83,100 penny's deposited

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mylcoinintx
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83,100 penny's deposited

#1 Unread post by mylcoinintx »

On Friday, 16th of January, a gentleman cashed in his saving up of penny's from 1950 to present. It took over an hour to count them through a coin counting machine. Total amount was $831.00. This took place at the Prosperity Bank in a small town of Slaton, Texas. I wonder if Loomis will wrap these coins to be distributed in the area or go through the coins to check them. Many coin collector's in this area will be on the lookout for these coins, including myself. We are just 15 miles away from that town. So, look out coin world.....

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Re: 83,100 penny's deposited

#2 Unread post by PetesPockets55 »

:thumbsup: Don't wait for them to come to you, you should go to the "mountain"! Certainly would get the adrenaline flowing tho, to come across some of those rolls. Bet someone has probably already been to the bank and gotten them!

Let's see now. About 150 pennies to the pound would make that about 554 pounds of cents. Yowser!

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Re: 83,100 penny's deposited

#3 Unread post by mylcoinintx »

I will be at the bank when it opens and I'm sure i won't be the only one. The news didn't get out before the bank closed. Hopefully Loomis didn't come yet. Being a holiday weekend, we're hoping they won't make a special run. I will let everyone know if i'm successful in buying up all the penny's. That will be a :greatfind:

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Re: 83,100 penny's deposited

#4 Unread post by Daniel »

:cool:

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Re: 83,100 penny's deposited

#5 Unread post by mylcoinintx »

Well, we can kiss those coins good-bye. The Feds came in and picked them up. I didn't know that they have nothing better to do than look at coins....

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Re: 83,100 penny's deposited

#6 Unread post by PetesPockets55 »

:swear Feds! Maybe next time!

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Re: 83,100 penny's deposited

#7 Unread post by Daniel »

Why would they do that? He should have took them to a coin dealer.

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Re: 83,100 penny's deposited

#8 Unread post by Paul »

O.K. I give...

:dunno why would the feds want these? :dunno
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Re: 83,100 penny's deposited

#9 Unread post by Daniel »

Are you sure it just wasn't an armored car that picked all of them since the bank had no use for all of them.

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Re: 83,100 penny's deposited

#10 Unread post by mylcoinintx »

My wife works for a bank. She said that the Feds love to come in anytime there is a way to get their hands on rare pieces of money. Since they are Feds, they can come into any bank, at anytime, and pick up all the money that they think will be a good find. Otherwise, all the bank has to do is give all the bank deposits to Loomis, and they take it to a depository. I would of given the guy twice the price that the bank gave him. Apparently, some people don't realize what they have. My wife warned me, but I didn't really think that the Feds would stoop so low......

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Re: 83,100 penny's deposited

#11 Unread post by PetesPockets55 »

My guess is that the fed might be obligated to pick up any extreme excess of money: coins or bills. Certainly hope they don't melt them down for copper!
gotcoins: Here is a challenge: Calculate how many plated cents could be made from these 81,300 copper cents? Any takers?

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Re: 83,100 penny's deposited

#12 Unread post by Daniel »

Yeah, but who contacted the Feds here? Banks get change everyday and I know this is a larger than normal amount, someone still had to call them or report this amount.

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Re: 83,100 penny's deposited

#13 Unread post by mylcoinintx »

You are right Daniel, someone had to notify the feds for them to get the coins. The bank had already made space for the coins in their vault. They were just waiting for the armored truck to come to pick them up. Someone notified the TV station also, because they had a story on this. Maybe the feds saw the story on TV and then went and picked up the coins. The real question is: why did the feds pick up the coins? I'm sure it has something to do with the fact that they know about the value of old coins and they figured that they had a opportunity to make some cash on the side. It wouldn't surprise me.......

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Re: 83,100 penny's deposited

#14 Unread post by dipper13 »

Only a moron would run really old pennies into a bank without trying to sell them privately???? I could see a three hundred dollar price easily. My goodness, $80 in pennies is $160 just in copper!!!

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Re: 83,100 penny's deposited

#15 Unread post by mylcoinintx »

Dipper13, you did mean $831 in penny's and $1662 in copper? I would of gladly gave the man twice the price that the bank gave him. And yes, you are right, what person would take a lot of coins to the bank to get only face value, unless he was looking for his 15 minutes of fame by bringing them to a bank and have the TV network televise the event. I remember back when a guy in Houston, Tx wheeled in several wheelbarrows of penny's that he saved up to buy a brand new cadillac. Go figure......

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Re: 83,100 penny's deposited

#16 Unread post by mhonzell »

I believe the record is in Alabama where a guy turned in 1,308,459 pennies. Saved them for 38 years. Took 7 hours for a machine to count them. That was in 2005.
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Re: 83,100 penny's deposited

#17 Unread post by J.Wilson »

i am currently going thru my dads pennies hes been hoarding in a glass 5 gallon jar that is slap full probably 300 400 pounds easy 500.00 worth of pennies hes been saving for the last 15 years but I haven't found much yet but I'm not even a tenth of the way thru and my eye is killing me from magnification and still waiting for the big one!

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