“A penny conserved is a coin earned,” Benjamin Franklin once said—but the typical life expectations when he said it was around 35 years. 81-year-old Slaton resident Ira Keyes spent 65years saving his pennies, until he went to the local Prosperity financial institution branch through the 500 pounds precious of coins in tow, and also finally traded them in for document money.

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The story ended up becoming something of a national sensation end the slow holiday weekend, v Keyes’s collection of coins catching attention native media approximately the country. He explained his buckets complete of pennies come KCBD in Lubbock:

Ira secrets hasn’t spent a penny since he to be 17 year old, since of advice his father provided him.

“He says, ‘Whatever you carry out son, conserve your money,"https://glossesweb.com/how-much-is-500-pounds-of-pennies-worth/imager_1_3107_700.jpg” tricks said. “Back when I started in ’52, i didn’t have a the majority of money, for this reason I conserved pennies and I simply kept conserving them.” <…>

Kari Lewis, a personal banker at Prosperity Bank, said she has never viewed anything favor Keys’s collection before.

“We take pennies because that granted,” she said. “You watch them on the ground and you’re sort of like, ‘Oh, I’m no picking that up,’ yet for that to collect it because that years and also years to be pretty amazing.”

It take it employees over an hour to count the repertoire of about 81,600 pennies.

“We ended up through $816 in pennies,” Lewis said. “Not a common day at the bank, at all.”

Alarmingly, the 500 pounds and $816 worth of pennies that Keyes required to the bank is supposedly not the full level of his coin collection—just the amount the he was comfortable commerce in in ~ the bank.The rest, the shiniest, areapparently going to be incorporatedintoa room divider.


That renders sense, to part extent—after precise a lifetime of conserving every penny that you uncover (and detect room in your house for 5 hundred pounds precious of them), your self-image together “the coin guy” is probably pretty fine established, and it’d be tough to give that up.

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Still, if Keyes’s father’s advice—and Ben Franklin’s, for that matter—is sound, that also way that you deserve to spend 65 years picking up every penny on the soil and, at the finish of the six and a fifty percent decades, have practically enough because that a MacBook Air.That’s a quite computer, yet not yes, really worth conserving for one’s entire life. Meanwhile, had actually Keyes put that $816 in the bank in 1952, at astandard-for-1952 interest rate of 2.5%, he’d have an extra $1,305—with his early stage investment,enough for, say, a 1996 Volkswagen Jetta.Which argues an addition to Franklin’s maxim: A coin savedisindeed a penny earned, yet it’s most likely wiser to placed it in the bank than in Folgers buckets roughly your house.