Friday fun--Nickels!

[Wonk]

It's been a while since I posted something fun and ridiculous on a Friday...so here's something to chew on.  Starting just recently, whenever I pay cash I ask for the coin change back to be in all nickels.  When I get back to my house I drop the nickels in a bucket.

The thing is, the Treasury is looking at new metal compositions for the nickel because the value of the coin itself is actually 7.2 cents, not 5 cents.  At some point in the  next few years, you'll see current nickels leaving circulation (Gresham's Law), very much like pre-1965 silver coins. 

Am I hoping to make a lot of money this way?  No.  I suspect you will be able to buy bags of nickels at some point in the next 5-10 years at double or perhaps triple face value.  Still, I can't see myself stockpiling a million nickels.  Part of me just likes the thought of gaining instant value for my cash.  The other part likes the idea of having a story to tell in 20 years why I've got bags of nickels in the basement. 

Worst case scenario, nickels have an internal put option--the least they'll be worth is 5 cents. 

http://www.colbertnation.com/the-colber ... hael-lewis

Very funny...start at 4:10.

[MediumTex]

I try not to think about this nickel thing.

Having a bit of an obsessive personality I don't know if I would know when to stop once I began stockpiling nickels.

[fnord123]

You can actually find pre-1982 pennies relatively easily in change as well.  These are mostly copper and have a melt value of 2.99 cents each - instant 200% return on your money!

http://www.coinflation.com/coins/1909-1 ... Value.html

Here's the nickels link (7.27 cents currently):

http://www.coinflation.com/coins/1946-2 ... Value.html

I routinely drop pre-1982 pennies into a jar.  Maybe I'll start a nickel jar (or better yet, go to my credit union and get a hundred dollars in nickels a week - too heavy though!)

[craigr]

The new pennies feel very cheap even though the metal composition is still supposed to be same zinc/copper. I should start separating my pennies/nickels as well just on principle. I keep a big jar I through my daily pocket change into each day. It wouldn't be any sweat to just have three jars for copper pennies, nickels and "other." At least with the copper it could be melted down for sculptures.

[fnord123]

Note that it is illegal to melt pennies or nickels - this law was created in 2006 to prevent people from profiting from the metal content:

http://www.usatoday.com/money/2006-12-1 ... usat_x.htm

[upside]

Note that it is illegal to melt pennies or nickels - this law was created in 2006 to prevent people from profiting from the metal content:

http://www.usatoday.com/money/2006-12-1 ... usat_x.htm

buzzkill.

[craigr]

Note that it is illegal to melt pennies or nickels - this law was created in 2006 to prevent people from profiting from the metal content:

http://www.usatoday.com/money/2006-12-1 ... usat_x.htm

How about if I just melt the coins to make sculptures of our illustrious leaders and honor their brilliant management of the country's finances?