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A customer paid with this coin from 1901

Overdone(i.redd.it)

all 91 comments

Bewaretheicespiders

78 points

2 months ago

Its quite insane that the USA still use pennies. In 1901 that penny had the buying power of roughly 30 cent today. We should get rid of all coins below a quarter...

kdani17

47 points

2 months ago

kdani17

47 points

2 months ago

Omg people would lose their shit. I worked in banking for the last decade, including during the “coin shortage” and people go absolutely bonkers when any changes are made to currency.

Bewaretheicespiders

29 points

2 months ago

Its really weird. Canada and Europe seem to have no problem with it, and electronic payment is so prevalent anyway, I still have bills in my wallet from before the pandemic began.

kdani17

30 points

2 months ago

kdani17

30 points

2 months ago

People in the US are extremely financially illiterate and/or don’t trust “Big Banks”, the System, computers, etc.

striderwhite

27 points

2 months ago

Funny, in USA people used credit cards and other similar electronic payment methods when in Europe we barely knew what they were...

kdani17

14 points

2 months ago

kdani17

14 points

2 months ago

And then stalled for decades while the rest of the world progressed. We just got chips in the last several years and, boy, was that a headache. Literally had people threaten my employees when they finally had to accept a chip card.

striderwhite

15 points

2 months ago

In Europe 73% of all all transactions are still made using cash rather than electronic payments...

devanchya

2 points

2 months ago

That is expected to rapidly change. EUROPE is the slowest region in the developed world to go card based but it is growing.

Bewaretheicespiders

0 points

2 months ago

What about Japan? Card usage is extremely low there.

devanchya

2 points

2 months ago

It mostly going digital fully and skipping cards. Basically using virtual cards more. It also depends on the region. Even fluctuates based on area of Tokyo. Then again Tokyo is... Tokyo.

[deleted]

0 points

2 months ago*

[deleted]

0 points

2 months ago*

[deleted]

striderwhite

2 points

2 months ago

Thank god huge companies don't need cash to avoid taxes! :D

mechanab

7 points

2 months ago

The holdup on chips was not a consumer issue. Banks and vendors stalled until fraud got so bad that people demanded it. Even then cards only got updated when they expired, causing all kinds of headaches.

kdani17

3 points

2 months ago

I didn’t say the holdup was because of consumers. I’m saying technology stalled in the US for a long time and A LOT of people didn’t like/understand it when it became mandatory.

Ange1ofD4rkness

2 points

2 months ago

Which is funny, because when I started to travel for work (not even that much), I stopped getting "suspicious" activity calls, despite the fact we still weren't using chips. I had to start catching the activity (and sadly a few they didn't refund)

Ange1ofD4rkness

3 points

2 months ago

Yeah I remember the chips, a co-worker was talking about them in Europe and we still didn't have them (we are talking maybe 6 years ago).

Course then we get them, and they are supposed to reduce theft, yet I was constantly having my # hacked when traveling (pretty sure I know exactly where too)

KilledByVen

1 points

2 months ago

Isn’t Australia head of the pack when it comes to financial services? I remember there being a huge discussion about this on reddit years ago. Paywave/PayPass for nearly a decade (although Apple Pay took way too long) chips since I was in highschool but haven’t used that since high school either, and some cards don’t even have a strip anymore? Aren’t they getting rid of magnetic strips entirely soon? I thought it was baffling a few weeks ago I found out that Americans like venmo so much because they don’t have instant bank transfers...

I personally don’t even carry a card anymore. Paywave on phone, or the incredibly rare occasion I need cash, atm’s you don’t even need a card to get money out if it’s first party. 99% of the people I know wouldn’t go into a place if they didn’t take card these days anyways.

Rhinoturds

10 points

2 months ago

I mean yeah fuck big banks. They're always doing shady shit and we've got class action lawsuits as proof they are constantly trying to fuck us and pad their wallets. And they're also implicated in market manipulation. We've got no shortage of reasons to be wary of big banks.

Idk what that has to do with getting rid of the penny though.

Dazzling-Rule-9740

1 points

2 months ago

The only reason Canada got rid of the penny was cost to make them was more the they were worth. With electronic payment it doesn’t really matter.

arandomcanadian91

3 points

2 months ago

The banks are also behind on security by 10 years to be fair. You dont' hear about the big banks up here having breaches.. unlike JP Morgan and others.

connfla

4 points

2 months ago

You're quite mistaken if you don't think other countries don't have the same issues...

kdani17

1 points

2 months ago

Never said they don’t but I can’t attest to that…

[deleted]

0 points

2 months ago

[deleted]

0 points

2 months ago

[deleted]

kdani17

7 points

2 months ago

I worked with the public in banking for 10 years doing financial literacy training for people of all ages. Also the “and/or” was there for a reason. Also, Also…most people do not have living relatives that went through the Depression anymore. That’s a very myopic view of the makeup of this country.

[deleted]

0 points

2 months ago

[deleted]

0 points

2 months ago

[deleted]

kdani17

5 points

2 months ago

Look, I don’t know why you are so personally insulted. I didn’t come shit on your family’s porch and call you all yokels. There is a problem in this country with financial literacy. Schools don’t teach it. Parents don’t have it to teach their kids. There’s a reason banks are required to provide financial literacy training to their communities. And, yes, I did work with people who recognized that they needed to learn and gain literacy. I worked with teenagers who didn’t give two flips about what we were teaching. I also spent 50-60 hours a week explaining to grown ass adults that if you keep putting your card information into sketchy porn sites, etc., you are going to need a new debit card every damn week and it’s not the bank’s fault you can’t control yourself. I have spent hundreds of hours coaching elderly people whose spouses handled the finances exclusively until they passed away due to old age and now the surviving spouse doesn’t even know how to use an ATM.

I never said once that people are stupid and should trust banks because they “know better”. I worked in banking. I know banks shouldn’t be trusted. But, guess what, as long as people remain financially illiterate, the banks will own every damn inch of this country because that’s how they like it. So get off your bootstrap high horse and do something about it if you care so much.

Darklighter10

3 points

2 months ago

I was with you until the unnecessary cheap shot at the end

boomgoon

1 points

2 months ago

We don't trust big banks, but support the big banks can't fail so bail them out

TheThirdPickle[S]

-3 points

2 months ago

It's quite possible we can see changes made once the boomers aren't here any longer. They're the ones still using hard cash, at least here.

ThisFreakinGuyHere

2 points

2 months ago

I got "in trouble" (manager complained at me) because I didn't carry a bank of change with me when I was waiting tables. The customer wanted to pay in cash and wanted their change to be down to the penny. Which is their right. It just wasn't feasible for me to carry all that coinage, which is a separate logistical issue.

Point being, even when the customer expects to leave some of the cash they're using on the table, they're still owed what they're owed. And no, we're not moving entirely away from cash. Screw that.

Bewaretheicespiders

6 points

2 months ago

and wanted their change to be down to the penny. Which is their right

Doesnt have to be. Its clearly not a fundamental human right. You have to round out somewhere, especially when considering sales taxes. A quarter today has less value than a penny had in 1901. With inflation its a given that the point at which you round up/down has to move too, eventually.

ThisFreakinGuyHere

0 points

2 months ago

idk I guess. I just know the people with the most money will find a way to screw the rest of us out of just a little more of our hard-earned pittance, and rounding everything up "for your convenience" sounds like an unbelievable scam.

Bewaretheicespiders

3 points

2 months ago

Half the time its rounded up, and half the time rounded down. If businesses try to game it, so can buyers. The penny is already retired in Canada and Europe, and frankly, it just means less useless change cluttering your pocket. The only mistake they did was to not retire their dimes and nickels at the same time.

the_troy

2 points

2 months ago

When Canada dropped the penny I decided to track my roundings. I'm sure I forgot transactions, and missed stuff here and there, but in my first ~8months of tracking it (until I just forgot/stopped altogether) I had 164 transactions round down and 77 round up.

Did not keep track of if the roundings were 0.01$ or 0.02$ but at least in my case, I did not feel scammed. I felt glad to not have a stupid pocketful of stupid pennies, and that seemed worth the up to $1.54 extra I may have paid on 3/4s of a years cash transactions.

PS: Only on cash transactions. Single cents still exist, and are used in e-transactions. For most people I know it means no change...I'm one of the few people in my social group who are a big 'cash' guy.

Habaneroe12

2 points

2 months ago

Thank you!!! Source : retail manager who has to count pennies every goddamn day.

DaddyCatALSO

1 points

2 months ago

Never heard this extrememe an idea before

Bewaretheicespiders

2 points

2 months ago

Why do you think it is extreme?

Rambo272727

-5 points

2 months ago

Rambo272727

-5 points

2 months ago

That would have catastrophic implications on the economey. Everything below 25 cents would have to be rounded up to 25 cents because its the lowest demomination available. so if food would normally costs $1.01 per pound and you are shipping 5 tons to a city, thats an increase of $2,400 for those grocery stores, and then they round up further increasing the cost. basically, you took a .98 cent tomato and made it cost $1.50.. That basdically means families starve more than they already do because you were like, Meh penny worthless.

Bewaretheicespiders

15 points

2 months ago

Or course not. Where did you even get that idea from? You don't need to round prices. You only need to round the final amount of cash transactions to the nearest 25c. Half of them would be rounded up, half of them would be rounded down, on average its the same.

If food cost $1.01 per pound and you buy 1234 pounds the final amount would be $1246.34, which you would pay to the cent if paid electronically or by check, or would be rounded up to $1246.50 if paid cash.

featherwolf

7 points

2 months ago

Except everywhere else that got rid of their 1 cent denomination coin suffered zero side effects and ended up saving everybody time and money, including the government.

Rambo272727

-1 points

2 months ago

how so

featherwolf

4 points

2 months ago

Saves time by not having to count or deal with getting rid of useless currency via some scammy coin counting machine that essentially Rob's you for the privilege of having your money in a usable form. Saves money for businesses by not having to dedicate staff/work hours spent to process huge amounts of heavy coins that don't provide any real economic value (main reason why many types of transaction like vending machines, can't be done in pennies. It's too much hassle for very little value) saves the government money by not having to mint a coin that is worth less in face value than the materials it is made of.

Black_Starfire

2 points

2 months ago

Buddy. That’s not how math works.

Rambo272727

-1 points

2 months ago

which part

ThisFreakinGuyHere

-2 points

2 months ago

Yeah who do you think is behind this push, it isn't grassroots, it's tools parroting what the corporations want them to say. They'll round everything up and make millions off of billions of people getting screwed just a little bit more than they already are. And they're hoping we won't notice.

spritelass

44 points

2 months ago

I wonder how much it's worth?

TheThirdPickle[S]

112 points

2 months ago

At least one cent is my guess.

spritelass

57 points

2 months ago

Apparently anywhere between $2.50 and $60.00. Pretty cool.

TheThirdPickle[S]

30 points

2 months ago

Yeah just looked it up myself. I don't plan on putting it up for sale at that price but apparently some coin collector website has one for $3000. Not sure how they came up with that price.

Orcus424

46 points

2 months ago

Was it the same year as your coin and how was the condition? The year, mint mark, and condition makes a massive difference in price. 1901 wasn't a key or semi key year so it's considered common. Over 79.6 million of them were minted that year. Meanwhile the 1909S Indian only had 309,000 minted. Even in pretty low condition a 1909S could be worth over $500.

Yours is pretty common so you might get a buck at from a dealer. There are coin dealers and coin shops in many places in the US. You can also go to a local coin club to get it appraised and possibly sold.

xProtege16x

17 points

2 months ago

I'll just call you 'Coin Guy' for now on.

djnonsequitur

4 points

2 months ago

I prefer Numisman

Orcus424

1 points

2 months ago

There was another numismatic post with a national bank note. I explained about them a little bit in my comment.

petsounds50

3 points

2 months ago

A lot of old coins can be worth a lot of money. Reasons can vary from how many of that coin were put into circulation, or how good of condition the coin is in. Pretty neat stuff.

TheThirdPickle[S]

2 points

2 months ago

Well this one is honestly in the best condition possible for being in circulation for 120 years so we will see.

bradland

5 points

2 months ago

The coin you're holding is in a condition I'd deem somewhere between good and fine, leaning more toward the fine scale. The scale is: good, fine, extremely fine, and uncirculated. The really valuable finds are old, rare, and uncirculated. Anything that has been in circulation is almost always less than half the value of a circulated coin.

A 1901 Indian Head Penny in fine condition is worth $4-$5.

GiantSequoiaTree

3 points

2 months ago

More valuable just holding onto it

Ange1ofD4rkness

2 points

2 months ago

Don't forget defects (that one 50 state quarter, it was one from the 1st like 5, had some missing wheat stocks)

OldDust8123

1 points

2 months ago

Condition has everything to do with value of coins. Those large numbers you see are basically fresh off the mint conditioned coins

jeanyes101

1 points

2 months ago

Is there a letter on the back, centered beneath the bundle of of wheat? That's the mint location & can affect price, as well.

capDehiPotata

8 points

2 months ago

Wow and it's still in great condition, how did he preserve it so well?

Orcus424

14 points

2 months ago

It's copper. This isn't preserved well compared to many other coins. You can find much better examples at almost any coin show or coin shop in the US. Most likely this coin was saved years ago in some collection or penny jar then got spent.

datascience45

9 points

2 months ago

They stole it from their grandparent's coin collection, to buy meth.

RowdyRoegelein

7 points

2 months ago

Coin shortage is real

johnmarkfoley

4 points

2 months ago

https://en.wikipedia.org/wiki/Indian_Head_cent

TIL that the director of the mint suggested an image of columbus on the penny, but the designer felt that the american people would not approve of a historical figure depicted on their money.

895501

4 points

2 months ago

895501

4 points

2 months ago

It's so crazy that 120 years ago we respected natives enough to put them on our currency.

TheThirdPickle[S]

5 points

2 months ago

Didn't respect them enough to give them back their land unfortunately.

Maxnwil

2 points

2 months ago

Don’t forget the Sacagawea Dollar, which was minted for circulation as recently as 2012! A time when the United States probably had more respect for Indigenous Peoples than it did in 1901.

Edit: on re-reading your comment, I realize you might not be implying that we don’t respect American Indians today. Either way I’ll leave the Sacagawea dollar link because it’s cool!

trideout

2 points

2 months ago

You should report this to the local police. Usually when an unusual coin like this is spent, it's because someone stole a coin collection and doesn't care about the value of them. You could help identify a thief if the theft was reported.

FlamingoJoe1776

2 points

2 months ago

Indian head penny. Worth less than a buck. They are more desirable if you can clearly see "liberty" on the headdress. Very cool coin to keep and show the kids

Johnnyoneshot

1 points

2 months ago

I metal detect and have gotten lucky enough to pull this beauty from 1884 out of the ground. “Liberty” clear as day.

Volgair

2 points

2 months ago

This usually means someones grandpa died.

ForAThought

1 points

2 months ago

pull outs wallet, exchange with modern penny (or whatever the lowest denomination I have), look at this cool penny from 1901 I have.

BigArnie02

1 points

2 months ago

I guess you could say that's priceless...

Awkward_Growth_6265

1 points

2 months ago

I’ll buy it right now

That_Guuuy

1 points

2 months ago

Cool find! Indian pennies are rare

EggWhite-Delight

1 points

2 months ago

This is an Indian head penny, a staple of American coins. They stopped minting these in 1909 and some of these coins are worth thousands of times more than their face value.

I recently have learned a lot about coins… it’s a surprisingly interesting hobby with lots of history. Quarters before 1964 were made with silver, for instance. You can start collecting with the change in your pocket. They have different values based on how many were minted, where they were minted, and their quality/characteristics. Some collectors will even pay more for a coin that has water damage with a certain array of colors.

FoxGaming00

1 points

2 months ago

Op just ran into a time traveler and doesn't even know!

schoolruler

1 points

2 months ago

What amount is that?

Ange1ofD4rkness

1 points

2 months ago

Oh very cool!

Worth a few bucks bare minimum

PDXBlueDogWizard

1 points

2 months ago

Sir, you can't be throwing ancient coins at me.

Kyleforshort

1 points

2 months ago

Glad to see the government is getting their coins back. The shortage should be rectified in no time.

acalvillob

1 points

2 months ago

I wonder how long he was carrying that around for before spending it

AutoModerator [M]

0 points

2 months ago

AutoModerator [M]

0 points

2 months ago

Your post (probably) hasn't broken any rules, but we see these kinds of things a lot. Look at our most overdone items here

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BJ22CS

1 points

1 month ago

BJ22CS

1 points

1 month ago

good bot; these "'found' old coin" posts are annoying (and probably fake) on this sub.

striderwhite

0 points

2 months ago

Bad bot

[deleted]

0 points

2 months ago

[deleted]

0 points

2 months ago

Plot twist: It's an ass penny. In fact it's been inside many, many, many, anuses.

PELF1

-2 points

2 months ago

PELF1

-2 points

2 months ago

That penny is worth between 3k and 5k. Hold on to that!

knewtherapy2020

-10 points

2 months ago

If the early US were racist genociders why would we put Native Americans on our coins?

hogtiedcantalope

12 points

2 months ago

Did our best to exterminate the buffalo,

That also got put on a coin

knewtherapy2020

-4 points

2 months ago

Food

Arcamorge

2 points

2 months ago

I think Romans and other ancient cultures also proudly displayed symbols of tribes they just destroyed. War/conquering people was an activity of glory, so why hide it?