Man pays off mortgage with pennies
A Massachusetts man made his final house payment with more than 800 pounds of coins.
Thomas Daigle, an optician from Milford, Mass., made his final house payment all in pennies -- more than 62,000 in nice, neat rolls of 50 coins each, stacked in two boxes he hauled to the bank. They weighed more than 800 pounds, by Daigle's estimate.
Daigle decided to make the final payment with pennies back when he and his wife, Sandra, bought the house 35 years ago. His hometown newspaper, The Milford Daily News, offered these details:
So he began collecting an average of 2.5 pennies per day and placing them into a grape crate. But after a few years, the box began to break due to the overbearing weight. So he bought a pair of steel military rocket launcher ammo boxes to hold the pennies.
(Post continues below.)
Good thing he let the Milford Federal Savings and Loan Association know of his delivery a month in advance -- and that they supported his plan. Remember the Canadian man who encountered resistance when he paid off his student loan debt with $114,000 in cash?
Daigle isn't the first to use a large number of coins to pay a bill. (Personally, I can't imagine storing so many coins in my home or asking poorly paid bank tellers to do so much extra work.)
For instance, Paul Brant, of Indiana, paid for two vehicles with $36,000 in quarters in 1994, and then bought a new pickup with $26,000 in spare change in 2007. According to this news report, the car dealership had to use an armored car company to pick up and count the coins because no bank wanted to be bothered.
Then there was the Utah man who paid off a disputed $25 medical bill by dumping 2,500 pennies on the counter.
Others have used the penny payment method as a way to settle scores, including Thierry Cahez of San Diego County, who paid a $6,500 credit card bill with 650,000 pennies after his bank turned him down for refinancing.
Do you have a similar plan? Keep in mind that businesses are well within their rights to refuse huge payments made up solely of coins.
Of course, these penny hoarders may be on to something the rest of us don't know about. Says ABC News: "If the laws change and the (U.S.) mint decides to abolish the penny, people would be free to melt them down for the copper."
More from MSN Money:
MORE ON MSN MONEY
VIDEO ON MSN MONEY
At the end of the day...money IS money.....and the pennies sure do grow.....I live in a country that uses euro cents........mine are being saved.....
That is quite unusual... I would never do it myself though. I would rather pay simply than drag a tub of coins around. I wouldn't be able to collect so many pennies or nickel or dimes or quarters !!!
It is quite funny !!!! :)
Yay! Someone remembered the first lesson about savings and made it pay off in a major way. Savings vs. Starbucks, or some piece of selfish, or the justified piggy raid for laundry change. But, seriously, the weight is nothing to laugh about, even spritzed with the probability of those greater-than-face-value coins. And a sack of cash may be just what every teller needs when some Al Capone wanna-be walks into the branch. Where are those pennies from heaven when you need them?
Signed: Save like the Devil
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
MSN REAL ESTATE
Even those who don't like to shop are probably hitting the stores this month. Here's what to be on the lookout for and here's what to avoid.