Did you make an investment mistake?

 Did you make an investment mistake?

In 2016, an elderly Louisiana man cashed in a 55-gallon plastic canister truck at a nearby bank containing pennies he had collected over the past 50 years. Calculating the last penny, Otha Anders received over $ 5,500 in total for her pennies. That's over 610,000 pence. To the general public, this may sound like great news, but for every American monetarist who collects and buys coins for fun and profit, I envision a lot of money.

Did you make an investment mistake?
 Did you make an investment mistake?



According to the Monroe, La News-Star, Anders noted that all of his pennies were "an impulse from God that reminds me to always be grateful." However, in Anders' case, a "penny saved" may be more than a "penny earned". Many of those who cashed in instantly were worth more money.

Since Anders started accumulating coins in 1975, he would have had a lot of mint-minted "wheat" pennies between 1910 and 1960. Even today, there are still a lot of "wheat" pennies. in penny rolls and circulation changes. When he started saving in 1975, he would have found a lot of good pennies of wheat. Over the past 50 years, most of these pennies will be worth more than a dime.

According to RS Yeoman's “2016 United States Coins Guide” book, penny values ​​for wheat ranged from $ 0.20 in “good” condition to several hundred dollars in “nearly uncirculated”. Also, the guide saves some very rare pennies worth up to $ 5,000 in uncirculated conditions. However, it will be impossible to estimate the monetary value for the whole group; Each piece was to be reviewed by famous coin dealers who could have helped him sell his collection, but it's easy to imagine Anders would have made over $ 30,000 if he had had the patience to appraise it.

In addition to the coin's value, there is a precious metal value for the price of the full weight of the copper coin. All American copper coins were minted until 1983 as containing 95% copper. According to InvestmentMine, in 2016 the average value of copper was $ 2.96 per pound. Anders' pennies weighed over 3,000 lbs. So if he chooses all the coins we will multiply 3000 pounds and the 2.96 copper total will be around $ 9000. However, a conservative estimate of the number of copper coins was 80%, and we were getting $ 7,000, almost $ 800 more than he got.

Although Anders made over $ 5,000 for his phenomenal collection, he could have gotten a lot more if he had taken the time to have them all appraised by a qualified cash expert. However, the good news is that if you live in or near Louisiana, you can buy lots of pennies at local banks and possibly find some of the most valuable wheat pennies.
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