UrbanMan reply: Henry, you wrote me over three weeks ago and to be frank I did not think I would reply, until I saw a recent article on the internet talking about potential legislation in Congress that may result in the abolishment of the penny as currency. Until then, and only then can pennies be legally melted down for their copper value.
But not all pennies are made of copper. Pennies made in 1982 or earlier have 95% copper. Pennies since then are made mostly from zinc. The current value of a copper penny is around 2 1/2 cents.
Copper has a lot of scrap value, otherwise you would not be seeing copper related thefts of copper wiring, construction sites, phone facilities, etc. As I write this copper scrap is valued at $3.57 per pound.
Going back to the value of a copper penny, 150% of it's face value, is substantial, however you would need a truck load of it to make any substantial money once or if the legislation is passed to abolish the penny. Plus it is just so heavy as to not be practical. I even know gents who have taken very substantial amounts of silver and converted it to Gold to reduce the weight to value ratio.
I think you would do okay just to save what you normally get in pocket change. I do this and routinely fill a jar which I take once a year to the bank to convert to dollars. My average yearly conversion is just shy of $200. A little mini- windfall which contributes to my survival stockage as ammunition, or helps buy a new gun or long stay food.
You could collect copper pennies, again 1982 or before, and sell on e-Bay as some people do. I would recommend however that you put your precious metal collection efforts into Silver and/or Gold. My efforts are concentrated mostly around the buying of silver coins for their silver melt value, one or two ounce silver rounds, or, five ounce bars.
