Investment mistake by Otto Anders

In 2015, an elderly gentleman from Louisiana cashed in a nearby bank a truckload of plastic jugs with 55-liter pennies he had collected over the previous 45 years. After the last penny was calculated, Otto Anders received more than $ 5,130 in total for his money. That’s over 510,000 cents. To the general public, this news probably sounded great, but for every American numismatist who collects and buys coins for fun and profit, Anders has lost a lot of money.

According to the News-Star of Monroe, Larissa, Anders called every penny of his “a God-given stimulus that reminds me to always be grateful.” However, in the case of Anders, the “penny saved” may be more than the “penny earned”. Many of those he cashed to get instant money would cost more money.

Ever since Anders began accumulating pennies in 1970, he would have collected many “wheat” pennies, which the Mint minted between 1909 and 1958. Even today, a lot of “wheat” prices remain in penny rolls and circulating coins. If he started saving in 1970, he would have found many cents of wheat in excellent condition. Over the last 45 years, most of each of these money would have become more valuable than one cent.

According to RS Yeoman’s 2015 United States Coin Handbook, wheat prices ranged from $ 10 in “good” condition to several hundred dollars in “almost” form without circulation. In addition, the guide recorded some extremely rare money, which cost up to $ 5,000 in undisturbed conditions. However, it would be impossible to assess the numismatic value of the entire collection; each coin would have to be explored by reputable coin dealers who could help him sell his collection, but it’s easy to imagine that Anders would have earned more than $ 20,000 if he had the patience to value them.

In addition to the numismatic value, the price of the entire weight of a coin in copper has the value of a precious metal. All American copper coins mined before 1981 contained 95% copper. According to the site “InvestmentMine”, in 2015 the average price of copper was $ 2.86 per pound. All of Anders ’money together weighed more than 2,800 pounds. So if he took away all the coins, we would multiply £ 2,800 and the amount in copper would be around $ 8,000. However, a conservative estimate of the amount of money made from copper was 75%, we will get about $ 6,000, which is about $ 900 more than he received.

Although Anders received over $ 5,100 for his huge collection, he could get much more if he took the time to evaluate all of their trained numismatists. However, the good news is that if you live in or near Louisiana, you can buy a lot of rolls of pennies at local banks and probably find some of the valuable wheat cents.