Why You Need to Own Nickels, Right Now

Economic Policy Journal ^ | 2-6-2011 | Robert Wenzel

[blam]

I have thousands of nickels in my stash..

[smokingfrog]

I’m going to start asking my customers to pay me in nickels.

[blam]

Copper is at record highs.

[Blood of Tyrants]

There are 146 copper pennies to a pound. Copper is about $4.50 a pound. Therefore each copper penny is worth about 3 cents.

[Bronzy]

>>Why You Need to Own Nickels, Right Now<<

To play the nickel machines at the casinos.

[RegulatorCountry]

I don’t believe they’re solid copper anymore.

[EternalVigilance]

There are 146 copper pennies to a pound. Copper is about $4.50 a pound. Therefore each copper penny is worth about 3 cents.

Except that they're now made almost entirely of zinc, I think.

I'm sure someone will be along shortly to correct me if I'm wrong...

[Presbyterian Reporter]

OMG There will be a run on the banks tomorrow to buy every roll of nickels in the vault.

[Freedom4US]

The downside is that thieves come out of the woodwork to take advantage, stripping homes and businesses (vacant or not) of copper wiring, plumbing, A/C compressors, etc. Even bronze Legion markers at cemetaries are stolen for scrap value.

[Amagi]

Ha ! Soon they’ll have to make pennies out of paper. Oh wait ...... that’s reserved for the Dollar.

[Palladin]

If you filled Christiane Amanpour’s nose full of nickels, she’d be worth a fortune!

[EternalVigilance]

*badabing*

[stylin19a]

Since 2006, it has cost more than face value to produce the cent and nickel due to the increased costs of base metals. The current composition of the cent is 2.5% copper and 97.5% zinc. The current composition of the nickel is 75% copper and 25% nickel.

the real downside is, the taxpayers are paying more for minting pennies & nickels than what they are worth.

[blam]

"There are 146 copper pennies to a pound. Copper is about $4.50 a pound. Therefore each copper penny is worth about 3 cents."

True but only the pre-1982 pennies have copper. New pennies are zinc with a copper skin.

I've done three random evaluations in this area and have discovered that about 10% of the pennies in circulation are pre-1982.

[blam]

"The downside is that thieves come out of the woodwork to take advantage, stripping homes and businesses (vacant or not) of copper wiring, plumbing, A/C compressors, etc. Even bronze Legion markers at cemetaries are stolen for scrap value."

That's true...same around here. Good photo identification is now required around here at scrap yards.

[Oatka]

OMG There will be a run on the banks tomorrow to buy every roll of nickels in the vault.

Yeah, dammit. If this goes viral it will be sooner than expected. I was hoping to have a few more months of quiet accumulation.

Look for:
1) A "new improved" nickel made of something worth around a penny (I've seen foreign coins made out of aluminum(!!!))
2) The government decrying "hoarding" - as they busily melt down the nickels they have. (They did this during the silver coin "shortage" when the clads replaced the "real stuff".

[july4thfreedomfoundation]

Starting in 1982, the pennies have been copper-coated zinc.

For a long time now, I’ve been saving the pennies dated 1981 and earlier. The oldest one I’ve found in my change was dated 1910.

All 1981 and earlier pennies go into a jar, or should I say jars.

[Leisler]

Pretty soon we will have paper quarters and dimes.

[tiki]

I’ve been buying nickels for a while. I buy 20 bucks worth at a time because I don’t want them to ask any questions.

[spokeshave]

Why bother with a wheelbarrow when you can buy the copper ETF COPX.