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 Replies: 41 / Views: 3,829 |
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Valued Member
United States
157 Posts |
Coins seem to be something people hoard in large numbers. In 1997, when the govt did a State Quarter feasibility study, they discovered 34% of the adult population was saving an average of 27.5 Bicentennial quarters per person. That translates to about 1.8 billion quarters minted in 1975-76 taking up permanent residence in piggy banks! |
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Rest in Peace
United States
3730 Posts |
I have been contributing to the problem since the late 1960's. At current count, we have the following overflowing with pennies: four metal farm milk containers, one 5 gallon water bottle, 1 one gallon popcorn bottle, and four glass jars ranging from a pint to a quart in size. How many pennies? Wish I knew. Don't have the ambition needed to start counting.
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Pillar of the Community
 Australia
1091 Posts |
quote:
Originally posted by Daniel J. Goevert
Coins seem to be something people hoard in large numbers.
In 1997, when the govt did a State Quarter feasibility study, they discovered 34% of the adult population was saving an average of 27.5 Bicentennial quarters per person.
That translates to about 1.8 billion quarters minted in 1975-76 taking up permanent residence in piggy banks!
LOL  Only 1.669 Billion were minted. That would mean we are hoarding 131 million counterfeits coins. [:p]. Still if none are in circulation the study wasn't too far off. I wonder how much tax payers money was spent on that study.  |
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Moderator
 United States
23522 Posts |
Toast unlike home they are still using the one cent coin here.
They are everywhere.
You read all of the other posts.
I can't walk down the street without finding some.
In many of the shops they have tray on the counters with one cent coins and a little sign that says need one take one- have one leave on. Many of the shoppers use these.
I have had experiene where the shopkeeper upon charging me a price that ends in 9 ask me to take the four one cents out of the tray.
I always tell them I want the cange and give them the next higher denomination.
It give me a chance to examine my change for collectables.
You should see the strange looks one gets when you don't use their "free" one cent pieces to make your purchase.
rggoodie
aka Richard
"catch em doing something right"
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Rest in Peace
United States
954 Posts |
I would like to suggest that when you first see a business that says they don't use pennies when making change dump all you have as fast as you can. In short order you could get stuck with all theose pennies,
catman
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Valued Member
United States
363 Posts |
This reminds me...in the 1990's sometime I decided it would be a good idea every day to go thru my change and pick out all the cents pre 1982 in the hope that someday copper would be expensive enough that the amount in one cent would be worth more than one cent. I think I gave up after about 20 rolls. The price of copper is up recently but I haven't really checked to see if the copper in a cent is worth more than a cent?! I suppose someday for all that trouble I might make a buck or two if I save a couple hundred rolls!
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Pillar of the Community
United States
756 Posts |
Well, I have been saving change for YEARSSSS now. As well as my father. When our jars become full, off to the coin star machine for me.
I have been looking forward to the day that I have kids and can start their savings from day one. Something that my parents didn't think to do for me.
However, after reading this thread. I am going to continue to save the coins and cash them. However, I am going to start saving all my $1 bills. Where the heck I intend to keep them is another problem though. But even @ $1/day, that's $365/year. That can pay for part or all of a few yearly cost I have.
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Rest in Peace
United States
954 Posts |
Remember that CoinStar charges you arounf 8% to cash in those coins. Pretty expensive..!
catman
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Pillar of the Community
United States
980 Posts |
quote:
Originally posted by adobero1
This reminds me...in the 1990's sometime I decided it would be a good idea every day to go thru my change and pick out all the cents pre 1982 in the hope that someday copper would be expensive enough that the amount in one cent would be worth more than one cent. I think I gave up after about 20 rolls. The price of copper is up recently but I haven't really checked to see if the copper in a cent is worth more than a cent?! I suppose someday for all that trouble I might make a buck or two if I save a couple hundred rolls!
Copper is selling for 1.73 a lb today. Each (pre '82)cent has 2.95 gm of copper, 454gm/lb= 1.12 cents cu value/penny. By comparison, a penny invested in a savings bond in 1995 would be worth 1.58 cents. Using the inflation calculator you linked, one would need 1.24 cents to "break even" over the past 10 years! using that same calculator, when the Flying Eagle cent was introduced in 1856, it bought what would cost 20c today! Don |
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Valued Member
United States
363 Posts |
Ya know, I think I was subconsciously hoping that someone would take the bait and do all that math for me!
But, that all is interesting. I suppose the only way it would be worth it with the copper pennies would be if a person had thousands of them at her/his immediate disposal and found a buyer for the copper content. Or, someday if copper skyrockets...hmmm, I wonder what was the highest price that copper ever reached....? No, just kidding...I can look it up myself!
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Rest in Peace
United States
3730 Posts |
My thousands of pennies will be enherited by our kids. Maybe they'll look for lost "keys," or just cash them in...or continue the saving (hoarding) tradition.
All other change is kept until the jars become full, and then are put into a savings account, 50 percent for a vacation (usually a cruise), and 50 percent for coins.
In addition, we have "birth year cups" for our three children, and six grandchildren. Maybe when they are "old and gray," they'll be happy they have such coins.
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Posted 08/31/2005 8:39 pm
