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 Replies: 75 / Views: 19,784 |
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Pillar of the Community
527 Posts |
Quote:
someone is dumping a big hoard of pre 64's in my banks and the best I could save of it was couple nice 38's and 39's and only 1 1937 buffalo but the rest I'm dumping again my self as I think its pointless save these coins ! I been finding solid rolls of pre 50's in the last month but all common that I been dumping as well ! I wish I was finding that many pre 64 nickels. I love finding those things, especially from the 40's. I wouldn't say that nickels from the 1940's are common. There are many like 1940p, 1941p, and 1946p that I have found many of, but I enjoy the feeling of finding nickels from so many years ago; plus I do occasionally find some D and S mintmark's. Earlier today, I found a 1947s, 1954p, and even a 1938p! |
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Pillar of the Community
United States
2168 Posts |
So have any members started to hold on to nickels yet with all the talk of changing the element makeup?
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Valued Member
United States
410 Posts |
The talk of change the composition doesn't effect my position on nickel hoarding. I just returned $600 of nickels to my bank last week.
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Pillar of the Community
527 Posts |
I have decided that nickel hoarding isn't worth it yet. I may change my mind, if the current composition starts to disappear from circulation. Quote:
Methinks the next 18 months could turn out to be a bit of 1963 and 1964 deja vu. Mark my words: Congress will act. Debasement is coming. Get your nickels before the composition change. (That is, before you have to hand sort coins.) That quote is straight from the blog of James Rawles. "Methinks" (which is not a word) that James Rawles is still an arrogant, conceited fool, who needs to shut up and stop saying things like "Congress will act." He said things like that in 2008, when the first bill to change the composition of pennies and nickels was introduced. This fool fails to realize that if something in the United States seems logical to do, it isn't going to happen quick enough. Remember, this is America. We don't exactly have the brightest folks in a position of power. I can't believe people actually still buy into Rawles' garbage. He is the Harold Camping of the coin collecting community. |
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Pillar of the Community
United States
2168 Posts |
He isn't the only one though. There is a hedge fund guy Kyle that has a Million dollars worth. I guess it is fairly easy for me to envision the metal change. I was very young in the mid 1960s and my Dad had us keeping the silver coins! Even before the change.
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Pillar of the Community
527 Posts |
Quote:
He isn't the only one though. There is a hedge fund guy Kyle that has a Million dollars worth. I guess it is fairly easy for me to envision the metal change. I was very young in the mid 1960s and my Dad had us keeping the silver coins! Even before the change. I heard about Kyle Bass buying one million dollars worth of nickels, and he is out of his mind. First off, there could be hundreds of silver War Nickels and perhaps some Buffalo nickels inside those boxes. Second off, if he has one million dollars, at the very least, he could use that money to coin hunt for half dollars. As for the silver coins, I think the reason they disappeared so easily is because all you had to do was look at the edges of the coins to see if they're silver or not. You can't do that with pennies and nickels, unless the composition change has them looking completely different on the outside. |
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Pillar of the Community
United States
2168 Posts |
Silver disappeared because it had value. It may have been easier to see if roll searchinthat isn't what happened. People just kept every one. We also held onto the wheat pennies back then. If nickels and pre 1982 pennies are thought to have value. They to will disappear
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Pillar of the Community
United States
2295 Posts |
Very interesting thread. I hoard the pre 1960 nickels and the 1968-70 S nickels.
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Moderator
 United States
188440 Posts |
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Pillar of the Community
United States
2168 Posts |
Maybe hoard isn't the correct word. I keep all the nickels as well as having a few hundred dollars!
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Valued Member
United States
410 Posts |
Just because a hedge fund buys something doesn't mean it is a good investment. Hedge funds make a lot of money but they lose a lot of money too.
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Pillar of the Community
United States
2168 Posts |
You are correct. But this guy is a big investor in REal assets. Gold guns and metals. While he may not make money he will not lose face. 1 million to him is like a couple hundred $$ to me!
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Valued Member
United States
410 Posts |
Real assets? He made is money on derivatives betting on the collapse of sub-prime mortgages. Then he made a huge bet on credit default swaps connected to Greece debt! Those are not investments in real assets. As to his $1M bet on nickels. He claims to have bought them because at the time the copper was worth $0.068 at the time. So that would be a nice 36% profit except:
He had to pay to ship them
He has to pay for the Brinks vault to store them
He has to hold them until the day he is allowed to melt them
He has to get the spot price for 100% copper and 100% nickel instead of mixed alloy
Even if he doesn't lose the face value he still loses money. Sounds like a publicity stunt to pull people into his latest scheme to profit from the collapse of the Japanese Yen.
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Pillar of the Community
United States
2168 Posts |
Yes I know. Now it seems he took the $$ and bought thr real stuff. Hey no one is telling anyone tave nickels. I just asked a simple question.
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Valued Member
United States
410 Posts |
Very true. You asked a simple question, I gave a simple answer. Then we got off track talkin about Bass :)
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Replies: 75 / Views: 19,784 |
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Posted 05/15/2012 5:00 pm
