I understood that it is illegal to deface the Queen, the money itself is only an extension of this. I would think that pennies are too heavy to ship very far before usage so this is a great business idea to you have you own copper wire factory just over the US border. Or if you have good access to the LME you could buy a put at a strike of whatever $2 a pound works out to in tonnes with an expiry of about two years out
This penny business is brilliant, I am now looking into ways of putting it in action! As soon as I heard about this a *light bulb* went on! The only problem seems to be the legality issues as mentioned before, but I am a pretty resourceful individual and can find loopholes and ways around certain things. -TheActionKid
This is hilarious.... NewsFlash! A group of men were seen making a run on pennies at the grocery store. When queried about their need for pennies they turned bright red and said nothing. It is speculated that they read about mining for copper in EliteTrader. EliteTrader is an accomplished Internet Forum for Traders and Pikers. A spokesman from the US Bureau of Engraving and Printing confirmed for us that defacing pennies in this way would be a crime. The Treasury dept could not confirm or deny the legality of this, but assured me that the congressman in their district and surrounding districts were seen in rented semi's hauling unidentified cargo. Homeless people in the streets have been fortifying their shopping carts to accommodate the increased weight of their booty and monitors have been in installed in the streets quoting the PPR ("Penny Prime Rate"). Walmart today announed rollbacks when using pennies to purchase. This new scheme is aimed at cornering the copper market. Thier plans are to send the empty cargo containers back to China filled with pennies. They claim that they are not violating the law and do not know what the Chinese are doing with the pennies. They claim that the ActionKid in ET advised them that this would be ok. The USA apparently seems to be in a crisis and the beloved penny is under siege. Today is is rumored that the Copper Pit traders have organized and have been seen with their pockets filled with pennies in preparation to throw them at Fed chairman Bernancke. Mr. Bernacke was unavailable for comment and was busy with Ms. B at the time of our phone call. Just this reporters opinion..
This reminds me of a time when I was in college. One of my roommates was Lebanese. One day I notice he had started collecting pennies and we asked him what where those pennies for. Sounding somewhat arrogant he said he couldn't tell us, but that he was going to make millions of dollars with the pennies. My other roommate and I tried to figure out how he was going to make millions of dollars collecting pennies, probably making penny necklaces? so we let it be, to each his own we thought. Months went by and he keep collecting pennies. His room has full of all sorts of containers full with pennies. One day I get home and with a puzzled look in his face he tells me he has received a letter from the company regarding the penny business but couldn't understand it. He gives me the letter. It was mailed to him by a brokerage selling penny stocks. We laughed for long long time....
Reminds me of a story my high school chemistry teacher told. I have no idea whether this is true or not. He claimed that he lined up a source of bulk used x-ray film from the local hospital that had a particularly high concentration of silver halide emulsion. He chemically extracted and purified the silver, intending to sell it. When he went to a metals dealer he found it nearly impossible to sell because it didn't have a paper trail. In the end the assay costs ate up most of his profit from the relatively small quantities he was dealing with. Martin