5 Critical Mistakes to Avoid When Considering Lincoln Cents for Melt or Collectability

I’ve seen these mistakes over and over. Here’s how to avoid the pitfalls that trip up most people.

With Lincoln Cents disappearing from circulation, I’ve watched too many collectors get burned by false hopes. After decades in numismatics, I can tell you most folks make these exact five errors when weighing melt value against collectability. Let’s save you the trouble I’ve seen others endure.

Mistake #1: Counting on Modern Pennies Becoming Collector Goldmines

Don’t make this rookie error:

• Post-1982 zinc cents? They’re practically landfill material to serious collectors
• Even pre-1983 copper pennies exist in such massive numbers they’ll never be rare
• Look at discontinued Canadian pennies—still worth exactly one cent decades later

The Hard Truth

My mentor put it best: “Your grandchildren will retire before common zinc cents gain value.” Focus on coins with actual scarcity, not wishful thinking.

Mistake #2: Chasing Melt Value That Doesn’t Add Up

Think you’ll strike it rich? Let’s do real math:

• You’d need 165 copper pennies just to get $5 worth of metal
• Melting U.S. coins? Straight-up illegal—period
• Even if legalized, refining costs would leave pennies on the dollar
• Storage fees and time spent sorting? Say goodbye to profits

A Reality-Based Approach

If you insist on this path, stick to pre-1983 copper cents and track every hidden cost—including what your time’s actually worth.

Mistake #3: Forgetting You’ll Need Actual Buyers

Here’s what hopefuls never consider:

• Forget finding buyers—banks are already refusing penny orders
• You’ll pay premiums to get bulk cents now
• Future collectors will lowball you knowing you’re desperate to offload
• After eBay fees and shipping? You’ll lose money on small lots

Mistake #4: Believing Composition Myths

Don’t get tripped up by:

• “Bronze” fantasies—pre-1983 cents are 95% copper plating, not solid bronze
• Made-up terms like “chill scrap” that don’t exist in real markets
• Assuming refiners will pay top dollar for impure copper mixed with zinc

Mistake #5: Banking on “Someday” Profits

You might be sitting on these coins longer than you think:

• The legal melt ban shows no signs of lifting
• Even if changed, laws move slower than glaciers
• Inflation will eat potential profits while you wait
• Your cash stays frozen in copper cocoons for decades

Smarter Moves Than Penny Hoarding

Instead of babysitting zinc coins, try:

• Putting money into actual copper ETFs or commodities
• Hunting truly rare coins like 1909-S VDBs
• Using that garage space for something profitable
• Spending pennies while stores still take them

The Bottom Line

Lincoln Cents whisper promises but deliver pennies-on-the-dollar reality. I’ve seen these errors cost people thousands in lost opportunities and storage fees. Stick to proven numismatic strategies—your future self will thank you when you’re not lugging 50-pound penny jars to the bank.

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