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Fascinating True Stories from the Flip Side of History

Tag Archives: 1902

Pennies Hoarded for Gold

Long before The Amityville Horror made the village famous, The New York Times reported on February 9, 1903 that its citizens were hoarding pennies. This probably doesn’t come as much of a shock to you since people have been hoarding pennies for many years now. What’s odd about this story is that they were only hoarding shiny 1902 pennies and nothing else.

Why 1902 and why shiny? It was all traced back to a Fulton Fish Market dealer named Alvah W. Haff, who was a resident of Amityville. Since his wholesale fish business required him to give customers lots and lots of change, the Amityville bank will contact him when they had too many small coins on hand. Eleven days prior to the story being published, he obtained 3000 copper pennies from the bank. Since this occurred right after the holiday shopping season, the department stores had just given out tons of shiny new 1902 pennies as change for purchases made. Someone commented to Mr. Haff about the shiny pennies and he jokingly said that he was “going to take the coins and get the gold out of them.”

Could brand new 1902 pennies really contain gold?  Image from the Wikimedia Commons.

Next thing you know, a story started to spread to the coins were so shiny because a careless smelter had accidentally dropped a bar of gold into the molten copper. Suddenly, people were checking every penny they were given and keeping the shiny 1902 model to cash in for the gold.

And analysis made by the public schools chemistry class confirmed what you probably knew all along: the pennies contain no gold. Every penny was still worth one penny.