Wall Street Manna

An irreverent look at Wall Street

Wednesday, December 12, 2007

100 million pennies

Take a look at the link at the bottom of the page. It's a great story. But how much is 100 million pennies worth?

A post 1982 penny is 97.5% zinc and 2.5% copper, and a million dollars of pennies has 538,000 lbs. of zinc, and 13,700 lbs. of copper; with Zn at $1.07 a lb and Cu at $3.03, melted the pennies are worth $621K.

If the pennies are pre 1982, made from 95% copper, then the pennies are worth $2 million.

So donate some pennies, and buy the copper stocks! Freeport-McMoran, (FCX 102.71) backed up 5 yesterday; they'll get those points back. And Lundin Mining (LMC 9.50) is the play on zinc.

http://www.commoncents.org/go.cfm/4A29F493-3048-32DA-1849D69F5EE1F1CF