A Puzzle About 1P And 2P Coins

[barney15c]

These coins were 97% copper  prior to September 1992.

If you could source a ton of these coins, would the price of copper make it viable to melt them down into a pure ingot of copper taking into account the cost of smelting it (I know it's illegal to melt down legal tender coins) so this is purely hypothetical.

Just one of those "i wonder" moments.

[douglas9401]

https://markets.businessinsider.com/commodities/copper-price

[davebro3]

how many coins in a ton?

[THECORBYLOON]

You wouldn't get much since the "copper" coins have been copper-coated steel since September 1992 apart from 1998 when the 2p coins were minted using both methods.

[barney15c]

A 1p coin weighs 3.56 Grammes

A 2p coin weighs 7.12 Grammes

There are 907,105 grammes in a long ton

907,105 / 3.56  = 254804 coins or £2,548.04 in value.

As a 2p is  double the weight but half the number of coins the value of £2,548.04 remains the same.

[barney15c]

Reply to The Corbyloon - this is precisely why i specifically said coins before Sept 1992.

[THECORBYLOON]

Apologies, I didn't read your question properly.

 

[Ellipsis]

There's 281 pennies in a kilo, that's obviously £2.81 in raw material.

A kilo of copper as scrap metal costs between £3.50 and £6.50 at present.

So yes, as scrap metal it makes a profit.

[mouseymick]

The thought makes me pensive 🤔🤣

[Ellipsis]

When you stop being pensive, that's when it becomes expensive ...