LOS ANGELES, California (Reuters) -- A California man who collected 1 million pennies for a bet is having a hard time cashing in on his $10,000 fortune.
Ron England has amassed 3.6 tons of copper in his garage in the Los Angeles suburb of Granada Hills after making a bet with his brother 30 years ago that he could collect 1 million pennies.
But neither the U.S. Mint, the U.S. Comptroller of Currency, coin collectors nor the local bank is interested in cashing in his stash -- at least without a charge.
"I've been working seriously for the past two weeks to get rid of these pennies," England, 60, told the Los Angeles Daily News. "It's kind of frustrating. Nobody will take them without charging me."
What's worse. England is still waiting for his brother to honor his side of the bet -- a meal in Paris.
"I don't remember making the wager. Am I still good for it? I'm not going to answer that question," Russ England told the Daily News.
Great transactions with oih82w8, JasonGaming, Moose1913.
should i expect the same when i hit 1 million quarters? im at 650 now. only 999,350 to go . im well on my way. 6 months and 650 . what is my projected date ill hit 1 million? any takers on that
Founder of the NDCCA. *WAM Count : 025. *NDCCA Database Count : 2,610. *You suck 6/24/10. In memory of Tiggar 5/21/1994 - 5/28/2010
<< <i>should i expect the same when i hit 1 million quarters? im at 650 now. only 999,350 to go . im well on my way. 6 months and 650 . what is my projected date ill hit 1 million? any takers on that >>
didnt sound like alot . but whered you get 6,000,000? i thought it was 1,000,000 coins so it would be 769 yrs / 6 since i m looking for 1mil not 6mil. 100 someting years. better get crackin on them there quarters
Founder of the NDCCA. *WAM Count : 025. *NDCCA Database Count : 2,610. *You suck 6/24/10. In memory of Tiggar 5/21/1994 - 5/28/2010
didnt sound like alot . but whered you get 6,000,000? i thought it was 1,000,000 coins so it would be 769 yrs / 6 since i m looking for 1mil not 6mil. 100 someting years.
(sigh) My calcuation is accurate -- 769 years.
100 years is the answer only if you're using the "new math."
Your bank charges you to turn in coins...I put all mine in a giant burlap sack..and cash em in once a month...I make like 200 bucks and then buy nice coins with that. I have never heard of a bank charging to turn in money!
Most banks do charge you to turn in "large" amounts of cash. A friend of mine, took in $40,000.00+ cash from a deal, and deposited in his bank. He changed banks after that fiasco. The bank charged him 8% to count it! If you deposited a check, no charge or fees. Usually it is between 5 and 10 percent of the proceeds to count it. If you think about it: How long would it take to count the pennies? Obviously the bank isn't going to trust you counting them. How long does it take to move, store, roll, and bag them? Do you need a fork lift? Who is going to do that, obviously no one is going to work for free, unless your a hobbyist? So you have to pay for some people to do it Now what small bank branch is equipped to handle 3.6 tons of pennies? None that I know of. You need to plan this in advance so a bank is ready to deal with it.
He needs to see if he can find someone at one of the Federal Reserve Banks. They disburse the money to the banks anyway. They might have an interest in seeing them get back out into circulation. Otherwise it is seeing if the main bank office would want to take them off his hands.
Otherwise, I'd save them and let them go to my kids as part of the estate.
Of course I wonder what the real story is about this. The news people tend to only tell you what they want you to hear.
If they were here I would just take them to my bank a couple hundred dollars worth at a time. They don't charge extra for taking change. In a couple months I could probly move it all.
Geez, that guy waited too long to cash his cents in!
Five years ago, banks were begging for cents (in rolls of course). Chase Bank in New York even paid me a PREMIUM of 10% on all of my rolls. So I went out and bought back 100 searched (by me) $25 boxes and pocketed an extra $250 for my 2 hours of effort! Also found 400 rolls worth of wheaties in the process! Gave half of them in seeded rolls to the Boy Scouts to start their collections.
On top of it for two months McDonalds was giving a free sandwich (I chose the filet of fish without the sauce to make it half-way healthy) for every 2 rolls of cents I turned in for $1.
You imagine if this part of the story of had been brought up?
Final note: I promised coppercoins two unopened boxes of that original portion hoard of cents which came from Maine in 1998. Still holding them for him! If he goes to PIttsburgh ANA, I will give them to him personally! I hate pasckaging up things to mail (even flat pak rates)!
nwcs
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A million pennies saved, nothing earned
LOS ANGELES, California (Reuters) -- A California man who collected 1 million pennies for a bet is having a hard time cashing in on his $10,000 fortune.
Ron England has amassed 3.6 tons of copper in his garage in the Los Angeles suburb of Granada Hills after making a bet with his brother 30 years ago that he could collect 1 million pennies.
But neither the U.S. Mint, the U.S. Comptroller of Currency, coin collectors nor the local bank is interested in cashing in his stash -- at least without a charge.
"I've been working seriously for the past two weeks to get rid of these pennies," England, 60, told the Los Angeles Daily News. "It's kind of frustrating. Nobody will take them without charging me."
What's worse. England is still waiting for his brother to honor his side of the bet -- a meal in Paris.
"I don't remember making the wager. Am I still good for it? I'm not going to answer that question," Russ England told the Daily News.
Great transactions with oih82w8, JasonGaming, Moose1913.
W.C. Fields
EBAY!
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&category=525&item=3918495086#ebayphotohosting
Looking for 1967 PCGS/NGC slabbed coins.
<< <i>should i expect the same when i hit 1 million quarters? im at 650 now. only 999,350 to go . im well on my way. 6 months and 650 . what is my projected date ill hit 1 million? any takers on that >>
Never
x = months
650(x) = 6,000,000
x = 9,230 months, or 769 years.
tell em to shove it!
">"http://www.cashcrate.com/5663377"
Our bank will accept 2 rolls for free, others for fee.
(sigh) My calcuation is accurate -- 769 years.
100 years is the answer only if you're using the "new math."
">"http://www.cashcrate.com/5663377"
Michael
The Lincoln cent store:
http://www.lincolncent.com
My numismatic art work:
http://www.cdaughtrey.com
USAF veteran, 1986-1996 :: support our troops - the American way.
A friend of mine, took in $40,000.00+ cash from a deal, and deposited in his bank. He changed banks after that fiasco.
The bank charged him 8% to count it! If you deposited a check, no charge or fees.
Usually it is between 5 and 10 percent of the proceeds to count it.
If you think about it:
How long would it take to count the pennies? Obviously the bank isn't going to trust you counting them.
How long does it take to move, store, roll, and bag them? Do you need a fork lift?
Who is going to do that, obviously no one is going to work for free, unless your a hobbyist? So you have to pay for some people to do it
Now what small bank branch is equipped to handle 3.6 tons of pennies? None that I know of.
You need to plan this in advance so a bank is ready to deal with it.
He needs to see if he can find someone at one of the Federal Reserve Banks. They disburse the money to the banks anyway.
They might have an interest in seeing them get back out into circulation.
Otherwise it is seeing if the main bank office would want to take them off his hands.
Otherwise, I'd save them and let them go to my kids as part of the estate.
Of course I wonder what the real story is about this. The news people tend to only tell you what they want you to hear.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
Five years ago, banks were begging for cents (in rolls of course). Chase Bank in New York even paid me a PREMIUM of 10% on all of my rolls. So I went out and bought back 100 searched (by me) $25 boxes and pocketed an extra $250 for my 2 hours of effort! Also found 400 rolls worth of wheaties in the process! Gave half of them in seeded rolls to the Boy Scouts to start their collections.
On top of it for two months McDonalds was giving a free sandwich (I chose the filet of fish without the sauce to make it half-way healthy) for every 2 rolls of cents I turned in for $1.
You imagine if this part of the story of had been brought up?
Final note: I promised coppercoins
The guy could always use it to pay that tax bill at the end of the year.