New record high for jefferson nickel

I already do that when I search pennies, but I read somewhere that if you calculate how much you're making, well, you'd find how stupid it is . I've got a few boxes of copper cents stashed away. I figure in a few years when they kill the cent, they'll appreciate in value.

 

Log in or Sign up to hide this ad.

follow canadian way

why not copy from canada. afterall u.s. & canadian dollar are almost identical in value. let's make five cent coin into copper-nickel clad steel. will it be cheaper.

 

production for five cent coins

from jan 1 to aug. 31, 2006. the u.s. mint produced 1,122,000,000 jefferson nickels.

p mint mark 538,320,000
d mint mark 583,680,000

it's hard to find those 2006 nickels from circulation. it seems general public are keeping them.

 

All of this is interesting in light of the fact that coins used to have intrinsic value, and no longer do.

The definition of a dollar used to be 371.25 grains of silver. There was no price, only a weight. On a recent program about money, a spokesman from either the Federal Reserve or Treasury [I forget which] admitted that our present money has no value other than the faith that someone else will accept it in return for goods and services.

 

Is there any government that currently backs their currency with something other than faith?

 

faith

no, none at all. before we used to have gold and silver ceritficate. that's the only one i think.

 

Faith is the only thing that has ever backed money. Faith is nearly the definition of money. How
appropriate that "In G** We Trust" is on the currency.

It is faith that supports the price of gold. Even when there is faith in gold there still needs to be
faith that the issuer has the gold in storage.

Swiss currency is still partially backed by gold, I believe.

 

Faith is a great quality. It is one of the three theological virtues. But gold and silver have an advantage over faith in paper currency in that they have physiccal properties and scarcity that give them a variety of decorative and industrial uses that impart a fairly high intrinsic value to the metals in addition to their use as money. Paper can't compete. A gold coin is an asset. A Federal Reserve Note is irredeemable debt. 99.9% of the time it doesn't make a difference, but 0.1% of the time is does, and will.

 

Well, I'd argue that gold and silver have a value based on supply and demand. It's also a physical item as opposed to a nearly worthless piece of paper.

But regardless, I thought my question was obvious. Is there any currency that is backed by gold or silver. Like in the old days, $20 meant some amount of gold.

 

nickel record high

nickel price hit record high and pushed the face value of jefferson nickel to over sever cents again.

 

Although not currently illegal, the US Mint has recognized the issue and has begun limiting the amount that can be smelted and exported. see recent yahoo article:

http://news.yahoo.com/s/nm/20070122/us_nm/usa_pennies_shortage_dc_1

 

jimmy-bones - in case you hadn't noticed, the post by GDJMSP that you quoted was made last August, long before the Mint's new regulation, and it was 100% accurate when he posted it.

 

I totally agree,Tracy always has interesting facts and opinions,right,wrong or in between.:thumb:

 

i like figures

thanks guys.

 

I wasn't arguing the accuracy. IMO Doug's response is still accurate. This thread simply caught my eye caught and I though I'd share a recent update.

 

nickel posted record high

nickel price posted record high today. see jefferson nickels intrinsic value higher too.

 

jefferson nickels

jefferson nickels now worth $0.072 each.

 

great discussion folks,

I think that copper and nickel coins will go the way silver did back in the 70's - assuming the prices of the metals continues to rise - that there will be a 'content premium' on these coins when you buy and sell.

most of you were around for the hunt bros attempt to corner the silver market in the late 70's. silver didn't disappear, but was sold at dealers where they paid a 'junk silver' price. most of this probably was melted down, but not all and not the higher grade stuff.

with copper and nickel, when the melt price exceeds the numismatic price allowing for the spread, this stuff will pretty much disappear from circulation.

I live in michigan and we've started having thefts of copper wire at construction sites. I can remember back maybe some 20 years ago when the scrap price for aluminum was high and they were stripping guard rail off of bridges and selling it for scrap.

with the supply demand picture the way it is for the base metals (and precious for that matter), you'll see more and more changes in the allow mix and metal content of our pocket change.

peace,

rono