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HarryCarysGhost (99.68)

Pennies from heaven

Recs

10

December 03, 2011 – Comments (20) | RELATED TICKERS: P , ENN.DL2 , Y

http://news.yahoo.com/laws-change-penny-hoarders-could-cash-thousands-dollars-211547264.html

So what do you guys n' gals think. Should I start sorting my change?

If we all did this I suppose it would create a run on copper. It would have to be regional waves hitting the copper market with pennies, millions and millions of pennies.

Of course we would have copper option leaps.

Who's with me!

20 Comments – Post Your Own

#1) On December 03, 2011 at 10:12 PM, rd80 (98.45) wrote:

A penny saved is two pennies earned.

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#2) On December 04, 2011 at 12:17 AM, Starfirenv (< 20) wrote:

From link- "...It's illegal to melt pennies an there is an obscure federal law that makes it illegal to transport more than $5 in pennies out of the country."

Same with nickels. What we call 5 cents isn't worth the metal it's made of.  Ever wonder if (when) the day will come when a dollar isn't worth the paper it's printed on?  Best.

 

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#3) On December 04, 2011 at 7:44 AM, MoneyWorksforMe (< 20) wrote:

I myself have been doing the same- segregating copper pennies from ones made predominately of zinc for well over a year now. My collection pales in comparison to the man in this article, but that's largely because I don't go out of my way to obtain pennies. If i see an old monitor on the side of the road, however, I will pick it up and invest 10 min. of my time to extract 2 lbs. or so of copper. 

I feel I'm using the same logic my grandfather and several apt investors used back in the early 60's and late 70's when quarters and dimes stopped being made out of 90% silver. A quarter from 1964 increased in value 23 times, and is now worth close to $6.00. Current market demand also allows you to exchange these quarters for $$ without having to smelt them. I believe the same will happen with copper pennies/copper coins a decade or two from now. Copper will eventually be priced in ounces; my best bet is at some point in the next decade. I think gold was the investment of last decade, silver will be the best of this decade and copper the investment of the next decade... 

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#4) On December 04, 2011 at 10:51 AM, HarryCarysGhost (99.68) wrote:

@rd80

indeed.

@starfirenv

also from link-

"Penny hoarders know this of course, but they also know something else. In what could be the biggest legislation to hit the U.S. Mint in 50 years, officials are now looking at the composition of pennies and nickels and considering an overhaul. If the laws change and the mint decides to abolish the penny, people would be free to melt them down for the copper."

 I try not to think too hard about the day the dollar is worth more then the paper it's printed on. Might give me nightmares.

But let me ask you this- In the case of hyperinflation what would equities valuation be at.

Go Bears

and best to the Santa Clara 49ers ; )

@ Moneyworksforme

I'm not going to go out of my way to accumulate pennies either. Every day I save the change from every transaction and then cash it in right about now, pays for Christmas.

This year I'm going to take the time to sort out the pennies made before 82. Might take me an hour or so but I think thats a wise investment of my time.

Cheers.

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#5) On December 04, 2011 at 11:17 AM, HarryCarysGhost (99.68) wrote:

@ MoneyWorksforMe

So all dimes and quarters dated 64 and under are 90% silver?

Gonna have to look for those also.

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#6) On December 04, 2011 at 12:17 PM, philippalmer (74.78) wrote:

I know when I saw this article, I thought about the jugs of pennies I have at home.  I called my wife and told her to get the kids to sorting.  I am going to make a huge listing of pennies on ebay to finance Christmas this year!

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#7) On December 04, 2011 at 1:49 PM, TSIF (99.96) wrote:

HarrycarysGhost, you will be "lucky" to find a dime or quarter in your change. I still look at coins that look worn, but haven't found one in a long time.

In 1973 when I was young my Dad and I played the game of culling the coins from the rolled coins in the bank, re-rolling the ones that were too new and trading them in for more. The tellers got a bit annoyed with us.

We legally sold the dimes for $1.10 and the quarters for $2.25 for a very nice profit.  The penny's look like they are a little over 2X profit if you don't pay a premium for presorted.  Kind of neat to think that if you accumulate them at "face value" you can NEVER anything from your investment.

(Barring the penny being taken out of circulation with fair warning and not redeemed AND you have the non-copper ones OR copper prices dropped below the $0.01.

Fun stuff, takes a lot more penny's than it did the dimes and quarters to make a few bucks, but it's free money!!

TSIF

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#8) On December 04, 2011 at 4:04 PM, Frankydontfailme (27.26) wrote:

 " I just like nickels." -Kyle Bass to the federal reserve inquiry about him acquiring 20,000,000 nickels

http://www.wallstreetoasis.com/blog/20-million-nickels 

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#9) On December 04, 2011 at 4:47 PM, HarryCarysGhost (99.68) wrote:

@TSIF was this the complete sentence-

 "face value" you can NEVER anything from your investment.

Or was a gain or lose supposed to be in there?

 

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#10) On December 04, 2011 at 5:52 PM, TSIF (99.96) wrote:

s/b:  "you can NEVER LOSE anything from this investment"

add the Porte:    :) hehe

I shouldn't post while watching the Patriots game, even when they are playing an 0 and 11 team who can "NEVER WIN"......but overconfidence may catch some team off guard! 

 

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#11) On December 04, 2011 at 5:54 PM, TSIF (99.96) wrote:

PS  Good ticker useage, but the frequenters of the Pandora board are going to wonder what is "heavenly" about Pandora all of a sudden!!!  ;)

 

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#12) On December 04, 2011 at 6:21 PM, HarryCarysGhost (99.68) wrote:

^ HaHaHaHa.............

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#13) On December 04, 2011 at 8:10 PM, RallyCry (< 20) wrote:

Hey there HCG, here is a useful link: http://coinflation.com/  Scroll to the intrinsic value table in the middle of the page.

P.S. Check out my new target on my Visa pitch. It may get there before the end of next week!....lol

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#14) On December 04, 2011 at 9:41 PM, HarryCarysGhost (99.68) wrote:

Hi Rally, I still can't read this blog without thinking about comment #11 and busting out in laughter.

$102 sounds good for next week.

Cheers.

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#15) On December 04, 2011 at 9:59 PM, TSIF (99.96) wrote:

How did you even do that one HCG??  PENN is Penn National Gaming, P is Pandora, but ENN doesn't even exist.... looks like you tricked the system on that one! You'll be on the newsfeed for P on CAPS for a week or more. Maybe you'll get a few more recs!!!  ;)

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#16) On December 04, 2011 at 10:20 PM, HarryCarysGhost (99.68) wrote:

TSIF, if you type in ENN it's a failed reit from 08.

You know I don't care about recs..

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#17) On December 05, 2011 at 9:50 AM, TSIF (99.96) wrote:

ENN won't get you anything, but I didn't think to try .DL.  I tried .PK and .OB. The blogs didn't use to accept the extensions in the ticker list. 

I know you don't care about rec's....but sometimes we get unintentional ....accidental...side effects!  ;)

Off to check the copper futures....I'm feeling much richer this morning with my penny collection!!! 

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#18) On December 05, 2011 at 10:44 AM, TSIF (99.96) wrote:

Darn, I was too late, there was already people in tents outside my bank waiting for it to open. I waited in line anyway thinking how many pennies can one person buy at one time?  Then just before the bank opened a pickup truck pulled up,  gave the person in the front of the line an empty wheelbarrow and the person in second in line a wheelbarrow full of what I presume was pre-sorted post 1984 pennies from last week's efforts that they were going to turn back in to the bank.

I was pretty sure which pennies I'd end up with if I stayed in line!

Missed the "gold rush" again, so much for putting all the relatives mooching off me back to work sorting pennies!!

 

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#19) On December 05, 2011 at 10:07 PM, HarryCarysGhost (99.68) wrote:

@ TSIF

Bummer about the dude with the wheelbarrow.

Don't know how I got ENN through, just a glitch in Caps I guess.

And for anyone researching Pandora, I think they're better off going with my plan :)

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#20) On December 05, 2011 at 10:34 PM, HarryCarysGhost (99.68) wrote:

@ philippalmer

Awesome? Would you mind telling us the details of how it worked after your done.

I looked on E-bay today and there were quite a bit of listings. I'm just trying to figure out how you make money after shipping. And what the weight is you need to ship out for a nice profit? 

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