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 Replies: 39 / Views: 4,927 |
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Valued Member
 United States
477 Posts |
hm I guess you have a point there, you would know if there was going to be a huge flood, well not necessarily but most likely ya, I didn't think of that.
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Pillar of the Community
Australia
4411 Posts |
Quote:
ya but couldn't you sell all your cash to a collector for more money if you kept out your cash (what ever form you took it out in, penny, dollar coin) than what you earned off interest? Like if I took out 10,000 dollars in Indian head pennies if I lived back then and just kept them out of circulation for 100 years, they would be worth a lot of money no? I guess I'm not really sure if it would be worth money as interest was good during some periods of the 1900s, others not so good. I don't know. I've seen people selling 200 dollars in Indian head pennies (who knows if it was taken out of circulation for a hundred years in good condition, it didn't look like it) for like 30 k I believe maybe it was more idk but it was definantely at least 30k maybe there was another zero I can't remeber. You have forgotten to take mintage figures into account. Compare the highest IHC mintage to the average zinc LMC. I dont have mintage figures with me but I'm taking a punt that the LMC mintage is Heaps more. Comparative to inflation IMHO most modern issues will not appreciate equally and withdrawing huge volumes of zinc LMC or any other modern clad coins is a huge waste of time, energy, gas etc. If you were sorting them for the copper and only keeping those it would be a different story. |
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Valued Member
United States
458 Posts |
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Valued Member
United States
477 Posts |
Know that is something to really think about there. Will all our coins be worthless to collectors 100 years from now? Certainly most coins are that are currently 100 years old are worth more than their face value to collectors. In large quantities these coins can result in thousands of dollars if they bought the coins for face value and just hoarded them. Fast forward 100 years from now will our coins still be floating around in circulation in high numbers? Sounds kind of crazy to me sense it's not the case now. Indeed there is a HUGE difference in between mintage numbers of pennies today and a hundred years ago, a couple billion. Is that all relative though? 100 years ago the number of pennies they made was sufficient to support the population size, just like what we do today. I suspect that our country will increase it's population for some time. We will eventually hit a critical point and will be forced to reduce our numbers like China, and then we could reduce the amount of coins needed. I however think our country is very far from this point and that we will continue minting more and more. So 100 years from now our mintage numbers will probably look very small. Could people go to a bank 100 years from now and request a box of pennies (if the penny is still around) and find heaps of coins 100 years old because there were after all a couple billion made (a number that I think may seem small to them). I think either way mintage numbers have limits in significance. Doesn't the government eventually take money out of circulation? Why would they not continue this process? Would this make our coins just as scarce as people's pocket change was 100 years from now? I would imagine so but who knows. The though that our coins will still be in pocket change 100 years from now and still worth their face value saddens me greatly. Lets say they do stop minting the penny or change the law. All those copper pennies are going to be melted by people who want to earn a profit for all their hard work. Those coins then would become very rare (due to people melting them for profit) and may be worth a lot of money due to their shortage. I think either way there are a very few people who are willing to hoard several thousand dollars in coins out of circulation for 100 years and I don't see why this would change. What exactly are your thoughts on our coins (change in our pockets) will be worth to collectors 100 years from now? Nothing or something? Hmm...
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Pillar of the Community
Australia
4411 Posts |
Play around with this calculator http://www.thisismoney.co.uk/money/...ed-1900.htmlIts in UK punds but illustrates inflation. Put 200 pounds in you will see that would have inflated to approx 20,000 pound between 1900 and 2010. It is easy to forget how much higher inflation/interest rates can impact prices. IMO Inflation plus HUGE mintage numbers for modern US coins (especially zinc cents) will prove the withdrawing plan silly in the long run, especially for effort invested. |
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Pillar of the Community
Australia
4411 Posts |
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The though that our coins will still be in pocket change 100 years from now and still worth their face value saddens me greatly. They will probably eventually be worth more than face value to collectors. The question that needs to be asked is will the premium be greater than that of the interest earned on that coin being in the bank. My guess would be no. |
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Valued Member
United States
477 Posts |
Why no? I put in historical interest calculator (if you just left your money in the bank) $25 http://www.measuringworth.com/calcu...e/result.phpif you just left it there from 1900 and withdrew it in 2012 it would have grown to $798.00 Average circulated 1900 penny is worth approximately $3.10 http://coins.about.com/library/US-c...y-Values.htm$3.10*2500 = $7750 $798.00<$7750 i guess it's a matter of how much it will matter of a higher mintage... I'm still not exactly sure, what exactly are your thoughts on why it would decrease their value. I don't think it would matter because either way they would be pulled out of circulation and it would be just as hard to find a 2012 penny in 2112 as it is today to find a 1912 penny. Not exactly sure though. Edited by greenprint
06/01/2012 05:46 am
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Pillar of the Community
Australia
4411 Posts |
There is a large difference in the calculators. I woul tend to use the one you found as its in US dollars and looks better. Using either one its trusting someone unknown to do calculations. Maybe there is a little merit to it but you wont be getting me doing it any time soon.
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Valued Member
United States
477 Posts |
i think your calculator was a inflation calculator not a interest and ya it was in different currency as well and may be why there are differences.
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Valued Member
United States
477 Posts |
perhaps you can help me
I'm still a college student i.e. I have no idea what it's like to be in the "real world" persay. Is it possible? Could you get by without a savings account and pay everything in cash? I guess worse case scenario I could cash in rolls of the newest penny just minted (because they would be the easiest to get hold of later in my life) for cash if I had to. But I'm just wondering if it's even feasible. And natural disasters is a legitimate issue. I'm not to worried about theft as it would be really hard to transport several thousand pounds of pennies in a short period of time into a car that weighs less than the pennies. A fire would melt my coins. I could always put them a fire proof safe I guess. My parents have a really small one that they put papers in. Something contained in safe that weighs several thousand pounds would have a very hard time moving around a lot and I should be able to locate the safe after a flood worse case scenario. It would be really hard for someone to just pick up the safe and walk away with it lol.
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Moderator
 United States
14463 Posts |
only touching on a few subjects: a savings account isn't always necessary, but a checking account almost is required if you have a job/car/house or most bills. Some companies you send money to are out of town, or out of state, so sending coins/bills is not recommended or secure.
Edited by Fuzzy317
06/01/2012 06:43 am
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Pillar of the Community
United States
632 Posts |
I have $1400 in pennies waiting to be looked through. I started roll hunting almost 2 years ago, and have picked up $100 a week from various banks. I have not been able to keep up with my $100 per week pick up so I have accumaleted $1400 in pennies that I need to search for copper and errors/varieties. With interest rates at basically zero I will keep picking up pennies from banks, but if they ever go up, I will probably search them faster.
I dont expect interest rates to go up any time soon, just a gut feeling. Plus I believe the fed (or who ever plays with the interest rates) has admitted publicly that interest rates wont go up for atleast 2 years.
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Valued Member
United States
99 Posts |
I want to get in on this. first of all unless you plan on living 112 years the figures don't really matter that much. Say you hold onto the coins for 40 years, they will obviously be worth more than face value. Copper pre 1982 cents are already worth $0.025 cents each now, so what are you waiting for? Get some boxes of pennies... I mean if you get for an example of 10 boxes of pennies or $250 in pennies or you could look at it as 25,000 pennies. I would assume around 200-300 would be wheat cents which are worth about four cents each now so in forty years they will be worth more. Inflation alone says one Wheat cent will be worth about ten cents each in 40 years. In inflation alone a 95% copper cent will be worth seven cents each after 40 years so clearly percent wise this is better than the bank... So inflation alone $250 in pennies would be worth $550 after 40 years. That doesn't include all the coins with premiums and if copper shoots up to $30 a pound in 40 years that will be much more. I personally keep pre 82's as well as all the error coins I find while roll hunting |
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Valued Member
United States
385 Posts |
why not just build a fort out of boxes o' pennies lol or you could extend your existing home :D
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Valued Member
United States
458 Posts |
Is that true? Copper pennies are worth a quarter each right now? If so, thats crazy and Ill be roll hunting in the near future lol
Edit: I read that number wrong lol been in the car for 16 hours over the last few days reading books, my bad!
Edited by SilverCoinBoi
06/02/2012 8:54 pm
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Replies: 39 / Views: 4,927 |
First Page
Posted 06/01/2012 03:56 am
