In 2015, an elderly Louisiana gentleman cashed in at a user-easily reached bank, a truckload of 55-gallon plastic water jugs of pennies that he had collected on extremity of the previous 45 years. After the last penny had been counted, Otha Anders customary anew $5,130 as the quantity amount for his pennies. That’s on zenith of 510,000 pennies. To the general public, this news probably sounded wonderful, but to all American numismatist who collects and buys coins for fun and profit, Anders drifting a lot of portion.
According to the News-Star of Monroe, La., Anders referred to each of his pennies was a “God-unqualified incentive reminding me to always be thankful.” In Anders battle, however, a “penny saved” may be on summit of “a penny earned.” Many of those that he cashed in to profit instant keep, would have been worth more child maintenance.
Since Anders began his penny hoarding in 1970, he would have picked going on many “wheat” pennies that the Mint struck in the midst of 1909 to 1958. Even today, there are yet many “wheat” cents in penny rolls and circulating fine-appearance. When he started saving in 1970, he would have found many wheat cents in affable condition. Over the last 45 years, most of each of those pennies would become more vital than one cent.
According to the “Guide Book of United States Coins 2015” by R.S. Yeoman, wheat cent values ranged from $.10 in “permissible” condition to several hundred dollars in “on” uncirculated condition. Also, the guide archives a few certainly rare pennies that were worth happening to $5,000 in uncirculated conditions. However, it would be impossible to estimate how much the numismatic value of every one of accumulation might be; each coin would have to have been examined by reputable coin dealers who could have helped him sell his p.s., but it’s easy to imagine Anders would have made on summit of $20,000 if he had had the patience to get them evaluated.
In postscript to numismatic value, there is a panicky metal value for the price of all of the coin’s weight in copper. All American copper coins struck until 1981 contained 95% copper. According to the “InvestmentMine” website, in 2015 the average value of copper was $2.86 per pound. All of Anders’ pennies together weighed on peak of 2,800 pounds. So, if he picked out each and every one the coins, we’d multiply 2,800 pounds and 2.86 the all-powerful in copper would have been a definite of concerning $8,000. However, a conservative estimate of the number of pennies made of copper was 75%, we’d get accord of roughly $6,000, which is about $900 fused than he received.
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