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Author Topic: Is it time to start saving nickels?  (Read 5609 times)

Offline MasterBlaster

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Is it time to start saving nickels?
« on: February 17, 2014, 06:42:59 PM »
Gresham's Law has shown that if you overvalue new currency, it will affect the circulation of the undervalued version.

All signs indicate that the Jefferson Nickel is going to soon be reformulated to reduce costs.
Coinflation reports that the melt value of a nickel is 90% of its face. And the US mint has been testing new versions of the nickel in response.

What do you guys think, is it time to start hoarding nickels?
« Last Edit: February 17, 2014, 07:16:55 PM by Rest lame brats »
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Offline schwarcw

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Re: Is it time to start saving nickels?
« Reply #1 on: February 17, 2014, 10:12:29 PM »
What is the metal in nickels?  I don't think there is any silver?
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Carl

Offline schwarcw

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Re: Is it time to start saving nickels?
« Reply #2 on: February 17, 2014, 10:13:42 PM »
Never mind, from Wiki:

"A nickel, in American usage, is a five-cent coin struck by the United States Mint. Composed of 75% copper and 25% nickel, the piece has been issued since 1866."
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Carl

Offline schwarcw

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Re: Is it time to start saving nickels?
« Reply #3 on: February 17, 2014, 10:14:57 PM »
I think the price of copper is up, the price of nickel is down.

Invest in Asian hookers.  The price continues to climb!
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Carl

Offline MasterBlaster

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Re: Is it time to start saving nickels?
« Reply #4 on: February 17, 2014, 10:54:44 PM »
Nickels are very expensive to make right now.
Think back to what happened to the value of 1964 and earlier silver quarters and dimes.
If you stashed a thousand dollars worth of nickels what is the worst that could happen?
I don't think it would be wise to attempt the same with your suggestion Carl.  O0


From coinflation:
Quote
the latest metal prices and the specifications above, these are the numbers required to calculate melt value:
       
 $3.2765     =   copper price / pound on Feb 17, 2014.
.75     =   copper %
$6.5019     =   nickel price / pound on Feb 17, 2014.
.25     =   nickel %
5.00     =   total weight in grams
.00220462262     =   pound/gram conversion factor (see note directly below)


The CME uses pounds to price these metals, that means we need to multiply the metal price by .00220462262 to make the conversion to grams.




    $0.0270874 + $0.0179174 = $0.0450048




$0.0450048 is the melt value for the 1946-2014 nickel on February 17, 2014.
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Offline Kingman

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Re: Is it time to start saving nickels?
« Reply #5 on: February 18, 2014, 06:41:05 AM »
I'll sell every nickel I have for 6 cents each....
« Last Edit: February 18, 2014, 06:42:42 AM by Kingman »
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Offline thuffman03

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Re: Is it time to start saving nickels?
« Reply #6 on: February 18, 2014, 09:23:45 AM »
1964 and older quarters and dimes are 90% silver.  I always look for those!
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Offline schwarcw

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Re: Is it time to start saving nickels?
« Reply #7 on: February 18, 2014, 07:32:43 PM »
I have a US Mint roll of 1964 "first issue", uncirculated JFK half dollars.  I have it in a bank safety deposit box.  My brother spent his around 1970 for unspecified stupidity!
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Carl

Offline schwarcw

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Re: Is it time to start saving nickels?
« Reply #8 on: February 18, 2014, 07:34:29 PM »
We each got a roll of these as a present from my father.  I also have the November 23, 1963 "Pittsburgh Press" newspaper, Life magazine, etc. from those dark days.
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Carl

Offline MasterBlaster

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Re: Is it time to start saving nickels?
« Reply #9 on: February 18, 2014, 08:01:10 PM »
Quote from: thuffman03 on February 18, 2014, 09:23:45 AM
1964 and older quarters and dimes are 90% silver.  I always look for those!

Exactly.. And Nickels are currently 75% copper. Soon they will be steel.
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Offline OCCD

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Re: Is it time to start saving nickels?
« Reply #10 on: February 18, 2014, 11:42:42 PM »
Quote from: schwarcw on February 17, 2014, 10:14:57 PM
I think the price of copper is up, the price of nickel is down.

Invest in Asian hookers.  The price continues to climb!

I must agree.
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