Penny Bags 1 1

[EagleRJO]

I came across one of these "penny bags" at a thrift store for a few bucks, which apparently are comprised of fifteen (15) 1972 P-D-S cents, and was curious if anyone knew more about them, like why the mint would sell something like that.

Also, what was the attraction vs a typical mint set, as I'm not really seeing that.  Maybe that's because I don't really collect cents, but perhaps some others who do might shed some light on that.

https://www.coinworld.com/news/us-coins/1972-and-1973-penny-bags-offered-by-us-mint-still-collectible.html

Edited September 16, 2023 by EagleRJO

[J P M]

Sorry , I have not seen these anywhere in my travels.

[Crawtomatic]

I'm pretty sure the 'why' is simply because they could.  The late 60s and 70s was a growth period in marketed collectibles.  

[Sandon]

   I have seen these 1972-73 bags on a few occasions at coin shows offered as low-price items.

   The mint resumed this practice for a while at some point. I purchased a similar small bag of 1985 cents (Philadelphia mint only) at the Philadelphia mint's gift shop during a visit to the mint that year. The mint did not offer rolls or larger bags of coins of any denomination directly to the public at that time. The mini cent bags were probably intended as souvenirs for visitors to the mint or gifts for children. I don't recall whether the mint sold the 1985 bags by mail order.

[EagleRJO]

Being sold as a mint gift shop item would explain a lot.

[i.e. that makes a lot of "cents" ]

Edited September 16, 2023 by EagleRJO

[powermad5000]

Who doesn't want a little mini bag of pennies? LOL! 

[zadok]

...i agree with Sandon, i believe these were mostly offered at mint gift shops, bit not cost effective if they were shipping cents from other mints to include all mints in same bag...ironic ur thread addresses '72 cents in bags, i do recall buying a few 5000 cent bags that year searching for the '72/72 double die, to no avail....

[Coinbuf]

Cannot tell from your photo, are the cents all bright and red or are they toned from the bag?   I would imagine that they are not in great condition from being banged around in those bags all these years.

[EagleRJO]

Nothing special with the cents.  Apparently the penny bag was a smaller gift shop version of the larger US mint stitched/drawstring bags used for transporting larger amounts of coins.

Edited September 18, 2023 by EagleRJO

[Conder101]

On 9/16/2023 at 7:57 AM, zadok said:

but not cost effective if they were shipping cents from other mints to include all mints in same bag.

I think it would be very cost effective.  Remember the gift shops are privately run not government.  So all the proprietors simply have a contact in the right area obtain a bag of cents from the back and ship them to where ever the little bags were assembled,  Costs are $15 for the cents plus the shipping costs and whatever they paid someone to assemble the bags.  If the sold them for 50 cents a bag revenue was $2,500.  So expenses were probably around $250 to $300 and net revenue was $2,200.  Sounds cost effective to me.

 

Wait ignore all that I goofed and figured 5,000 bags assembled not 1,000. and after reading the article sale price was 32 to 40 cents per bag so revenue was $320 to $400.  Still at least break even or a small profit.  Not the windfall I originally thought.

 

OK, red the article sold for 32 to 40 cents a bag, so gross revenue was 

Edited September 20, 2023 by Conder101

[zadok]

On 9/19/2023 at 9:05 PM, Conder101 said:

I think it would be very cost effective.  Remember the gift shops are privately run not government.  So all the proprietors simply have a contact in the right area obtain a bag of cents from the back and ship them to where ever the little bags were assembled,  Costs are $15 for the cents plus the shipping costs and whatever they paid someone to assemble the bags.  If the sold them for 50 cents a bag revenue was $2,500.  So expenses were probably around $250 to $300 and net revenue was $2,200.  Sounds cost effective to me.

 

Wait ignore all that I goofed and figured 5,000 bags assembled not 1,000. and after reading the article sale price was 32 to 40 cents per bag so revenue was $320 to $400.  Still at least break even or a small profit.  Not the windfall I originally thought.

 

OK, red the article sold for 32 to 40 cents a bag, so gross revenue was 

...seems like lot of effort to make very little...i was under assumption the gift shops were mint ran?...were they in 1972? if not then ur premise mite generate some return...if they were ran by the gov't then knowing the gov't they prob shipped a few metric tons worth n sold a few hundred bags n had to ship them back....

[Conder101]

Can't say fr sure in 1972 but today they are private businesses.

[Henri Charriere]

On 9/15/2023 at 5:03 PM, EagleRJO said:

I came across one of these "penny bags" at a thrift store for a few bucks, which apparently are comprised of fifteen (15) 1972 P-D-S cents, and was curious if anyone knew more about them, like why the mint would sell something like that.

Also, what was the attraction vs a typical mint set, as I'm not really seeing that.  Maybe that's because I don't really collect cents, but perhaps some others who do might shed some light on that.

https://www.coinworld.com/news/us-coins/1972-and-1973-penny-bags-offered-by-us-mint-still-collectible.html

I noticed your photos while away from my desk, and did a double-take when I did so.  Back at home I reached for my old Hagstrom's [NYC] map and discovered something of interest, particularly to old timers...

On the white envelope marked 1972 - U.C., is a return address for the U.S. Assay Office.  Those of you who have read the writings of Joseph Mitchell ("Up In the Old Hotel," Random House, 1992) know he wrote of lower Manhattan at great length.  The "1st Precinct [police] station house  (since relocated) was located at No. 16 Old Slip, slip being an old term used to denote the many wharves and piers which dotted the waterfront going back to early New York. It is now a police museum. I have no recollection of the Assay Office (or why it bore an even number, 30, situated as it was on the north side of the street where the street numbers run odd.) But in any event, there it was in my old dog-eared map dating to the late 1940's. On further investigation, I learned the U.S. Assay Office was completed in 1932, evidently across the police station by design, and later demolished in 1983. The property was sold, after an opening bid of $3 million, for some $27 million only months after its sales was announced.  The sale established it as "the most valuable government estate sold at public auction," at the time.

The Assay Building was demolished in 1936 and a 36-story office tower was erected on its site and re-named One Hanover Square. (Several ship cannons unearthed during excavation were donated to a local museum.)  Of interest, in the years since, the interior and exterior of the building were featured in the 1999 film, The Thomas Crown Affair starring Steve McQueen and Faye Dunaway. Quite an interesting history for "penny bags" likely unknown to passersby and collectors today.

Edited September 23, 2023 by Henri Charriere
Routine die-polishing.