Coin Community Family of Web Sites
Coin Community Forum
Username:
Password:
Save Password
Forgot your Password?

Welcome Guest! Need help? Got a question? Inherit some coins?
Our coin forum is completely free! Register Now!

*News* Coins worth much less than their metal

To participate in the forum you must log in or register.
Author Previous Topic Topic Next Topic  
Pillar of the Community
1244 Posts
 Posted 03/05/2012  01:55 am Show Profile Bookmark this topic Add Australian coin to your friends list Get a Link to this Message

link>>

http://finance.ninemsn.com.au/newsb...-their-metal

Pillar of the Community
Australia
643 Posts
 Posted 03/05/2012  02:41 am  Show Profile Bookmark this reply Add MobOfRoos to your friends list Get a Link to this Reply
I think the Sub editor has got confused. The headline contradics the article which actually says that coins are worth MORE than their metal
Pillar of the Community
Australia
4411 Posts
 Posted 03/05/2012  03:06 am  Show Profile Check enworb's eBay Listings Bookmark this reply Add enworb to your friends list Get a Link to this Reply
Very strange article. No Australian coins other than those demonetised have more metal value than face.
Valued Member
Australia
312 Posts
 Posted 03/05/2012  03:26 am  Show Profile Bookmark this reply Add ADMISLSE to your friends list Get a Link to this Reply
haha.............. good news for 50c collectors, like me.
Pillar of the Community
1119 Posts
 Posted 03/05/2012  03:58 am  Show Profile Bookmark this reply Add erkle to your friends list Get a Link to this Reply
the 20c is better values, its worth more than 50% of its face value
Pillar of the Community
Australia
643 Posts
 Posted 03/05/2012  04:26 am  Show Profile Bookmark this reply Add MobOfRoos to your friends list Get a Link to this Reply

Quote:
The intrinsic value of the five cent piece was 2.83 cents


I guess we wont be seeing the end of the 5c any time soon
Valued Member
Australia
161 Posts
 Posted 03/05/2012  04:36 am  Show Profile Bookmark this reply Add rbarat to your friends list Get a Link to this Reply

Quote:
I guess we wont be seeing the end of the 5c any time soon


I'm assuming the values listed are the costs of the materials, and not the cost to mint/manufacture/distribute them as well.

Taking that into consideration may bring it closer to the 5c mark

Moderator
Learn More...
Australia
11222 Posts
 Posted 03/05/2012  05:17 am  Show Profile Bookmark this reply Add Sap to your friends list Get a Link to this Reply

Quote:
from article:
Oddly, the $2 coin's constituent metals, valued at 4.82 cents, were worth less than that of the $1 coin (6.58 cents).

The $2 coin is obviously a much smaller coin than the $1 and is made of the same alloy. So I fail to see why it's smaller intrinsic value would be considered "odd" by anybody.


Quote:
I'm assuming the values listed are the costs of the materials, and not the cost to mint/manufacture/distribute them as well.

Taking that into consideration may bring it closer to the 5c mark

Closer, but not over. Mintage labour costs are still less than a cent a coin, perhaps slightly higher in the case of the ones with strange shapes or edges.

Though it's a little more difficult to break down metal costs and labour costs these days, because the RAM doesn't make its own blanks anymore. They're all imported from South Korea. So the labour cost of producing the blanks is included in the price the RAM pays for the blanks. I'm not sure whether the Treasury figures quoted are the actual prices paid by the RAM for blanks, or were simply the "spot-metal" calculations like you could get off of sites like CurrencyDebasement.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
Pillar of the Community
Australia
977 Posts
 Posted 03/05/2012  05:31 am  Show Profile Bookmark this reply Add ozcoins to your friends list Get a Link to this Reply
I thought I made a post about this after my recent visit to the mint, but I did a search and could not find it.
The person doing the presentation said it cost 7 cents to make a 5 cent coin.
No idea of exactly what went into the 7 cent figure.
Pillar of the Community
Australia
853 Posts
 Posted 03/05/2012  05:32 am  Show Profile Bookmark this reply Add goatieman23 to your friends list Get a Link to this Reply
Well we haven't seen or heard that the 5 cent piece is going to be discontinued, although there was ample discussion years ago.

SAP sll true about the off-shoring of the blanks. We never get full details...there's always bound to be a figure that no-one actually ever sees.
Valued Member
Australia
490 Posts
 Posted 03/05/2012  08:11 am  Show Profile Bookmark this reply Add steve - Oz 50c man to your friends list Get a Link to this Reply
news? what? sorry, I didn't realise it was hard to look up commodity metals prices on the interwebby thingy and use a calculator...
Pillar of the Community
Australia
503 Posts
 Posted 03/05/2012  10:06 am  Show Profile Bookmark this reply Add FNQ to your friends list Get a Link to this Reply
Pressure to eliminate the 5c piece, alter the composition or resize the coinage, has subsided somewhat in recent times although long-term I don't think it's a matter of if, but when.

The price of nickel pre-GFC would have been a primary factor, which also saw the US review coin composition.

I've assembled the following table to show the $A Cu/Ni composition at LME spot price for 5 years ago, during the depth of the GFC and current.

Coin | Ap2007 | Ja2009 | Ja2012
0.05 | 0.0555 | 0.0171 | 0.0208
0.10 | 0.1111 | 0.0342 | 0.0417
0.20 | 0.2221 | 0.0684 | 0.0834
0.50 | 0.3057 | 0.0941 | 0.1148

These figures are purely metal prices, and do not take into account blanks, coining, distribution or administration.
Valued Member
Australia
59 Posts
 Posted 03/05/2012  11:44 pm  Show Profile Bookmark this reply Add denny5 to your friends list Get a Link to this Reply
I read similar articles before. The same story happened on US 1cent coin before. Just curious, if the mental value greater than the face value of coin, is there any chance that we (anyone) sell them based on mental value? If not, there is no difference. Just like the notes, they worth nothing, just the numbers on them making difference.
Pillar of the Community
Australia
853 Posts
 Posted 03/05/2012  11:59 pm  Show Profile Bookmark this reply Add goatieman23 to your friends list Get a Link to this Reply
Well FNQ, your stats are suggesting that the prices of the metals (or Cu/Ni specifically) has decresed dramatically.
Which tells me that the main discussion for discontinuation of the 5c piece would have been back in 2007.
What do you think?
It is a matter of when, but it's getting dragged along...longer & longer.
Pillar of the Community
Australia
4411 Posts
 Posted 03/06/2012  12:13 am  Show Profile Check enworb's eBay Listings Bookmark this reply Add enworb to your friends list Get a Link to this Reply
I sold all my one and two cent coins to a scrap metal dealer for a little less than twice face value. Eventually the same will hapen with the coins we have now. I dont think it will be for a while but the metal content will be more than face and they will be replaced.
Pillar of the Community
Australia
503 Posts
 Posted 03/06/2012  07:45 am  Show Profile Bookmark this reply Add FNQ to your friends list Get a Link to this Reply
Nickel at that stage was around A$29 a pound, whereas it's currently about $8, so yes the base metal cost pressure has subsided.

In the US they enacted legislation to prevent people melting down or exporting pennies and nickels.

@enworb lol Nice way to make a bit on your "investment", but I hope you kept the good ones.
  Previous Topic Topic Next Topic  
To participate in the forum you must log in or register.
American Silver Eagles only $2.49 over Spot!Coins Commemorating the 2014 Sochi Winter Olympic GamesSELECTED Modern WORLD Coins with LOW MintageCoinSniper.com is the numismatic penny auction.SWCoins - We Love Coins
Coin Community Member eBay Sales - Only CCF Members Included Here
Ending Soon   Newly Listed   Lowest Price   Highest Price  
Certified Coins   Certified VAMs   Certified Errors  
New Forum Topics Recently Active Forum Topics




Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2014 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited.
Contact Us  |  Advertise Here  |  Privacy Policy / Terms of Use
Coin Community Forum © 2005 - 2014 Coin Community Forums Go To Top Of Page
It took 1.89 seconds to rattle this change. Powered By: Snitz Forums 2000 Version 3.4.05