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JerrySpringer
Penny Hoarding Member
669 Posts |
 Posted - 05/27/2008 : 11:06:58
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After seeing a waif-like teller slightly struggle to carry two $25 bricks from the vault to the counter, I felt bad she had to do some physical labor like that. I don't know. Banks must hate it when they actually have to lift 15+ lb boxes. They give me looks like "You want how many dollars worth of pennies?" . Some ask what I do with them. I tell them I am looking for wheat pennies, which is true. I tell them I am a coin collector too. I am getting the vibes around here though that banks probably think I am a kook or am up to no good. When someone wants something so mundane as a penny and a large quantity of them, they must have a plot hatching. Probably will tell the next teller that asks why I want so many pennies is I plan to pay for my gasoline that way and send a message to the oil companies. At least that does not sound so crazy in today's market. I am afraid of banks cutting me off one day. Once the memo goes out that the copper is being reclaimed by the government, I expect the older pennies to be pulled rather quickly. We are enjoying too much of a free lunch with this copper being sold far below market value.
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 05/27/2008 : 11:16:09
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| My concern too is that once the word really gets out that the banks will put up restrictions as to how many rolls of pennies you can get at one time unless you have a business account where you make deposits other than pennies or nickels on a regular bases. Right now the few of us that are doing this are only at best a pain for the banks, but once the word really gets out and people stop asking for the new dollar coins and want those dirty old pennies instead it will put a real strain on them to keep up with their penny orders. Then too let's face it, the banks don't want us hoarding thousands of dollars in coins they want us to deposit it in their accounts (not vaults) instead where they will make money off of it. |
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Think positive. |
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JerrySpringer
Penny Hoarding Member
669 Posts |
Posted - 05/27/2008 : 11:42:22
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I am not sure in my parts that hoarding will snowball. This area has had plenty of years to hoard as it pocketed with depressed wage levels. I am finding a good bit of pre-82 copper and wheaties regularly, so I do not think many sorters have been at it around here. The problem though is if banks across the nation get the memo that the old copper pennies are worth more than face value and are not to be given out in exchange for fiat paper. Then the banks will really act funny and guard the copper. I have seen this controlling of market/resources before. Often it was private property issues that stipulate who has rights to what. Banks could enforce their private property rights and refuse to sell you the copper.
Like I said, we are getting a major free lunch if things continue the way they have been. I really think that the marketplace will take away this inefficiency and do it swiftly. |
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misteroman
Administrator
USA
2565 Posts |
Posted - 05/27/2008 : 12:04:56
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| My rant is silver is down $.70 in 4 hours |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 05/27/2008 : 12:25:02
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quote:
Originally posted by misteroman
My rant is silver is down $.70 in 4 hours
Last I looked oil was down a little too. The price of oil seems to wag precious metals now. |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
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JerrySpringer
Penny Hoarding Member
669 Posts |
Posted - 05/27/2008 : 12:25:06
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| Yeah, just brought up GLD and SLV on the finance page. Silver etf is -4.2 % vs. -1.8% for the gold etf. We may have some selling of things to raise cash. Gold and silver are nice to look at, but if things get going downhill, a great unloading could happen to raise the funds to pay off the bad bets. |
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Post-Memorial Day rant
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