I saw today that nickel prices shot up. Our nickel is now worth 16 cents for it's metal content. I wonder how long it will be before a coin shortage becomes a possibility. This was already a coin that cost more to make than it was worth. How long before the Mint halts production is the next question.
Based on $48000+ per long ton, I get 6 cents worth of nickel in each coin. $48000/T = $48/kg = 4.8 cents per gram, 1.25 g of nickel per 5-gram 75%-copper-25%-nickel coin, 4.8 * 1.25 = 6. The copper's worth another 3 or 4 cents. Remember, though, those are the prices for already refined metals -- alloyed together, they're worth less, because you have to spend energy to separate them.
They’re not going to stop production, they’re going to make whatever the fed asks them too. It’s illegal to melt nickels and Pennies so there’s no point in hoarding either of them
Actually, there's no point because they are alloys. Now, Canadian 5 cent coins from 1922-1981 that are pure nickel is different.
They could be pure and it’d still be pointless given that it’s illegal. You have to be pretty special to risk federal prison time for a ton of effort collecting nickels to melt for a few hundred bucks profit maybe a couple thousand if you’re lucky
Yeah but the article I read said prices had spiked to $100,000 per ton due to a bunch of short selling. I'm not sure if this is going to be temporary or long term. I would have posted the link but it got too political and I did not want to stir up trouble.
I was not thinking about some melting going on just yet, just the effects, short or long on nickel in general. People see an article like the one I saw and jump right in pulling coins left and right and create an unnecessary quandry for no reason. I'll admit, it took nearly 40 years but people are now selling copper (bronze) cents the same as wheat cents are sold. Someone hoarded a long time and are now selling these at a profit.
Realistically they're selling at a loss. Inflation more than ate up any gain they had by sitting on it and not doing something more productive with their money
