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 Replies: 22 / Views: 4,762 |
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Pillar of the Community
Canada
1051 Posts |
I've got about $200 face value of pre-'82 nickels in a box. Current nickel price puts the intrinsic value at around $155 CAD, but commodities don't seem to be getting any stronger. What do you all think, wait for years for them to bounce back, or just sell them to the bank and be done with it?
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Rest in Peace
United States
18456 Posts |
your choice, but I would dump them.
Edited by T-BOP
12/18/2015 07:14 am
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Valued Member
Canada
158 Posts |
If you can afford to wait and don't need the 200 bucks, put them on a shelf somewhere and forget about them. It could be 4, 5, 10 years? Who knows how long. You also will need someone willing to buy them for their metal value, I've always had a hard time finding that right person for Ni. The coins are also getting less common due to the ARP.
Personally, $200 has more value to me now then $250 might in 10 years.... I'd cash them in.
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Pillar of the Community
Canada
4227 Posts |
Yeah, there's no wrong answer here. I still grab them, but it's more for fun. I don't really expect anything wonderful to happen value-wise.
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Pillar of the Community
United States
1316 Posts |
If maximizing value is what you are after, you would surely be able to dump them now, buy something else for flipping, and make a much better ROI than sitting on these for several years in hopes some melt value returns. You could go buy something off craiglist for $200 and flip it for a much larger profit a lot faster than sitting on these is going to produce.
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Bedrock of the Community
Canada
10743 Posts |
I've got a big bunch too.. and was keeping them to see if I could get more then dumping them back to the bank.  |
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Pillar of the Community
Canada
1747 Posts |
I had about $400 saved and I dumped them all back when the price started to drop. Here are my issues with hoarding nickels and pennies.
1) its 100% illegal to melt them down
2) if you found someone willing to smelt, the cost to do so is cost prohibitive unless you have an extreme amount (tonnage)
3) to actually profit from hoarding nickel or pennies the base value needs to double 5x (silver is hovering around 10x face)
So unless a lot of things happen, there will likely be no huge profit in this.
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Pillar of the Community
Canada
5324 Posts |
If you don't need the 200 bucks right at the moment, you already separated them just hang on someday they will be worth 15 cents again when Voisey Bay gets mined out.
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Pillar of the Community
United States
997 Posts |
Is it actually illegal to melt pennies and nickels in Canada? I know it is here in the USA but I am not aware that it is in Canada. It would be silly to be illegal since the RCM is doing a great job of doing so themselves. Update: It appears that it is indeed illegal to melt coins in Canada, not only pennies and nickels but any legal tender coin (of which the penny still is). Seems silly but I suppose there is a good reason for it. Edited by n9jig
12/18/2015 12:49 pm
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Pillar of the Community
 Canada
5394 Posts |
Dump them and put the money into Silver, or buy a couple of nice dinners.
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Moderator
Canada
10458 Posts |
I know a dealer who pays above face for those coins. I usually get $110 for every $100 face value from him...
"Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Pillar of the Community
 Canada
1051 Posts |
I thought about the comments posted here, and traded them for paper at the bank. The idea of shipping 40 pounds of nickels (IF I could even find a buyer) did not especially excite me!
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Valued Member
United States
214 Posts |
Interesting question. If I may add a twist, at what year would people stop dumping nickels (i.e returning them to the bank)? 1964 and earlier? With 1965-1981 off to the bank?
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Pillar of the Community
Canada
1051 Posts |
^ I'd get rid of anything post-1952 (King George VI). Everything from the Elizabethan era in worn condition is basically a spender, IMO. Edit: except the silver coins, of course  Edited by 1cent
12/19/2015 1:26 pm
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Pillar of the Community
Canada
1984 Posts |
SPP
Does the dealer who over face for these come to coin expo?
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Valued Member
United States
214 Posts |
With mintages under 10 million for 1955-1958, I wouldn't take any 1955-1958 nickels to the bank for ARP to haul them off to be melted down. I don't actively collect these years as I'm focused right now on KG V nickels but I'd pay 2x face value for 1955-1958 with out really a second thought. When buying KG V nickels, I try to pay no more than 5x face value (actually more because I calculate in USD and the rate of exchange isn't something I'm figuring into my calculations). |
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Replies: 22 / Views: 4,762 |
Posted 12/18/2015 07:12 am
