Fezmid Posted November 17, 2004 Share Posted November 17, 2004 All 3.5 TONS of them... http://www.cnn.com/2004/US/11/17/ohio.pennies.ap/index.html CW Link to comment Share on other sites More sharing options...
stuckincincy Posted November 17, 2004 Share Posted November 17, 2004 Some folks have good cents. Link to comment Share on other sites More sharing options...
stevestojan Posted November 17, 2004 Share Posted November 17, 2004 i wonder if 3.5 tons of copper wouldn't be worth more than that? just my two cents. Link to comment Share on other sites More sharing options...
Thailog80 Posted November 17, 2004 Share Posted November 17, 2004 Wapners on. Link to comment Share on other sites More sharing options...
nobody Posted November 17, 2004 Share Posted November 17, 2004 30 years of saving and he gets $10k. Sounds like a 401k. Link to comment Share on other sites More sharing options...
Fezmid Posted November 17, 2004 Author Share Posted November 17, 2004 i wonder if 3.5 tons of copper wouldn't be worth more than that? just my two cents. 121534[/snapback] Well, let's see... A penny weighs roughly 2.666 grams or 0.005878 pounds. According to metalprices.com, copper is going for $1.41/pound. The guy had $10,480 worth of pennies (but the company took $932.73 as a "processing fee."). Therefore, he had 1,048,000 pennies in his collection. That converts to 6160.144 pounds. That's 2.794 metric tons, 2.75 UK/long tons or 3.08 short tons. That's less than the 3.5 tons they quoted, but hey... Therefore, assuming his pennies were all copper (which they're not... They're actually copper-plated zinc; zinc is currently selling for $0.50/pound), his haul would be worth $8,685.80. A year ago, copper was only worth $0.81/pound, meaning his stash would be worth a mere $4,989.72 I sure hope that wasn't a rhetorical question CW Link to comment Share on other sites More sharing options...
stevestojan Posted November 17, 2004 Share Posted November 17, 2004 Well, let's see... A penny weighs roughly 2.666 grams or 0.005878 pounds. According to metalprices.com, copper is going for $1.41/pound. The guy had $10,480 worth of pennies (but the company took $932.73 as a "processing fee."). Therefore, he had 1,048,000 pennies in his collection. That converts to 6160.144 pounds. That's 2.794 metric tons, 2.75 UK/long tons or 3.08 short tons. That's less than the 3.5 tons they quoted, but hey... Therefore, assuming his pennies were all copper (which they're not... They're actually copper-plated zinc; zinc is currently selling for $0.50/pound), his haul would be worth $8,685.80. A year ago, copper was only worth $0.81/pound, meaning his stash would be worth a mere $4,989.72 I sure hope that wasn't a rhetorical question CW 121580[/snapback] no, it wasn't, and thanks for doing the math! I guess if the price of copper ever went higher than $.01 per <whatever the weight of one penny is>, people would stop spending them, our econmy would plummet, and life as we know it would end. or something like that. thanks for doing the work . Link to comment Share on other sites More sharing options...
gmac17 Posted November 17, 2004 Share Posted November 17, 2004 30 years of saving and he gets $10k. Sounds like a 401k. ???? Attention young people....here is a stat that you should listen to now, and listen to good: If you are 25 years old, make $30,000, save 15% of your income until you are 65 years old, and earn 8%, you will have well over a million dollars when you are 65 years old. Of course, you'll need more than a million dollars, but hopefully you'll also make more than $30,000...... invest early, nothing smarter you can do. Link to comment Share on other sites More sharing options...
mead107 Posted November 17, 2004 Share Posted November 17, 2004 good math skills Link to comment Share on other sites More sharing options...
stevestojan Posted November 17, 2004 Share Posted November 17, 2004 ???? Attention young people....here is a stat that you should listen to now, and listen to good: If you are 25 years old, make $30,000, save 15% of your income until you are 65 years old, and earn 8%, you will have well over a million dollars when you are 65 years old. Of course, you'll need more than a million dollars, but hopefully you'll also make more than $30,000...... invest early, nothing smarter you can do. 121677[/snapback] I put 6% of my income into a 401k . . . my employer matches that 100%. I can go upto 15%, but the employer only matches up to 6. Plus, I need that other money. But after only a year of being in it, I am really surprised how much money is in my account. No, I just gotta make it to 59 1/2. Link to comment Share on other sites More sharing options...
Mike32282 Posted November 17, 2004 Share Posted November 17, 2004 ???? Attention young people....here is a stat that you should listen to now, and listen to good: If you are 25 years old, make $30,000, save 15% of your income until you are 65 years old, and earn 8%, you will have well over a million dollars when you are 65 years old. Of course, you'll need more than a million dollars, but hopefully you'll also make more than $30,000...... invest early, nothing smarter you can do. 121677[/snapback] I have been working full time for 2 years. I am 22 years old. I am putting 6% of my paycheck to my 401k, my company matches 100% and have been doing this since I went to full time. Link to comment Share on other sites More sharing options...
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