1.3 Million Penny Collection
AlaBill
Posts: 467
Check out this penny collection. Here's the article...
1.3M penny collection turns into jackpot
A man from Alabama sets a new record for largest ever single cash-in of pennies totaling $13,084.59.
June 23, 2005: 1:38 PM EDT
NEW YORK (CNN/Money) - Benjamin Franklin once said a penny saved is a penny earned, but he probably didn't think of saving over a million of them.
But Edmond Knowles did. The manager of Ed's Service Station broke the record of the largest ever single cash-in of pennies with 1,308,459, or $13,084.59.
Knowles had the pennies delivered to Escambia County Bank in Flomaton, Ala. where the bank's Coinstar (Research) machine processed the change in over seven hours.
The collection broke Coinstar's existing record for the most pennies cashed-in by a customer. The previous Coinstar record was 1,048,013 pennies, or $10,480.13, set in November 2004 in Barberton, Ohio.
Knowles said he started his collection, which weighed more than 4.5 tons, because he appreciated the value of a penny. "It takes pennies to make money. They're worth something or they wouldn't make them," he said.
But now after 38 years, he said he's tired of Lincoln heads. "No, I don't ever want to see another penny... perhaps I'll collect a few dimes."
Knowles, 62, started collecting to create his own retirement fund to supplement his social security and kept the pennies in four 55-gallon and three 20-gallon oil barrels in his garage.
Knowles said he plans to use the new found wealth for retirement, home repairs and emergency medical expenses.
According to Coinstar, there's more than $10.5 billion in loose change sitting idle in American homes.
1.3M penny collection turns into jackpot
A man from Alabama sets a new record for largest ever single cash-in of pennies totaling $13,084.59.
June 23, 2005: 1:38 PM EDT
NEW YORK (CNN/Money) - Benjamin Franklin once said a penny saved is a penny earned, but he probably didn't think of saving over a million of them.
But Edmond Knowles did. The manager of Ed's Service Station broke the record of the largest ever single cash-in of pennies with 1,308,459, or $13,084.59.
Knowles had the pennies delivered to Escambia County Bank in Flomaton, Ala. where the bank's Coinstar (Research) machine processed the change in over seven hours.
The collection broke Coinstar's existing record for the most pennies cashed-in by a customer. The previous Coinstar record was 1,048,013 pennies, or $10,480.13, set in November 2004 in Barberton, Ohio.
Knowles said he started his collection, which weighed more than 4.5 tons, because he appreciated the value of a penny. "It takes pennies to make money. They're worth something or they wouldn't make them," he said.
But now after 38 years, he said he's tired of Lincoln heads. "No, I don't ever want to see another penny... perhaps I'll collect a few dimes."
Knowles, 62, started collecting to create his own retirement fund to supplement his social security and kept the pennies in four 55-gallon and three 20-gallon oil barrels in his garage.
Knowles said he plans to use the new found wealth for retirement, home repairs and emergency medical expenses.
According to Coinstar, there's more than $10.5 billion in loose change sitting idle in American homes.
...AlaBill
0
Comments
the number of pennies mentioned amazes me....
Spend it slowly, and that equals about $1083 per month for a year.
Check my math, but $13k / 38 years is about $342 per year. If he'd started with $342 back in 1967 and added his same annual penny contribution of $342 to the stock market, mutuals, or some sort of savings account with a modest 5% annual return, his $13,000 would now be worth something like $40,000.
A 7% return would have been worth nearly $70,000.
10% would have been $155,499. Not easy, but certainly not impossible with a little work. Did a little online research, and an annuity based on that amount for someone in his state, age, and gender will pay him $960 per month for the rest of his life. Compare that to the $1083 per month for a year that he has now.
--Severian the Lame
Probably cost him $13,000 to haul the 4.5 tons to the bank
My posts viewed
since 8/1/6
On a another note, I wonder how much the 4.5 tons of pennies would have brought if he sold them on ebay? They were of course circulated, but for 38 years of time, I bet there would be quite a few collectibles in there.
He probably would've made more selling the copper ones as copper scrap.
Great transactions with oih82w8, JasonGaming, Moose1913.
<< <i>I would've searched through those cents first instead of dumping them in a machine. >>
We'll say it takes five seconds to pick up a coin, check the date, and put it back in the bucket. Looking for varieties would take probably twice as long. You are saying you'd work the equivalent of ten hour days for six months to look through them all? 1817 hours--I'd just toss them in the coinstar machine
~g
I'd give you the world, just because...
Speak to me of loved ones, favorite places and things, loves lost and gained, tears shed for joy and sorrow, of when I see the sparkle in your eye ...
and the blackness when the dream dies, of lovers, fools, adventurers and kings while I sip my wine and contemplate the Chi.
<< <i>He probably would've made more selling the copper ones as copper scrap. >>
Would've taken forever to sort them, though. Also, selling them on eBay would be impractical, considering ebay and paypal fees, shipping costs, and the incredible amount of time it'd take to list, sell, and ship them all.
BTW if I had to guess, CoinStar probably paid for the transportation of the pennies to the bank, and probably waived their normal 8% fee--in the name of publicity
~g
I'd give you the world, just because...
Speak to me of loved ones, favorite places and things, loves lost and gained, tears shed for joy and sorrow, of when I see the sparkle in your eye ...
and the blackness when the dream dies, of lovers, fools, adventurers and kings while I sip my wine and contemplate the Chi.
Tiger trout, Deerfield River, c. 2001.