Tom and Sandra Daigle show off the pennies they brought to the bank to make their final mortgage payment.
Posted on 07/06/2012 4:51:28 PM PDT by JoeProBono
MILFORD, Mass.,-- A Massachusetts man said he collected pennies for 35 years so he could make his final mortgage payment with 62,000 of the coins.
Thomas Daigle said he decided to make the final payment "memorable" when he and his wife, Sandra, moved into their Milford home in 1977 and purchased it with a mortgage from Milford Federal, The Milford Daily News reported Friday.
"It was something I wanted to do," Daigle said. "I always follow through."
"I was just praying I didn't die first," he said.
Daigle said he collected an average of 2.5 pennies per day and at first he kept them in a grape crate, but he had to move the change to a pair of steel military rocket launcher ammo boxes when the wood of the crate began to break under the weight of the coins.
Daigle, who delivered the pennies April 24, the same day as his 35th wedding anniversary, said he gave Milford Federal notice that his final payment was going to be in penny form.
"They were 100 percent for it," he said.
Tom and Sandra Daigle show off the pennies they brought to the bank to make their final mortgage payment.
I would be, also (although I haven't checked copper prices lately).
The metal in a penny is worth more then a penny.
I thought they were made of zinc?
If the dope had used the money along the way to pay down the balance he might have saved half of that.
62,000 pennies = $620.00 = 1 year at $7440.00 x 35 years = $260,400.00 Even with escrow thrown into the payments, if thats the case, not a lot of $$ for 35 years. Depends what the downpayment was and/or if refinanced. The banks make a killing off of longterm mortgages. Any way congrats to the couple even though thats along time to keep a mortgage but they paid it up like good Americans.
Dream big
Indeed, it would be such a temptation to be a Mint worker and to run a mere penny through the machine twice.
147 to 153 copper pennies per pound, so currently a tad more than 2X face value. The guy actually could have put them on eBay and probably gotten close to that if he machine sorted out all the junk zinc ones out first...
I would drill holes in the center of them and sell them for a nickel per as washers
Why is this True? Think RISK. When you have a mortgage and lose your job and can't get another one, your sunk. Why? Your house has probably lost value and you probably can't sell it at a decent price in this market.
You Short-Sale it and find the IRS coming after you later. Or you let it go into foreclosure and prospective Employers asking 'what happened to your Credit Rating'? Or you have a major illness and can't work anymore: Your Screwed.
The issue is RISK. Dave says, "I found that 100% of foreclosures take place on houses with mortgages."
After we paid off the house, we found we could breath financially and year after year it gets better. We can't explain it - it's just the mindset you have after you've done it. The way you Save for things where before you just reached for the credit card. Or how you play off one vendor off another to get the best deals on Roof, Siding, A/C, and plumbing because you learned how to save for these things than getting slammed by them.
Yes, the Paid off Home Mortgage is better than the BMW. Why? Because I am free of the Banks Ball-And-Chain! So I'll scream with my family "I'm debt free" with Dave, because or families financial tree has rooted and is Growing!
Why is this True? Think RISK. When you have a mortgage and lose your job and can't get another one, your sunk. Why? Your house has probably lost value and you probably can't sell it at a decent price in this market.
You Short-Sale it and find the IRS coming after you later. Or you let it go into foreclosure and prospective Employers asking 'what happened to your Credit Rating'? Or you have a major illness and can't work anymore: Your Screwed.
The issue is RISK. Dave says, "I found that 100% of foreclosures take place on houses with mortgages."
After we paid off the house, we found we could breath financially and year after year it gets better. We can't explain it - it's just the mindset you have after you've done it. The way you Save for things where before you just reached for the credit card. Or how you play off one vendor off another to get the best deals on Roof, Siding, A/C, and plumbing because you learned how to save for these things than getting slammed by them.
Yes, the Paid off Home Mortgage is better than the BMW. Why? Because I am free of the Banks Ball-And-Chain! So I'll scream with my family "I'm debt free" with Dave, because our families financial tree has rooted and is Growing!
Not the ones that are old (remember that he’s been collecting for 35 years).
Under the 1965 act any amount is a legal tender vehicle. Under 25 cents was during the 1870’s acts.
Post 1981 pennies are. Before that, they were made with copper.
How about the guy who was selling authentic copper engravings of Abraham Lincoln for $19.95?
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