John Reyes, a realtor from southern California, faced a unique problem when he found over 1 million copper pennies stashed away in the crawlspace of his father-in-law’s Los Angeles home. The pennies were hidden in dozens of bank bags and may be worth anywhere from $10,000 at face value to possibly much more. According to KTLA News, the family conjectures that the 1900s-era home was once used as a bed and breakfast by John’s father-in-law Fritz, an immigrant from Germany who, with his brother, lived in the home for decades until Fritz passed away and his brother moved away.
While the family has been working to renovate the house, cleaning it out has proven to be quite a task. Reyes said, “They kept everything,” speaking about his father-in-law and dealing with the vast number of items left behind. The crawlspace was packed so tightly with items that family members had to get on their knees to reach deep into its corners. This is where they found the enormous cache of pennies, first loose ones and then crates and boxes filled with coin bags.
After testing the coins and realizing they were made of copper, the family estimated having around 1 million pennies. However, cashing in on the value of their find has posed a challenge. They initially considered going to Coinstar, but remembered the 8% fee for their service, and then contacted banks, only to be informed that there were too many coins for any vault to handle and that there might be a rare coin worth millions somewhere in the dozens of bags. Reyes stated: “You see all these stories of people finding pennies worth $2 million.”
In the end, after sorting through their find for months, the family decided to put it up for sale on OfferUp for $25,000 because, as Reyes explained, “The value is in the uniqueness.” However, potential buyers beware: You would be responsible for picking up the coins, which required two heavily loaded trucks to get them out of the house.
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