Radio Show about pennies

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Radio Show about pennies

Postby frugalcanuck » Mon Jul 28, 2014 7:54 pm

http://www.cbc.ca/rewind/

It's a radio show that goes back into the archives of previous shows (Canadian public broadcasting). This last week they had an hour about pennies. They go back into the 80's and make predictions about copper prices and there is even a guy talking about hording copper pennies. He said every Canadian should have $300 in pennies saved up.. Then they have an investment guy on saying that pennies is a horrible way to save or make any money.
It was an enjoyable listen while I worked.
"The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled. With something so important, a deeper mystery seems only decent." John Kenneth Galbraith 1975
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Re: Radio Show about pennies

Postby Zincanator » Fri Aug 01, 2014 3:43 pm

Cool broadcast, thanks for sharing.

I especially like the 1980 interview with the old grouchy guy, Paul Sarnof. He was no dummy, that's for sure. Wish I had heard the original broadcast and paid attention when I was a kid...

Interview guy: Not only does he advocate collecting pennies, he collects them himself.

Paul Sarnof: Huh?

Interview guy: I said, he collects them himself.

Paul Sarnof: Yes I do!

Interview guy: How many pennies does he have?

Paul Sarnof: I have, eeeh, several thousand dollars worth of pennies right now.

Interview guy: And where does he keep them?

Paul Sarnof: I keep it at home!

Interview guy: At home?

Paul Sarnof: Around the house. I got a big house. 13 rooms, a big play room, a garage.

Interview guy: Where exactly around the house?

Paul Sarnof: Well... we keep em in different places: in drawers, in the closets. In cartons. No problem.

Paul then goes on to compare hoarding pennies to hoarding silver coins...

Paul Sarnof: I'm gonna tell you somethin. When I first got married in 1940, my wife and I, we were poor people. And we had a habit of taking out, at the end of the day, whatever dimes, quarters and half dollars we had, in change that contained silver, and putting it away in a glass jar. And we did that for almost 25 years. I don't know how many bags and pocketbooks my wife has scattered all over the landscape full of these coins. But the other day, afer making an inventory for about two weeks, it came out to somewheres around $8,000 that we had invested in these silver coins from 1940 to 1964, okay? I would say conservatively it's worth $200,000 at present prices for the coins. So I don't think that the idea of saving pennies and putting up with rolls all over the place is an idiocy for a poor person. I think they'll get a lot more for their pennies someday than they would for the paper dollar.
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