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 Replies: 39 / Views: 4,919 |
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Valued Member
United States
477 Posts |
Hi, I was wondering what you guys think about taking your life earnings out of the bank in pennies  . Imagine all those rare coins lol. I really don't see the point of putting your money in the bank at this point  . With interest being incredibly low I get basically 15 cents for a couple of thousand of dollars, that's it. Claiming it's a good idea to put your money in the bank to beat inflation no longer works. If I took out $25 dollars in pennies from the bank and kept them out of circulation when I was 10 and sold them to a collector by the time I'm 90 I would get a greater profit than the couple of pennies I would earn just letting it sit in a bank, no? So I make more money by taking money out of the bank it just hoarding it for long periods of time? I'm not really worried about a burglar stealing a couple of thousand of dollars in pennies (no idiot would steal that and would have a very difficult time even trying to because it would weigh so much). I'm currently a college student who doesn't yet pay off loans on a house, car, gas etc.. I'm not exactly sure if you can function in today's society without a bank account. Could you pay pills etc. in pennies? Like don't most electrical companies, water companies, the town hall for taxes, etc., require you to like pay them online or something and take it out of your savings, but what if you didn't have a savings? Is there a way to pay in cash. I guess I could just keep a couple of hundred dollars in the bank or just deposit money in the bank when I need it to pay bills. As I understand pennies is legal tender  , and you can call non emergency police if someone refuses to take it, I saw it on youtube lol. But like I guess people have the right to refuse selling items to you. But I guess all public places like taxes and stuff, there not selling something to you, your required to pay it and it's not an option, so I guess they have to accept pennies and couldn't turn you down like a store could if you tried to buy a TV at a store with pennies. But I guess I could just go to the bank and cash in pennies for higher denomination bills when needed. IDK do you guys think it's doable? I really don't see the point in putting money in the bank anymore. Edited by greenprint
06/01/2012 02:08 am
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Valued Member
United States
458 Posts |
 to CCF! Im right there with you man. I'm in college and dont really have any major bills yet, due to my scholarships and the fact that my parents pay for everything else. Now, dont get me wrong. I'm not a spoiled rich kid! I work full time in the summer, and part time during the school year. I agree that banks arent really worth it anymore. The main reason my cash isn't in a suitcase under my bed is that I want my money to be safe. So my savings are in the bank, gathering pennies every single year! However, I can honestly say my wealth is split in half: Coin collection and cash. The reason my collection is worth so much is because of the amount of silver coins I have. Actually, last summer my silver stash was worth more than what I had in the bank! As to your penny idea, it seems a bit silly. More trouble than its worth, tbh. And you probably wouldnt find many rare or valuable coins that would make it worth your while, either. Now, if you withdrew your life savings in Half Dollars you might find a fair amount of Silver in those rolls. But once again, it might not be worth the time and effort. Glad to have another college kid in the mix!  Im done rambling here  |
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Pillar of the Community
Australia
4411 Posts |
Interest rates will increase in due time. Be patient. Seems a bit stupid taking all your cash out in coin.
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Valued Member
 United States
477 Posts |
ya I think a suit case would be easy to steal, but like if I took out 4,000 dollars in pennies, as I get older I would increase this amount, but even say now, and all were zinc pennies (highly unlikely) that would be 2 209.94475 pounds, I think it's pretty safe lol.
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Valued Member
United States
477 Posts |
idk about that. Do you think so? I think that it's only going to get less. Being that the U.S. borrows more money than it has, it can never ever repay back all its debt. It's only going to increase to the point were the global market crashes. But when that happens I would be more concerned about just finding food to eat. I don't think it will happen in my life time though, maybe in another couple hudnred years or so, but ya I think it will only get worse.
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Moderator
 United States
14463 Posts |
consider this: if the global market crashes with the US going down too, your stash of cents would lose value.
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Valued Member
United States
458 Posts |
I do not think US economy will go down the toilet anytime soon.
But instead of hoarding pennies, invest in Gold and Silver to beat inflation. :)
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Valued Member
United States
477 Posts |
wouldn't all money go down lol?
like if I took out all my money in $1 bills and just left them some were on my property I would be worried about them getting stolen. Something that ways several thousands pounds, not so much. like is it even plausible? I guess if I lived in a apartment probably not. I think my issue would be storing them until I get an actual house. I guess I could just keep it at my parents. I would worry about storing 2000 pounds in a apartment with many floors and would be afraid of it falling through. I guess this is a legitimate problem. I could just put it in my parents basement and it would be fine there and wouldn't cause damage to the ground underneath lol.
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Valued Member
United States
477 Posts |
I would just be afraid of that getting stolen you know. Although I feel pretty safe storing things at my parents house. I don't really worry about getting robbed. I think I would be able to accumulate more weight with pennies for the same price in some other coin or material?
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Moderator
United States
14463 Posts |
besides theft, keep in mind natural disasters
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Valued Member
United States
458 Posts |
You sound pretty serious about taking your money out of the bank in penny form  I just cant see too many benefits from doing this...but best of luck to you if you do! |
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Pillar of the Community
Australia
4411 Posts |
I youre half serious about withdrawing all your cash then buy silver and gold instead. $100 of zinc LMC will be worth $100 in 100 years IMO. If you kept you money in the bank it will appreciate many times that with interest. Just because interest is low now doesn't mean it will be in 5 years. |
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Valued Member
United States
477 Posts |
hm how do you counteract natural disasters? If your house catches on fire your money would still be in the bank. If the bank catches on fire you still have your money up to a certain amount. Well wouldn't investing in any material thing have the risk of natural disaster? It's just that penny is safe because it will always be worth its face value and ways a lot in bulk amount making it difficult to steal. Hm. I guess the best way to store material items which you invest money in would be underground in a safe. If the grass caught on fire your material pesesions would still be safe. Flood I'm not so sure about. How do you counteract flood? would underground be safe. Not just for pennies but anything in general like your silver and gold bars SilverCoinBoi, what if a flood came and washed those away or anything else you own, is there a way to keep them safe from floods?
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Pillar of the Community
United States
1620 Posts |
Do it lol sounds like a fun time
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Valued Member
United States
477 Posts |
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.
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Valued Member
United States
458 Posts |
Heh I do not own any gold bars. But if there was a flood, I would take my silver with me when we evacuate. Down here in Louisiana, we are well aware if a flood is coming or not. Hurricanes arent sneaky ;)
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Replies: 39 / Views: 4,919 |
Posted 06/01/2012 02:22 am
