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Currently, auctions are asking between $2 and $3 per pound for quantities of 10 to 25 pounds of coins. One auction featured 100,000 pennies -- weighing about 680 pounds -- that sold for $1,500 ...
In 2006, Arizona was the leading copper-producing state in the US, producing a record $5 billion worth of copper. [16] Over 60% of the newly mined copper in the U.S. comes from Arizona. When copper traded for an average of $3.30/pound, copper production generated nearly $5 billion for Arizona's economy in 2006 and $5.5 billion in 2007.
Copper production from the mine totaled 6.304 billion pounds of copper, [7] worth about US$20.8 billion at the 2010 copper price of $3.30/pound. Geography
The combination of "copper" and "penny" might not seem like the best formula for valuable coins considering that you can find higher denominations in gold and silver. But finding the right copper ...
When copper reached a record high in February 2011, [46] 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.
The mine will produce 4.1 billion pounds of copper equivalent over 32 years of mine life. It includes an after-tax net present value at an 8% discount rate of $1.24 billion.
At the end of the 16th century King James VI called in all silver coins, totally 211 stone and 10 pounds, and these were melted down to create new coins with his image, hugely reducing the surviving coins predating this point. At this point copper pennies were first minted, valued at one twelfth of a silver penny. [16]
Finally, amid the Napoleonic Wars, the government authorized Matthew Boulton to mint copper pennies and twopences at Soho Mint in Birmingham in 1797. [21] Typically, 1 lb. of copper produced 24 pennies. In 1860, the copper penny was replaced with a bronze one (95% copper, 4% tin, 1% zinc). Each pound of bronze was coined into 48 pennies. [22]
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