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In Reply to: RE: Put a nickel under 'em. posted by unclestu52 on May 17, 2008 at 11:26:24
Lord knows Stu, that many people feel that this country has figuratively stood soundly upon Jefferson's sturdy shoulders for decades now.
Why not put his forehead to good use as well?
The metal value of the nickel keeps going up as the monetary value of U.S. currency keeps plummeting...
From Wiki:
Metal value
As of December 14, 2007, the value of the metal in a United States nickel coin reached 5.5759 cents, 1.11518 times its face value.[4] This was due to the rising costs of copper and nickel[5] and the U.S. Dollar losing its value. 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 criminalizing the melting and export of cents and nickels. Violators of these rules can be punished with a fine of up to $10,000, five years imprisonment, or both.[6]
Nickels minted from 1942-1945 during World War II contain 1.75 g (0.05626 oz) silver. The silver content of these "war nickels" as of February, 2008 is worth $1.06.
As of March 6, 2008 the value of the metal in the United States nickel coin has reached 7.27660499 cents, a 2.27660499 cent premium over its face value,[7] due to the rising costs of copper and nickel[8] and the declining U.S. Dollar.
Both the US pre-1982 cents and all US nickels have a metal content at market worth more than face value of the coins. As of March 16, 2008, the US nickel is USD$0.07310391 in metal content, all circulating US nickels are 146.20782% metal content at market over face value. The price of pre-1982 US cents which weigh 3.1 grams are USD$0.02576016 which is 157.6% above face value metal content at market, and the post-1982 US cent which weigh 2.5 grams are USD$0.0683893 in metal content which is 68.4% metal content over face value.
According to the US Mint, the costs of producing and shipping one-cent (penny) and 5-cent (nickel) coins during fiscal year 2007 are $0.0167 per cent and $0.0953 per nickel. Canada switched to making plated steel coins in the year 2000, where the face value of some older coins is below the metal content of those coins. On February 8, 2008, a bill was introduced in the U.S. House of Representatives that would allow for changing the metal components in U.S. coins due to the rising cost of commodities and the declining U.S. Dollar.[9] No such bill has yet been signed into law.
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