Picked up a penny near the City Hall station as I was buying coin wrappers for all the other change I seem to amass during my transactions throughout the day. Why do I still do this? There are machines that will tabulate my loose change collection. Saw one at Duane Reade. They take out about 9 cents for every dollar calculated. Not bad......maybe I'll try it.
Anyway, here's the joke which I saw while reading "The Four Pillars of Investing" by William J. Bernstein:
A professor and a student are strolling across campus. The student stops to pick up a ten-dollar bill which is lying on the ground. But he's stopped by the professor who says "Don't bother. If that were a real ten-dollar bill, someone would have picked it up already." The joke pertains to the market behavior.
I guess it's gotta be worth more than a penny for people to pick up street change in this city.
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Washington Mutual used to have those coin machines in their branches - they may still do. Not only do they not take even a penny of your money, but my friend said that the people were very helpful, showed him exactly how the machine worked, and didn't even care that he doesn't have an account with them.
Also, I heard that now Coinstar machines waive their customary fee if you exchange your change for an iTunes gift card. That's just what the orphans need, right? An iTunes gift card?
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