In a tale that seems straight out of a hidden treasures story, California realtor John Reyes and his wife, Elizabeth, stumbled upon an unexpected windfall while cleaning out his late father-in-law’s former home in the Pico-Union neighborhood of Los Angeles. What they discovered was not gold or jewels, but something equally fascinating – one million pennies tucked away in a crawlspace in the basement.
The Reyes family had been engaged in the arduous task of clearing out the decades-worth of belongings accumulated in the house for a year before the startling find. The coins, stored in crates, boxes, and even lead-sealed bank bags, were hidden beneath heavy items, creating an atmosphere that was full of suspense and, according to Reyes, “full of spiderwebs.”
However, the challenge didn’t end with the discovery. Reyes faced difficulty finding a bank willing to exchange the pennies for cash. It was only after some persistence that a bank manager suggested the possibility that these pennies might have a value beyond their face value. Intrigued, Reyes embarked on a journey to uncover the potential rarity of the coins.
Upon further investigation, Reyes learned that the pennies dated back to the 1980s when the U.S. Mint transitioned from using copper to zinc due to the anticipation of a rise in copper prices. Convinced that his father-in-law, Fritz, had foreseen the switch and started collecting the coins for their copper value, Reyes decided to explore the possibility of selling them for more than their $10,000 face value.
Reyes has now listed the coins on OfferUp, a popular resale app and website, with an asking price of $25,000 – more than double their nominal value. He hopes that someone with an interest in collecting rare coins will appreciate the uniqueness of the find.
While Reyes has received piecemeal offers, he remains patient, waiting for the right buyer to come forward and take the entire collection off his hands. The decision to sell the coins at a premium is rooted in the belief that the value lies not just in the face value but in the uniqueness and potential rarity of some of the pieces.
Fritz, a German immigrant who lived in the home for decades along with his brother, left behind this intriguing collection of pennies, unknowingly setting the stage for an unexpected financial discovery. The story of the Reyes family and their extraordinary find serves as a reminder that sometimes, hidden treasures can be found in the most unexpected places, waiting to be unearthed by those willing to explore beyond the surface.
