Some investors still have a lot to learn when it comes to copper bullion. It’s a relatively new investment opportunity many feel will one day rival silver in its popularity. With so many being new to buying copper coins and bars, some unethical dealers are taking advantage of people’s inexperience with this vital metal.
Like the gold confiscation scam we’ve discussed here, any mention by a dealer that their copper bars are “Mint Poured” or “Hand Poured” should raise a red flag.
What these unethical dealers are doing is melting copper wires, pipes and other “scrap” copper and passing it off as premium bullion – at premium prices.
In reality, what they’re selling is the copper prepared by scrap yards and recycling companies to be sent to mills and refineries. Mints do not “pour” copper – they simply manufacture coins for currency or bullion investors.
Minting investment-grade copper is an extensive process
Producing copper coins and bars for investment purposes involves more than just melting some copper into a square shape and chiseling some fraudulent purity numbers on it.
Of course copper bullion begins its journey as mined or recycled copper. It is then refined to 99.99% purity, where it is then rolled and milled. This “wrought” copper is then cut into specific weights (i.e. 1-ounce, 1-pound, 10-kilos) and stamped with its purity and often its country of origin.
Some mints will take “wrought” or pure copper and form it into rounds with exclusive, sometimes elaborate designs.
Scammers and unethical sellers are a fact of life in our world. Many of us learn about these scams after we’ve spent our hard-earned money. The best way to avoid being roped-in by this scam, or the gold confiscation myth, is to educate yourself.
Being informed is the most important step in protecting your assets and ensuring your hard-earned dollars are being well spent.
If you’re looking for high-quality, investment grade copper bullion, Provident Metals has an extensive inventory. Check our main site for current prices and availability, or click on over to our knowledge center today to learn more.
Jack Burton says
Heres a fact – copper pipe used for water by law is at least 99.9% pure. So i know i can go to my local home store and buy 10 lbs of copper for much less than 61.50, which is what you are selling your 10 lb copper bars for as of 2-2-2017. I feel like this article is more to scare people into buying your copper at wwwwaaaaaaaayyyyyyyy over current spot, rather than making their own bars with left over plumbing pipe, or just buying new pipe and melting it down. Making a furnace and buying a crucible is cheap, and a fun way to spend a weekend. And if anyone did this, they would still get a 99.9% pure copper bar. Possibly more pure if you toss in some borax.
Just sayin. Still love the site and i buy silver often and the customer service is great. Ive even bought some copper here lol.
N0n3.unle55.on3@gmail.com says
On so going off the info you provides copper is still based off of weight and market value and I would assume that do to the fact that some one had to process the copper to make pipe you at almost definitely would pay more for the labor involved
NaySayer says
So I guess this means you guys don’t sell bags of pre-1982 U.S. Cent pieces? I didn’t see any for sale but I didn’t look all over the site either.
brandon says
look under bullion go to copper go to pennies and you can buy a bag of 5000 for 110 bucks!