Latest news with #coins
Yahoo
26-05-2025
- Business
- Yahoo
With the penny going away, what should you do with the ones in your coin jar?
Learn to love your coins. That's the message from Kevin McColly, CEO of Coinstar, the company behind those coin-cashing machines you see in supermarkets. American consumers made only 16% of their payments in cash in 2023, according to the Federal Reserve. A 2022 Pew survey found that two-fifths of consumers never use cash at all. President Donald Trump has ordered the Treasury to stop minting pennies because their production cost exceeds their value. (Intriguingly, the same is true of nickels.) Many Americans regard both nickels and pennies as more nuisance than currency. The typical household is sitting on $60 to $90 in neglected coins, enough to fill one or two pint-size beer mugs, according to the Federal Reserve. Americans throw away millions of dollars in coins every year, literally treating them like trash. Why do we treat coins like trash? McColly thinks we should change the way we think about coins. To state the obvious, coins are worth money. Coinstar converts $3 billion in coins into spendable cash every year, one coin jar at a time. The average jar yields $58 in buying power. Most of us don't realize how much our coins are worth. Thus, a trip to a coin-exchange kiosk (or a bank, or credit union) can yield a pleasant surprise. 'People underestimate the value of their jar by about half,' McColly said. 'It's a wonderfully pleasurable experience. People have this sensation of found money.' Certain groups of Americans – lower-income households, and those over 55 – still use plenty of cash, the Fed found, along with people who prefer to shop in person. As for the rest of us, McColly thinks it is time for a paradigm shift. Don't think of your coins as clutter. Think of them as recyclables. 'They're metal,' he said, in case we needed a reminder. 'And they have a long and useful life.' The Treasury still mints more than 5 billion coins a year, although the figure is dropping, according to the journal CoinNews. 'Those are just natural resources coming out of the Earth,' McColly said: Copper-plated zinc for pennies, copper-nickel alloys for nickels, dimes and quarters. His point: If Americans got serious about gathering up their idle coins and 'recycling' them into the monetary system, the Mint wouldn't have to make so many new ones. Granted, McColly has a vested interest. His company collects a small cut of the coins that consumers deposit. 'You can go to your own bank or credit union and not pay any fee,' said Kimberly Palmer, personal finance expert at NerdWallet. Both NerdWallet and Bankrate offer tip sheets on exchanging coins for cash. Most banks will take an account holder's coins for free, Bankrate reports, but not all, and you may need to roll the coins yourself. 'I think that a lot of people probably do have hidden coins stashed around their home, and it can be worth their time to go and collect them,' Palmer said. McColly notes that Coinstar generally waives its fee if the depositor chooses to trade in coins for a retail gift card, rather than cash. He is not alone in forecasting a future for the penny, the nickel, and their more profitable kin. 'We've been much slower than parts of Europe and Asia to adopt mobile payments and contactless credit cards,' said Ted Rossman, a senior industry analyst at Bankrate. The pandemic delivered a timely reminder of how much we still rely on cash: Consumers and business owners sat on their coins amid a global shutdown, seeding an actual coin shortage. 'It kind of froze the whole system,' Rossman said. While Trump has only instructed the Mint to stop making pennies, some voices have urged America to stop using them. The Common Cents Act, introduced on April 30 by a bipartisan group of lawmakers, would round cash transactions to the nearest five cents. 'The penny is outdated and inefficient and no longer serves the needs of our economy,' said Sen. Kirsten Gillibrand, the New York Democrat. But the bill could push the nation down a slippery slope. 'So, You Want to Get Rid of the Penny,' the New York Times mused in a recent headline. 'Do You Have a Plan for the Nickel?' As it turns out, nixing the penny creates new problems. If America rids itself of pennies, the Times reported, the nation will soon find itself flooded with nickels. The government loses nearly three cents on every penny it mints. On a nickel, it loses nearly nine cents. More nickels would mean steeper losses. More: Fort Smith's Creekmore Park Pool opens for 2025 summer season on May 24 America could kill both the penny and the nickel, the two money-losers on its roster of coins. But without pennies or nickels, how would a consumer pay a 15-cent tab? You could round every price to the nearest 10 cents, taking the Common Cents Act a step further. But then, what becomes of the quarter? And so on. Experts say it's highly unlikely. You may have seen one of many headlines blasted online lately about valuable pennies in circulation, "Lincoln Wheat Penny Worth $124M You Could Have at Home" reads one, but the reality is most pennies are worth one cent or possibly a bit more. Reality does not meet the hype, according to one expert. More: From Charleston to chutes: Sosebee brings laughs, safety to Old Fort Days "There are million-dollar pennies, but there are no $100 million pennies," said Donn Pearlman, spokesman for the Professional Numismatists Guild (PNG), a nonprofit organization composed of many of the nation's rare coin experts. "Only a few Lincoln cents dated 1909 to 1958 with the wheat stalks design on the back ("wheat pennies") have sold for $1 million or more." The most valuable U.S. coin ever, a $20 gold piece, a 1933 "Double Eagle" coin, sold for $18.9 million at auction in 2021. The most valuable pennies, which are rare but possibly still in circulation, are 1943 copper Lincoln wheat pennies, a few of which were produced accidentally as the U.S. mints were supposed to use zinc to save copper for the World War II effort, said John Feigenbaum, publisher of rare coin price guide Greysheet. In rare cases, some 1943 pennies have sold for $1 million, while one went for more than $200,000 at an auction in 2019. Depending on their condition, those 1943 Lincoln wheat pennies would be worth at most between $100,000 and $250,000, Feigenbaum told USA TODAY. But the likelihood of having a near-priceless penny is similar to "saying your lottery ticket might be worth $100,000. Of course, anything is possible, right? But not likely," said Feigenbaum, who is also the PNG's executive director. So-called "wheat pennies" get their name from the back of the coin having stalks of wheat encircling the "One Cent" text. They were produced from 1909 to 1958. After that, the wheat stalks were shorn and pennies began displaying an engraving of the Lincoln Memorial. Most Lincoln wheat pennies are not super-valuable and are worth just a few cents more than one cent. However, some may escalate into the hundreds of dollars, depending on the condition and when minted. Certain vintages, especially with minting errors, may be worth thousands. You can see the NGC price guide here. But headlines about super-valuable "Lincoln wheat pennies" stretch the imagination. Most likely, the headlines are created by artificial intelligence to drive traffic to a website, Feigenbaum said. "These coins are improbably in people's change," he said. Still, all the online-stirred interest has resulted in "coin shops being inundated with these folks who believe they have something rare, but they don't," according to Feigenbaum. Increased interest in coins has led to overvalued coins being sold on eBay and Etsy, plus there are counterfeit Lincoln wheat pennies made in China being hawked. "If I've seen these coins ... somebody is every now and again being taken advantage of," Feigenbaum said. Even though the most valuable coins are usually in collections and have very publicly been "sold and resold," Feigenbaum said, sometimes people may inherit a cache of well-preserved coins or purchase some at an estate sale. Read up on your coins. While there are apps you can use to check on your coins, they aren't always accurate. But you can check the value of coins in "The 2026 Red Book: A Guide Book of United States Coins," available in book stores and online on and Barnes and Noble. "It answers all kinds of questions, like, 'Oh, if I'm thinking about collecting Lincoln cents, what can I expect to pay?" said Feigenbaum, one of the book's editors. "You'll see in that book there's no million-dollar cents." Go get your coins graded. You can have your coins authenticated at their value, just as jewelry is, from several services, including CAC, Numismatic Guaranty Company, and Professional Coin Grading Service. Mike Snider is a reporter on USA TODAY's Trending team. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@ This article originally appeared on Wilmington StarNews: With the penny going away how to know if you have one that's valuable Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Washington Post
22-05-2025
- Washington Post
Shipwreck plunder, art among nearly 38,000 items seized in police crackdown
It was October 2024 when a woman traveling from the sunny Mediterranean island of Mallorca to Germany was stopped by Spain's customs police for a routine inspection. In her luggage were several seemingly innocuous items: 55 coins and a ring. The woman told officials the items belonged to her late husband, an archaeologist and diver who lived on the Balearic Islands. She intended to take the objects to Germany to have them evaluated and sold, a spokeswoman for Spain's Civil Guard said.
Daily Mail
21-05-2025
- Daily Mail
EXCLUSIVE Police officer, 50, who was jailed after secretly selling rare gold coins is told he could have made more than £100,000 if had been honest
A police officer who went to prison for pocketing £15,000 from selling rare Saxon gold coins that didn't belong to him has now learned he could have made over £100,000 if he had been straight. Amateur detectorist and PC David Cockle, 50, was jailed for 16 months after he admitted the theft of ten early medieval coins which he unearthed and sold secretly for £15,000. Rules around treasure finds mean they must be officially declared before they can be sold but Cockle failed to tell anyone about 7th-century gold coins he found while metal detecting on a farmer's land. Now it's emerged that the former detectorist partner and the farmer who he cheated on have shared a payout of £367,200 they got by sticking to the rules - meaning Cockle could not only have avoided losing his reputation and going to prison but also had a six-figure sum instead. The coins were among 131 found by him and another detectorist in a field in west Norfolk, making it Britain's largest ever hoard of seventh-century gold coins. The former Norfolk officer and the other detectorist both had agreements with the landowner to report any finds and split any reward money. The hoard was declared treasure trove in 2021, and 129 of the coins along with four gold fragments from the field have now been acquired for £367,200 by Norwich Castle Museum. The money is being split as a reward between the landowner and the honest detectorist who reported his finds over a period of years while Cockle received nothing. Cockle was unable to return to the field after his dishonesty was uncovered, meaning he missed out on the chance of finding more coins and getting a larger share of any future reward. But the other detectorist who had already found 35 coins, was allowed to continue searching and discovered another 85. Cockle ignored his contract with the landowner after he dug up ten Merovingian Tremissis coins dating back to the late 6th century and early 7th century. Ipswich Crown Court heard how he secretly sold the coins to a dealer in three batches for £15,000 between August 2014 and October 2015, and pocketed the cash. His dishonesty was uncovered after he bragged to fellow officers about his find, and how he was not reporting it. Cockle had lied to coin dealer Michael Vosper that he had found the coins individually at different sites, meaning they did not have to be reported to a coroner. Prosecutor Gerald Pounder said that Mr Vosper had sold some of the coins and had been forced to reimburse the buyers as they had bought stolen property. Cockle who previously lived in Wereham, Norfolk, and later moved to Leigh, Lancashire, admitted the theft of coins between April 2012 and November 2015. The court heard he had carried out the fraud to help pay for his divorce. But Judge Rupert Overbury told him that he was motivated by 'greed' and to pay for his gambling habit, and had caused 'significant and irreversible' harm as archaeological work was not carried out immediately at the site. The judge jailed him for 16 months after accusing him of 'bringing the metal detecting community into disrepute'. He said: 'Many enjoy the pastime for the enjoyment and thrill of finding something significant. I have no doubt that the confidence of landowners and the general public in the good intentions of detectorists will be eroded particularly in the area where the coins were found. 'It is plain that you deliberately and dishonestly chose not to inform the authorities to maximise any profit from the sale of your treasure. You spun a web of deceit to a legitimate dealer in coins.' The judge also issued Cockle with a criminal behaviour order banning him from being involved in metal detecting for five years Cockle who had been metal detecting for 30 years, was said to be full of remorse and the court heard he had given up his hobby. He was later ordered to repay the £15,000 he made from the coins at a Proceeds of Crime hearing. The hoard at the museum features 118 coin designs from 51 different European mints, as well as ten coins from Byzantium, including two from Constantinople. Most of them are Frankish tremisses from the Merovingian Frankish Kingdoms that occupied much of modern-day France, Germany, Switzerland and the Low Countries. The tremisses were the first coins made and used in Europe after the fall of the Roman empire and predate the first gold coinage made in Anglo-Saxon England. The collection is one of only eight hoards of this coin type known from Europe and only the third from the UK. It is believed that the Norfolk hoard was buried in around 610 AD, judging from the date of the newest coins. The coins acquired by the museum are two less than the declared size of the treasure hoard as one of the coins stolen by Cockle was never recovered. Dr Tim Pestell, the senior curator of archaeology at Norwich Castle Museum, said: 'As with all Treasure rewards, the money is split 50/50 between the landowner and the finder. 'In this case, the full reward value was paid to the landowner for those coins found by the jailed detectorist.' A Norfolk County Council spokesperson said: 'Thanks to the responsible detectorist, we are now able to explore an internationally-significant find that will open a new window into the past.' Cockle was sacked at a Norfolk police misconduct hearing when the county's chief constable Simon Bailey described his theft as 'one of the grossest breaches of trust.
CBC
16-05-2025
- Automotive
- CBC
Millions of dimes spill onto Texas highway after truck rolls over
Workers used brooms, shovels and vacuums to clean up $800,000 US in coins Holy moly, that's a lot of coins! And no, we're not talking about coins falling from the sky in a game of Super Mario Bros. These coins spilled on the highway after a tractor-trailer rolled over in Alvord, Texas, on April 29. Two people in the vehicle were taken to the hospital with non-life-threatening injuries. Clean-up crews had to clean up around $800,000 US (1.1 million Cdn) in dimes following the incident. WATCH — Teens answer: What emoji describes your bank account? Why was the truck filled with coins? It's not clear why the vehicle was filled with change. The tractor-trailer appears to be an 18-wheeler from the Colorado-based Western Distributing Transportation Corporation. The company has a division that moves cargo for the U.S. government in armoured vehicles. Armed personnel accompany the drivers for the ride. A person answering the phone at the company told The Associated Press they had no comment on May 15. A tractor-trailer rolled over on a highway in Texas on April 29, spilling the coins it was transporting. (Image credit: Austin Jackson/Wise County Messenger/The Associated Press) How did they clean the coins up? Officials said the workers spent hours cleaning up the mess on their hands and knees. A United States Armored Company employee gathered the dimes on their hands and knees. Some even used brooms, shovels and vacuums. (Image credit: Austin Jackson/Wise County Messenger/The Associated Press) Some used brooms, shovels and industrial vacuums to get the job done. And it was a pretty big job. The highway was closed for more than 13 hours, according to the Texas Department of Public Safety.
