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Peter Schiff, CEO and chief global strategist of Euro Pacific Capital, argues that the melt value of pre-1982 pennies has climbed to 4.46 cents, given copper prices at $6.85 per pound.
He also notes that modern zinc-based pennies are currently worth 1.07 cents for their metal content, suggesting that pennies may represent a better investment than U.S. Treasuries due to their risk-free nature and significant upside potential.
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Schiff previously highlighted the 30-year Treasury yield rising above 5.3 percent as U.S. national debt surpassed $39.9 trillion in his comments on Treasury markets. Questions around his business activities surfaced amid the forced shutdown and receivership of Euro Pacific Bank. His recent remarks continue a pattern of skepticism regarding traditional U.S. financial instruments.