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Yes. As of January 14, 2010, with copper at $3.3764/lb and zinc at $1.1251/lb, a pre-1982 penny (95% copper and 5% zinc) has a "melt" value of 2.23774 cents.

See the website http://www.coinflation.com/ for current "melt" values.

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Q: Is the copper scrap value worth more than face value of a pre 1982 us penny?
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