The E-Sylum:  Volume 7, Number 27, July 4, 2004, Article 21

HOME SOUGHT FOR HEAVY CASH STASH

  This week both Reuters and the Associated Press reported
  a story about "A California man who collected 1 million pennies
  for a bet is having a hard time cashing in on his $10,000 fortune."  Full Article

  Dick Johnson forwarded an Associated Press story on the topic:
  "Ron England bet his brother 30 years ago that he could save a
  million pennies in exchange for a dinner in Paris. And he did,
  eventually stacking up 20,000 rolls that fill 13 boxes in his garage.

  Now that he's moving, England wants to cash in the $10,000 in
  coppers, which weigh 3.6 tons, but is having a tough time
  finding someone who will take them without a price."

  "But his bank, Washington Mutual, is charging extra fees and
  won't take all the rolls at once. The best he's found is a branch
  that will take 200 rolls, or $100 per week. That's 20 months
  of deposits.

  Tim McGarry, spokesman for Washington Mutual in Los
  Angeles, said that until recently, the bank charged 10 cents a
  roll for more than eight rolls. Now, each bank manager
  determines how many pennies it can accept and charges
  accordingly. Business rates differ.

  "This is a very rare case,'' McGarry said. `"Some of the
  practicalities are daunting - 3.6 tons is more than most vaults
  can handle."

  "England refuses to pay extra.

  "I'm stubborn,'' he said. ``If I have to haul all these pennies
  to Oregon, I will, 'cause I'm not gonna pay.''

  "I should have saved dimes. I'd have a lot more money, and
  it would weigh a lot less.''

  Wayne Homren, Editor

	coinbooks.org Web

The Numismatic Bibliomania Society is a non-profit organization 
promoting numismatic literature. See our web site at coinbooks.org.

To submit items for publication in The E-Sylum, write to the Editor 
at this address: whomren@coinlibrary.com

To subscribe go to: https://my.binhost.com/lists/listinfo/esylum