Take the copper penny for example. Even with a melt value well above face you can't find someone to pay you melt. And they are still found easily even after the composition changed over 30 years ago! Bottomline, I realized it was extremely foolish to hoard nickels. Endeavor , Mar 10, Log in or Sign up to hide this ad. Boy saving a years worth of nickels still had to be a nice little nest egg to put into some new ups. Paddy54 , Mar 10, Endeavor and rockyyaknow like this.
Never have hoarded anything but I agree, it doesn't do much but tie up some cash. Remember when people wanted to save copper bars? Copper rounds? Someone else had a closet full of 5 gallon buckets with pennies.
He was worried his floor would give out. All the YN's thought they would be doubling their money because they were on the ground floor of a new precious metal? Get rich plans can go wrong very easily. Endeavor likes this. A simple-minded way to save money is to dump your change every day into a can and then deposit it at the end of the year. Kentucky , Mar 10, Endeavor , torontokuba and Coinchemistry like this. Pere , Mar 10, The machine-counter at xxxx charges 7. Metals increase in value slowly over time.
Nowadays, the government makes cents out of pot metal and they cost more than a cent. Back then, you could get Morgan and Peace dollars at the bank, for a dollar. I have no problem with saving nickels, at 20 for a dollar. Ever priced common date V-nickels? Or Buffalo? Its the same with cents.
Check that bag now. What's it cost you for a copper penny? Copper is actually a really valuable element that a lot of people take for granted. Every coin invented in the 5th and 6th century BCE contains trace amounts of copper.
Nickel is in the top five most commonly used elements for mankind Asteroids and even the crust of Earth is abundant in nickel. Cupro-nickel is an alloy that comes from nickel. The rare version of nickel is called silver nickel. The US-made Wartime Nickels with this element from to and gave it a higher value than a regular nickel. Buffalo nickels are twice the value of a regular nickel and are only one of the things coin collectors look out for. There are other uncommon and misprinted nickels in circulation that are worth five to twenty dollars each.
The Spruce Crafts has made a list of the most expensive nickels that are out right now. If you manage to get your hands on one of them then you can easily sell it for over a hundred dollars. The top ten most expensive nickels are:. Ever since , the face value of the nickel is five cents. Other coins like the half dime were made in the past but none of them held their value like the nickel. I agree that hoarding metals especially metals in legal tender form is risky.
And thanks for the good points Brad and Mike! Any change in the laws could change the whole game! Risky in what way? In a period of deflation they are worth no less than what you paid, during inflation they go up.
It seems you would have said silver dimes pre were risky. That is 2 gallons. They hold their value. Not to mention the fact that the Chinese are putting out hundreds of thousands of fake silver coins, bars and rounds right now, making it nearly entirely unsafe to buy silver.
That is true, always worth the face value. They also are made of something of value and no need to melt to have value in the content. May eventually beoome like pre silver coins. I see no harm in keeping them.
It actually is sound regardless…even if the nickle is taken entirely out of circulation and and the melt ban is never lifted the collector aspect will be there for as long as civilized society exists. People dont buy old silver quarters and dimes to melt, they buy them buy the roll simply because they love to say they have them. It wont be any different for old copper pennies and nickles.
My guess is that the nickle is going nowhere anytime in the next 30 years or more seeing that they are talking about changing the composition to stainless steel of some grade or another. If we can do steel cents then steel nickles should do just fine. If the steel nickles are in circulation then my nickles will still be worth the nickle I paid for it, inflation and all. Even though people can still buy pennies and sort the pre82 they will pay a premium for a roll of presorted pennies right now on ebay.
The value in nickels is not in melting them. The other thing to consider is a hyperinflation situation. Replacing paper currency is simple by comparison. This whole process has been historically documented many times. I save nickels because if the mint decides to change the metal composition current nickels may become as valuable as silver coins have become. Also as someone pointed out they are not subject to currency devaluation.
As an aside this website article has no reference to the date it was written or posted. At least I could not locate it. Right now on ebay there are sellers selling rolls of copper pennies the mostly pre 82 stuff for much more than their face value. People want them apparently. Ive sorted a few thousand myself and set them aside. Here we are discussing buying nickles too, so in essence it has already begun. Did the PVC tube thing like I saw on a website somewhere.
Put them in and seal them up. If you have limited resources, and storage space, stock up on nonperishable foods you may actually eat at a later date as a hedge against inflation, and buy as many bullets of various types as you can afford.
If you still like gold, copper, silver etc, starving hoarders will give you all you want for a meal. Bullets will be as good as money. Very true, Alfred. I have been telling gold and silver investors for years to not sit back and hope that their metals investments soar too high because that can actually be a bad sign for the economy when it takes too many dollars to buy gold.
And here we are. The economy went to pot and gold and silver went thru the roof. Absolutely NOT worth it in my opinion. If it all comes crashing down that gold wont be worth spit to anyone…. Investing in gold and silver works IF the economy is sound. Myself I like it when the economy is good and silver is based on supply and demand and we get those normal fluctuations in price.
Its easy as can be to invest and make money because its predictable. At this point who can tell whats going to happen now. It could be decades before the economy finally straightens out with our national debt getting so high. Gold and silver will play a part as they have always been a source of wealth. I can imagine that a new system would allow silver and gold to be turned in for a credit to use at local stores, sort of like what we have now with fiat currency but actually backed up by real wealth.
But I agree, food, clean water, ammo, guns, tools, etc.
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