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Old 02-03-2010, 04:07 AM   #1
UncleJoe
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Default Are You Saving Your Nickels?

Legislation to change the metal composition of nickels is on the table. If it goes through (which in all likelihood it will) nickels produced before the change will begin to disappear just like silver coins did.


Coin Composition Change Included In Obama's 2011 Budget

By Alec Nevalainen
Coinflation.com
February 02, 2010



This section appears in the Terminations, Reductions, and Savings portion of the budget. This document can be found at http://www.whitehouse.gov/omb/budget/fy2011/assets/trs.pdf.

One omission from the proposed composition change is the Presidential and Native American Dollars. Either they are satisfied with the current composition or they were left out inadvertently (which I can understand, the Presidential dollar program is easily forgettable).

Full text from page 100:


OTHER SAVINGS: COINAGE MATERIAL
Department of the Treasury

The Budget proposes to provide the U.S. Mint with greater flexibility in the material composition of coins to reduce its losses on some coins and the production costs associated with volatile metal prices.


Justification

The Mint's primary cost driver is the price of metal, a factor over which it has no control. Daily spot prices of copper and zinc, the Mint's two main metallic materials, have fluctuated in excess of 100 percent, and the price of nickel by 500 percent in recent years.¹ This contributes to volatile and negative margins on both the penny and nickel: in recent years the penny has cost approximately 1.8 cents and the nickel approximately 9 cents to produce.² Costs have exceeded the value of these two coins by over $100 million in prior years. Through its gains on other coins, the Mint annually returns hundreds of millions of dollars to the Treasury General Fund (GF) and is funded by the Mint Public Enterprise Fund. ...

Stash away your nickels now.


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Old 02-03-2010, 05:54 AM   #2
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Default Nickels

Interesting... thanks for the info. My dad always taught us from a young age to look at the dates on coins before we rolled them up or spent them. We'd go through piles of change, trying to be the kid with the most 'special coins'. I get strange looks from people when I look at the dates of loose change when making everyday transactions. I'm glad he taught us from an early age, I've found several buffalo nickels as well as lots of 'junk silver' just from following his advice.



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Old 02-03-2010, 01:42 PM   #3
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Stupid question.

Should I be saving the currently in use nickles (go to the bank and get rolls) or ones that are pre-19??

I alwas try to save old coins (because my son likes them) but was unaware of the composition of the coins.

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Old 02-03-2010, 04:18 PM   #4
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I guess I'm starting to collect nickels now.

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Old 02-04-2010, 01:10 PM   #5
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Hmm I have three rolls of nickels. Im going to save them unless I desperately need them.

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Old 02-22-2010, 04:14 AM   #6
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My last buy was of 50 rolls of nickels ($5,000).........before that about 30 more.

I have been keeping all my loose change for the last 33 years and up till now have 5 five gallons plastic containers full of coins and dollar bills..... there should be another 20 bricks of nickels in there.

Why all my loose change???????? simple.....coins are made by the US Treasury and the fiat paper dollar by the Federal Reserve........which one do you think has better chance of surviving?

Lots of reasons to keep your loose change.......tell you later.

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Old 02-22-2010, 04:53 AM   #7
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Thanks you for the article UncleJoe. I need to get some "change" now.

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Old 02-22-2010, 01:05 PM   #8
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Quote:
Originally Posted by mdprepper View Post
Should I be saving the currently in use nickles (go to the bank and get rolls) or ones that are pre-19??
Sorry md, I missed your comment.
Any nickels in circulation before the change is made, which looks like sometime in 2011. Once the new composition goes into circulation, the old ones will begin to disappear just like silver coins did in 1965.
As others here have said, I have been buying nickels from the bank. When I go to the bank to cash a check, I will ask the teller for $10-$20 in rolled nickels instead of all paper bills.
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Old 02-22-2010, 05:07 PM   #9
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Very good Uncle Joe..............

"The coins of today in the future will be what the silver coins of yesterday are today"... Ponce


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Old 02-22-2010, 05:53 PM   #10
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Quote:
Originally Posted by Ponce View Post
My last buy was of 50 rolls of nickels ($5,000)


My bank has $2 rolls. 50 rolls would come to $100. What am I missing?


md, Something I should have mentioned; nickels stamped between 1942 and 1945 (war nickels) contain 35% silver so you may want to keep those separate from the rest.


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