The meltdown value of pre-1982 pennies is calculated using the following formula that's also given with the unchanging values filled in:5 (price of copper per pound x weight of penny x percentage of penny that's copper) / number of grams in a pound = value of copper in a penny (price of copper per pound x 3.11 grams x 0.95) / 453.59 grams = value ...

You can go to a bank or anywhere else that has large quantities of pennies and buy them at face value, however, it can be time-consuming to sort through and isolate the mostly copper ones. Some companies sell bulk pennies that have already been sorted, but they will charge you a premium.

Because of the increasing value of copper and other metals, in 2006, the U.S. government imposed a penalty for melting pennies or nickels: a fine of up to a $10,000 or up to five years in prison or both.3 For that reason, if you're thinking of buying up lots of copper pennies, you would have to consider it to be a long-term investment. The U.S. Mi...