Happy new year everyone! Thought the following story was interesting and a bit off the 'beaten path': "Storing Nickels" I wonder how big a hit those tubes are on even a cheapo metal detector...heck, these may be locatable using a garden variety dosing rod! I suspect that it was a great deal more obvious to the common man back in '64 that debasement might be offering a hoarding opportunity, especially given comments from a president about how hoarding would never yield worthwhile returns. What a joke that was. Government is clearly a self interested propagandist on such matters and no friend of the masses, so if that's said about nickels at some point, well, I'll give nickel hoarding a second thought at least. It's just difficult to think of copper/nickel in the same vein as silver/gold. Until then, paying the premium on 'junk' of today seems a much better option for the long haul. Sure wish I had enough 'junk' to need a few tube burial ceremonies....sigh...
The nickels will not be worth their metallic value until the government legalizes their destruction. Their primary value is as chill scrap in the production of various alloys but they can't be consumed in sufficient quantity to create demand unless they are legal to melt. They will probably be legalized within weeks of their withdrawl from circulation. As the government hoard starts into the furnaces and ladles so will privately owned coins. There are very few exceptions to this rule. The cost of making nickels and pennies is so high that they have to be protected by fiat. Cents probably cost upward of three cents to make and each time a penny is removed this cost is incurred to replace it. Of course zinc and copper pennies will disappear gradually as they are melted illegally. The law isn't really intended for small scale melters like hobbyists and sculptors and many won't even know (or care) it's illegal. Very few people would have either the means or the need to melt nickels.
That guy is just paranoid, and otherwise generally off his rocker. Nobody cares about his stupid nickels - burying them underground, lol. What a maroon.
>Former DEA Agent >9 kids >Home-schooled >Clothes that look like they were confiscated from a 70's hippie drug raid >A wife that looks like she would have fit in with the Charles Manson crowd >Hoarding nickels!? There's something about this guy that bothers me. Chris
Agreed. There is no reason to be burying nickels to hoard. Seems like an awful lot of work when he could just hide them in his basement somewhere. Hopefully he takes the time to pull out the War or Buffalos if he really wants a return on his investment.
If the economy collapsed to the point of another Great Depression, people would barter in durable goods, foodstuffs, and services. Nobody would want his nickels - you can't eat nickels.
