New record high for jefferson nickel

45% over face value at $0.0724 each for all nickel. i would change a lot unciruclated roll from the banks. hopefully at face value or some shipping charge.

 

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I have no idea what this post is about. Maybe its to early in the AM for me.

 

The melt value of the US nickel is at 7.2 cents which is 45% above face value. This is a record high.

http://www.coinflation.com/

 

Is it illegal to have us currency melted down? and where can you have them melted down? or is it not worth it?

 

An Electrician friend told me that the price of #12 Romex copper wire ( that which all modern, post 1975, homes are wired with ) has doubled over the last 5 weeks. He said China is buying everything on the market. Why not Folks, when is the last time you have not bought something " Made In China. "
I like you Tracy for being a Vanguard and taking the pounding you do, and still posting!!!

 

It might be more profitable to hang around construction sites and pick up scraps of copper pipe. But even if smelters won't pay spot price for the metal content of coins, it is reasonable to assume that at some point the coins will sell at a premium on Ebay. When that happens, just go to the bank and take every nickel they have to resell ten pound bags to the people on Ebay who have the bonehead idea that this is somehow a good investment.

 

The biggest problem in my opinion is that our "nickels" are actually only 25% nickel and 75% copper, so before a manufacturer could use the nickel metal in, say, steel, it would need to be separated, and that's definitely cost intensive.

I think it's the same reason that "war nickels", which are 35% silver, are discounted so much for smelters- they have to remove all the other stuff first before reclaiming the silver.

 

rush for melting down coins

canada earned more than 10 millions for melting down older copper and nickel coins. philippines lost billions of coins being smuggling to foreign countries. the philippines custom seized millions of coins at the airport.
not just america lower denomination being over face value. it is around the world. almost all metal and precious metals jumped prices recently. look at your keys. they have different colors. they don't have to separate its metal content. just melt it down and put inside a mold. that's it. a key cost few dollars. it take few cents to do that.

 

Most mixed metals like this are used as alloy or "chill scrap" in the production of other metals.
Steel shops for instance will get in crates of Lebanese nickel Piastres and these will simply be
dumped in the furnace to create stainless steel. There are numerous stainless alloys that ac-
tiually use copper/ nickel in a 3:1 ratio so could just use nickels straight without other sources
for these two metal. When heats are tapped they are adjusted for content and stirred. Often
they'll be to hot and cold scrap of similar material will be tossed in to achieve proper temperature.

Many of the billions of modern coins minted in the last half of the 20th century are already In-
dian surgical equipment or Chinese refrigerators. All through the 1980's there was a ship that
sailed between South America and Japan taking their modern coins off for destruction. It has
already happened in one country after another. It's ironic that so many coins minted in so ma-
ny millions are now tough to find. These coins were so unloved that they weren't saved in unc
and now some are quite scarce in high grades because they weren't saved and then they were
all melted.

 

Thanks for the information cladking. I had no idea they did this to our coins. It's no wonder I am having such a hard time finding the coins I need in my nickel collection.

 

jefferson nickels roll

if computation for jefferson uncirculated roll is based the same with that of modern commemoratives on bullion value for the common date. then example are:

modern commems. (uncirculated or proof): silver price 12.33 per ounce.
0.7600 ounce x 12.33 silver = $9.37 per coin (bullion value)
cdn bid should be $10.30 and ask $11.30.
small coin dealer will buy at $9.50 and sell at a maximun price of $15.00.

jefferson nickel unc. roll: (common date)
bullion value $0.072 each x 40 pc = $2.88 per roll
cdn bid should be $3.15 and ask $3.50
small dealer will buy at $2.90 and sell at a maximun price of $4.50
note: the max. selling price is seen on most dealer's ads. but the bidding from them is quite low.
i should said around 10% - 20% above face value. so for collectors, don't sell at these low
prices. keep it.

 

Wow, I had no idea. Very unfortunate that so many coins have been destroyed.

 

This has mostly applied to foreign coins to date but the process has already begun with the
one cent coin and probably will soo with the nickel. There are a few isolated US coins which
have been systematically withdrawn and melted (like the steel cent), but our coins are usu-
ally worth more as money than scrap nor are any currently demonetized.

Low denomination coins like large cents and steel cents often escape destruction because
there is little reward for turning them in, but large denominations often get turned in in very
large numbers.

 

metal composition can be changed.

the u.s. mint still can change the metal compostion (jefferson nickel) from copper nickel to:

1. steel plated with copper nickel
2. zinc plated with copper nickel
3. aluminum plated with copper nickel

in this case, the color of five cent will be the same.

 

zinc plated copper nickel

zinc plated copper nickel will cost u.s. mint only $0.021

weight 5 gram.

content 95% of zinc, 5% of copper nickel.

 

Umm, hanging around construction sites and picking up their scrap will most likely get you arrested . My experience is that they save all that scrap and recycle it. Extra pieces of wire get kept. I also read that with the rising costs of copper, these guys are getting robbed quite a bit since there is no way to trace copper.

 

Copper plated zinc is deadly. It's bad enough in a small coin like a cent that will easily
pass through the stomach and digestive system of an animal or small child but in the
size of a nickel there would be far more deaths.

 

I find this thread very interesting and timely. Just the other day I noticed on CL someone offering $200.00 worth of copper cents for $350.00BO. I contacted the person and asked if they got any offers and was told yes. I thought wow I am going to start seperating the cents I search and keep the copper ones instead of returning them to the bank.