LOS ANGELES (AP) - 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."
Isn't the copper is probably worth more than 1cent per. ?
__________________
2004 GTO : 655/598 HP/TRQ - Maggie 122 @10PSI, ETP 225 heads, SW LT's + magnaflow, 224/236/116 EDCam, Hendrix clutch, Corn juice fed and 2 bar Self-tuned.
"More like the tuner slammed his face on the keyboard after opening each table." - Tom Brohanks
"I was animalwarfisted" - ironmancan
"I orderd a gm rip shit from them..." - EVIL_GTO
"With most IAT sensors, you've got enough time to get out of the car and start looking around for your pistons before they respond." - MisterMike
Take them to a scrap metals dealer and sell them for the copper content -- unless copper prices have declined to the point where he wouldn't make money doing it.
Otherwise, just draw the amount down by paying for everything in rolls of one cent coins.
As for the banks, etc. not taking them -- I'd say if they weren't rolled, sure, blow the guy off. But to charge a fee for rolled? That's stupid.
--
This is one reason why I never have more than a dollar's worth a change at any time. You lose interest on money you have lying around in a change drawer. Just get rid of it by spending it.
Well, since Chase just took over WaMu, all he has to do is going into a Chase and make a deposit. He can then drive around to other Chases and make the same deposit. If its anything like here, there should be 10 with in 30 minutes of whereever the hell he is.
Take them to a scrap metals dealer and sell them for the copper content -- unless copper prices have declined to the point where he wouldn't make money doing it.
Otherwise, just draw the amount down by paying for everything in rolls of one cent coins.
As for the banks, etc. not taking them -- I'd say if they weren't rolled, sure, blow the guy off. But to charge a fee for rolled? That's stupid.
--
This is one reason why I never have more than a dollar's worth a change at any time. You lose interest on money you have lying around in a change drawer. Just get rid of it by spending it.
Any good bank is going to break those rolls down and throw them in their coin machine, especially if they are paper wrapped rolls. Blindly accepting rolls of coin has huge potential for fraud.
It's illegal to melt US coins. To my understanding, each instance (coin) is punishable by (up to) a fine of $10,000 and 5 years in prison. Do the math. The Feds saw to this when the metal prices of popular coins began to exceed their face values. The Feds are evidently not in the business of enriching penny hoarders.
BTW, pre-1982 Licoln cents are worth about 2 cents each, metal-wise. Post-1982 Lincoln cents are worth about 1/2 cent each.
US Code Section 5111
(d)(1) The Secretary may prohibit or limit the exportation, melting, or treatment of United States coins when the Secretary decides the prohibition or limitation is necessary to protect the coinage of the United States.
(2) A person knowingly violating an order or license issued or regulation prescribed under paragraph (1) of this subsection, shall be fined not more than $10,000, imprisoned not more than 5 years, or both.
(3) Coins exported, melted, or treated in violation of an order or license issued or regulation prescribed, and metal resulting from the melting or treatment, shall be forfeited to the United States Government. The powers of the Secretary and the remedies available to enforce forfeitures are those provided in part II of subchapter C of chapter 75 of the Internal Revenue Code of 1954 \1\ (26 U.S.C. 7321 et seq.).
__________________
06/IBM/Bermuda/M6/17s
One of Whatever
Aftermarket Floor Mats
Last edited by Warren Oates : 11-10-2009 at 02:38 PM.
GlacialBass - I love your damn picture it had me rolling.
My dad came back from Vietnam and had about $400 saved up in the bank for his play money. He went to the bank to withdraw it and got the typicanti-vietnam routine from the teller, so he withdrew the $400 in pennies. Talk about a pissed off teller. LOL.
__________________
2006 Black on black M6 - Cam, Supermaxx header system, valvetrain kit, L76 intake, L92 Heads, Volant cool air intake.
I have a coin collection of mostly pre-1964 silver coins. Just a few hundred bucks worth at face value. However, as a result of silver prices.. most are worth about 12 times their face value right now I believe. Whoda thunk it ? I always assumed their numismatic value would be what made them worth something this many years later. Legal or not, I think that's what happens when you sell them.. someone melts them down for their precious metal.
It's illegal to melt US coins. To my understanding, each instance (coin) is punishable by (up to) a fine of $10,000 and 5 years in prison. Do the math. The Feds saw to this when the metal prices of popular coins began to exceed their face values. The Feds are evidently not in the business of enriching penny hoarders.
BTW, pre-1982 Licoln cents are worth about 2 cents each, metal-wise. Post-1982 Lincoln cents are worth about 1/2 cent each.
US Code Section 5111
(d)(1) The Secretary may prohibit or limit the exportation, melting, or treatment of United States coins when the Secretary decides the prohibition or limitation is necessary to protect the coinage of the United States.
(2) A person knowingly violating an order or license issued or regulation prescribed under paragraph (1) of this subsection, shall be fined not more than $10,000, imprisoned not more than 5 years, or both.
(3) Coins exported, melted, or treated in violation of an order or license issued or regulation prescribed, and metal resulting from the melting or treatment, shall be forfeited to the United States Government. The powers of the Secretary and the remedies available to enforce forfeitures are those provided in part II of subchapter C of chapter 75 of the Internal Revenue Code of 1954 \1\ (26 U.S.C. 7321 et seq.).
You don't get invited to many parties, do you? Just wondering.
Gerry
__________________
Quote:
Originally Posted by k1sxs06...
If you are checking your oil right, loosing .5 quarts of oil per 40 miles equates to loosing 3 quarts total in just 2400 miles. Im no math whiz...
2006 PBM M6 18s GTO = Gran Turismo Ohmyfriggingodo
Mod List, Dyno Sheets, and Videos >> Click Here
2009 Chevy Silverado - Stock (as far as you know)
You don't get invited to many parties, do you? Just wondering.
Gerry
lmfao
Don't you remember the thread about "who stole Warren's IP address.. and what have you done with that funny bastard" ?
Some of the old timers here will recall the old Warren I'm sure. He keeps his dry wit under wraps more often than not these days. But srsly, he'd be one of the first guys I'd invite. Don't judge him too harshly for this, lolz.
I thought it was law you HAD to accept any form of legal US money..
Technically no. According to Snopes a business can specify what type of payment they accept...i.e. no pennies, nothing larger than $20, jelly beans. However, the default method of payment is legal tender so if nothing is specified they have to take it. The Federal government is the only entity required to take it no matter what. I'd pay my taxes with it.
__________________
06 IBM M6: Kooks S.S., Vararam, Hushpower II, h-pipe, DBA 4000 slotted rotors, Hawk ceramic pads, Harrop X-member bushings, Koni front and rear, Lovells RR bushings, strut mounts, and OE height springs, BMR Skid Plate, HP Tuners
Psssh. I'll take em. We do coin-operated vending (we're the wholesaler therefore get paid in coin often) so our bank has gladly taken upwards of $10,000 of coin from us on a normal day. Pennies, nickels, dimes, quarters... they don't care. I'll haul em down but I aint giving him full value either. I gotta make something off of it and worth my time... just drop it off in an orderly fashion at my location and I'll charge a 10% fee. Thank you. Heck, that'll still be a discount to a "dinner in Paris" when airfare, and ridiculous euro conversion rates + overpriced hotels and food. ** Don't get me wrong though, I LOVE europe.
Location: puget sound area, car is hidden in the barn
Posts: 1,675
Offline
Quote:
Originally Posted by hellmonkey...
Well, since Chase just took over WaMu, all he has to do is going into a Chase and make a deposit. He can then drive around to other Chases and make the same deposit. If its anything like here, there should be 10 with in 30 minutes of whereever the hell he is.
thats what i was thinking, go to every bank, and ask how many they will take.
Quote:
Originally Posted by TprGTO...
I think these would make great bonuses for Freddie Mac and Fannie Mae executives.
penny their car like in weeds.
Quote:
Originally Posted by Hawkgfr...
I thought it was law you HAD to accept any form of legal US money..
It's illegal to melt US coins. To my understanding, each instance (coin) is punishable by (up to) a fine of $10,000 and 5 years in prison. Do the math. The Feds saw to this when the metal prices of popular coins began to exceed their face values. The Feds are evidently not in the business of enriching penny hoarders.
BTW, pre-1982 Licoln cents are worth about 2 cents each, metal-wise. Post-1982 Lincoln cents are worth about 1/2 cent each.
US Code Section 5111
(d)(1) The Secretary may prohibit or limit the exportation, melting, or treatment of United States coins when the Secretary decides the prohibition or limitation is necessary to protect the coinage of the United States.
(2) A person knowingly violating an order or license issued or regulation prescribed under paragraph (1) of this subsection, shall be fined not more than $10,000, imprisoned not more than 5 years, or both.
(3) Coins exported, melted, or treated in violation of an order or license issued or regulation prescribed, and metal resulting from the melting or treatment, shall be forfeited to the United States Government. The powers of the Secretary and the remedies available to enforce forfeitures are those provided in part II of subchapter C of chapter 75 of the Internal Revenue Code of 1954 \1\ (26 U.S.C. 7321 et seq.).
I was under the impression that this was old news?
I feel like I was once told that they voted this out, because once the money becomes yours the government cannot claim it. Simply because, it is YOUR money legally and you can do whatever you wish with it.
But, that could have just been hogwash.
__________________
I'm too stupid to figure out how to make pictures work down here.
Hell my kids and I just finished rolling all our change from a big jar we keep $449 in various coins about 100 rolls of coins. I had to go to 3 different banks and ask if they'd take it. Yeah I know about coinstar but my kids enjoy sorting and rolling the coins.
__________________
2004 Yellow M6
HPT Pro, LM1 WB, K&N Filters, CS intake, FAST 78 Manifold, Bypassed/ported TB, TR224 112 Cam, Taylor 10.4 wires, SW LT headers, SW Custom Side Exhaust, LS7 Clutch, Hurst shifter, King springs, Hotchkis sways, Pedders GSRs, ES Bushings, DBA rotors, Hawk C5 pads, Stoptech lines, shiftlight, AP Sideskirts, AP rear bumper, 05 hood, SAP grilles, Hoens
Stock 309.8 RWHP 330.7 RWTQ
Now 375.3 RWHP 352.9 RWTQ
1 of 1014
Best ET 12.82 @108.74 My GOAT Cam install guide
That's a cool story. It takes a lot of dedication to do something like that.
I'm sure he could cash in $100 worth at several different places, and have his money in just a few months. He took years to save them, even if he has to wait the full 20 months to cash it all in, that's not too bad.
2005 GTO Owner
Just another ugly and slow box on wheels.
Yeah I know about coinstar but my kids enjoy sorting and rolling the coins. 
