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The power of the almighty penny

By Crissinda Ponder · Bankrate.com
Monday, July 9, 2012
Posted: 2 pm ET

Paying off a mortgage can be a more-than-wonderful feeling and, as I'm assured, an unforgettable one.

But Thomas Daigle upped the ante and made the experience of paying off his mortgage extra special this year. The Milford, Mass., resident showed up at his mortgage lender's establishment with 62,000 pennies to pay his $620 loan balance, according to The Milford Daily News.

Daigle and his wife, Sandra, moved into their home 35 years ago. After borrowing from the Milford Federal Savings and Loan Association and purchasing the home, Daigle promised himself he would make the final payment in pennies.

Being a man of his word, he started collecting an average of 2.5 pennies a day. He tried holding the pennies in a grape crate, which proved to be overwhelming. So, he secured military rocket launcher ammo boxes to contain the colossal coin collection.

Daigle used rainy and snowy days to roll up pennies by the 50. When he would pick up a penny and declare that it was going toward the mortgage, Sandra would laugh -- not realizing the extent of his savings.

The "pay off my mortgage" day landed on April 24, the same day Daigle and his wife celebrated their 35th anniversary. Milford Federal was given a heads up about a month before he made the delivery. The bank says every penny roll was perfectly counted.

He continues to pursue and pocket pennies, but instead of accumulating them for future use, he visits grocery store change sorting machines and cashes in.

How will you pay off your long-term mortgage? Share your ideas in the comments section.

Crissinda Ponder is a reporting intern for Bankrate. Follow her on Twitter @CrissiPonder.

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26 Comments
Edmund Vildosola
August 04, 2012 at 7:14 am

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Roberta Westbrooks
July 31, 2012 at 1:27 pm

I think that is the most moving story I have heard. God Bless them both.

BILL
July 10, 2012 at 8:48 pm

All the pennies minted prior to 1982 were copper. Each of those pennies has a current metal value of 2.25 cents.

JOE
July 10, 2012 at 7:56 pm

may he be blessed with all the change to do what ever he might think of,more power to the penny!!!!

Dave Scott
July 10, 2012 at 7:29 pm

Since he had been collecting them for years, he should have had an expert go through them. Many pennies are worth a consideerabkle amount of money to collectors

JT
July 10, 2012 at 6:24 pm

I suspect I am not alone. I will pay off my mortgage by buying down to a smaller home.