First Penny Research Paper

Decent Essays

Penny-wise Man Thousands Richer There is an old saying that says if you care for your pennies the dollars will take care of themselves. Otha Anders started saving his pennies in the 1970s. The dollars took care of themselves. According to USA Today, over the last 45 years, Anders, now 73-years old, managed to fill 15 five-gallon plastic water jugs with over half a million pennies. When he brought them into Ruston Origin Bank, in Ruston, La., he ended up with a deposit of $ 5,136.14. He said the money will go toward a recently incurred dental bill. Anders said he found his first penny lying on the ground and it reminded him to pray and give thanks. "I became convinced that spotting a lost or dropped penny was an additional God-given incentive …show more content…

He would go so far as to try to ensure his purchases would result in three or four cents change. He would also not use them once he got them. "I would never spend a penny," Anders said. "I would break a dollar before giving up a penny." Anders water jugs were broken open with an axe and a hammer in the bank's coin room. It took five hours to pour the pennies into the electronic coin sorter via small plastic buckets. It took an average of 20 minutes to fill a $50 coin bag before it was changed out with a new one. The bank and Anders agree that it would have been an awful task to sort and count those pennies without the assistance of the coin machine. He may have continued to save and accumulated even more, but Anders related that his homeowner's insurance policy would no longer cover his collection. Anders said that he really got into saving pennies when his friend, Jack 'Domino Kid' Brown, started saving nickles. "Jack saved nickels as I saved pennies and every nickel that passed through my hands I would save for him. He did likewise with pennies for me." The only time he traded away his nickles was when they went to Brown in exchange for pennies, and Brown agreed that he would only trade his pennies to Anders in exchange for nickels. "Our exchange became competitive by each trying to outdo the other and consequently our collections; his nickels, my pennies began to multiply," he

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