Given Up!

[mcsusanquilts]

I tried penny hoarding for my retirement, but after 1 month, I had to cash in my pennies. I live in an apartment. Penny hoarding is not the answer in rented places. I did not want to rent a storage unit for the rest of my life. I figured that I would have only saved up $250,000.00 by the end of 30 years; that is not what I wanted in 30 years. The weight would have been over 10800 pounds of copper and zinc. I am still cashing in my pennies. I have to make 3 more trips to the bank. I can only cash in $21.00 at a time. For those of you who are hoarding, consider the facts that after a long time; you will have to hire someone with a large truck to haul all of your pennies to a cash coinstar bank. Good Luck for those who love hoarding.

[Joogaler]

Why don't you sell them to members on here!?!?!

[Country]

I admit, if you don't have the storage, it's gonna be tough to accumulate COPPERs. However, don't be so downbeat. Do hoarding as a part-time fun hobby that pays; sell your COPPERs and make money doing it. Focus your personal life on making money elsewhere....

COPPER hoarding is about where SILVER hoarding was in 1965. Yes, the hoarded coin was worth more than face value, but WHO would buy them from you. Once the COPPERs have essentially been removed from circulation, they will increase in value similar to the SILVER coins hoarded in the early days of SILVER hoarding. They will achieve their full value once the penny is no longer minted, because it has no commericial value or when the government finally decides it is not worth the effort to mint them; and then the melting ban would soon be lifted. That is when we COPPER hoarders will achieve some parity. How long must we wait? Maybe not as long as you think.....

[thedude]

More for me.

[AlexTG]

I tried penny hoarding for my retirement, but after 1 month, I had to cash in my pennies. I live in an apartment. Penny hoarding is not the answer in rented places. I did not want to rent a storage unit for the rest of my life. I figured that I would have only saved up $250,000.00 by the end of 30 years; that is not what I wanted in 30 years. The weight would have been over 10800 pounds of copper and zinc. I am still cashing in my pennies. I have to make 3 more trips to the bank. I can only cash in $21.00 at a time. For those of you who are hoarding, consider the facts that after a long time; you will have to hire someone with a large truck to haul all of your pennies to a cash coinstar bank. Good Luck for those who love hoarding.

The second to last sentance makes me think you are a bit confused on why we hoardp pennies.

You would never want to just dump your copper pennies back in the bank, you are losing value through inflation. You would either want to sell them to another person, or a scrap yard for the copper content. And after 30 years, I would imagine you would be seeing 8 to 10x face value ont he penny. So your $250,000 goal is now worth 2.5million. That is of course if our currency doesn't get too debased.

[mcsusanquilts]

It does not bother me to cash in my coppers. I got them from the bank, so the bank can have them back. The only ones that they will be getting that I did not get from the bank is the 2 steel pennies. The reason why I said that I will not keep hoarding is because of the long term expense; (storage unit, truck rental, doctor bills from lifting the pennies, etc.). I get a high from saving money; so I am saving in a different form--paper money. It makes me feel like I am getting somewhere in this slow economy. Don't get me wrong, I am a hoarder in a more controlled form. I like to keep it organized and in my possession where I can keep an eye on it.

[NDFarmer]

Why don't you sell them to members on here!?!?!

I'll ask the question again. Why not sell them here for 1.3 apiece rather than take them to the bank and dump them at face?

[blackrabbit]

Yea that does not make cents that you would dump them for face when you can sell them for more now. I saw copper pennies go for 2X face on e-bay a few days ago and copper is going up now! I am a lowly hand sorter so won't be accumulating much for storage to be a problem, but the pennies are just one item in my "portfolio" for financial use. If copper went down to the price of zinc I would dump them but until then I am just getting started with this copper addiction. Wish you were dumping at my buy bank!

[aloneibreak]

It does not bother me to cash in my coppers. I got them from the bank, so the bank can have them back. The only ones that they will be getting that I did not get from the bank is the 2 steel pennies. The reason why I said that I will not keep hoarding is because of the long term expense; (storage unit, truck rental, doctor bills from lifting the pennies, etc.). I get a high from saving money; so I am saving in a different form--paper money. It makes me feel like I am getting somewhere in this slow economy. Don't get me wrong, I am a hoarder in a more controlled form. I like to keep it organized and in my possession where I can keep an eye on it.

oh my my my.

best of luck to you.

keep us informed on how thats working out for you.

[ScottyTX]

I'm just completely confused here. Why would any of us have to consider renting a truck to go to the bank? The only thing that comes to mind is if your doing some serious volume but I think they can deliever to you as well, no not what your getting at.... Guess I'm still confused.... I guess the only thing I'm clear on here is the fact that one cannot store 250k face in an apartment, that I would agree to. Hoarding isn't for everyone but like others have said, if you enjoy it sort and sell. Return them to the bank what language is this you speak...... The old lady story is swirling around in my head, you mind letting us know where about your from and possibly when/where you bank

[giddyup99]

you won't need a storage unit for $63 of pennies, or a truck to haul them around. I am a small hoarder. I grab a box or two when its convenient for me and go through them in my spare time. Over the past year I have accumulated about $500 face value in coppers. Very easy to store and somewhat fulfilling to see my pile continue to grow. If you don't like it you shouldn't do it, but there is an opportunity for you here. Do as the other folks suggested and turn your coppers for a 30% profit here and turn that copper pile into silver. Takes up ALOT less space.

[andrewjackson]

. Jeepers, that sounds terrific. Cash in your tangible assests for a stack of those easily organized and deflated lightweight worthless federal reserve notes, in the form of 'paper'! Better yet how about a hoard of plastic credit and debit cards. Seriously though consider investing in silver if weight and storage are a problem. By investing in paper you will not only be giving up on investing in pennies, but quite possibily may be giving up a portion of your financial wealth. Joogler I think she may have overlooked your question "
Paper is poverty, it is only the ghost of money and not money itself."
Thomas. Jefferson 3rd. U. S. President

[Joogaler]

Paper is poverty, it is only the ghost of money and not money itself."
Thomas. Jefferson 3rd. U. S. President

I like the quote, that's one you don't hear very much. I believe Jefferson knew more about the future than Nostradamus!

[ScottyTX]

Ahhh I got it now I believe, I think she has just been saving mixed batches of pennies without sorting out the coppers. Now that dosen't sound near as bad. At least thats what I hope is the case anyways!

[Jackson]

mcsusanquilts, where do you live? If You are anywhere near my location I would glady come take you excess penny's away from you at face value.

[AGgressive Metal]

It sounds like you weren't separating the coppers from the zincs and were just storing cents as a form of cash. That is not what people here do, generally speaking. We search out the pre-82 coppers because they are worth about double the face value and return the zincs to the bank. Over time, you build a stash of copper, which is a valuable commodity which can hedge you against dollar inflation. I hope that helps. I am in an apartment too, and have about 100 lbs. of US CU pennies, 25 lbs. of British CU pennies, and 35 lbs. of .999 NI from France and The Netherlands. Since I am young and limber, I have no problem moving them around . For an older person like yourself, you may want to look into gold and silver. $250,000 worth can be stored in a shoebox or two.

[rainsonme]

On the other hand, aside from the inconvenience, saving money in unsorted pennies is probably the best form of currently circulated US money. It is 20% copper, 0.5% wheat- backs, with a low possibility of an indian head. That's a better store of value than paper-money held in a bank earning less than 0.5% interest which would be paid in FRN. If you are going to sit in cash, I'd say unsorted pennies is your best bet. Other than a little inconvenience when you want to make a large purchase. Sorted pennies of course is an even better store of value in a current currency; but unsorted pennies beat paper.

[Sheikh_yer_Bu'Tay]

Paper is poverty, it is only the ghost of money and not money itself."
Thomas. Jefferson 3rd. U. S. President

I like the quote, that's one you don't hear very much. I believe Jefferson knew more about the future than Nostradamus!

Yeah! Cool quote! I never know where to look for quotes, so I made up my own! Look for it everywhere!

[Sheikh_yer_Bu'Tay]

I tried penny hoarding for my retirement, but after 1 month, I had to cash in my pennies. I live in an apartment. Penny hoarding is not the answer in rented places. I did not want to rent a storage unit for the rest of my life. I figured that I would have only saved up $250,000.00 by the end of 30 years; that is not what I wanted in 30 years. The weight would have been over 10800 pounds of copper and zinc. I am still cashing in my pennies. I have to make 3 more trips to the bank. I can only cash in $21.00 at a time. For those of you who are hoarding, consider the facts that after a long time; you will have to hire someone with a large truck to haul all of your pennies to a cash coinstar bank. Good Luck for those who love hoarding.

One pound of copper in 95% pennies is equal to $1.55.

$250,000 divided by $1.55 equals 161,290 pounds!

161,290 divided by 2,000 pounds per ton equals 80.64 tons! WooHoo! Wow! What a stash!

That would be about 14 trips to the smelter in my old truck!