Who is up for this Penny Challenge?

Discussion in 'Coin Roll Hunting' started by Sam Carter, Aug 2, 2018.

  1. Sam Carter

    Sam Carter Well-Known Member

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  3. wcoins

    wcoins GEM-ber

    The mailman?
    *coins, tmeyer and Idries Pappas like this.
  4. Sam Carter

    Sam Carter Well-Known Member

  5. Treashunt

    Treashunt The Other Frank

    I'll pass, $4,000 for shipping?
  6. NOS

    NOS Former Coin Hoarder

    What a load of nonsense. Hoarding bulk coins like this should be banned by the government. These coins were meant for commerce and to be circulated-- not to be withheld and hoarded for speculative and dubious purposes like this. It is because of activity like this that billions of cent coins need to be produced annually at taxpayer expense.

    Treasury should come in and seize these coins. After transporting, processing and counting them, a check for their face value can be issued (minus the costs of doing the aforementioned).
    Last edited: Aug 2, 2018
  7. CoinBreaux

    CoinBreaux Well-Known Member

    There's nothing illegal about hoarding coins. The treasury has no right to take these coins.

    So, no one should be allowed to collect coins because they are stopping them from circulating?

    Also, your icon says "Coin Hoarder" :cigar::cigar::cigar:
  8. NOS

    NOS Former Coin Hoarder

    Modern coins like this with little or no numismatic value are meant to be circulated. I used to hoard coins like this (granted, on a much smaller scale) but I have since seen the light that it is a rather cumbersome, useless, and tedious endeavor that adversely affects the circulation of the nation's coinage. You're right that the Treasury has no right to take these coins. This is where legislative action is required to change that, similar to when the government banned the export (exempting a small amount for collecting purposes) and melting of these coins a decade ago. I will look into getting the icon motto changed.
  9. CoinBreaux

    CoinBreaux Well-Known Member

    I'm not saying I agree with the hoarding, but legally as of now, nothing can be done to prevent it.
  10. Rick Stachowski

    Rick Stachowski Well-Known Member

    Funny they have them in spec mix bags too .
  11. Bambam8778

    Bambam8778 Well-Known Member

    As we are supposedly living in a "free" country, I would be 100% against the GOVERNMENT coming in and telling me or anyone else that you can't hoard whatever denomination of United States Coinage you would like to. Stock pile whatever you want, get rid of whatever you want but don't tell us what we can and can't do!
  12. Michael K

    Michael K Well-Known Member

    It's a fallacy that the copper is worth more than the face value of the coin.
    What if they were to eliminate the cent, and put a deadline on redemption?
    This guy is going to be stuck for ($60,000?). How many can he possibly take to the bank, or the Coin Star and lose 11% of his cash.
    He says there are 400,000 in each of 15 bags.
    I SLAMMED THAT GUESS at 60K before I read the number. I was going off the $72,000 and guessing.
    I wouldn't even offer $50,000. You have $4,000 in shipping and then there's going to be storage fees, a lot of time and work spent converting it to cash.
    35,000 or 40,000 max I would pay.
    If you go from Coin Star to Coin Star daily you're going to lose $6600 and there's $4000 shipping, that's 10,600 off the top, your face value is 49,400.
    That's way too much work for $9400. Maybe $35,000 is fair.
    Last edited: Aug 2, 2018
    sergeant and NOS like this.
  13. NOS

    NOS Former Coin Hoarder

    That is all it is, really- a supposedly "free" country. Feel free to read the second half of this post that I made just last month on another forum about this kind of thing. Now, ordinarily I'd be in support of your stance. However, when the government spends taxpayer money to mint millions and billions more coins than it otherwise would need to an annual basis, I draw the line against such extreme hoarding practices and would support reasonable measures to put an end to such nonsense.

    Anyway, as Michael K points out, it is not even worthwhile to buy the coins in question. Economic factors may end up forcing the seller to release these coins back into commerce and circulation, which is where they belong.
    Last edited: Aug 3, 2018
  14. As an economist, I have to point out the facts: the 1 cent and 5 cent coins are valueless and the 10 cent coin is low value. There is no need to make the 1 cent and 5 cent coins, so it is an exercise in futility to pass laws to stop people from hoarding valueless coins.

    People hate change. Politicians have caught on to this. They won't eliminate the 1 & 5 cent coins because people would suddenly realize that inflation is killing their hoarded coin jar savings. And we can't have people noticing inflation.

    I've long advocated to revalue and reissue a new dollar as 10 old dollars and put collectible themes on the coins instead of presidents, government buildings and obscure slogans.

    In 2018 it is way too late to stop the hoarding of 1 cent coins, which started en masse in the early 1960s. Ever wonder why we still find nearly UNC 1960 1 cent coins in circulation? It's because dealers and hoarders have finally came to the conclusion that they can't sell them fast enough at a high enough profit to justify keeping. So they play the MS slabbing lottery hoping to get rich quick off the stupidity of others. Is any MS 1 cent coin dated in the 1960s really worth more than a quarter in top condition? Of course not!

    Anyway, don't blame hoarders in 2018 for something that has been going on since 1960. Blame the politicians who aren't accountable to the people.

    Also, where do you think all the 2009 dated coins went? It is easier to find a 1939 dated 5 cent coin than one dated 2009. Go figure!!!
    Last edited: Aug 3, 2018
    Cheech9712, sergeant and Ikw like this.
  15. Sullysullinburg

    Sullysullinburg Well-Known Member

    Good luck ever passing a law limiting how much money you can own. You will be called a communist and HUAC will be brought back just for you. Just stop making them, it would save a lot more money then seizing them at gunpoint. As for the auction itself, the price is right about what I’ve seen them go for. Shipping is a bit much, but I’m sure if you talked with him you could find a better solution.
  16. Cheech9712

    Cheech9712 Every thing is a guess

    Hypocrite. Funny coming from a hoarder
  17. *coins

    *coins Well-Known Member

    It doesn't make cents to buy those.
  18. Dougmeister

    Dougmeister The Coin Scavenger © ¯\_(ツ)_/¯

    The seller is a coin counting machine company within 30 minutes of me. I should ask if I can pick it up myself and skip the delivery charge ;-)
  19. *coins

    *coins Well-Known Member

    That would take a few trips...lol.
  20. Michael K

    Michael K Well-Known Member

    Even without the delivery charge,
    you're still paying $72,000 for $60,000 worth of money.
  21. Dougmeister

    Dougmeister The Coin Scavenger © ¯\_(ツ)_/¯

    Drat. The math kills me yet again.

    I guess I'll just wait for my next get-rich-quick scheme to come to fruition...
    TOM MOZZILLO likes this.
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