Why Copper Cents Make Sense

1909 Lincoln Copper Cent Penny Melt Value

1909 – 1982 Copper Lincoln Cent Value (United States)

U.S. MINT SPECIFICATIONS
Denomination: $0.01
Obverse Image: U.S. President Abraham Lincoln
Reverse Image: 1909-1958: Wheat Ears
1959-1982: Lincoln Memorial in Washington, D.C.
Metal Composition: 95% copper, 5% zinc
Total Weight: 3.11 grams
Comments: The 1943 steel cent fabricated during WWII does not have a copper/zinc metal composition.

CALCULATING TODAY’S MELT VALUE (USD)
Using the latest metal prices and the specifications above, these are the numbers required to calculate melt value:
$4.1160 = copper price / pound on Sep 02, 2011.
.95 = copper %
$0.9891 = zinc price / pound on Sep 02, 2011.
.05 = zinc %
3.11 = total weight in grams
.00220462262 = pound/gram conversion factor (see note directly below)
The NYMEX uses pounds to price these metals, that means we need to multiply the metal price by .00220462262 to make the conversion to grams.

1. Calculate 95% copper value :

(4.1160 × .00220462262 × 3.11 × .95) = $0.0268094

2. Calculate 5% zinc value :

(0.9891 × .00220462262 × 3.11 × .05) = $0.0003390

3. Add the two together :

$0.0268094 + $0.0003390 = $0.0271484

$0.0271484 is the melt value for the 1909-1982 copper cent on September 02, 2011.

 

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