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Man pays last mortgage payment in pennies

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Man pays last mortgage payment in pennies

Old 07-12-2012, 04:56 AM
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Default Man pays last mortgage payment in pennies




http://www.nydailynews.com/life-styl...icle-1.1110815




A Massachusetts man who pledged to make the last mortgage payment on his home with pennies has fulfilled that promise.

After warning his bank, Thomas Daigle dropped off about 62,000 pennies weighing 800 pounds in two boxes for the final payment on the Milford home he and his wife, Sandra, bought in 1977.

He told The Milford Daily News he just wanted to make his last payment on April 24 "memorable."

He started saving his pennies when he moved in.

The optician said his wife laughed whenever he would pick up a penny he found on the ground and say it was going to the mortgage.

Daigle said he's just glad to have the coins out of his house.
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Old 07-12-2012, 05:21 AM
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Well that always makes for good banking relations.
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Old 07-12-2012, 06:08 AM
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Looks like the bank willingly went along with him. They could have refused them.
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Old 07-12-2012, 06:18 AM
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Originally Posted by CaptWill View Post
Looks like the bank willingly went along with him. They could have refused them.
Can't, parkway tried that, pennies are legal tender. BTW the copper is more valuable then the paper
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Old 07-12-2012, 06:29 AM
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When I first got out of school I worked for a finance company. Our branch was also a "collection branch" for buy-here-pay-here auto loans.... .a debtor bounced a check to our office so we had to make arrgangments with his wife to pay, he showed up and was pissed....he was about 6 foot 8 with mullet and a crazy look in his eye.... yelling at us about talking to his old lady..... then then took out a bunch of change and sat at the front desk and counted out 200+ bucks to make his payment..... I think he thought it would piss us off or something but it was entertaining and it took him over an hour.....
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Old 07-12-2012, 06:30 AM
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Wonder if they charged him 15% to count them like the machines in the supermarkets etc. I manage to fill a stainless beer pitcher in the bedroom once a year with my pocket change, I was surprised when I went to use one of them a couple years ago.
I use it more than anything at Halloween (small neighborhood), I let most (little) kids reach in and have all they can get with one hand. They aren't smart enough to scoop'em yet, and it keeps my blood sugar count down LOL.
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Old 07-12-2012, 06:42 AM
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I love it! I wish I could make every mortgage payment in pennies!
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Old 07-12-2012, 06:46 AM
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Funny as it is, the bank can refuse the pennies if they are not in rolls. I happen to know this first hand. I tried something like that once with nickels.
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Old 07-12-2012, 06:54 AM
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Originally Posted by jerseysportfisher View Post
Can't, parkway tried that, pennies are legal tender. BTW the copper is more valuable then the paper
Legal tender, but it looks like the bank (organization), could have refused: http://www.treasury.gov/resource-cen...al-tender.aspx
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Old 07-12-2012, 07:15 AM
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Pennies aren't made from copper anymore
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Old 07-12-2012, 08:11 AM
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Originally Posted by extreme1018 View Post
Pennies aren't made from copper anymore

no...but about a few of the 800lbs were
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Old 07-12-2012, 08:22 AM
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This guy I know was buying a home, well paying it off for a friend that owed $13,000 and change and the bank was foreclosing on it and they were being asses and wouldn't take his check so he took all one dollar bills at at the payoff, that pissed them off good. He put them all in a papersack randomly not stack etc. He own a junk yard so I'm sure most were dirty, greasy, etc.
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Old 07-12-2012, 09:40 AM
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If you average old pennies at 146/pound, and new pennies at 181/pound, the average is roughly 160 pennies per pound. 800 pounds times 160 equals 128,000 pennies, so there is some BS in this story somewhere.
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Old 07-12-2012, 09:52 AM
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Originally Posted by glacierbaze View Post
If you average old pennies at 146/pound, and new pennies at 181/pound, the average is roughly 160 pennies per pound. 800 pounds times 160 equals 128,000 pennies, so there is some BS in this story somewhere.

Bazinga !
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Old 07-12-2012, 09:56 AM
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Originally Posted by glacierbaze View Post
If you average old pennies at 146/pound, and new pennies at 181/pound, the average is roughly 160 pennies per pound. 800 pounds times 160 equals 128,000 pennies, so there is some BS in this story somewhere.
perhaps the last "payment" wasn't a typical monthly payment but rather the final pay off a year early.
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Old 07-12-2012, 10:14 AM
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Originally Posted by SRQMynatt View Post
perhaps the last "payment" wasn't a typical monthly payment but rather the final pay off a year early.
Perhaps you may want to rethink that 'logic'
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Old 07-12-2012, 10:36 AM
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Originally Posted by CaptWill View Post

They could have refused them.
Local guy here paid his property tax in pennies or at least tried to and was refused. He took the parish to court and won so the parish made a big news story about it and had a news crew down at the court house when they accepted the pennies.
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Old 07-12-2012, 10:51 AM
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Originally Posted by glacierbaze View Post
If you average old pennies at 146/pound, and new pennies at 181/pound, the average is roughly 160 pennies per pound. 800 pounds times 160 equals 128,000 pennies, so there is some BS in this story somewhere.
x2

Story says there were 2 boxes and 800 lbs. that's 400 lbs a box. So he drives over in his pickup truck which has a hydraulic lift on the back and uses a hand truck?

Or have he and his wife been lifting weights getting ready for the big event and she lifted her side of the box?
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Old 07-12-2012, 10:55 AM
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Originally Posted by glacierbaze View Post
If you average old pennies at 146/pound, and new pennies at 181/pound, the average is roughly 160 pennies per pound. 800 pounds times 160 equals 128,000 pennies, so there is some BS in this story somewhere.
But that's $1,280 give or take based on your averaging, so why couldn't that be a final mortgage payment for a house bought in 1977?
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Old 07-12-2012, 11:06 AM
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Originally Posted by txbonds View Post
But that's $1,280 give or take based on your averaging, so why couldn't that be a final mortgage payment for a house bought in 1977?
My quote has everything to do with pennies per pound, and absolutely nothing to do with monthly payments. The article said that 62,000 pennies weighed 800 pounds.
Like Pierless, I was also skeptical about the 400 pound boxes.
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