everything old is new again

3 Responses to Pennies from heaven

  • True story: I used to bartend for a guy who owned a string of bars. Every night he would take all the change except quarters, plus whatever quarters he could not roll up in a $10 roll, and stash it in the bottom drawer of his desk(s). When the drawer(s) got too hard to slide open, he would put the change into big cloth bank bags and store them in a closet. During a run of hard luck he was almost bankrupt, and ran out of operating capital to stock his bars. He and one of his managers spent days rolling up over $17,000 in change- this was in the early ’80’s. Saved his ass. When I began working for him, he was wealthy again. He still saved all his change.

  • Our cooler full of coin saved Scott and me countless times when we were young(er) and poor(er). Saving change is a great way to have money around for dire emergencies.

  • Another benefit of saving change, especially over the long haul, is that you’ll eventually have some collectable coins which will bring a premium above their face value. As a kid in the mid 60’s I saved all of the silver coins I got in change. If I were to sell these today, I could fetch as much as a 4000% return on my investment or about 9.66% interest annually. Of course this is probably the exception rather than the rule as minting of silver coins ceased after 1964. I would venture a guess that the person in the article has at least ten-thousand collectable pennies, but sorting through them may be another issue. Perhaps he could bag them and sell them on EBay using his story. šŸ™‚

    In general, once you get beyond an certain amount of coins it is better to open a separate savings account that isn’t tied to your primary checking account. This way the money is still put aside but increases in value by earning some interest.