Pennies
 

This story struck me today. I save most of my change in large pickle jars. I don't recall why I started - but now that I have been doing it for years, it is a habit.

Man Tries to Get Rid of Million Pennies

A man is trying to get rid of his pennies - all 1 million of them. Ron England bet his brother 30 years ago that he could save a million pennies in exchange for a dinner in Paris. And he did, eventually stacking up 20,000 rolls that fill 13 boxes in his garage.

Now that he's moving, England wants to cash in the $10,000 in coppers, which weigh 3.6 tons, but is having a tough time finding someone who will take them without a price.

``I've been working seriously for the past two weeks to get rid of these pennies,'' said England, 60, a Paramount Studios, Hollywood, projectionist who will soon retire with his wife to a home in Oregon. ``It's kind of frustrating. Nobody will take them without charging me.''

The Coinstar machine at his supermarket isn't exactly made to accept a million pennies.

A Santa Monica artist who welds couches out of pennies declined to call him back.

Coin collectors said to call a bank.

But his bank, Washington Mutual, is charging extra fees and won't take all the rolls at once. The best he's found is a branch that will take 200 rolls, or $100 per week. That's 20 months of deposits.

Tim McGarry, spokesman for Washington Mutual in Los Angeles, said that until recently, the bank charged 10 cents a roll for more than eight rolls. Now, each bank manager determines how many pennies it can accept and charges accordingly. Business rates differ.

``This is a very rare case,'' McGarry said. ``Some of the practicalities are daunting - 3.6 tons is more than most vaults can handle.''

Even the federal government isn't interested.

The U.S. Office of the Comptroller of the Currency doesn't want them, nor does the U.S. Engraving and Printing Bureau.

``We don't buy back currency,'' said Mike White, a spokesman for the U.S. Mint. ``We like to have it in circulation.''

England refuses to pay extra.

``I'm stubborn,'' he said. ``If I have to haul all these pennies to Oregon, I will, 'cause I'm not gonna pay.''

The bet was made in March 1974, England said. He and his brother, Russ wagered that If Ron could collect and roll a million pennies, Russ would buy him a dinner of fried sweetbreads in Paris.

So England began to roll. Friends and relatives fed him pennies. At one point he was buying about $250 a week in pennies.

About five years later, he was done. But he never got his Parisian meal.

``I don't remember making the wager,'' said Russ England, 55. ``Am I still good for it? I'm not going to answer that question.''

Now Ron England says he hopes to buy a John Deere tractor with his money.

``I did enjoy proving my brother wrong,'' England said. ``If he'd pay off, I'd quit bitching. I should have saved dimes. I'd have a lot more money, and it would weigh a lot less.''

Damn, and his brother won't even honor the bet? Bastard!


Pretty crazy story.

His brother is a bad sport.

I will take them!!!! Oh yes, oh yes, I wouldn't charge him anything either!

Maybe with the ten thou, he should fly him and his brother to Paris, where his bro could pay up on his half of the bet.

Penny candy anyone?

damn... i wish there wa a picture to go with it... thats pretty impressive

Coinstar isn't even a good option... I think it's something like 4 percent that you cough up for the service -- Maybe Coinstar would cut him a deal...

I thought I had a lot of pennies...

yeah I do pennies too.
used to seriously collect coins.
I try to go through them for wheatstraws and decent dates.
but it's a time-consuming ritual.

I think someday they'll be ruled out as an exchange medium.

Someone once told me that pennies were not actually legal tender.

Thats a whole lot of pennies...

Are Pennies Legal Tender/Snopes

Not true, it's an Urban Legend

Then I do not understand why there is a service charge for accepting them.

Try 8.9%

Since they are legal tender and must be taken to pay depts why not use them to pay his taxes next year. Rent a heavy duty truck and drive to the nearest IRS agency and dump them off some. That would be funny as hell.

I love it!

It's been tried. The IRS won't accept payment in that form. Anyway, for the IRS, it should be 5 and 10 cent coins.

I'd suggest melting the coins down and selling them as ingots, but that's illegal.

lol

Even Larry Flint had issues when he tried to pay the court his fines in pennies....

Perhaps his brother can take him to dine in Paris, Texas, a much more affordable proposition.

Pennies are not pure copper. In fact, the proportion of copper in them is very very small. The resulting ingots would be useless, and they would be worth less than a quantity of pennies with equal weight.

not to mention there could be injury due to an unfortunate smelting accident.

That's true currently. However, I said nothing about copper, but about ingots. Ingots of zinc would be worth something too. And the older pennies ARE made of copper IIRC.

If the bank wont take them and the federal reserve wont take them.. I think he should apply to destroy them.. then he can make the cool ingots, ingot jewelry, and ingot merchandise!! Its the American dream wrapped up in tonnes of useless pennies!!

Nm
:)

I can't believe someone hasn't said this yet, but:

Sell them on eBay.

How can the IRS refuse payment in legal tender? Seems a bit silly to me. I can understand the IRS has the option to mandate the location where the pennies are deposited, but they have to at least give the option don't they? Same with banks?

Anyone know the law on this?

Wasn't there a bunch of talk about getting rid of the penny? It's almost a useless form of currency. You can't use them in machines, they're almost worthless and hell apparently the US government won't even accept them.

I'm with him -- I would refuse to pay for someone to take them. I'd carry a few roles around with me at all times, paying for whatever I happen to get that day -- groceries, dining out, clothes, etc. A role or two per store and depositing $200 per week at the bank should take care of them within a couple of years.

He should just try splitting up the collection into manageable amounts, like a couple hundred dollars worth and try going to banks, then. I mean, if you approach anybody with 3.6 tons of coinage, of course they're gonna react that way. I mean, a bank would probably be a little more willing to deal with a couple hundred pounds worth of pennies over a series of time versus 3.6 tons of them all at once.

CASINO PENNY SLOT MACHINES... pop them in and cash them out.

Hey, that might work...

If he goes after a big jackpot, he could probably win...

i once represented an exemployer who had to pay to an exworker, even when there was evidence that the worker had been stealing from him. So he paid the guy the $3,000.00 in nickles, but it backfired him, as the judge made him count the money in order to be shure there were $3,000.00. It was a hilarious.

Just sounds like both brothers are just a little off their rockers, but who am I to say.

Penny casino, here he comes...

yeah this gets tossed around fairly often -- but for some reason people seem to have sentimental attachment to the penny. it's unfortunate. Australia got rid of the penny some years ago and it's GREAT, everything is rounded off to the nearest 5 cents.

I saw this on CNN HN. Very funny boxes and boxes and boxes of pennies :D What a goofball....now I'll have to start unloading my rolls of coin so I don't look like a schmuck-le-head! :crazy:

I also think they said the dude's brother stiffed him on this dinner in Paris thing too. Now talk about a big time country ass whipping!!

Re: Pennies
 

BTW, you might want to upgrade to pickle buckets, unless you can't lift 5 gallons of metal coins. :D

Take 200 rolls to 20 banks?

just an interesting side note on the ingot smelting idea- if you melt modern pennies it gives off a hell of a lot of highly toxic (will kill you right there ) zinc fumes...... so it is'nt even melt downable- sucks to have 10000 you cant spend easily

Just another reason why banks are a business and not a service...they never fail to dissappoint.

Sell them as art.
http://www.cbc.ca/arts/stories/penniesart040304