wouldnt this be a hoot!

[roswellborn]

wouldn't this be a hoot!

http://news.yahoo.com/s/ap/20070730/ap_on_fe_st/odd_coins_for_sale;_ylt=ArY8DKwHYc68QZg5s2zd140uQE4F

(today) ...NYC sells coins from parking meters

NEW YORK - The city is selling 500 pounds of foreign coins that found their way into its parking meters this year.

"We have pretty much every denomination from every continent," said Anthony Alfano, the city's deputy chief of meter collections. The most common coins are Greek drachmas, he said.

The Department of Transportation, which makes about $90 million from parking meters annually, has collected bids for the foreign coins and plans to announce the best offer Monday.

About a decade ago, the agency decided to sell foreign coins it collected because it was impractical to exchange them for U.S. currency. In previous years, selling the coins has netted the department between $2 to $4 a pound.

Last year's highest bidder for the coins was Jim Corliss, 60, of Braintree, Mass., a longtime collector. He also bid this year.

"Every once in a while I find something of value," he said, pointing out that he once came across an 1835 British shilling worth $5.

 

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[stefen]

Re: wouldn't this be a hoot!

Wow, found a coin woth $5...Boy, that makes me want to become a bidder.
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Tongue in cheek

 

[Ray S ECenFL]

Re: wouldn't this be a hoot!

Lets do the math. 500 pounds of coins at $5 a pound = $2500. He found a coin worth $5.

So that must mean the the other 499 pounds of coins were only worth face value, if that. Since we do not know what the face value of those coins are it would be hard to say if this was a smart buy or not.

If, in general, a pound of those coins were worth more than the $5 he paid for it then he made a profit. If not, he must have more time on his hands then I want to know about.

Interesting post. Makes you think.

HH

Ray S

 

[Johnny Cache Hunter]

Re: wouldn't this be a hoot!

He could bid $5/lb then, after going through the coins and pulling out the keepers, he could turn around and sell the rest for $8.00 a pound on eBay.

There are plenty of fish on that site.

 

[stefen]

Re: wouldn't this be a hoot!

Recently, I was talking with the Design / Build Contractor for Disney's (Anaheim, CA) submarine attraction...and was told that during the demolition phase they removed over 2000 pounds of coins that people had thrown into the water (assuming it was a wishing well) over the last 50 years.

Being that it was so mucky with all of the oil and other contaminants, it was all taken to the county dump.

Apparently it was not economical to clean the coins.

 

[diggummup]

Re: wouldn't this be a hoot!

Recently, I was talking with the Design / Build Contractor for Disney's (Anaheim, CA) submarine attraction recently...and was told that during the demolition phase they removed over 2000 pounds of coins that people had thrown into the water (assuming it was a wishing well) over the last 50 years.

Being that it was so mucky with all of the oil and other contaminants, it was all taken to the county dump.

Apparently it was not economical to clean the coins.

That's a hard pill to swallow.

 

[stefen]

Re: wouldn't this be a hoot!

Agreed.

One hard pill to swallow...

We are working with the same contractors on a similar project and were on a behind-the-scene tour when the topic was mentioned and confirmed.

I about choked.

The best description is like having to remove graphite or xerox toner from a handfull of coins...the labor and chemicals is too costly... you'd be better off selling the metal for waste...

Apparently, numerous outfits were contacted...all elected to abstain...