Thanks To Rise In Copper Prices, The Penny Is Worth More Than 1 Cent: Here's How Much

Zinger Key Points
  • Copper is worth $10,246.25 per ton. This translates to $10.25 per kilogram and around $4.65 per pound.
  • Zinc is worth $4,330.85 per ton. This translates to $4.33 per kilogram and around $1.96 per pound.

The rising price of metals including copper and zinc has led to a unique valuation of the metals contained inside the penny.

What Happened: The price of several commodities have soared in 2022 with those that are used to make U.S. coins among the metals affected.

The U.S. penny has undergone several changes over the years, including what is used to make the currency and who is on the front and back of the coin.

Since 1909, President Abraham Lincoln has appeared on the front of the penny.

The penny is composed of 97.5% zinc and 2.5% copper.

Related Link: Thanks to Rise In Nickel Prices, The Coin Is Now Worth More Than 5 Cents: Here’s How Much

How Much Is A Penny Worth: It has been widely circulated that the value of a penny can be worth more than 1 cent.

Based on the increased prices of zinc and copper and a melting calculator, the report is true.

At the time of writing, copper is worth $10,246.25 per ton. This translates to $10.25 per kilogram and around $4.65 per pound.

Zinc is worth $4,330.85 per ton. This translates to $4.33 per kilogram and around $1.96 per pound.

Based on the prices, a penny is currently worth $0.030282, or more than triple its monetary value.

While making two pennies on every penny melted down doesn’t sound like a huge win, it could add up quickly. A 50 cent roll of pennies is worth $1.51. Those who have jars of pennies at home could be surprised to learn that every $100 in pennies could be worth $302.82.

Before rushing out to melt your pennies, keep in mind that it is illegal to melt some currencies.

Posted In: Abraham LincolnCoinsCopperpennyzincEducationCommoditiesMarketsGeneral

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.