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Brian's Blog

04 Nov 2016

The $1,000 Penny Treasure Hunt

Odd & Curious Money | Brian

Pennies, America's most worthless coin. When the initial Lincoln Cents were released in 1909, they were worth about as much as a modern quarter. However, after over a hundred years of inflation, the value of the penny has significantly dropped, it now costing 80% more of the face value just to make them. Half of all new pennies are removed from circulation each year, falling behind couch pillows, being left at the bottom of purses, falling into gutters, etc. Some countries have even eliminated their pennies altogether. Now that we have the backstory of the penny and it's decline, it's time to talk about this "treasure hunt" I mentioned in the title. As a numismatist, whenever I see a coin lying on the sidewalk, I pick it up to check the year, mintmark, and condition. But recently even I have stopped picking up pennies, bending down and picking them up isn't really worth it anymore, especially in major cities. However, Ally Bank is trying to change that. 100 fake pennies have been placed across 10 major US cities, and if you find one, you can redeem them for $1,000 on the Ally Lucky Penny website linked below in the sources. The part that really stuck out to me was that even if you redeem one, you get to keep the penny, and they may hold some numismatic value in the future since only 100 will be made. You can find them in Los Angeles, San Diego, Denver, Austin, Detroit, Charlotte, Washington DC, and where I'm keeping an eye out, New York City. Hints are being posted to Ally Banks social media accounts so if you want to find one, check those every one in a while. Happy hunting!

Redeemed Lucky Penny Count:
Charlotte: 6 DC: 6 Detroit: 5 LA: 4 Austin: 3 Chicago: 3 Denver: 3 NYC: 3 Miami: 1 San Diego: 2


SOURCES:

Inflation Calculator: http://www.in2013dollars.com/1909-dollars-in-2016?amount=0.01

Ally Lucky Penny: https://www.allyluckypenny.com/

Comments

CoinLady

Level 6

I always pick up coins on the ground. They add up. Wish I could find one of these.

user_7180

Level 5

A great way to advertise. A nice way to have another piece of Numismatic Exonumia created too!

Mike

Level 7

Instead of things being priced at 19.99. get rid of the so called useless penny which if you get rid of will cause people to like there jobs. Things that were 19.99 will now be 2.05. so evening will go up. Were 19 trillion in debt but it's not because of the penny. It's because of government spending.

Mike

Level 7

I mentioned to say everything will go up. Spell check out!.

CMCC

Level 5

Wow!

Mike

Level 7

If I go out and see a penny I pick it up. I happen to like them and their not that expensive to make any more. Thousands of collector's by bricks all the time. A few months ago a collector found a 1955 double die! It wasn't in great shape but he still got 22,000. for it. Those are the ones I'll be looking for! I know of Ally there a non person bank. No offices! Thanks for the information and the blog it is appreciated. Take care. Mike

Longstrider

Level 6

I guess this add campaign is working. I never heard of the company. Looked it up, now I know. Thanks!

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