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buying pennies

PostPosted: Wed Jan 23, 2013 11:23 am
by spacemanX
I was at the bank picking up pennies, and someone overheard me at the teller.
he says to me i have got some pennies which i have saved up over the last 15 years, do you want to buy them (assume at face value) since he was wondering how to get rid of them.
he says he has about a gallon of pennies, which seems low for the amount of time he has socked them away.

question is what should i pay. i am thinking of buying them by weight.
any recommendations. i don't have a real scale to weight them either.

thoughts?

Re: buying pennies

PostPosted: Wed Jan 23, 2013 11:33 am
by fasteddy
Don't assume at face, you are providing a service...work up the idea he doesn't have to roll them and then truck 'em to the bank. Pay cash. Remember, 15 years is not that long ago...they stopped making the Cu penny 31 years ago. Pay no more then $1.75 lb.

Re: buying pennies

PostPosted: Wed Jan 23, 2013 12:01 pm
by hobo finds
145 coppers to a pound
181 zincs to a pound

http://www.parkpennies.com/penny/penny.htm

Deduct for the weight of the jar :thumbup:

Re: buying pennies

PostPosted: Wed Jan 23, 2013 12:08 pm
by hobo finds
I would offer him $40.00 - $45.00 if it was indeed a gallon jug full! Worst he say in no, and then roll them up and take them to the bank. As stated many may be zinc as he has not stored them for that long. But even free zinc is good!