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 Replies: 10 / Views: 2,928 |
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New Member
United States
15 Posts |
since nickels contain a high amount of copper is it worthwhile to save nickels like how people save pre-82 pennies
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Moderator
 United States
14463 Posts |
I don't think so, a current nickel is 75% copper & 25% nickel. Per each nickel coin, the value of the nickel metal is almost as much as the copper metal.
Edited by Fuzzy317
07/08/2011 11:34 pm
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New Member
 United States
15 Posts |
sorry I don't follow.............
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Pillar of the Community
United States
687 Posts |
Search the forum. Someone asks this question every two weeks. Both sides have their proponents.
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Pillar of the Community
United States
4778 Posts |
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New Member
United States
15 Posts |
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Pillar of the Community
United States
1150 Posts |
Look, the way the economy is going who knows what will happen. Eventually the nickel will be made with something else, and who knows, maybe the nickel will be worth so many times the face value (similar to silver coinage).
Gresham's Law dictates that bad money will chase out the good...so maybe nickels with the current composition will vanish from circulation.
Personally, I feel it doesn't hurt to save nickels, so why not do it? You aren't losing anything.
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New Member
United States
48 Posts |
Definitely save them! Legislation was passed that gives the mint discretion in the composition of coins so they can change them at any time (and they surely will)
As was mentioned, the nickel and copper value is split about 50/50 on them. You have two very useful and in-demand metals. Copper for practically everything (especially electrical wiring) and nickel is in a lot of batteries which end up in landfills to have the nickel content gone forever. The more nations develop (think India and China) the more these metals will be in demand.
Currently, the metal value alone in a nickel is around 6.8 cents each. It's illegal to melt them but you can hang on to them and eventually sell them for bullion value like is done with silver dimes, quarters, etc. today.
Locally, it's getting hard to get nickels. I've had banks tell me they have a 2 week wait to get boxes in. Several times I've been to banks that were completely out of rolls period. Someone at another forum did the math on the total mintage divided by the us population. If everyone hoarded their allotment, it worked out to like $38 per person. If only 10% hoarded, that'd be $380 per person and so on.
Just my .05 to think about.
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Pillar of the Community
United States
2661 Posts |
Look at it this way. If you do hoard them you still have 5 cents for each one in the hoard. The only thing your going to lose is the interest,dividends, or capital gains, depending on what investment vehicle you put them in. The intrinsic value of your hoard increases over time as you add to it, however with a melt ban in place it's monetary value will remain 5 cents per coin. Don't let us tell you what to do, if you want to hoard them then go for it. They will always be there for you to search through and look for errors on a rainy Sunday afternoon. Just like the change jugs in my bedroom.
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Valued Member
273 Posts |
Let's see... at 91 nickels per pound... 2009 nickels have virtually disappeared from circulation... that's 945000 pounds of hoarded nickels. ... (I don't know if the mint hangs on to some... why would they?)
Edited by Changeless
07/09/2011 12:33 pm
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Pillar of the Community
United States
4132 Posts |
2009 nickels are not gone from circulation, they're just not very well distributed geographically. I get about 10-15 per box, mostly P but about 5-10% D. I'm building rolls of the nicer ones to sell to rubes on ebay who think they're rare, but I throw about half of them back because they're gunky or two dinged up.  |
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Replies: 10 / Views: 2,928 |
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Posted 07/08/2011 11:38 pm
