I got yer inflation right here:

And they say the gold copper standard doesn't work

/yeah, collectors are crazy

Lando Lincoln: God forbid that they should post a picture of the penny in question.

Link (new window)

Thanks for the linkage. I was about to biatch about the same thing. You went the extra step and did us a solid.

Misleading headline is misleading.

RON PAUL!

1 penny invested in 1793 at an annual compound interest rate of 8.93524% would be worth 1.38 million dollars today.

Compound interest. Scary stuff.

CluelessMoron: 1 penny invested in 1793 at an annual compound interest rate of 8.93524% would be worth 1.38 million dollars today.

Compound interest. Scary stuff.

Ben Franklin worked that out and funded a University that way. Or something like that. I need to look it up.

That's a pretty penny (the amount it's worth. not the actual thing)

tomWright: CluelessMoron: 1 penny invested in 1793 at an annual compound interest rate of 8.93524% would be worth 1.38 million dollars today.

Compound interest. Scary stuff.

Ben Franklin worked that out and funded a University that way. Or something like that. I need to look it up.

Imagine what he could have financed if he didn't spend all of that money on whores.

In 1789, Benjamin Franklin added a codicil, or supplemental provision, to his will providing about $4,550 each (about $108,000 in 2008 dollars) to Boston and Philadelphia. Mr. Franklin stipulated that the funds should be used to make loans at 5% interest to young craftsmen under the age of 25 to help them set up their businesses. The loans were to be given only to those craftsmen who were married, had completed their apprenticeships, and could obtain two co-signers to vouch for them.

...

In truth, Boston only had about $5,000,000 in its fund at the end of the 200 years, and Philadelphia only had about $2,000,000. That's still a strong testament to the power of compound interest. Turning $9,100 into $7,000,000 is sure to catch most people's attention. (And that's after spending 75% of it halfway through the 200 year period. It could have theoretically reached well over $78,000,000 if they had never spent any and had managed it well.)

Boston and Philadelphia both started out following Franklin's wishes, but other factors came into play and thwarted his original plans. The Boston fund started investing in savings accounts and a life insurance company after the Industrial Revolution, when more people started working for big companies instead of setting up their own small businesses. Philadelphia used its fund mostly for mortgages during the last 50 years, which was probably more in line with Franklin's intentions. (new window)

rjakobi: tomWright: CluelessMoron: 1 penny invested in 1793 at an annual compound interest rate of 8.93524% would be worth 1.38 million dollars today.

Compound interest. Scary stuff.

Ben Franklin worked that out and funded a University that way. Or something like that. I need to look it up.

Imagine what he could have financed if he didn't spend all of that money on whores.

He managed to do BOTH.

But that's why he is a genius and we are not.

CluelessMoron: 1 penny invested in 1793 at an annual compound interest rate of 8.93524% would be worth 1.38 million dollars today.

Compound interest. Scary stuff.

Who can get 8.93524% interest? We're lucky to get 0.5% interest from bailed out banks.

Next stop:

BS - one cent in 1800 would be worth 13 cents today. See: http://www.westegg.com/inflation/infl.cgi

GBB: Next stop:
[encrypted-tbn0.google.com image 182x277]

Was it on Fark that I read about some idiots dumping a fairly valuable coin collection into one of those? I swear I saw it somewhere...

Lando Lincoln: God forbid that they should post a picture of the penny in question.

Link (new window)

Whatever you do, don't take the time to read threw the comments on that page.

/"penny for your thoughts" would be overpaying the commenters
//even if it's a contemporary Zincoln

rikkidoxx: BS - one cent in 1800 would be worth 13 cents today. See: http://www.westegg.com/inflation/infl.cgi

Ha! If you choose to believe the official figures, which are based on a "basket of goods" that conveniently doesn't even include this.

PizzaJedi81: GBB: Next stop:
[encrypted-tbn0.google.com image 182x277]

Was it on Fark that I read about some idiots dumping a fairly valuable coin collection into one of those? I swear I saw it somewhere...

Linkypop (new window)

rikkidoxx: BS - one cent in 1800 would be worth 13 cents today. See: http://www.westegg.com/inflation/infl.cgi

And the copper in that cent would be worth around seven cents.

But don't let that stop you from "stacking" copper pennies. They Might Be Worth Something One Day!

Is not impressed

jfarkinB: rikkidoxx: BS - one cent in 1800 would be worth 13 cents today. See: http://www.westegg.com/inflation/infl.cgi

And the copper in that cent would be worth around seven cents.

But don't let that stop you from "stacking" copper pennies. They Might Be Worth Something One Day!

They're worth about 2.2 cents right now.

/Obsessively separates his pennies

Gee mister - thanks!

jfarkinB: And the copper in that cent would be worth around seven cents.

Much more, because 18th century pennies were much larger and made of pure copper.

What an idiot. He just paid a million dollars just to be broke.

What makes this penny so rare is that it has Lincoln's picture on it.

johnnygew: Gee mister - thanks!
[wiki-images.enotes.com image 250x137]

I always thought that was lame in that movie, a 1955 double die penny is not THAT valuable, I mean they made it sound like it was the holy grail of coins or something.

TeddyRooseveltsMustache: What an idiot. He just paid a million dollars just to be broke.

Montgomery Brewster's lawyers would disagree with you.

Zizzowop: I always thought that was lame in that movie, a 1955 double die penny is not THAT valuable, I mean they made it sound like it was the holy grail of coins or something.

"1907-S small date VDB" just doesn't have the same ring in a movie, and takes too much exposition to explain WHY it's valuable.

OBAMAAAA!!!!

Quickly Robbin to the Wayback Machine.

CluelessMoron: 1 penny invested in 1793 at an annual compound interest rate of 8.93524% would be worth 1.38 million dollars today.

Compound interest. Scary stuff.

The interest on my 401(k) this past year was -8.186%

Compound interest. Scary stuff, indeed.

Dwight_Yeast: 1907-S small date VDB

Now that would be a one of a kind coin worth millions.

Misleading headline is not just misleading, it's wrong. No amount of money could buy you a (genuine) ~220 year old US cent coin in 1793.

CluelessMoron: 1 penny invested in 1793 at an annual compound interest rate of 8.93524% would be worth 1.38 million dollars today.

Compound interest. Scary stuff.

That's why it's pretty much outlawed for long terms.

As for the penny, it's real gov backed worth would be about $0.13. Since it's probably the only one in existence, people's valuation of it is much higher.

What you could buy for one penny in 1793 now costs $1 million.

Who would buy a penny? What a dumb headline.
"Hey, can I buy that penny from you?"
"Uh, sure. That'll be one cent."
"Here you go!"

Dumb.

Passenger pigeon cutlets? Dodo drumsticks? Carolina Parakeet skins? Steller's Sea Cow leather boots?

Dwight_Yeast: Zizzowop: I always thought that was lame in that movie, a 1955 double die penny is not THAT valuable, I mean they made it sound like it was the holy grail of coins or something.

"1907-S small date VDB" just doesn't have the same ring in a movie, and takes too much exposition to explain WHY it's valuable.

Did you mean to say 1909?

While were on currency talk, things we need to do:

1) Get rid of the penny, as it's absolutely useless. Probably the nickle too.
2) Get rid of dollar bills, and issue $1 and $2 coins
3) Mandate on the federal level that all prices include any applicable taxes on the shelf.

Economically these are all no-brainers to do, save the government (taxpayer) money, and promote more fluid capitalism. Because the government is the only one who can do it, "Socialism!!!!!ZZ!"

TyrantII: While were on currency talk, things we need to do:

1) Get rid of the penny, as it's absolutely useless. Probably the nickle too.
2) Get rid of dollar bills, and issue $1 and $2 coins
3) Mandate on the federal level that all prices include any applicable taxes on the shelf.

Economically these are all no-brainers to do, save the government (taxpayer) money, and promote more fluid capitalism. Because the government is the only one who can do it, "Socialism!!!!!ZZ!"

1) If you ditched the nickle you'd have to ditch the quarter too, And I personally like a 25 cent piece better than a 20 cent piece like the EU countries have.
2) Most people only dislike dollar coins because most vending machines don't take them. If federal law mandated all vending machines take dollar coins People would gladly use them instead of trying to avoid getting them.
3) Right on.

Thanks a lot, Fartbongo.