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<p>[QUOTE="Hotpocket, post: 1921416, member: 44182"]Interesting topic. Melt value vs. cost of production needs to be noted, but it appears it is illegal to melt coinage for its base metal value. I never knew that! So you can save all of those nickels, but you cant melt them down....</p><p><br /></p><p><a href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)" rel="nofollow">From Wikipedia: http://en.wikipedia.org/wiki/Nickel_(United_States_coin)</a></p><p><br /></p><p><font size="4"><b>Increase in metal values[<a href="http://en.wikipedia.org/w/index.php?title=Nickel_(United_States_coin)&action=edit&section=11" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/w/index.php?title=Nickel_(United_States_coin)&action=edit&section=11" rel="nofollow">edit</a>]</b></font></p><p>In the first decade of the 21st century, commodity prices for copper and nickel, which make up the five-cent coin, rose dramatically, pushing the cost of manufacturing a nickel from 3.46 cents in fiscal year 2003 to 10.09 cents in fiscal year 2012.<a href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-coinupdate.com-107" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-coinupdate.com-107" rel="nofollow">[107]</a> By comparison, a<a href="http://en.wikipedia.org/wiki/Nickel_(Canadian_coin)" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/wiki/Nickel_(Canadian_coin)" rel="nofollow">Canadian nickel</a> (which is primarily made of steel) still costs less than its face value to produce as of 2013.<a href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-108" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-108" rel="nofollow">[108]</a> In response, Mint Director <a href="http://en.wikipedia.org/wiki/Henrietta_Fore" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/wiki/Henrietta_Fore" rel="nofollow">Henrietta Fore</a> in 2004 asked Congress to fund research into lower-cost alternatives to present coinage metals. Although the initiative lapsed when she left office in 2005, in 2010, Congress passed the <a href="http://en.wikipedia.org/w/index.php?title=Coin_Modernization,_Oversight,_and_Continuity_Act_of_2010&action=edit&redlink=1" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/w/index.php?title=Coin_Modernization,_Oversight,_and_Continuity_Act_of_2010&action=edit&redlink=1" rel="nofollow">Coin Modernization, Oversight, and Continuity Act</a>, directing the Mint to explore alternatives to the present compositions of the six denominations, from cent to dollar. In 2011, the Mint awarded a contract to study the issue to Concurrent Technologies Corporation of Johnstown, Pennsylvania.<a href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-FOOTNOTEDeisherApril_16.2C_2012-109" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-FOOTNOTEDeisherApril_16.2C_2012-109" rel="nofollow">[109]</a> The report in response to the legislation requested additional time to study the issue, ensuring the continuation, for the present, of the existing coinage metals.<a href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-FOOTNOTEGilkesDecember_31.2C_2012-110" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-FOOTNOTEGilkesDecember_31.2C_2012-110" rel="nofollow">[110]</a>The Mint expects demand for nickels in commerce to increase from 840 million needed in Fiscal Year 2011 to 1.08 billion in 2015.<a href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-FOOTNOTEGilkesJanuary_4.2C_2012-111" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-FOOTNOTEGilkesJanuary_4.2C_2012-111" rel="nofollow">[111]</a></p><p><br /></p><p><b>Meanwhile, in an attempt to avoid losing large quantities of circulating nickels to melting, the United States Mint introduced new interim rules on December 14, 2006, that criminalized the melting and export of pennies (which as of 2013 cost 1.83 cents to produce) and nickels. Violators of these rules can be punished with a fine of up to $10,000, five years imprisonment, or both. The rules were finalized on April 17, 2007.</b><a href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-FOOTNOTEUS_Mint.2C_.22Exportation_.26_Melting.22-112" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-FOOTNOTEUS_Mint.2C_.22Exportation_.26_Melting.22-112" rel="nofollow">[112]</a><a href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-FOOTNOTEDeisherApril_16.2C_2012-109" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-FOOTNOTEDeisherApril_16.2C_2012-109" rel="nofollow">[109]</a> The <a href="http://en.wikipedia.org/wiki/Melt_value" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/wiki/Melt_value" rel="nofollow">melt value</a> of a nickel for some time was more than five cents, including nearing double its face value in May 2007. Since then, the supply and demand of the coin's composition metals have stabilized. A nickel's melt value fell below its face value for several weeks between October and November 2012, and more recently again from late February through April 2013.<a href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-coinflation.com-113" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-coinflation.com-113" rel="nofollow">[113]</a> <b><u>In February 2014, it was reported that the Mint was conducting experiments to use copper-plated zinc (the same composition used for the United States 1 cent coin) for the nickel.</u></b><a href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-114" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-114" rel="nofollow">[114]</a>[/QUOTE]</p><p><br /></p>
[QUOTE="Hotpocket, post: 1921416, member: 44182"]Interesting topic. Melt value vs. cost of production needs to be noted, but it appears it is illegal to melt coinage for its base metal value. I never knew that! So you can save all of those nickels, but you cant melt them down.... [URL='http://en.wikipedia.org/wiki/Nickel_(United_States_coin)']From Wikipedia: http://en.wikipedia.org/wiki/Nickel_(United_States_coin)[/URL] [SIZE=4][B]Increase in metal values[[URL='http://en.wikipedia.org/w/index.php?title=Nickel_(United_States_coin)&action=edit§ion=11']edit[/URL]][/B][/SIZE] In the first decade of the 21st century, commodity prices for copper and nickel, which make up the five-cent coin, rose dramatically, pushing the cost of manufacturing a nickel from 3.46 cents in fiscal year 2003 to 10.09 cents in fiscal year 2012.[URL='http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-coinupdate.com-107'][107][/URL] By comparison, a[URL='http://en.wikipedia.org/wiki/Nickel_(Canadian_coin)']Canadian nickel[/URL] (which is primarily made of steel) still costs less than its face value to produce as of 2013.[URL='http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-108'][108][/URL] In response, Mint Director [URL='http://en.wikipedia.org/wiki/Henrietta_Fore']Henrietta Fore[/URL] in 2004 asked Congress to fund research into lower-cost alternatives to present coinage metals. Although the initiative lapsed when she left office in 2005, in 2010, Congress passed the [URL='http://en.wikipedia.org/w/index.php?title=Coin_Modernization,_Oversight,_and_Continuity_Act_of_2010&action=edit&redlink=1']Coin Modernization, Oversight, and Continuity Act[/URL], directing the Mint to explore alternatives to the present compositions of the six denominations, from cent to dollar. In 2011, the Mint awarded a contract to study the issue to Concurrent Technologies Corporation of Johnstown, Pennsylvania.[URL='http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-FOOTNOTEDeisherApril_16.2C_2012-109'][109][/URL] The report in response to the legislation requested additional time to study the issue, ensuring the continuation, for the present, of the existing coinage metals.[URL='http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-FOOTNOTEGilkesDecember_31.2C_2012-110'][110][/URL]The Mint expects demand for nickels in commerce to increase from 840 million needed in Fiscal Year 2011 to 1.08 billion in 2015.[URL='http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-FOOTNOTEGilkesJanuary_4.2C_2012-111'][111][/URL] [B]Meanwhile, in an attempt to avoid losing large quantities of circulating nickels to melting, the United States Mint introduced new interim rules on December 14, 2006, that criminalized the melting and export of pennies (which as of 2013 cost 1.83 cents to produce) and nickels. Violators of these rules can be punished with a fine of up to $10,000, five years imprisonment, or both. The rules were finalized on April 17, 2007.[/B][URL='http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-FOOTNOTEUS_Mint.2C_.22Exportation_.26_Melting.22-112'][112][/URL][URL='http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-FOOTNOTEDeisherApril_16.2C_2012-109'][109][/URL] The [URL='http://en.wikipedia.org/wiki/Melt_value']melt value[/URL] of a nickel for some time was more than five cents, including nearing double its face value in May 2007. Since then, the supply and demand of the coin's composition metals have stabilized. A nickel's melt value fell below its face value for several weeks between October and November 2012, and more recently again from late February through April 2013.[URL='http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-coinflation.com-113'][113][/URL] [B][U]In February 2014, it was reported that the Mint was conducting experiments to use copper-plated zinc (the same composition used for the United States 1 cent coin) for the nickel.[/U][/B][URL='http://en.wikipedia.org/wiki/Nickel_(United_States_coin)#cite_note-114'][114][/URL][/QUOTE]
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