, collectors noticed that the melt value exceeded the face value. The website Coinflation calculates melt value by inputting face amounts. For example, $1.00 in 95% copper pennies has a melt value of about $2.88 today.

Don’t Get Too Excited, Yet.

That sounds great, but reality complicates it. The U.S. Mint banned melting pennies. Oddly, other coins like 90% silver dollars, halves, quarters, and dimes were melted freely. Even 35% silver war nickels got recycled for their metal content. Pennies remain locked by a ruling.

So, it is illegal to melt now, but!

Other nations eliminated their smallest coins and rounded transactions to the nearest nickel. Recently, it was announced that the penny would no longer be produced when the blank planchet material was exhausted. Each penny costs 3.7 cents to make, while a nickel costs 13.8 cents. Interestingly, $1.00 in nickels carries a melt value of around $1.09.

Realcent, Ryedale, and More.

During my penny hunting days, I had joined Realcent, a group of penny enthusiasts. They collected and sorted 95% copper pennies, hoping for future profit. To help, the Ryedale coin sorter appeared for hobbyists. Sorting required banks willing to supply pennies and others to accept $50 bags back. Physical strain became part of the effort.

The Final Verdict.

Was the energy, time, and back pain worth it? Maybe. The 95% copper pennies may hold long-term value. However, the hoarded bag of pennies just sitting waiting means the time value of money could erase gains. In the end, patience and luck decide if this hobby pays off.

To learn more, visit the blog life, reflection, and faith.