This is a Youtube video about a guy who saved pennies for 45 years starting in 1970 and then just cashed them in at his bank. They were slightly over $5000 in face value. If only he had known about this website. He could have made a lot more money.
https://www.youtube.com/watch?v=K00tU8O7_PU
What a waste!
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What a waste!
by Contradiction » Tue Sep 25, 2018 10:23 pm
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Re: What a waste!
by Recyclersteve » Wed Sep 26, 2018 5:24 am
Interesting video- thanks for posting this.
One thing stuck out to me at the 3:27 mark of the video. The announcer said that in the 1970's the U.S. government was paying $125 for $100 face in pennies!! Does anyone know if that is true? Can anyone find a link that documents it in more detail? I tried looking but didn't have any luck.
Another thing, he had 45 years to figure out that some of the coins would be worth more than others- and he didn't apparently figure it out. That is sad. I wish I knew the guy- I would have offered to buy all of them at some kind of premium above what his bank paid. I guess the problem would have been in counting them, although I could have dusted off and lubed the 'ole Ryedale to help with that.
One thing stuck out to me at the 3:27 mark of the video. The announcer said that in the 1970's the U.S. government was paying $125 for $100 face in pennies!! Does anyone know if that is true? Can anyone find a link that documents it in more detail? I tried looking but didn't have any luck.
Another thing, he had 45 years to figure out that some of the coins would be worth more than others- and he didn't apparently figure it out. That is sad. I wish I knew the guy- I would have offered to buy all of them at some kind of premium above what his bank paid. I guess the problem would have been in counting them, although I could have dusted off and lubed the 'ole Ryedale to help with that.
Former stock broker w/ ~20 yrs. at one company. Spoke with 100k+ people and traded a lot (long, short, options, margin, extended hours, etc.).
NOTE: ANY stocks I discuss, no matter how compelling, carry risk- often
substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) and selling short as well.
NOTE: ANY stocks I discuss, no matter how compelling, carry risk- often
substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) and selling short as well.
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Re: What a waste!
by Recyclersteve » Wed Sep 26, 2018 6:19 am
Someone might have luck finding the terms if they type "1974 penny shortage". I can't seem to find anything real specific.
Former stock broker w/ ~20 yrs. at one company. Spoke with 100k+ people and traded a lot (long, short, options, margin, extended hours, etc.).
NOTE: ANY stocks I discuss, no matter how compelling, carry risk- often
substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) and selling short as well.
NOTE: ANY stocks I discuss, no matter how compelling, carry risk- often
substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) and selling short as well.
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Re: What a waste!
by misteroman » Wed Sep 26, 2018 12:25 pm
I always heard they paid .55c a roll or 10%.
D
D
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Re: What a waste!
by Contradiction » Wed Sep 26, 2018 9:52 pm
There are more people like the star of the video. I'd like to be at the bank when they show up to cash in their old collection of coins.
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Re: What a waste!
by pmbug » Thu Sep 27, 2018 8:39 am
Over half a million pennies... damn. Might take a while to go through that by hand to sort the treasure from the "trash".
The journey of a thousand miles begins with a single step. -Lao Tzu
You can find me ranting at clouds on pmbug.com.
You can find me ranting at clouds on pmbug.com.
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Re: What a waste!
by Recyclersteve » Thu Sep 27, 2018 4:39 pm
Pardon me for a potential "dupe" posting, but I'm gonna create a separate thread to inquire about the penny shortage referenced above (since nobody seemed to have anything definitive to post herein).
Former stock broker w/ ~20 yrs. at one company. Spoke with 100k+ people and traded a lot (long, short, options, margin, extended hours, etc.).
NOTE: ANY stocks I discuss, no matter how compelling, carry risk- often
substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) and selling short as well.
NOTE: ANY stocks I discuss, no matter how compelling, carry risk- often
substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) and selling short as well.
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