Man Cashes In 45-Year Penny Collection for $5000

A penny saved is indeed a penny earned.

Otha Anders, a man from Louisiana, just came up with the decision to cash in the pennies he had been saving for 45 years now – and it eventually turned out to be worth over $5,000.

Anders began his unique collection when he found a penny on the ground one day. He took it as a sign from God to pray and express gratitude.

“I became convinced that spotting a lost or dropped penny was an additional God-given incentive reminding me to always be thankful,” said the 73-year-old man in an interview. “There have been days where I failed to pray, and more often than not, a lost or dropped penny would show up to remind me.”

He ended up having 15 large plastic water jugs filled with pennies. The total amount was $5,136.14. Ruston Origin Bank staff members helped him during the transaction and it took them five hours to count all the pennies in their coin machine.

Importance of Saving Money

Saving money is, of course, an important thing to do.

With sufficient savings come financial independence and you wouldn’t have to depend on others. You may use the money the moment you lose your job or when you want to start a new business.

On top of that, the money can be useful for unforeseen expenses such as home or car repair. It helps you avoid unnecessary debt. The same can be said when you encounter emergencies such as hospitalization of a loved one or when you encounter severe weather in your area.

Finally, it allows you to be financially secure when you reach retirement age.

As financial journalist Jean Chatzky aptly put it, “By definition, saving – for anything – requires us to not get things now so that we can get bigger ones later.”

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