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Penny horders

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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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Posted · Report post

I saw this story as well. Pretty different,

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Posted · Report post

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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Posted · Report post

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

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Posted · Report post

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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Posted · Report post

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...

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Posted · Report post

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

georeyna likes this

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Posted · Report post

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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Posted · Report post

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

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Posted · Report post

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!!

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Posted · Report post

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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Posted · Report post

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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Posted · Report post

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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Posted · Report post

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

empressone and Mr Muddy Buddy like this

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Posted · Report post

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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Posted · Report post

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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Not interested in the copper, but I do keep an eye out for old silver. Basically most silver coins made before 1964 are 90% silver. 11 dimes is an ounce, so with silver at 32 or more per ounce, a dime is generically worth 3 bucks at melt value if it is not worth more as a coin collectors want. If you get the older ones, (Barber "Liberty Head" dimes are 1892-1916, Mercury dimes were 1916-1945, Standing libert quarters were 1916-1930, and Frankline half dollars were good up to 1973), you can collect very nice numismatic value as well. I see these coins regularly in my change at the end of the day. All you have to do is hit the ATM (at your bank so you you dont get hit a fee) and pay cash when you buy things, these are out there in direct circulation.

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Posted · Report post

They should get rid of the penny and the paper dollar.  Then the spot in most cash register tills reserved for pennies can hold dollar coins instead.

 

I wonder if I can go through that giant jug of pennies I have and sort out all the pre-1982 ones (95% copper).  They're worth 2.5 cents apiece right now, melt price!

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Posted · Report post

Dollar coins!!!! That nice lady I tried to give them dollar coins to at my bachelor did not like it much.

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Posted · Report post

They should get rid of the penny and the paper dollar.  Then the spot in most cash register tills reserved for pennies can hold dollar coins instead.

 

I wonder if I can go through that giant jug of pennies I have and sort out all the pre-1982 ones (95% copper).  They're worth 2.5 cents apiece right now, melt price!

It is faster to do it by weight as the copper ones are heavier.

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