Selling $2 bills for $3.95??

[OpenContainer]

Now I've seen it all. I'm sitting here looking at a flyer where a company called Littleton Coin Company is selling Uncirculated $2 bills for $3.95 (regularly $9.50). What a freakin bargain!! But wait......there's more......if you order now, they'll also send you a "free" quarter and cover the shipping of the $2.25 to the address of your choosing. Hurry!! Supplies are limited.

I need to run off now and place an order for about $4000.00 worth of these most awesome treasures. :rockin:

Seriously though. WTH are these folks thinking? Do they not know that you can walk into any bank in the country and ask for $2 bills for the exact price of.....wait for it.......$2.00.

I suppose that the idiots of the country are meant to be fleeced.

Ugh!!

 

[OpenContainer]

Visa, Mastercard, Amex, and Discover are accepted.

 

[beninan]

I'm sure people buy them... There are a lot of stupid people in this world.

It's like when the 50 state quarters first started coming out, and all the commercials selling first few of the 50 state quarters for only $9.95!!* And if you buy now, you will get the (flimsy) cardboard quarter holder FREE!!**
*6.95 shipping and handling
**only have to pay separate shipping and handling.

 

[usfmikeb]

I'll undercut them and will sell $2 bills for $3 apiece...

 

[Airplanedoc]

Seriously though. WTH are these folks thinking? Do they not know that you can walk into any bank in the country and ask for $2 bills for the exact price of.....wait for it.......$2.00.

I do this all the time, really confuses the folks at walmart. They have no idea where to put them in the drawer.

Took a fist full of them to a concert once as well, they were all messed up when I bought my beer with $2 bills.

 

[beninan]

I've heard it's possible to buy full, uncut sheets of money.
I've also heard of someone doing this, bringing the sheet to the store with some scissors, and cutting off a bill or two to pay for whatever, and had the cops called for counterfeit money.
I'm not sure if these are true, but if it is, that's awesome!

 

[Airplanedoc]

You can buy uncut sheets from the US Mint (really bureau of engraving) but you do pay a premium for them. Many coin shops have them in 2-5 bill sheets as well.

 

[OpenContainer]

I'll undercut them and will sell $2 bills for $3 apiece...

Ha!! I was thinking the same thing.

 

[user 4295]

Hey I'll trade you this big, huge nickle for that little scrawny dime, LOL!

 

[jmendez29]

I used to have a buddy who collected money. When the 100 dollar bill got redesigned years ago, he bought a few full stacks of them. When they are uncirculated and in sequential order, apparently, they are worth more than face value. Not by a lot, at least at first, but they can be considered an investment.

But one at a time? No effin way. Besides, in my mind, as soon as you hold it in your hand, it is no longer officially uncirculated. And it becomes worth exactly $2 regardless of what anyone tells you.

 

[the_bird]

It's still less of a ripoff than this:

 

[Butcher]

I seen on the news people are selling pennies for over 1 cent a peice. Before a certain year pennies were made of pure copper and contain just over 2 cents worth of copper. They can't be melted down because you can't destroy money but the mint is considering doing away with the penny which would mean pennies can legally be melted down. One guy being interviewed had stock piled a quater million dollars worth of pennies. Pretty smart, if the penny never goes away you haven't lost out on any money.

 

[broadbill]

One guy being interviewed had stock piled a quater million dollars worth of pennies. Pretty smart, if the penny never goes away you haven't lost out on any money.

Did I do this right?

A roll of 50 pennies is 1.55mm x50 = 77.5mm long = 3.1 inches long
A penny has a diameter of 0.75inch.

Volume of a roll of 50 pennies ( a cylinder) = pi x r-sq x h = 3.14 x 0.14 x 3.1 = 1.36 inches cubed

$250,000 equals 500,000 rolls of pennies, each with a volume of 1.36in cubed:

So: 500,000 rolls of pennies x 1.36 inches cubed= 680,000 inches cubed total = 393 feet cubed.

This is analogous to storing about 20 refrigerators. Based on the amount of securable space you need (this is money after all); I can't imagine you can make a profit holding onto this many pennies, just waiting for them to be discontinued.

 

[Misplaced_Canuck]

I seen on the news people are selling pennies for over 1 cent a peice. Before a certain year pennies were made of pure copper and contain just over 2 cents worth of copper. They can't be melted down because you can't destroy money but the mint is considering doing away with the penny which would mean pennies can legally be melted down. One guy being interviewed had stock piled a quater million dollars worth of pennies. Pretty smart, if the penny never goes away you haven't lost out on any money.

This begs the question... If they DID do away with the pennies, and that they'd get melted down, would the current prices of copper hold up?

MC

 

[Lgaddy44]

Did I do this right?

A roll of 50 pennies is 1.55mm x50 = 77.5mm long = 3.1 inches long
A penny has a diameter of 0.75inch.

Volume of a roll of 50 pennies ( a cylinder) = pi x r-sq x h = 3.14 x 0.14 x 3.1 = 1.36 inches cubed

$250,000 equals 500,000 rolls of pennies, each with a volume of 1.36in cubed:

So: 500,000 rolls of pennies x 1.36 inches cubed= 680,000 inches cubed total = 393 feet cubed.

This is analogous to storing about 20 refrigerators. Based on the amount of securable space you need (this is money after all); I can't imagine you can make a profit holding onto this many pennies, just waiting for them to be discontinued.

HOLY COW with your number skills!! I'll bet you make some great beer :rockin:

 

[Butcher]

I guess I am wrong in that there is no risk of loosing money. They interviewed this guy in his money room and it was definately big. For about $500 you can buy a machine that will sort the pure copper pennies from the not pure copper pennies (my guess is they don't weigh the same). There is cost of transporting pennies to and from the bank, storage containers, time spent and other factors.

 

[Airplanedoc]

Did I do this right?

A roll of 50 pennies is 1.55mm x50 = 77.5mm long = 3.1 inches long
A penny has a diameter of 0.75inch.

Volume of a roll of 50 pennies ( a cylinder) = pi x r-sq x h = 3.14 x 0.14 x 3.1 = 1.36 inches cubed

$250,000 equals 500,000 rolls of pennies, each with a volume of 1.36in cubed:

So: 500,000 rolls of pennies x 1.36 inches cubed= 680,000 inches cubed total = 393 feet cubed.

This is analogous to storing about 20 refrigerators. Based on the amount of securable space you need (this is money after all); I can't imagine you can make a profit holding onto this many pennies, just waiting for them to be discontinued.

So how much does it all weigh?????

 

[kaboom505]

680,000 cubic inches of copper weighs about 110 tons.

 

[beninan]

It seems more logical to just cash in the $250k worth of pennies. Sure if the penny does phase out and each pure copper penny is worth 1.5 cents, you would get $375K, but what if it doesn't phase out? I have a hard time believing that the penny will go away. Will everything have to be rounded to the nearest 5 cents? I think it would be too difficult.

Anyway, it it were me, I'd take that $250k to the bank and get cash, so you would have $250k to spend and you would free up a room in your house.

 

[Hang Glider]

or invest it in AAPL....a $250K investment in 2010 would be worth over $500K now....granted that's an exception, but coins sitting in a room don't even earn measly bank interest. The likelihood of "making money" on this proposition is below zero.