Gas Station Owner Cashes In $1.4M Pennies

Discussion in 'The Lighter Side' started by Glockrunner, Jun 27, 2005.

  1. Glockrunner

    Glockrunner HOOYA DEEPSEA

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    Jun 23, 4:56 PM (ET)

    FLOMATON, Ala. (AP) - Edmond Knowles started out saving pennies in a 5-gallon can. Thirty-eight years later, he was storing them in four 55-gallon drums and three 20-gallon drums, nearly 1.4 million in all.

    Knowles, who runs a gas station, cashed them in Wednesday, pocketing $13,804.59 after they were counted at a bank.

    "It's just something that happened," he said. "I started so long ago that I don't even remember why."

    He got some help along the way from customers at Ed's Service Station.

    "Customers would come by and say: 'Ed, throw these in your drum,'" he said.

    Coinstar Inc. (CSTR), a company that maintains coin-counting machines in banks and supermarkets, said Knowles' 1,380,459 pennies breaks the record of 1,048,013 held by Eugene J. Sukie of Barberton, Ohio.

    Coinstar spokesman George White said the company's research and U.S. Census data indicate that coins worth more than $10 billion are sitting idle in American homes. White said the amount collected by Knowles is about the same amount that passes through a person's hands over the years. "Ed just took the time to close his hand," said White.
     
  2. milkdud

    milkdud

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    Yeah, Now we know where they were all going. With the copper in those old pennies the mint could probably make 10 pennies of the new clad junk as they did the old. The article goes on to estimate that there is approximately $10 billion in change sitting idle in households in America, about $99.00 per house. Here's the link if you're intersted, but why? Turn those coins in and make it work for you. Imagine the lost value in just sitting in barrels.
    http://nl.newsbank.com/nl-search/we/Archives?p_action=doc&p_docid=10AF0CC80C756140&p_docnum=1&p_theme=gannett&s_site=pensacolanewsjournal&p_product=PNJB
     

  3. Zeker

    Zeker

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    1.3 million pennies - 38 years - I know a couple coin collectors who would have liked to have gone through that collection before it was cashed in.
     
  4. vafish

    vafish

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    Ditto that.

    My dad would have spent the next couple of years sorting through them.

    Just the copper content would have been worth more than the face value of them.