Friday, October 11, 2013

Cashing in on Hoarded Pennies

So I found another online article here from a couple years ago about some penny hoarders and their stories.  I just had to laugh.  The guy about half-way through, who is selling the copper pennies at a premium is probably laughing too...all the way to the bank.  What idiot out there is actually paying a premium for these worthless copper disks?  Apparently there are a bunch of them.  And then the reporter asked him about if the penny gets discontinued, and they concluded that you could then melt the pennies and then smiled.  I'm sorry to say that his smile will soon turn to a frown, when he realizes that his conclusion is dead wrong. I've said it before and I'll say it again: Just because the mint isn't making a coin anymore, does NOT mean it's not legal tender or that it's no longer governed by the "no melting down" law. If and when the penny is discontinued, you'll only have two legal options: 1) turn in your pennies to the bank for face value, or 2) do nothing and get nothing.  Of course, it's the suckers who are actually buying the pennies from this guy that will be hating life the most. After all they just invested $176 into something that is only worth $100, and will always only be worth $100.  But I suppose this guy can continue to ride his money train as long as there are idiots out there willing to pay a premium for those pennies.

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