Massachusetts Man Pays Off Mortgage with 800 lb. of Pennies

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Rex Ziak / Getty Images

When Thomas Daigle moved into his home in Milford, Mass., 35 years ago, he began saving pennies, vowing that he’d eventually use them to make his final mortgage payment. This April, he followed through on his pledge when he delivered two boxes containing 62,000 pennies to the local loan office.

Daigle always wanted to make his last payment “memorable,” he told the Milford Daily News. He and his wife Sandra moved into their current home in 1977, and from then on, he began saving just a few pennies a day. After a few years, the coins’ original container — a grape crate — began to budge, so Daigle purchased two military rocket-launcher ammo boxes to hold his bounty.

(MORE: Man Pays Medical Bill with 2,500 Pennies, Gets $140 Fine)

As the years went on, collecting the coins and rolling them into packs of 50 became something of a hobby for Daigle, who kept them stored in his basement. When it finally came time to make the last payment, Daigle estimated that the pennies weighed in at more than 800 lb. (360 kg). He alerted Milford Federal Savings and Loan Association, where he’d purchased the mortgage; his lenders approved of his unorthodox payment method.

Now that Daigle, an optician, has made his final payment, he said he’ll continue to pick up pennies he sees on the street. But no more of that basement-storing stuff — now he plans on turning them in for cash.

MORE: One Promising Economic Sign: Demand for Coins Is Up

11 comments
frostback
frostback

With the price of copper these days, he paid about twice as much as the face-value of those pennies. If the bank is smart, they'll simply drop them off at a scrap-yard and pocket the difference, no counting necessary.

Rainpeter
Rainpeter

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monirom
monirom

You mean bulge, not budge.

BluBlue
BluBlue

In other news: Local man really pizzes off bank employees...

Starshiprarity
Starshiprarity

Yeeeah... I get he had a backstory behind this and everything, but as an associate, I would insist he bring back a check.

Don Koh
Don Koh

The US penny should be discontinued as a legal US currency by 2014.  All transactions should then be averaged up or down to the nearest 5 cents.  There's no reason why any transaction should cost $13.03, or $2.04, or $43.01.  Just price it as $13.05, $2.05 and $43.00!  It's that simple!  It would probably contribute to an instantaneous .25% gain in US GDP, right off the bat.  And it wouldn't hurt low-income consumers in the least!  A win-win-win, considering the added simplification of no longer needing to keep track of the lbs of unnecessary and counter-productive coins (ie, penny) one needs to carry around!  Give everyone 1 year to cash them in!  Get rid of em...

f_galton
f_galton

I purchased my first wife with 800 pounds of pennies.

Rainpeter
Rainpeter

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