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Penny horders


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#1 SockPuppet

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Posted 03 December 2011 - 06:45 PM

I saw a strange story about people hoarding pennies that are made before 1982. The copper content is worth more 2.3 cents for a copper penny. The problem is it is against the law to melt them. The hoarders go so far as buying a $500 machine to sort the pennies by weight. In 1982 some of the pennies are copper and some are mainly zinc. The also is a rule about the number of pennies you can export out of the United States at one time is 500. So it is not cost effective to export them for copper value. So why are they doing it? The hoarders are hoping that they government will do away with the pennies.
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#2 log dawgs

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Posted 03 December 2011 - 06:47 PM

I saw this story as well. Pretty different,
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#3 SockPuppet

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Posted 03 December 2011 - 07:34 PM

I did a quick check of the change on my desk. 2 copper pennies 5 zinc ones.
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#4 heftydude

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Posted 03 December 2011 - 07:53 PM

I, for one, am all for banning pennies all together. Just round to the next nickel and it all comes out in the wash.
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#5 TheNorman

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Posted 03 December 2011 - 08:30 PM

And while we are at it, let's get rid of dollar bills and return to using dollar coins.

#6 Nov64

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Posted 03 December 2011 - 09:03 PM

And while we are at it, let's get rid of dollar bills and return to using dollar coins.



No can't have that .... too hard to stamp www.wheresgeorge.com on them
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#7 TheNorman

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Posted 03 December 2011 - 09:24 PM


And while we are at it, let's get rid of dollar bills and return to using dollar coins.



No can't have that .... too hard to stamp www.wheresgeorge.com on them


That's what smooth edges are for...

#8 HoustonControl

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Posted 04 December 2011 - 12:50 AM

I have a 5 gallon water cooler jug about half full of pennies. I've been filling it since 1982.
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#9 Mr Muddy Buddy

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Posted 04 December 2011 - 09:00 AM

When our kids were in elementary school (early to mid 1990's), they helped to collect 1 miliion pennies.
Everything was placed into a plexiglass cube, and displayed in the front hallway of the school.
It was filled by then end of the school year. It was a pretty impressive sight to see those 1 million pennies.
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#10 SockPuppet

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Posted 04 December 2011 - 03:20 PM

I know at Texas A&M there is a statue where coins are stacked on the base of the statue.
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#11 kianlo

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Posted 04 December 2011 - 05:03 PM

When our kids were in elementary school (early to mid 1990's), they helped to collect 1 miliion pennies.
Everything was placed into a plexiglass cube, and displayed in the front hallway of the school.
It was filled by then end of the school year. It was a pretty impressive sight to see those 1 million pennies.


1 million pennies?!!! Good grief! That's $10,000. Maybe they should have put it in a bank.

Anybody know how much that would weigh?

And how big was the box?

Were the pennies stacked or just dumped in there?

And finally (in a Jim Mora imitation voice) ... Plexiglass?!! You want to make it out of plexiglass?!!! Don't talk to me about plexiglass!!

#12 TheNorman

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Posted 04 December 2011 - 05:12 PM


When our kids were in elementary school (early to mid 1990's), they helped to collect 1 miliion pennies.
Everything was placed into a plexiglass cube, and displayed in the front hallway of the school.
It was filled by then end of the school year. It was a pretty impressive sight to see those 1 million pennies.


1 million pennies?!!! Good grief! That's $10,000. Maybe they should have put it in a bank.

Anybody know how much that would weigh?

And how big was the box?

Were the pennies stacked or just dumped in there?

And finally (in a Jim Mora imitation voice) ... Plexiglass?!! You want to make it out of plexiglass?!!! Don't talk to me about plexiglass!!


While I haven't checked it myself, Wikipedia suggests that a penny is 2.5 g, so a million pennies would way 2500 kg or 5500 lbs.

#13 empressone

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Posted 04 December 2011 - 08:05 PM

id like to do away w the currency system completely. we should b able to pay our way w our skills and what we can give back to our society! but then, i do hair. id be rockafeller! lol
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#14 Mr Muddy Buddy

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Posted 04 December 2011 - 10:58 PM

I vaguely remember the cube was about 4' high. The pennies were just dumped into the box through a slot in the top.
I think it was Texas Commerce Bank that sponsored the penny drive and gave the school $10000 for the pennies. They needed a forklift to move the box.



When our kids were in elementary school (early to mid 1990's), they helped to collect 1 miliion pennies.
Everything was placed into a plexiglass cube, and displayed in the front hallway of the school.
It was filled by then end of the school year. It was a pretty impressive sight to see those 1 million pennies.


1 million pennies?!!! Good grief! That's $10,000. Maybe they should have put it in a bank.

Anybody know how much that would weigh?

And how big was the box?

Were the pennies stacked or just dumped in there?

And finally (in a Jim Mora imitation voice) ... Plexiglass?!! You want to make it out of plexiglass?!!! Don't talk to me about plexiglass!!


While I haven't checked it myself, Wikipedia suggests that a penny is 2.5 g, so a million pennies would way 2500 kg or 5500 lbs.


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#15 SockPuppet

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Posted 04 December 2011 - 11:16 PM

The ones back then were 3.11 grams if new.
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#16 Eagles1181

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Posted 04 December 2011 - 11:19 PM

I vaguely remember the cube was about 4' high. The pennies were just dumped into the box through a slot in the top.
I think it was Texas Commerce Bank that sponsored the penny drive and gave the school $10000 for the pennies. They needed a forklift to move the box.


How generous, they bought the pennies at face value.

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#17 Mr Muddy Buddy

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Posted 04 December 2011 - 11:25 PM


I vaguely remember the cube was about 4' high. The pennies were just dumped into the box through a slot in the top.
I think it was Texas Commerce Bank that sponsored the penny drive and gave the school $10000 for the pennies. They needed a forklift to move the box.


How generous, they bought the pennies at face value.

Eagle


TCB also encouraged the kids to have bank accounts. The kids could bring their deposits to school each week. It encouraged the kids to be savers, and to better understand the value of money. There were no bank fees and no minimum deposits involved.
It was a great marketing move for TCB, as it also got the notice of the parents.
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#18 HoustonControl

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Posted 05 December 2011 - 05:03 PM

A bank actually interested in servicing consumer accounts rather than making money from derivatives, hedge funds and default credit swaps. How quaint...
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#19 cachestacker

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Posted 05 December 2011 - 05:57 PM

Funny. Same bank, now. :o
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#20 SockPuppet

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Posted 29 March 2012 - 10:12 PM

Canada is phasing out the penny by the end of this year. Who's next?

http://news.yahoo.co...-221558392.html
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