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Friday, December 15, 2006

My New Get Rich Quick Idea!

Thanks to THIS WEB SITE, I have a brilliant foolproof way to reach early retirement!

It seems that metal prices are on the rise. But how can I cash in on this? I do not own a mine or anything.

So what I have to do is be very selective about which metals I concentrate on, and find a way to get these metals "cheap". And by cheap I mean below market value of the metal. After careful consideration, I have decided on copper, zinc, nickel, and possibly some silver.

So how do I pull this off? Who is dumb enough to provide me with copper and zinc at below market value? Or silver at below market value?!!? Nobody gives away silver do they?

Would you believe the US Mint? Yes, your pocket change is worth more than you think it is. That penny? It is worth anywhere from $.0111 (1982 - 2007) to $0202 (1909 - 1982). For newer pennies (minted after 1982 and containing 97.5% zinc) that works out to a 111.52% of face value. For every hundred bucks in new pennies you will make $11.52. For older pennies you double your money by extracting 202.33% of the face value! For every hundred bucks you can make $102.33! Avoid those war production steel pennies - they are only of value to collectors.

Nickels made after 1946 are 75% copper and 25% nickel. Currently they are worth $0681. This works out to 136.33% of face value - or a 36% profit. A hundred bucks turns into $36.33 bucks more than you had before. All you need to do is extract and separate the copper from the zinc from the nickel.

Do not bother with dimes, quarters, half dollars, or dollar coins. You will loose money there.

UNLESS the coins are old enough to be silver. Some 1942 - 1945 nickels are made from silver - those are worth $.7207. That works out to 1441.47% ABOVE face value of the coin! How about that!

Silver dimes are worth $.9266, silver quarters $2.3166, 1948 - 1964 (90% silver) half dollars are worth $4.633, 1965 - 1970 half dollars (40% silver) are worth $1.8945, 1921 - 1935 "peace dollars" are worth $9.9078, and 1971 - 1978 Eisenhower dollars are worth $4.0509.

Keep in mind this is the value of the raw metal, not the value of proof or collector quality coins, rare mint marks, or any of that other collector crap. A 1943 nickel in poor condition is still worth 72 cents.

And do not just ignore those Canadian coins! Some of them are silver too. A 1935 - 1967 Canadian "canoe" dollar is worth $7.68 American. Even in Canada.

Note that some factors, such as rarity or condition may make the coins worth more than the values listed above. But based on the current market value of copper, zinc, nickel, and silver the value is NEVER lower. No matter what. And by "no matter what" I mean unless the market value of the metals used to make these coins falls.

Not to be outdone, the US Mint has made it illegal to melt coins. But they said nothing about the reduction of US coins! If one were to dissolve a 95% copper penny in an acid solution producing copper sulfate and then extract the copper from the solution via electrolysis and the remaining zinc through some similar chemical process - that is not "melting"!! Right? I did not use any heat source here, just some good old H2SO4, an anode and a cathode, and a car battery.

I would have to research how to extract and isolate the zinc, nickel, and silver. There has to be a cheap way of doing this or else the US Mint would not have made it illegal to melt coins. Nobody is going to do this to loose money. Maybe that is the key! Different metals have a different melting point, and different densities. Perhaps it is as simple as finding which metal has a lower melting point and applying just enough heat to turn that metal into a liquid. Or using density by melting an entire coin and letting the lighter metals "float" to the surface.

And of course, no US law prevents the melting of Canadian money. And for those in Canada - nothing is stopping you from doing the same to US coins.

I shall name my 45 foot sailboat "Pocket Change". Or maybe "Melting Point". And of course there is the ever popular "Legitimate Businessman".


Anonymous Anonymous said...

Awesome boat names.

Blogger Tan Lucy Pez said...

LOL. You are funny boy. Love it. Of course, there is the cost of the extraction supplies...that might cut into your profit.

Name the boat "A Penny Saved."

Blogger The Lazy Iguana said...

Or "1,084 Degrees Celsius" - the melting point of pure copper.

Anonymous Anonymous said...

When I was a kid I figured I could make money collecting and reselling coins and gold panning.
Guess how rich I am today!

Blogger Fuzz said...

It's more fun to let a train run over them. But that's probably illegal too.

Blogger The Lazy Iguana said...

Squashing coins by placing them on train tracks is fun.


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