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 Replies: 17 / Views: 5,667 |
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Pillar of the Community
Canada
4911 Posts |
IIs it worth holding on to Canadian 1981 and before nickels for their nickel content?
Thanks and sorry if this is in the wrong spot, I wasn't sure where to put it Feel free to call me Will.
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Pillar of the Community
United States
6130 Posts |
Most would say so. Last I heard/checked, they were worth about 2-3 times face and legal to sell for melt/scrap. Sounds like a win/win in my book.
How common are they in circulation? We almost never see any in the US because coin counters snatch up all the magnetic foreign coins.
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Pillar of the Community
 Canada
4911 Posts |
Thanks, they are in circulation occasionally. I have almost 100 set aside aner wanted to know if I should keep going or spend them.
Feel free to call me Will.
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Pillar of the Community
Canada
2805 Posts |
I have about $20 worth  Apparently they are worth 7.4 cents right now. That's worth it for me. |
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Pillar of the Community
Canada
3692 Posts |
I really don't think it's legal to melt them. Why melt them anyways? That's backwards.
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Pillar of the Community
United States
6130 Posts |
I agree that I'm against melting coins, but the $100,000 fine for melting copper US cents is the only major factor that's keeping those coins in circulation. People won't pay the 2-3 cents worth of copper value because it's illegal to do anything except keep them as legal tender.
To my knowledge, Canada isn't as protective of her old coins. That means no prison time or hefty fine if you sell your nickels to a scrap metal dealer.
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Moderator
 United States
188770 Posts |
Quote:
People won't pay the 2-3 cents worth of copper value because it's illegal to do anything except keep them as legal tender. Hoarding bronze cents is definitely a long term play. While they are often sold/traded as bullion, the reluctance of most to "wait it out" (or as you said, break the law) keeps their value below the two to Three Cents they are worth. |
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Pillar of the Community
United Kingdom
837 Posts |
Quote:
IIs it worth holding on to Canadian 1981 and before nickels for their nickel content? Looking at the current nickel prices and what they may be like in the future .... it would be a crime not to  |
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Pillar of the Community
Canada
3692 Posts |
Just to visualize: would you rather have a lump of unknown metal, or a recognizable coin with a nice design that can be stacked against other coins of the same type? My bias against melting coins unnecessarily is pretty strong.
I collect them to search for new-found varieties in 10 years. I save them so that future collectors that don't know about coins yet may have something to search through for fun. Today it's getting harder to find nickel, even cupronickel, in circulation especially 5 cent coins. Dimes and quarters are still found maybe 10-20% of the time.
Edited by Libertad
04/10/2014 3:07 pm
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Moderator
United States
188770 Posts |
Quote:
Just to visualize: would you rather have a lump of unknown metal, or a recognizable coin with a nice design that can be stacked against other coins of the same type? This.  |
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Pillar of the Community
United Kingdom
837 Posts |
Quote:
Today it's getting harder to find nickel, even cupronickel, in circulation especially 5 cent coins. Fascinating stuff ! Interestingly enough the success of the ARP by your mint inspired The Royal Mint start a similar programme on this side of the Atlantic .... |
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Valued Member
Canada
372 Posts |
I do keep them right now too. 100 nickels weighs a pound and is worth $7.20 by weight as stated above. That is almost 1.5 times face value. If people kept their silver dimes from when they were only worth 14¢ a piece they would be pleased with their patience today. That being said, if someone offered to sell me $5 of nickels for $7.20 would I buy them? No. I like to find them myself at 5¢ apiece.
The value of nickel would have to really climb to warrant keeping dimes or quarters at this time in my opinion, since the face value of the coins could be spent on a more valuable metal.
Edited by wolfman-11
04/15/2014 12:04 am
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Pillar of the Community
United States
1234 Posts |
Since every thing being made these days in Canada is steel I'd say maybe it's not a bad idea to hold onto any dimes or quarters that look nice and are '68-73-ish, so in a few more years when the steel has scratched it all up and the nickel coins are becoming scares you'll have a jump on the older ones.
I keep every Canadian I get, and I'm not finding many older ones lately.
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Valued Member
Canada
372 Posts |
I think if you are planning to keep nickels that you had better get moving. The last box I went through has 1 1981 and 1 1965. Today I went to 3 different banks and asked for a box of nickles. They had none to give and I ended up with only $60 of nickles to check today.
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Pillar of the Community
United States
2168 Posts |
Is anyone still saving nickels in the US?
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Moderator
United States
188770 Posts |
Yes.  |
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Replies: 17 / Views: 5,667 |
Posted 04/07/2014 8:31 pm
