Ever seen a ton of pennies?
August 14th, 2007 | by mbhunter |Saw this article through Coinflation.com. Marcelo Bezos spent about two years constructing a free-standing pyramid using about $4,000 worth of pennies. The tower stands about three feet and weighs more than a ton (probably around 1,200 kg).
A time lapse video shows the construction of the pyramid from beginning to end. This feat has spurred others to construct mini pyramids of “only” $500 worth of pennies or so, which will be given to charity. Maybe programs like these will bring a new use for the cent, whose use is now under scrutiny because it’s minted at a loss.
The most surprising part was that the young children of Bezos’ acquaintance apparently didn’t “accidentally” knock the pyramid over during its construction. Stacking 400,000 pennies is one thing. Keeping those curious hands away for nearly two years is quite another!
4 Responses to “Ever seen a ton of pennies?”
By Patrick on Aug 14, 2007 | Reply
Awesome! What good fun, though it is a very expensive hobby! Imagine walking into your local bank and informing the teller you would like to open and fully fund a Roth IRA right away. Then drag in a little red wagon full of pennies!
By Minimum Wage on Aug 16, 2007 | Reply
Actually, it’s becoming common for banks to charge a fee for coins (coming in or going out) in roll quantities. For example, a charge of 25 cents per roll is not unusual. So if you brought in 400,000 pennies ($4,000 or 8,000 rolls) that might cost you $2,000 which would be counterproductive.
Retail stores with a lot of low-value cash transactions require a lot of coin; now banks are charging them for it.
Vending machine and arcade game operators deposit a lot of coin; they’re being charged now too.
I used to think Coinstar machines – which I have never used – were a ripoff, but it looks like such fees are becoming the norm for changing coin.
By mbhunter on Aug 16, 2007 | Reply
Patrick: That post on your blog about the guy who paid his tax bill in coins and small bills was pretty funny.
MW: My credit union doesn’t charge for that service yet, but I can see them doing that if people abuse it. Then again, the deposits aren’t for a business, either. I’d think that counting and depositing the coins for a charity event for something like this free of charge would be good PR.
By An American in France on Jul 23, 2008 | Reply
That’s really cool that they build those for charity!
I think the US mint should melt down pennies, sell the copper and put the profit toward the deficit. There are very few things that cost a penny anyhow. Tax on items could be rounded down (or up.)