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Million Dollar Idea #1
By Max | April 3, 2007
So you want to make a million bucks? Here’s how:
Go buy $100 of pennies at the bank. Pick out all the pre-1982 pennies because they are 95% copper. Now melt them down and sell them as raw copper. Copper is worth $3.28 per pound, which works out to about 2.18 cents per copper penny. Rinse and repeat enough times until you have been through 100 million pennies, and BAM, you’ve just made yourself $1 million.
Coinflation has all the details.
You may be thinking to yourself, “Thats a lot of pennies.” Well, theres another option. Recently nickels (1946-2007) have become worth 8.8 cents. So you only need to collect 25 million of those and you don’t have to sort out the dates saving quite a bit of time.
The best deal going however are the pre-1981 Canadian nickels. Those bad boys are worth 22 US cents in their metal content. Since $1CAD = $0.86USD, thats a 400% ROI per Canadian nickel. You only need to collect 5 million Canadian nickels to make $1 million CAD.
Anyone up for a trip up north?
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April 4th, 2007 at 9:05 pm
Great idea, however I think you might have a problem:
http://www.moneyweek.com/file/23192/why-its-now-illegal-to-melt-down-us-coins.html
Perhaps Canada is still an option!