| Author |
 Replies: 32 / Views: 3,639 |
|
|
|
Pillar of the Community
United States
899 Posts |
woody - the mint has a composition study on their website and as of now I don't believe they have reached any conclusions to change the coins. I believe the push to remove the penny would gain more traction than the metal change at this point.
|
|
Valued Member
 United States
102 Posts |
Doug Thank-You Very much for your input I guess time will tell
|
|
Moderator
 United States
189142 Posts |
Quote:
I believe the push to remove the penny would gain more traction than the metal change at this point. This.  Even if materials were free, it would still cost more than a cent to make a cent. I believe that the cost of making (regardless of material cost) the five cent coin is dangerously close to exceeding five cents (if it does not already). It would be very irresponsible to do anything other than discontinue the cent (for circulation, because mint and proof sets still make a tidy profit for he mint). |
|
Rest in Peace
United States
4078 Posts |
Woodywood, as a new, "relative new" member to CCF, let's just say your input is good but to go on about a subjective, subject is a waste of time.
IMHO
|
|
Bedrock of the Community
Australia
21788 Posts |
Mr. Nero understood Gresham's Law.
There is a trend to remove nickel from the World's coinage systems.
This should affect the price of nickel downwards. Copper nickel industrial products and stainless steel are two of the major reasons for the consumption of nickel. It remains to be seen if nickel becomes a PM investment metal.
The current price of nickel is around $22,000 per tonne (2.2 cents per gramme), A bit before the GFC, the price of nickel has become very volatile, which makes it very hard to invest long term in the stuff.
Short term trading is where the profits are to be made, but you have to be a student of nickel price movement.
Edited by sel_69l
03/01/2013 03:40 am
|
|
Valued Member
United States
102 Posts |
thanks bpoc1 just jumped into a thought and shared it with you guys
|
|
Pillar of the Community
United States
2311 Posts |
I heard the nickel will be made out of stainless steel. Not sure if real or fake. Just a chance you know.
|
|
Bedrock of the Community
Australia
21788 Posts |
Nickel plated steel or stainless steel would be OK, both are recyclable into new coins when inflation prices the 5 cent coin out of circulation.
|
|
Bedrock of the Community
United States
20753 Posts |
Quote:
I heard the nickel will be made out of stainless steel. Not sure if real or fake. Just a chance you know.
This subject comes up all the time yet nothing ever appears to happen. And don't forget the many details of the possible usage of Stainless Steels. For example there are virtually hundreds of varieties of that, so which one would be used? For the Cent it would cause a problem since no much sticks to many of the Stainless Steels so plating or coating would be an expensive problem. Not sure what it would cost for paper but if we changed the Cent to a paper bill, I wonder how that would effect the Album manufacturers.  |
|
Valued Member
United States
102 Posts |
are there any operating nickel mines in USA ?
|
|
Pillar of the Community
United States
4901 Posts |
|
|
Bedrock of the Community
United States
17884 Posts |
Quote:
I didn"t know we had a budget in 2011 We didn't, did you miss the word "proposed" in the title of that link? Quote:
Sorry dude just saying mint go'n to change compost-it soon what do you think ? I think you have no evidence for making such a statement. Will the composition change? Yes eventually it will. Soon? Who knows, they have been making them at a loss since 2007, and even if they do decide to make a change I don't see it happening any sooner than 2015. The problem with using stainless steel for the five cent piece is that most stainless steel alloys use a high percentage of nickel in them which negates any cost savings. Those that don't tend to have a high chromium content which is even more costly than nickel. I think if we see a steel nickel it will not be stainless steel but nickel plated steel. (Which is the composition we predicted over four years ago.) Steel does have a problem though with vending machines. Having two different nickels with two different weights, two different electromagnetic signatures, and one being magnetic and one not would definitely mean every vending machine in going to need a new coin mechanism. And even then it will only delay the elimination of the nickel for a brief period because it has the same problem as the cent. The manufacturing cost, not including the materials is already almost equal to the face value of the coin. So even if the material was free the coin would cost more than the face value to make. Edited by Conder101
03/01/2013 2:50 pm
|
|
Pillar of the Community
United States
2651 Posts |
 and  The penny is my favorite coin I think. I hope we keep it....except what are the chances that we change the composition back to copper  |
|
Bedrock of the Community
13014 Posts |
Quote:
except what are the chances that we change the composition back to copper Pretty good if you have a time machine. Otherwise whats less then 0 percent |
|
Valued Member
United States
158 Posts |
I believe the penny will be eliminated before a change in nickel comp. When that will happen, who knows?
|
| |
Replies: 32 / Views: 3,639 |
First Page
Posted 02/28/2013 4:54 pm
