MONEY: For 1

Fed up with calls from people wanting to sell them pennies, Los Angeles coin dealers quit answering their jangling phones. In Ohio, a man offered a new 1960 Pontiac for a $50 bag of mint 1960 pennies. In Philadelphia, San Francisco and other cities, banks were experiencing a penny shortage.

The penny panic broke out when a Washington coin dealer told a reporter that new 1960 pennies with flawed date numerals were "the hottest item in the coin business," bringing up to $8 apiece. When the story hit the papers, a post office in New Orleans had to...

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