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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
Chris
July 10, 2012 at 5:50 pm

LOVE IT !!!!!!!!!!!!!!!!!!!!!

mike
July 10, 2012 at 5:44 pm

I'm not sure what 62,000 pennies weigh, but I'd be willing to bet a couple of pennies the copper sold by the pound was worth more than the 620.00 to make that final payment.

Eddie
July 10, 2012 at 5:41 pm

I had the same demands by my EX-wife. She said wheres my money?(chld support). So I said you don't have to call I know when its due and that 2 to 3 days from now. She said "I need my money. So waited three months and I went to the and got the money in pennies and sent it to her, that ended the problem. That was 30 yrs ago. She never asked for the money again.

SHANA
July 10, 2012 at 5:03 pm

I think this was great. Finally, paying off his mortgage. Not many can say this these days. As my dear mom would say, pennies make dollars. God bless him and his wife.

Melinda duckworth
July 10, 2012 at 4:56 pm

I love this. I did the same thing but not to pay off my home but to pay a rental bill. I told the company they didn't need to call me every week to remind me i had a payment due and when they continued I warned them if they did it again i would be making my payment in pennies. You guessed it and the very next week when they called i said i would be right over, i counted out $74.61 out in pennies that i had been saving for quite the while and went and made my payment, they couldn't refuse my money and needless to say i was not given reminder calls in the future

Becki
July 10, 2012 at 4:54 pm

I love it!! Too funny! I might have to try that myself ;)

Hank
July 10, 2012 at 4:43 pm

A banker once told me that pennies are only legal tender for up to a certain amount....like maybe 50 cents.

Bob
July 10, 2012 at 4:21 pm

Unfortunately, the pennies were probably worth more than $620.

Phil
July 10, 2012 at 4:03 pm

I very calmly wrote the check, handed it over, and smiled.

John
July 10, 2012 at 3:53 pm

I just want to see a pic of this massive penny collection.