While that might not really be much if you count the years, it was already a huge sum considering he was just collecting pennies. Im not sure exactly, Anders said. Its unclear how much his collection weighed, but using the U.S. Mints estimate of 2.5 grams a coin, it might have been around 2,800 pounds. I would never spend a penny, he said. For Anders, the process of collecting the coins meant more than the money he would make. But as he speculated, he remembered reading about a coin collection that resulted in a fortune for the owner. "I would break a dollar before giving up a penny.". "Anders will inform us on where he wants the cashed-in money to be placed," she said. Quotes displayed in real-time or delayed by at least 15 minutes. RUSTON, La. Cole said the bank will then send the pennies off to the FDIC, and the bank will receive their credit for them. To Anders, 73, the pennies represent more than a nice pay day. "I would break a dollar before I would spend a penny," he said. "I wanted the inner satisfaction that God and I acquired this collection.". It takes four quarters, 10 dimes, 50 nickels, or 100 pennies to equal a dollar. Anders' coin collecting habit started when he found a penny on the street decades ago. This means that on an average day, he had collected around 31 pennies. https://www.youtube.com/watch?v=Orav4IyjgtE. This cookie is set by GDPR Cookie Consent plugin. 2023 BuzzFeed, Inc. All rights reserved. Mutual Fund and ETF data provided by Refinitiv Lipper. He was reluctant to give his years of work away, but Anders also said that he has not lost the joy that comes from collecting coins. He never knew just how much money he would make. Part of HuffPost News. While he only deposited them when he found. They remind him to stay thankful, he says. ", | Special to The (Monroe, La.) And after acquiring over a half million of these coins, he finally cashed them in on Tuesday at Origin Bank. The extra bonus of income came just in time for him to pay a medical bill.It is said that the world works in mysterious ways, and for Otha Anders and the result of his penny collection, that motto is certainly true! However, you may visit "Cookie Settings" to provide a controlled consent. It escalated from there. "I became convinced that spotting a lost or dropped penny was an additional God-given incentive reminding me to always be thankful," said Anders, 73. Although Anders didnt have time on his side, he did have volume. Copyright 2021 Obsev.com All Rights Reserved, Man Who Saved Pennies For 45 Years Finally Cashes Out. Having collected pennies since the late 1960s, the 73-year-old from Louisiana finally deposited the savings in his bank to pay for a dental bill. But when they finally did, the actual amount Anders had saved all these years was incredible! "He did likewise with pennies for me.". Are you asamazed by this beautiful story as we were? Pennies are small both in size and worth, but as a popular Indiansaying goes, "Drops of water collected eventually become a flowing stream." What began as something fun turned into a full-blown obsession and an all-consuming hobby. It would go towards his recent dental bill, he told theNews Star. "I would break a dollar before giving up a penny. This is a staggering number! Anders saved up an incredible $5,136.14 through collecting pennies for 45 years. You know you see pennies all over. To get the pennies to the Ruston Origina Bank in Ruston, LA, Anders needed help.He ended up getting a couple of his friends to help move the five-gallon jugs full of pennies into his truck and then into the bank. And the kids seemed to love him too.Anders was a family man with a loving wife and children who supported his every move. Otha Anders of Ruston, Louisiana, cashed in a quite a collection of pennies at his local bank earlier this week. But what was he going to do with his saved money? While he may not be able to amass another collection so large, we are sure that the happiness that comes from the act of collecting the coins will only continue to multiply. These cookies ensure basic functionalities and security features of the website, anonymously. Any penny he receives as change or anything he finds in his walks, he puts inside the 5-gallon water jugs. The counting and processing of the coins took a total of about five hours, according to the News-Star. "Our exchange became competitive by each trying to outdo the other and consequently our collections; his nickels, my pennies began to multiply," he said. The same with coins that hold an error. He cashed in the coins to the Ruston Origin Bank, in Ruston, La. Which side of value did they fall under? Otha Ander was a supervisor on the Jackson School Board and was passionate about his job. He approached the questionable expression behind the desk and asked them to cash his pennies in. Do Not Sell or Share My Personal Information. There have been days where I failed to pray and more often than not, a lost or dropped penny would show up to remind me.". 24/7 coverage of breaking news and live events. Otha Anders, a 73-year-old from Ruston, Louisiana, has been collecting pennies for more than 45 years, ABC News reported. Otha Anders started collecting pennies in the late 1960s. There were simply too many to count so Anders could only guess that his collection contained hundreds of thousands of pennies but really, he had no idea. However, since his homeowners insurance policy didnt cover the extensive collection, he finally decided to cash in. Since then, Anders had been piling up the pennies, refusing to spend them and always making sure that whenever he bought something, his change had three or four pennies in it. He had no idea, but clearly, this would result in a fortune. Otha Anders started more than 45 years ago when he found a penny on the ground and decided to save it. His quirky hobby turned out to be a brilliant reminder of how much little things matter. The cookie is used to store the user consent for the cookies in the category "Other. "If I would see a penny when on the ground, in the hallway, on the floor, or anywhere, I would automatically and invariably a prayer of thanks and I'd say, well this is God's way of reminding me that I should always be thankful," he told reporters. Anders also added that his friend,Jack "Domino Kid" Brown, played a significant part in his penny collection. By clicking Sign Up, I confirmthat I have read and agreeto the Privacy Policy and Terms of Service. Otha Anders, 73, does. Ultimately, Anders went out of his way to stop spending pennies and made sure that after every purchase, his change contained at least 3 to 4 pennies. It took at least 5 hours to process his pennies through a coin-counting machine until the sum was revealed. How many?, the woman asked. Share away, people! I never failed to do that. Bank Vice President Jennie Cole told reporters that it was not a typical day at the bank when Anders rolled in with his collection of pennies on a dolly. And you think we have the time to count half a million pennies for you? she laughed. If I was at someones house and I found a penny, I would pick it up and I would keep it, he said. Anders new home insurance didnt cover his penny collection, so he reluctantly decided it was time to visit the bank and cash in his most prized possession. But when they finally did, the actual amount Anders had saved all these years was incredible!When the manager walked out to see who was causing all the ruckus, his face lit up at the sight of Anders. All rights reserved. Thats what happened to the owner of a 1943-S Lincoln Wheat penny. I wanted to fill five five-gallon water jugs. Little did he know, just how many gifts he was going to receive. Have you ever felt bogged down by the change in your wallet that feels like extra weight that you'll never get rid of? Anders worried they would turn him away. But one Louisiana man gathered more than 500,000 pennies over the course of 45 years. When he finally took his collection over to the bank, tellers were staggered by the amount he had saved. Nancy Bergeron/Ruston Daily Leader Turn on desktop notifications for breaking stories about interest? His quirky hobby turned out to be a brilliant reminder of how much little things matter. That led to a huge collection, stored in 15 five-gallon, plastic water jugs, adding up to about half a million pennies, which ultimately converted to $5,136.14. If I would see a penny when Im gassing up, on the ground, or in a store, it would be a reminder to stop right there and say a prayer, he said. "I became convinced that. But once his penny pile began to grow, he became more and more obsessed.So compelling was his idea that penny's represented a god-given gift that he ultimately decided to stop spending pennies himself. Senior vice president of the Origin Bank in Ruston, Louisiana, Ryan Kilpatrick said that they were not prepared for such a huge amount to come rolling through their bank. Otha Anders of Louisiana had spent the past 45 years picking up pennies he found in the streets and putting these inside his giant piggy banks made of water jugs. This material may not be published, broadcast, rewritten, or redistributed. Tell us your tales of coin collections if you have any,and don't forget to show this story to your friends as well! Change for the better: Man cashes in 45-year penny collection worth $5,000. (Fox 14). I would say hes done a lot of collecting over the years., Vice President Jennie Cole also said that Anders was a long-time customer whom they wanted to help. The two men could only redeem their preferred coins with an exchange; Anders got a penny for a nickel and vice versa. "I would never spend a penny,"he said. By this time, he had acquired over 15 5-gallon water jugs full of pennies, which were over half a million pennies in total! That amount was deposited into his account Tuesday to go toward a recent dental bill. Jul 2, 2018. The coin reminded him to pray and give thanks. Copyright 2012-2023 Social Sweethearts GmbH. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. Anders said, I would never spend a penny, I would break a dollar before giving up a penny. When the children he looked after figured out how important pennies were to him, they wanted to contribute. The extra bonus of income came just in time for him to pay a medical bill. Anders saved up an incredible $5,136.14 through collecting pennies for 45 years.For anyone whos trying to work it out, thats $114.14 a year, Anders was able to collect by picking up dirty old pennies left forgotten on the side of a street. But now, he was about to find out. The man who collected coins for 45 years took it to the bank with a truck and counted how much money he managed to collect during this time. But the amount he eventually managed to collect was staggering. I became convinced that spotting a lost or dropped penny was an additional God-given incentive reminding me to always be thankful, Anders said. It wasn't easy to transport these jugs to the bank, especially as the total weight was more than 2,800 pounds. Coins made of base metals, such as aluminum, have very little worth. You have to find 100 of them to get a dollar - it is a lot of work. It must have been fun watching the water jugs get filled with so much pennies because Otha decided to continue doing it for the years to come. The News Star reports that thehabit was first ignited when he found a penny lying on the ground. "I have not spent a penny in 40-plus years. It'll go toward a recent dental bill, the Ruston Daily Leader reported. He also stopped spending pennies on purchases, preferring instead to put them in emptywater jugs, the Star reports. Anders sheepishly laughed with her before pleading with her again. . Who would have thought a penny a day could someday bring you $5k! Quotes displayed in real-time or delayed by at least 15 minutes. Shop sales in every category.Uh-oh, overstock: Wayfair put their surplus on sale for up to 50% off. This penny reminded him to give thanks for the small but wonderful things that happen in life. And as he got older his connection to god only felt stronger for it. The final count: 513,614 pennies, which comes to a little over $5,136, Fox 14 reports. I would guesstimate about half a million pennies?. And they werent the only establishment to do so. But his wife couldnt help but question one habit that he had had for the last 45 years. Cole said a machine counted the coins that saves much time, and Origin Bank's part is to help get the pennies counted, so Anders can get to his destination. For over 45 years, Anders hadbeen collecting pennies, storingthem in 5-gallon water jugs. How would they be able to count all these pennies? Anders' new home insurance didnt cover his penny collection, so he reluctantly decided it was time to visit the bank and cash in his most prized possession.Anders had no idea how much money his collection would amount to. Thats what happened to the owner of a 1943-S Lincoln Wheat penny. Hed been saving pennies he found on the street for 45 long years. With the help of friends and family, Otha Anders wheeled in 15 water jugs full of pennies to the bank in Ruston. When the 77 year old man from Louisiana was asked what motivated him, he said that finding a penny on the ground was akin to a sign from God, reminding him that he should always be thankful. The Louisiana teacher loved looking at his massive collection so much that in the 70s, when the U.S. government began to offer a $25 bonus for every $100 worth of pennies turned in, he wasnt even a little tempted to take the extra cash. Not many people think too much of a penny it is just one cent. "But I never allowed anyone, not even my wife nor children, to give me pennies without being compensated,"he told the news outlet. It is said that the world works in mysterious ways, and for Otha Anders and the result of his penny collection, that motto is certainly true ! The woman gave Anders a long look before calling her manager. After over 5 hours of counting and processing pennies in a machine at the bank, Anders had a total of$5,136.14 worth of pennies. The trolley wheels squeaked as he walked into the bank. Anders took his haul to the Ruston Origin Bank. Back in 2015, he had to finally cash them in because his homeowner's insurance policy no longer covered his pennies, and he needed some extra cash. This website uses cookies to improve your experience while you navigate through the website. RUSTON, La. The machine bags had to be changed for every $50. Anders worried they would turn him away. Total Savings. He explained, I wanted the inner satisfaction that God and I acquired this collection., If I was at someones house and I found a penny, I would pick it up and I would keep it, I will always tell the person that if it was a quarter, I would give it back, but since it is a penny, Im keeping it. An error in the coin made it extremely valuable, and its value could only keep growing over time. It has long been said that time is the most valuable commodity. Five of Anders' closest friends and family helped him and bank employees load the coins from the back of a pickup truck into the company's coin room. Their eyes popped as they took in the sight of the sheer amount of pennies. The total came out to a whopping $5,136. "I became convinced that spotting a lost or dropped penny was an additional God-given incentive reminding me always to be thankful," Anders told the Star.From that moment on, Anders picked up every penny he spotted. Employees gathered to see the first five-gallon container being counted. Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox. He couldnt believe it. Even over 45 years, its hard to acquire a collection of over 500,000 pennies without a little help. The pennies were then poured into the coin machine with small plastic buckets. I would never spend a penny, he told the News-Star. As a supervisor for in-school suspended children for the Jackson School Board, Anders said his students learned about his penny fascination and would save them up to sell to him. This man had saved pennies for 45 years and just picked them up from the street. All rights reserved. In the early 70s, Ota Anders took up an unusual hobby: he began to collect coins in denominations of only 1 penny. "He did likewise with pennies for me." Anders, 73, reportedly supervises in-school suspended children for the Jackson School Board. How many?, the woman asked. The woman stared at him in shock. With all the pennies this guy had, he must've been very, very lucky. (MyFoxBoston.com) -- Many people save spare change to cash in during rough financial times. Your California Privacy Rights/Privacy Policy. Their eyes popped as they took in the sight of the sheer amount of pennies. A Louisiana man who collected pennies for more than 45 years has now cashed in 513,614 of them. The same with coins that hold an error. There were simply too many to count so Anders could only guess that his collection contained hundreds of thousands of pennies but really, he had no idea. NEW YORK (CNN/Money) - Benjamin Franklin once said a penny saved is a penny earned, but he probably didn't think of saving over a million of them. The half million pennies Anders collected amounted to $5,136.14 in cash.The bank where Anders cashed in his change told the Star they were more than happy to help the longtime customer, though it took more than 5 hours for a machine to count through the change.Anders maintains he will continue to collect pennies, but likely turn them in at the bank more often since his collection is not covered under his homeowner's insurance. And as he got older his connection to god only felt stronger for it. As the years passed, Anders continued to collect his pennies until he successfully filled fifteen five-gallon plastic water jugs with nothing but pennies. Specifically, coins made of precious metals like gold, silver, platinum, palladium, and even copper fluctuate in value over time but generally become more valuable. Otha Anders saved his first penny more than 45 years ago when he found it on the ground. The manager of Ed's. 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"But I never allowed anyone, not even my wife nor children, to give me pennies without being compensated," he said. Louisiana man cashes in penny collection to the tune of $5,000. The woman behind the counter looked at him in disbelief. into his account to go toward a recent dental bill. He says he finally cashed in because his insurance policy won't cover the collection, according to the News-Star. Otha Anders cashed in his giant penny collection. Legal Statement. "I would break a dollar before giving up a penny.". We also use third-party cookies that help us analyze and understand how you use this website. But what was he going to do with his saved money? "I would break a dollar before giving up a penny". We value his business, as we do all of our customers, Cole said. He would have continued to keep them and collect more if it wasnt for one problem that he encountered when he renewed his home affairs. 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