Family Discovers Over 1 Million Cents in Los Angeles Inheritance
During their estimation, the Reyes family uncovered a staggering 1 million coins, but ultimately found that they possessed 800,000 cents.
Transporting the coins in trucks, the family attempted to deposit them in various banking institutions across Los Angeles and Riverside counties. However, due to the sheer volume, none of the banks had the capacity to accommodate the coins.
With each trip, the family experienced losses as the coins were stored in bags, cardboard boxes, plastic crates, and other packaging, all filled to the brim.
A Weighty Inheritance: Over 1 Million Cents Unearthed in Los Angeles
According to John Reyes, his father-in-law, who worked as a butcher in Hollywood, emigrated from Germany and had a peculiar habit of requesting pennies when cashing his checks. He believed that some of them would appreciate significantly over time.
Over the course of several decades, Fritz, as he was known to his son-in-law, accumulated the coins in the basement of his residence on Union Pico Boulevard.
Unfortunately, Fritz passed away before he could reveal his project to his daughters.
Last year, during a cleaning session at their father’s house, Elizabeth and her sister stumbled upon the pennies. However, lacking the time to conduct thorough research, they decided to sell their unexpected inheritance.
Although they received several offers, the highest bid they received was $10,000, equivalent to a million cents.
Over 1,000 Offers for the Estate of John Reyes’ German Father-in-Law
In a last-ditch effort, Reyes shared his situation through KTLA, which unexpectedly garnered the attention of a wide audience.
Reyes received an overwhelming 1,000 offers via email, many of which he left unanswered as he never anticipated such a high level of interest in his weighty “burden.”
The buyer of the pennies insisted on signing a contract, leaving Reyes unable to disclose the exact amount sold. Details such as the buyer’s identity, location, and the method used to transport the coins out of Los Angeles remain undisclosed.
Reyes did not mention the potential consequences of revealing any information, but the fear of having the coins returned after the effort put into selling them is enough to keep him silent.
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Aging that eventually became damaged. They also faced the challenge of counting and converting such a large amount of coins into dollars.
Eventually, the family reached out to Coinstar, a company that specializes in counting and converting loose change. Coinstar provided the family with special bags and containers to transport the coins. After several trips to different Coinstar locations, the Reyes family was able to successfully convert their 800,000 cents into a more manageable amount of money.
The Reyes family discovered over 1 million coins in an inheritance, but found that they possessed 800,000 cents. They attempted to deposit the coins in various banks but faced challenges due to the volume and packaging. Eventually, they reached out to Coinstar for assistance, and were able to successfully convert their coins into a more manageable amount of money.
What challenges did the Reyes family face when attempting to deposit their inheritance of over 1 million coins in various banks?
– The first challenge the Reyes family faced was finding banks that would accept such a large number of coins. Many banks have policies and restrictions on the amount and type of coins they will accept for deposit.
– Another challenge was the physical weight and bulk of the coins. Transporting over 1 million coins to different banks would require significant effort and resources, as the coins can be heavy and cumbersome to handle.
– The process of counting and verifying such a large number of coins would also pose a challenge. Banks would need to ensure the accuracy of the deposit, which could be time-consuming and require specialized equipment.
– There may have been potential security concerns as well, as the large amount of coins could attract attention and potentially make the Reyes family vulnerable to theft or other risks.
– Additionally, the logistics of coordinating multiple bank visits and managing the paperwork associated with depositing such a significant sum of money would have presented another challenge for the family.