Carrying costs > liquidity premium, a continuing series

The white-haired parking meter repairman who, little by little, stole
more than $100,000 in coins from meters in Alexandria [VA], pleaded guilty
today to two counts of embezzling public funds, and faces a maximum of
40 years in prison.

Police caught William Jonas Fell, 61, in April, and when they searched
his house they discovered about $100,000 in paper money and $7,100 in
nickels, dimes and quarters stashed in rolls, a bucket and a silver
cup.

Fell's lawyer, Greg English, said that for more than a year, Fell
would ferry the coins home and exchange them for bills at a supermarket
near his home in Stafford county.

"What else do you do with it?" English said after the hearing in
Alexandria Circuit Court. "You can't put it in your checking account."

Here is more.