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Man turns in $800 worth of pennies to bank

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Old 01-21-15, 09:38 AM   #1
Aron9000
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Default Man turns in $800 worth of pennies to bank

http://www.wsmv.com/story/27873171/s...nds-of-pennies

You know the news occasionally runs these stories of some old guy who saved every penny or nickel or whatever their whole life and then had several hundred pounds of coins they turned in at the bank.

I HATE how the news makes these guys seem like "well he's saved his pennies" and its one of those feel good stories, like the guy is really financially savvy.

Just hoarding massive amounts of common currency is a **** poor savings and investment strategy. In the story it talks about how he kept every penny since 1951, well inflation sucks, $800 was a lot of money in 1951, not so now.

I mean even if this guy got in late in the game on investing in something like a simple mutual fund that tracks the NYSE about 5 years ago, he would've more than doubled his $800.

Plus the guy is a moron for taking those pennies to the bank IMO. Pennies made before 1982 are 95% copper, with a melt value of $0.015 a pop, I'm sure a scrap dealer would've given him a little more than $800.
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Old 01-21-15, 09:43 AM   #2
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Quote:
Originally Posted by Aron9000 View Post
http://www.wsmv.com/story/27873171/s...nds-of-pennies

You know the news occasionally runs these stories of some old guy who saved every penny or nickel or whatever their whole life and then had several hundred pounds of coins they turned in at the bank.

I HATE how the news makes these guys seem like "well he's saved his pennies" and its one of those feel good stories, like the guy is really financially savvy.

Just hoarding massive amounts of common currency is a **** poor savings and investment strategy. In the story it talks about how he kept every penny since 1951, well inflation sucks, $800 was a lot of money in 1951, not so now.

I mean even if this guy got in late in the game on investing in something like a simple mutual fund that tracks the NYSE about 5 years ago, he would've more than doubled his $800.

Plus the guy is a moron for taking those pennies to the bank IMO. Pennies made before 1982 are 95% copper, with a melt value of $0.015 a pop, I'm sure a scrap dealer would've given him a little more than $800.
It's illegal to melt U.S. currency but I'm sure you can find a scrap yard that may do it.
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Old 01-21-15, 09:43 AM   #3
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Let the man enjoy his $800.

I doubt he cares about the woulda', coulda', and shoulda' potential of all those pennies...
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Old 01-21-15, 10:11 AM   #4
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500 pounds of pennies! wow
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Old 01-21-15, 10:42 AM   #5
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meh so be it. i save all my change too and cash it in once a year. its not my saving but its extra money.
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Old 01-21-15, 10:46 AM   #6
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I've actually hoarded a lot of left over quarters from the arcade in my college days. It's just sitting in a bucket. Probably at least $100.
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Old 01-21-15, 11:10 AM   #7
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I fill this glass window type brick with silver coins.Just about full and ready to cash in.Usually a bit over
$100.
Too bad my Colts couldn't cash in.



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Old 01-21-15, 11:31 AM   #8
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Most people do not care about pre 1982 pennies. They only care about the silver ones.
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Old 01-21-15, 12:49 PM   #9
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i have a huge jug that put mine in. when its half full its usually about $300 worth of change. i dont add to it too much anymore as i rarely pay with cash
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Old 01-21-15, 02:40 PM   #10
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If he was saving pennies since the 50's, he probably has some very old valuable ones that probably would have netted him more money with collectors then just taking the whole lot to the bank. Wonder if he checked them for any valuable ones.

I don't see anything wrong with it. He just saves spare low value change that people rarely do anything with and cashed it in. Nobody really invests with small penny change every year to get it to grow in value. I throw spare pennies, nickels, and dimes in jars or cups all the time, probably have around 75 or 85 dollars now in small change in cups/jars, maybe more.
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Old 01-21-15, 05:41 PM   #11
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Quote:
Originally Posted by darkdream View Post
Most people do not care about pre 1982 pennies. They only care about the silver ones.
So now I have to unwrap my penny rolls...
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Old 01-22-15, 11:26 AM   #12
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silver coinage has been picked clean from circulation over the years, its difficult to find any. But the pre 1982 pennies are easily found. People have made machines that automatically sort bags and bags of pennies between the 95% copper and 95% zinc ones.
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Old 01-22-15, 08:48 PM   #13
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Maybe its me being a bit OCD/neat freak. It would drive me absolutely insane to have a couple hundred dollars of loose change just lying around, or several bucket fulls like this guy sitting in a closet or a shed. I have a $5 plastic doohickey that sorts change and makes it easy to roll. Back when I worked a side job for tips, I'd just take the rolled change to the bank. Now days I really don't spend cash so it hasn't filled up nearly as quick.

As for that guy and his $800 worth of pennies, I surely hope he picked them over well and removed any vaulable ones. Also, it might be illegal to melt pennies IN THIS COUNTRY. I'm still thinking the pre 1982 pennies would be worth more in scrap than if you deposited them. Granted it might take some legwork to figure out how to make that work.
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