2p or not 2p?
By VICTORIA RAYMOND
Sun Online
SAVING the pennies could be a more worthwhile venture today thanks to soaring copper prices.
A massive rise in the price of the metal means that copper coins are now worth 50 per cent more on the commodities market than on the high street.
And those who have collected the coins could find themselves sitting
on more than they expected - a 2p coin is now worth 3p
Copper coins made before 1992 are 97 per cent copper, which means that each 2p coin contains 6.9 grams of the metal and each penny piece contains 3.45 grams.
To get a tonne of copper it would take 145,000 2p coins or 290,000 1p coins, giving a face value of £2,900.
But if the same coins were sold for their metal content they would collect almost £4,500, after the price of copper hit a fresh high of £4,463 a tonne today.
However, the Royal Mint warned that it was an offence for a member of the public "to melt down a coin of the realm".
Coins made after 1992 are not as valuable, because the Royal Mint introduced new 1p and 2p pieces made from steel with only a thin copper plate.
The price of copper on the London Metal Exchange has surged by more than 80 per cent so far this year as investors buy into commodities on the back of disruptions to supply and low stock levels. The price of other metals and raw materials such as
zinc, gold and oil have also soared.
Copper analyst Ingrid Sternby, of Barclays Capital, said: "Copper is shooting sharply higher today following yesterday's impressive gains."
She said demand for scrap was boosted by a shortage of supplies worldwide.
"The copper market is so tight that you have to get it from somewhere,
although coins are the last resort," she said.
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In other news - gold now costs $700, can't remember at what level Brown sold all UK gold, think it was $250?
By VICTORIA RAYMOND
Sun Online
SAVING the pennies could be a more worthwhile venture today thanks to soaring copper prices.
A massive rise in the price of the metal means that copper coins are now worth 50 per cent more on the commodities market than on the high street.
And those who have collected the coins could find themselves sitting
on more than they expected - a 2p coin is now worth 3p
Copper coins made before 1992 are 97 per cent copper, which means that each 2p coin contains 6.9 grams of the metal and each penny piece contains 3.45 grams.
To get a tonne of copper it would take 145,000 2p coins or 290,000 1p coins, giving a face value of £2,900.
But if the same coins were sold for their metal content they would collect almost £4,500, after the price of copper hit a fresh high of £4,463 a tonne today.
However, the Royal Mint warned that it was an offence for a member of the public "to melt down a coin of the realm".
Coins made after 1992 are not as valuable, because the Royal Mint introduced new 1p and 2p pieces made from steel with only a thin copper plate.
The price of copper on the London Metal Exchange has surged by more than 80 per cent so far this year as investors buy into commodities on the back of disruptions to supply and low stock levels. The price of other metals and raw materials such as
zinc, gold and oil have also soared.
Copper analyst Ingrid Sternby, of Barclays Capital, said: "Copper is shooting sharply higher today following yesterday's impressive gains."
She said demand for scrap was boosted by a shortage of supplies worldwide.
"The copper market is so tight that you have to get it from somewhere,
although coins are the last resort," she said.
-------------------------
In other news - gold now costs $700, can't remember at what level Brown sold all UK gold, think it was $250?
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