See a penny, pick it up. That’s what Thomas Daigle has been doing for 35 years, saving enough pennies to pay off his mortgage.
When Mr. Daigle and wife first moved into their Milford, Mass. home in 1977, he knew he wanted to make his last payment memorable and from then on, started saving a few pennies a day. “It was something I wanted to do,” he told the Milford Daily News. “I was just praying I didn’t die first.”
After a few years of collecting, the grape crate he stored the pennies in began to break from the overwhelming weight, so transferred his bounty to a pair of steel military rocket-launcher ammo boxes. Mr. Daigle rolled the pennies in packs of 50, which became a hobby for him, and stored them in his basement.
This past April, he had enough pennies to make his final mortgage payment, which weighed-in at more than 360 kg, delivering the two boxes to the bank. According to the Milford Daily News, he didn’t say the exact number of pennies he had, but the total came in at over 62,000.
But if any homeowners in Canada want to make their mortgage payment in pennies, they better start hoarding. The federal government announced in March that it is phasing out the copper coin starting this fall, citing rising production costs.
Canadians don’t appear to be as interested as Mr. Daigle is in making a statement with their mortgage though. According to a new survey by the Bank of Montreal, almost half of all Canadians don’t know the new mortgage rules taking effect today. One of the rules is a reduction in the amortization period, from 30 years to 25 years, which is meant to give borrowers less time to pay their mortgage and reduce their debt burden.