As much as I like nickels, I think they have the ignominious distinction of being the first US coin with intrinsic metal value significantly below face value. This helps explain why many early surviving examples are so heavily worn. People would spend them first and keep the more valued silver. Does anyone know the intrinsic value of the metal in a Shield nickel upon its introduction in 1866?
If u can find the metals price at that time this might help.5 grams 25%copper 75%nickel = 1.25 grams copper 3.75 grams nickel. Sorry I couldn't be more help
the best I've found so far is the small cent's intrinsic value in 1864 was 0.3 cents, this from http://www.futurefastforward.com/component/content/article/301
nickel content Noost, I don't have my reference guide handy, but isn't the composition 75% copper and 25% nickel???
Nicknack, I hope this is not too late for you. I found a letter dated may 7th 1866 from the Secretary of the Treasury, Hugh McCulloch. in this letter, he states: "At the present price of materials, the new five cent piece would cost about $16.50 per $100.00 for the nickel and copper. All other expenses would probably be covered by $3.00 per $100.00; making the total cost $19.50 per $100.00 or for $3 million, $585,000.00" Hope this helps answer your question.
Thanks for that answer, Nick. The question was posed just before I left 8 weeks ago and I was left wondering what the answer was. Thanks to you I have the answer.
