Just realized I am sitting on $500 in copper pennies each worth $0.01

[Death&Taxes]

Hey, folks. I was sitting in my office today, wondering about ways I could scrape together a little more money. Suddenly, a great idea hit me. I have about $500 in face of copper cents sitting right under my desk. I'd put them in boxes and stacked them up, and was even using a pile as a footrest. Anyways, tomorrow I'm gonna cart them down to the bank and get cash for them. They've been there for almost ten years now, and they've only been there so long because I'm a sucker for the sunk-cost fallacy. I should never have saved them. I will never be able to melt them, and I'm not going to wait 20 years for all of those swamp-monster bureaucrats down in Washington to get efficient and eliminate the cent.

-Death&Taxes

 

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[gsxraddict]

Well, you have $500 in savings, no use in cashing it in unless you really need it.

 

[Death&Taxes]

Well, you have $500 in savings, no use in cashing it in unless you really need it.

All CRHers, businessmen, and investors work off the same principle. If you can make a higher rate of return with your money by changing where it is, do it. I'd make more money owning 10 year Treasuries than keeping pennies under my desk, earning me nothing (in fact losing me some because of inflation.) And owning virtually anything is better than owning 10 year Treasuries. -_-

 

[silveraddict]

Hey, folks. I was sitting in my office today, wondering about ways I could scrape together a little more money. Suddenly, a great idea hit me. I have about $500 in face of copper cents sitting right under my desk. I'd put them in boxes and stacked them up, and was even using a pile as a footrest. Anyways, tomorrow I'm gonna cart them down to the bank and get cash for them. They've been there for almost ten years now, and they've only been there so long because I'm a sucker for the sunk-cost fallacy. I should never have saved them. I will never be able to melt them, and I'm not going to wait 20 years for all of those swamp-monster bureaucrats down in Washington to get efficient and eliminate the cent.

-Death&Taxes

Rhett the rat re 7

 

[LooseChange]

You could search 'em for errors and varieties.

 

[Kray Gelder]

That's a lot of pennies! Are you saying they're copper, not clad pennies? They must have more in value than face.

 

[Death&Taxes]

You could search 'em for errors and varieties.

Already did.

 

[ArkieBassMan]

They are in fact losing value as they sit collecting dust. Still, unless I could use the $500 to pay down interest-bearing debt, personally I'd gamble the tiny percentage the $500 could earn plus the value that will likely be lost to inflation hoping for a run-up in the price of copper. Even if it just got back to the point to where you could get 1.2 cents per, that's 20% and will crush any "guaranteed" return out there.

 

[Death&Taxes]

They are in fact losing value as they sit collecting dust. Still, unless I could use the $500 to pay down interest-bearing debt, personally I'd gamble the tiny percentage the $500 could earn plus the value that will likely be lost to inflation hoping for a run-up in the price of copper. Even if it just got back to the point to where you could get 1.2 cents per, that's 20% and will crush any "guaranteed" return out there.

If copper was worth 10x what it is now, the pennies would still be worth the same thing: $0.01 per. It's illegal to melt them and that won't be changing anytime soon.

 

[Johnnybravo300]

They are worth double that in melt value. People melt them all the time.

 

[Peyton Manning]

can recyclers tell if it is melted pennies?

 

[lookingharder]

Glue them together to make a GIANT metal detector made from pennies. Some MD company would probably pay you thousands for it to put in there company office. Guinness would probable pay good too.

 

[FingerChili]

Use it to pay your fine for ROASTING THE ENTIRETY OF TREASURENET with that post.

 

[barneyb71]

I dumped my $300 over a year ago. I realized the same thing. I took them to my CU, I knew there was a member that collected copper pennies. I told the tellers to call him up and that there was $300 coming in. I’m glad I dumped them. Turned that money into silver!

 

[Death&Taxes]

Glue them together to make a GIANT metal detector made from pennies. Some MD company would probably pay you thousands for it to put in there company office. Guinness would probable pay good too.

I'm not very experienced at the arts and the crafts Guinness is actually a scam where they charge you a lot of money to put your record into their book.

 

[Johnnybravo300]

Can't go wrong doing that and it's legal!

 

[DeepseekerADS]

You know that right now wheats are worth about 4 cents each. Are coppers far behind?

 

[Death&Taxes]

Use it to pay your fine for ROASTING THE ENTIRETY OF TREASURENET with that post.

Which one?

 

[Johnnybravo300]

Coppers are like .021 last I checked. A little more than double face value.

 

[Tnmountains]

Coppers are like .021 last I checked. A little more than double face value.

I have a couple of old shoe boxes that are collapsing of wheats. One day I will check them. Has to be one good one ,,right?