Investment Mistake Made by Otha Anders

In 2015, an elderly Louisiana gentleman donated cash to a nearby bank with a truck of 55-gallon plastic water bottles he had collected over the past 45 years. After counting the last penny, Otha Anders received more than $ 5,130 in total for the penny. This is more than 510,000 kopecks. This news sounded very good to the general public, but Anders lost a lot of money for every American numismatist who collected and received money for fun and profit.

According to the Monroe News-Star, La., Referring to each of his pennies, said, “It’s an encouragement that reminds me to always be thankful to God.” But in Anders’ case, “a penny saved” may be more than a “penny earned.” Many of those he cashed in to get money right away were worth more money.

Since Anders began collecting pennies in 1970, he would have received many of the “wheat” pennies that Nana struck between 1909 and 1958. Even today, there are still many “wheat” cents in pennies and turnover. When he started saving in 1970, he would often earn a cent for wheat. In the last 45 years, most of each penny would have been worth more than a cent.

According to the United States Coins Guide 2015, prepared by RS Yeoman, wheat cents ranged from .10 dollars in “good” condition to “almost” few hundred dollars without circulation. In addition, the guide mentions extremely rare coins worth $ 5,000 in non-circulating conditions. However, it would not be possible to estimate the numismatic value of the entire collection; each coin collection had to be researched by reputable coin dealers who could help them sell it, but it’s easy to imagine that if Anders had the patience to evaluate them, he would have made more than $ 20,000.

In addition to the numismatic value, the coin has a precious metal value for the entire weight of copper. Until 1981, all American copper coins minted contained 95% copper. According to the InvestmentMine website, the average price of copper in 2015 was $ 2.86 per pound. All Anders’ coins together were more than 2,800 pounds. So if he chose all the coins, we would multiply 2,800 pounds and 2.86 in copper, for a total of about $ 8,000. However, a conservative estimate of the number of coins made of copper was 75%, we will earn about $ 6,000, which is $ 900 more than he received.

Although Anders received more than $ 5,100 for his giant collection, he could have earned more if he had taken the time to evaluate them all by a trained numismatist. However, the good news is that if you live in or near Louisiana, you can buy a lot of pennies from local banks and probably find some of the more expensive wheat cents.

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