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tyrannicalrex
Strange R



Registered: 04/24/03
Posts: 38,323
Loc: subtropics
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Re: See a penny pick it up... [Re: psi] 4
#26516170 - 03/04/20 09:27 AM (3 years, 10 months ago) |
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I found a buffalo head nickel back in 2012, ended up losing it as I kept it in my pocket for good luck, fuck! I posted the pic here when I found it.

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deucedbi9
Stranger

Registered: 10/24/06
Posts: 4,594
Loc: UK
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Quote:
Randalf the Grey said: You guys use pennies across the pond? I honestly didn't know that.
But yes, to answer your question, I am also cheap.
Yep and another fun fact. Pre decimalisation in '71 there were 240 pennies to the pound, or, 480 halfpennies, you could actually buy something with it, like two chews for a Ha'Penny or, for those of us that drop the 'h' an a'Penny pronounced, almost, as 'ape-knee'.
A game based on same. As ubiquitous as Manopoly back in the day.
-------------------- whether low pressure sucks or high pressure blows... it's a bugger to cycle in. even though I'm feeling good Something tells me I'd better activate my prayer capsule
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shivas.wisdom
בּ



Registered: 02/19/09
Posts: 13,428
Loc: Turtle Island
Last seen: 14 minutes, 34 seconds
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Re: See a penny pick it up... [Re: psi]
#26516358 - 03/04/20 11:48 AM (3 years, 10 months ago) |
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Quote:
psi said: The penny was retired here a few years ago so the smallest denomination you would receive in change is a nickel. But yes I will pick up any denomination of coin, might be something cool.
Oddly enough, I still accumulate pennies while busking. I'll have maybe a dozen or two after a month.
I don't understand it. Have these people been carrying around a penny for years waiting for the opportunity to finally unload it?
They aren't even considered legal tender anymore. I put them on the rail tracks and let the trains crush em.
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tyrannicalrex
Strange R



Registered: 04/24/03
Posts: 38,323
Loc: subtropics
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"They aren't even considered legal tender anymore".
A penny is, after all, legal tender. ... 5103, states: “United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues.
Is paying in pennies legal? Yes, pennies are legal tender, but, as the Department of the Treasury points out, there is "no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services."
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psi
TOAST N' JAM


Registered: 09/05/99
Posts: 31,456
Loc: 613
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You can still cash them in at a bank and they are still legal tender I believe, the mint just does not distribute them to banks any more. I still have quite a lot, dozens of pounds I'd guess.
Amounts of pennies greater than a certain threshold weren't legal tender in Canada even before this. Doesn't mean they aren't money in greater amounts, but that if you are owed a debt and someone tried to pay you in too much pennies, you would have a legal basis for turning down the payment.
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feldman114
Stragler


Registered: 09/06/19
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Re: See a penny pick it up... [Re: psi]
#26516386 - 03/04/20 12:11 PM (3 years, 10 months ago) |
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True, but they’ll make you wrap them up in rolls of 50. That or go give 20% of the value to a CoinStar machine.
When I worked at a bank branch, the wrapper rule just came into effect, and it was soooo delicious telling people that I can’t take their gallon jar of change. It’s always the people with 100k+ in their accounts that exchanged pennies, btw. So if you collect them, might be a sign that you’ve got high financial IQ.
That’s how I got all my silver half-dollars too, except it was an obv junkie who brought them in. I did ask him twice like “you sure, bud? These are worth way more than face value”, but immediately took them for myself once he spat back some obnoxious shit...
What is it about a bank that makes all the customers so entitled?
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shivas.wisdom
בּ



Registered: 02/19/09
Posts: 13,428
Loc: Turtle Island
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Re: See a penny pick it up... [Re: psi]
#26516423 - 03/04/20 12:33 PM (3 years, 10 months ago) |
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Quote:
tyrannicalrex said: "They aren't even considered legal tender anymore".
A penny is, after all, legal tender. ... 5103, states: “United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues.
Is paying in pennies legal? Yes, pennies are legal tender, but, as the Department of the Treasury points out, there is "no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services."
I don't live in the USA. I'm not even able to travel to there anymore.
Quote:
psi said: You can still cash them in at a bank and they are still legal tender I believe, the mint just does not distribute them to banks any more. I still have quite a lot, dozens of pounds I'd guess.
Amounts of pennies greater than a certain threshold weren't legal tender in Canada even before this. Doesn't mean they aren't money in greater amounts, but that if you are owed a debt and someone tried to pay you in too much pennies, you would have a legal basis for turning down the payment.
Ah yeah that would make sense - I didn't have a bank account back then so I never tried one of those. In my experience stores won't accept them any more. If the total is 2.34$, I needed to give them a nickle even if I have four pennies.
I used to pay my rent and buy my drugs with rolls of coins. Rolling around town with 5kg of change feeling like kingshit in a candy store
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tyrannicalrex
Strange R



Registered: 04/24/03
Posts: 38,323
Loc: subtropics
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LOL, I bought some crack with rolled pennies once (it was the 90's).
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Randalf the Grey
Woodland Creature


Registered: 06/11/19
Posts: 1,237
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Re: See a penny pick it up... [Re: feldman114]
#26516433 - 03/04/20 12:37 PM (3 years, 10 months ago) |
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I feel like your bank was different. I have never in my life had a bank take loose change that was more than a dollar. Like, if I walked in with 58.67 to deposit, cool no problem. But any amount of change to cash in was always required to be wrapped. Which is dumb as hell since the unwrapped them to put them through a counters, but yeah that's not a new thing where I came from.
Maybe it's a cultural thing, or geographical thing, and I feel like a lot of you guys are just either doing a whole lot better than I or just aren't exposed to as much change as I, but pennies are not a rarity for me. I save every bit of change I get and will happily use a penny when I can. I also have no problem rolling and cashing in when my change bank gets filled up. Pennies definitely aren't as rare or useless for me as for some it seems and I certainly not too good to pick up a penny or to pay with pennies. Though I am not so much if an asshole to dump a jar on the counter. I will happily roll some change when I need to.
Edited by Randalf the Grey (03/04/20 12:40 PM)
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tyrannicalrex
Strange R



Registered: 04/24/03
Posts: 38,323
Loc: subtropics
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Yep, same here.
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psi
TOAST N' JAM


Registered: 09/05/99
Posts: 31,456
Loc: 613
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The general rule with legal tender is that if it's not a debt, they don't have any obligation to accept any particular denomination they don't want to. But if for example you have just eaten at a restaurant and you offer legal tender they don't want to accept, they don't have a legal basis to claim to the cops (or in civil court) that you refused to pay for the meal you already consumed.
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psi
TOAST N' JAM


Registered: 09/05/99
Posts: 31,456
Loc: 613
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Re: See a penny pick it up... [Re: psi]
#26516464 - 03/04/20 12:53 PM (3 years, 10 months ago) |
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One interesting side effect of the legal tender thing is that you should in theory be able to demand that employers pay you in cash. But in practice, good luck. I always thought it was bullshit though that I needed a bank account in order to get paid. Fuck banks.
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deucedbi9
Stranger

Registered: 10/24/06
Posts: 4,594
Loc: UK
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Re: See a penny pick it up... [Re: psi]
#26516718 - 03/04/20 03:30 PM (3 years, 10 months ago) |
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Quote:
psi said: Fuck banks.
Really? I used to have to go to the post office to pay my council rent and the gas showroom to pay my gas bill. I don't even remember how I used to pay the water, electric and phone bills. Now they all get paid by direct debit. So much easy.
-------------------- whether low pressure sucks or high pressure blows... it's a bugger to cycle in. even though I'm feeling good Something tells me I'd better activate my prayer capsule
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Randalf the Grey
Woodland Creature


Registered: 06/11/19
Posts: 1,237
Last seen: 3 years, 3 months
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Re: See a penny pick it up... [Re: psi]
#26516726 - 03/04/20 03:36 PM (3 years, 10 months ago) |
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Quote:
psi said: One interesting side effect of the legal tender thing is that you should in theory be able to demand that employers pay you in cash. But in practice, good luck. I always thought it was bullshit though that I needed a bank account in order to get paid. Fuck banks.
You agree to employer's method of payment when you accept the job. Before you have worked, there is no debt....
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psi
TOAST N' JAM


Registered: 09/05/99
Posts: 31,456
Loc: 613
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Quote:
deucedbi9 said:
Quote:
psi said: Fuck banks.
Really? I used to have to go to the post office to pay my council rent and the gas showroom to pay my gas bill. I don't even remember how I used to pay the water, electric and phone bills. Now they all get paid by direct debit. So much easy. 
Don't get me wrong, I do use banks now. But I don't like how they are positioned as a middleman you can't really opt out of. Some credit unions sound pretty alright though.
Quote:
Randalf the Grey said:
Quote:
psi said: One interesting side effect of the legal tender thing is that you should in theory be able to demand that employers pay you in cash. But in practice, good luck. I always thought it was bullshit though that I needed a bank account in order to get paid. Fuck banks.
You agree to employer's method of payment when you accept the job. Before you have worked, there is no debt....
Yeah the "agreeing on a payment method ahead of time" thing does make sense as a rationale.
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