AOCS Copper Penny Article "...in our perspective, insane"

[natsb88]

http://www.opencurrency.com/whats-a-penny-worth/

My extensive comment is awaiting approval

[mishra142]

haha I love it.

natsb88 1
Chris Dolland 0

[baggerman]

I think your comments were right on the money. This guy figures just like our government does by including assuptions that strengthen his point of view and ignoring others that don't.

[willy13]

wow, what an idoit... I responded after you.

[tbram88]

Well said Nate, I find it ironic that the AOCS (which in my opinion is nothing more than MLM) craps on saving copper pennies at face value cost, while they sell 1Oz. copper rounds for $2+ ea.

[Rodebaugh]

Nate,......dude......your good.

[silverflake]

natsb88, well done! Bravo! Spoken like a true realcenter. Have you considered becoming a teacher? Or are you one already? Nicely done.

[Rodebaugh]

Looks like some guy named doc posted a response.

[HPMBTT]

http://www.opencurrency.com/whats-a-penny-worth/

My extensive comment is awaiting approval

Nate. SLAM DUNK, bro. You nailed him to the wall! The other comments were good too.

[penny pretty]

I would have posted about it being a hobby for some of us, and one that will never cost us money, may sure take up time but what hobby does not,and might make us a few real centz!

[bseballdude11]

This Chris guy must be absolutely rattled by your response Nate. Great job!

[reddirtcoins]

Good response... What a dip :

[natsb88]

natsb88, well done! Bravo! Spoken like a true realcenter. Have you considered becoming a teacher? Or are you one already? Nicely done.

Nope, and to be honest, I was never a big fan of school. Couldn't wait to get done with high school, then couldn't wait to get done with college. There were a few professors I genuinely enjoyed, but a lot of them drove me crazy . The whole system and "prestige" of the world of academia got on my nerves too

[bookshelf]

Nice reply to the article. You bring up some very valid points.

[rickygee]

Well let's see if my reply gets posted to the article.

Seems to me hoarding copper pennies adds a whole new dimension to the insanity plea

[SilverEye]

I signed up just to chime in on this article. All the problems with it have been laid out in the comments over there, except the assumption that it's a bad ROI. Let's say all of his assumptions are otherwise correct, he says that a 95% return across 10 years is bad. (profit of $8,657 on $9,100 invested.)

What?

I know the scenario he laid out doesn't actually tie up $9100 for the whole ten years, but let's pretend it does. Right now, you have a real opportunity to make an investment with no downside. It's pennies, cash, can't go lower than 1 cent (unless the gov't crumbles). Where else can we invest risk-free (unless the gov't crumbles)? Treasuries. As I write this, the interest rate on a 10 year Treasury is 1.84%. If I invest $9,100 today, that grows to $10,920.07 in 10 years, compounded. Profit of $1,820.07 on Treasuries. Versus $8,657 in pennies. Good grief.

That was one of the most poorly written financial articles I have ever read.

[VWBEAMER]

Ya;ll got him pretty good.

I do agree with him how ever, if don't enjoy looking at pennies then it not very good for you. In that case just buy them pre sorted...

[Derek.Sheriff]

I was going to post a question about what members of this forum thought about AOCS. After doing a search, I came across this thread...

I have to say that reading that article was a real lesson in humility. What do I mean? I mean that I hope I never have or ever will write an article like that.

The article was so "matter of fact", and yet was clearly written by someone with no hands on experience sorting or selling. Almost as soon as he began his analaysis, I could see that he had never done the leg work, sorted or sold coppers. It's so obvious that he approached the subject, having already made up his mind and then proceeded to critique those who sort and hoard copper pennies. He asks,

"Would trips to the bank actually yield a high enough number of pre-82’s to make it worth the effort? "

Hmmm...why didn't he ask someone who has actually been doing it for years?

"Each week, for a period of ten years, we make two trips to the bank in the course of our normal lives (no special visits). In each visit, we can reasonably carry two boxes of pennies, each costing $25 (while returning the post-82 from the previous visit). At 2,500 pennies per box, that’s 5,000 pennies per trip."

This doesn't resemble anything like what my routine actually is. I recognize that I live in a bank rich environment, but I visit 4-6 banks almost everyday in the course of my normal life. I also make trips in my wife's hybrid vehicle just to pick up more pennies and run other errands at the same time, thus avoiding special tips that would otherwise be made just to run errands.

But that's just a few of the holes I noticed. I can't wait to read the rest of the comments from RC members and others.

[beauanderos]

an article like that is valuable in one respect... it stirs up controversy and will actually likely lend itself to more positive attention paid to hoarding copper cents... if people take the time to read the responses. Kudos, Nate

[Sheba]

Natsb88 and others who answered that writer. Thank you! natsb88, your answer was very, very good.

After reading his comments, I felt like working even harder to 'hoard cents'

As Dizzy Dean is reported to have said upon observing a great baseball play .... "He done splendid!"

[bazmonkey]

These sort of articles have me really interested in the 1965 change to clad coins. Is this the sort of stuff one would find in newspapers about saving silver coinage just before everyone realized it was a great idea?

[Sheikh_yer_Bu'Tay]

Great job, Nate! You KO'd him!

This guy is just trying to push his copper rounds, so he wants to discredit any competition for an investor's copper investment money.

[thripp]

Why did he fail to add the gas for the 1040 trips to the bank at the IRS rate of 55.5 cents per mile? He could have assumed the bank is 3 miles away so 1040*3*2*0.555 = $3463.20.

[SilverDragon72]

I liked seeing all the responses to the article...+1 for Natsb88

[Derek.Sheriff]

These sort of articles have me really interested in the 1965 change to clad coins. Is this the sort of stuff one would find in newspapers about saving silver coinage just before everyone realized it was a great idea?

It would be great to go back and research that!