Cache city! Family finds 1,000,000 pennies in crawl space.

[MiddenMonster]

At first glance, this seems like a great cache find, if only for the spectacle of it. But I feel for the family's dilemma regarding how hard it is to get rid of a million pennies, especially when one or more might be extremely valuable.

California family finds 1 million copper pennies in old home

Not sure what I would do in a similar situation. And it must have really sucked to crawl down the highway in a truck that was probably over the weight limit. I wonder how much time it would take to sort through them looking for the few that might be valuable...

So, how would you handle this situation?

 

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[N/A]

At first glance, this seems like a great cache find, if only for the spectacle of it. But I feel for the family's dilemma regarding how hard it is to get rid of a million pennies, especially when one or more might be extremely valuable.

California family finds 1 million copper pennies in old home

Not sure what I would do in a similar situation. And it must have really sucked to crawl down the highway in a truck that was probably over the weight limit. I wonder how much time it would take to sort through them looking for the few that might be valuable...

So, how would you handle this situation?

Time flies when you're having fun

 

[Gold Maven]

auction

 

[MiddenMonster]

Time flies when you're having fun

For me, the "fun" would last about 30,000 pennies before it ran out...

An auction would work, as long as you had a reserve you could live with for the low end. The 8% Coinstar reference kind of surprised me. I thought 8% was the 20-years-ago Coinstar rake. I was thinking it was more like 10% now. For 8% I'd almost be tempted, but it would take weeks to send them through the machine--filling it, waiting for it to be emptied and starting all over again. You might almost have better luck calling Coinstar directly and having them come pick them up and buy them based on the total weight, and they get whatever windfall comes out of it. Reminds me of the armored truck heist about 20-25 years ago where they thieves made off with a bunch of nickles and didn't know what to do with them.

 

[BennyV]

Either way it’s 10 grand.

Best bet would probably to link up with some coin nerds and have them search it for valuables. Whack up anything they find 50/50. It’s found money.

 

[SeabeeRon]

It will sure help that it appears they are already rolled!

 

[Fireflash]

For me, the "fun" would last about 30,000 pennies before it ran out...

An auction would work, as long as you had a reserve you could live with for the low end. The 8% Coinstar reference kind of surprised me. I thought 8% was the 20-years-ago Coinstar rake. I was thinking it was more like 10% now. For 8% I'd almost be tempted, but it would take weeks to send them through the machine--filling it, waiting for it to be emptied and starting all over again. You might almost have better luck calling Coinstar directly and having them come pick them up and buy them based on the total weight, and they get whatever windfall comes out of it. Reminds me of the armored truck heist about 20-25 years ago where they thieves made off with a bunch of nickles and didn't know what to do with them.

The Coinstar machines in my town take a whopping 12.5%

Convenience has gotten expensive !!

 

[MiddenMonster]

The Coinstar machines in my town take a whopping 12.5%

That's just absurd! Has inflation gotten so bad that CoinStar can't make money with a lower rake? They get the cash value of the coins, plus numismatic value for older and collectible coins (assuming they sort through the heap for them, and they would be idiots if they didn't), plus the rate they charge customers. It would be interesting to see what the raw coin value is that they take in per year on those machines, and compare it to how much they make above that on the service charge and any collectible value. Regardless, the family that found this million penny cache should be able to negotiate a special deal with CoinStar under the circumstances.

I remember back in the day my bank had a coin counter and they would spin out coins for customers and give them cash for the amount. Then they got rid of it, and customers had to put their coins in a big, heavy duty plastic banker's bag and bring them to the bank (50lb. maximum per bag). The bank would send them to one of their banks in Dallas for counting--I think they just threw the sealed bag in the machine, which ripped it open and counted the coins, then the money would be deposited into your account. A couple of years ago they ended that service, and coins can only be sent in to be counted for business accounts. So now the bank gives me the "rolling papers" for each coin denomination, and I have those plastic tubes with a slot near the top to mark a roll's worth. Funny thing is that they accept my rolled coins without question, and without verification. Do they send them to their main branch for processing, or do they just give them to other people who want change? Who knows...

 

[CoinsAndThings]

Divide and conquer. I would divide those into several lots and sell them at auction. Maybe 100 lbs at a crack. Might take a while. But they'd get the most return that way

 

[MiddenMonster]

Divide and conquer. I would divide those into several lots and sell them at auction. Maybe 100 lbs at a crack. Might take a while. But they'd get the most return that way

Hmmm...let's get mathematical...

A penny weighs roughly .088oz. So 1,000,000 pennies would weigh (roughly) 88,000oz. (1,000,000x.088).

88,000oz. divided by 16oz. to the pound equals 5,500lbs.

5,500lbs. divided by 100lbs. to the lot equals 55 lots. If the estimated cash value of 1,000,000 pennies is $10,000 then the family would have to average $181.82/lot to "break even". So slightly more than 18,100 pennies in a lot with the hopes of it containing something valuable. Better odds than the lottery, but the family would really have to assure potential bidders that the cache hasn't been sorted through before hand, and the lots were divided up fairly, or at least randomly.

 

[Peyton Manning]

They are selling the lot for $25000

 

[Gare]

It is a face value of $10,000