thesum (OP)
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August 19, 2011, 01:01:44 PM |
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A nickel is now worth over six cents and will probably soon be made out of zinc. Right now they're 25% nickel and 75% copper. Collecting nickels is a great way to save with no financial risk since a nickel will always be worth at least a nickel. I've started to collect them, getting a few rolls every time I go to the bank. I figure it's like making a 20% profit on every roll I buy. The downside is figuring out where to keep them all.
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AyeYo
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August 19, 2011, 01:16:21 PM |
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A nickel is now worth over six cents and will probably soon be made out of zinc. Right now they're 25% nickel and 75% copper. Collecting nickels is a great way to save with no financial risk since a nickel will always be worth at least a nickel. I've started to collect them, getting a few rolls every time I go to the bank. I figure it's like making a 20% profit on every roll I buy. The downside is figuring out where to keep them all.
I nickle weighs 5 grams. So you need to transport and store 5 grams for every penny that you make. Have you actually done the math on this one? To make $100, you need to buy and transport a little over 100lbs. of nickles. That is, of course, assuming you can actually find someone to pay you 6 cents for them. Let me know when you even get that far. |
Enjoying the dose of reality or getting a laugh out of my posts? Feel free to toss me a penny or two, everyone else seems to be doing it! 1Kn8NqvbCC83zpvBsKMtu4sjso5PjrQEu1
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TheGer
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August 19, 2011, 03:13:54 PM |
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The point is having a currency that is maintains value, whether it be as a coin or in melt value. I keep all my nickels with copper/nickel content, and snatch up any silver content I come across. You'd be surprised what you come across if you know what to look for.
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Fakeman
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August 19, 2011, 05:45:58 PM |
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Look out for pre-1982 Canadian nickels too, they are nearly pure nickel so the metal value is much higher. Then there are the silver US war nickels. US CuNi nickels don't really trade at much of a a premium currently because they can be obtained at face value and can't legally be melted in the US or exported in large quantities. I do know of one site that sells US nickels by the ton for a small premium though. Copper pennies do trade at a premium in spite of the melt and export ban, partly because it takes work to sort them out. Some do it by hand and some use machines.
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thesum (OP)
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August 19, 2011, 10:25:52 PM |
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A nickel is now worth over six cents and will probably soon be made out of zinc. Right now they're 25% nickel and 75% copper. Collecting nickels is a great way to save with no financial risk since a nickel will always be worth at least a nickel. I've started to collect them, getting a few rolls every time I go to the bank. I figure it's like making a 20% profit on every roll I buy. The downside is figuring out where to keep them all.
I nickle weighs 5 grams. So you need to transport and store 5 grams for every penny that you make. Have you actually done the math on this one? To make $100, you need to buy and transport a little over 100lbs. of nickles. That is, of course, assuming you can actually find someone to pay you 6 cents for them. Let me know when you even get that far. That's if their value stays the same as now. If the nickels start getting made out of zinc, then the old nickels could probably be sold for ten cents shortly thereafter. I do agree with you on the transportation and storage though, that is the downside for sure. |
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The Script
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August 19, 2011, 11:13:33 PM |
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A nickel is now worth over six cents and will probably soon be made out of zinc. Right now they're 25% nickel and 75% copper. Collecting nickels is a great way to save with no financial risk since a nickel will always be worth at least a nickel. I've started to collect them, getting a few rolls every time I go to the bank. I figure it's like making a 20% profit on every roll I buy. The downside is figuring out where to keep them all.
This is interesting, but I'm not sure about the cost effectiveness of it. Plus as you state, where to keep them all? |
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onesalt
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August 20, 2011, 05:10:40 PM |
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A nickel is worth 6 cents of nickel, if it was pure nickel The cost of extracting the nickel from a nickel what with all the impurities is going to make the effective worth of a nickel more like 4 cents anyway, and you'd be lucky to get 2 cents or so from a scrap dealer, since scrap dealers also want to make a profit too.
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AyeYo
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August 20, 2011, 05:16:32 PM |
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A nickel is worth 6 cents of nickel, if it was pure nickel The cost of extracting the nickel from a nickel what with all the impurities is going to make the effective worth of a nickel more like 4 cents anyway, and you'd be lucky to get 2 cents or so from a scrap dealer, since scrap dealers also want to make a profit too.
WHAT DO YOU MEAN I CAN'T GET SPOT PRICE FOR MY METALS???!?!??!?!?!??! |
Enjoying the dose of reality or getting a laugh out of my posts? Feel free to toss me a penny or two, everyone else seems to be doing it! 1Kn8NqvbCC83zpvBsKMtu4sjso5PjrQEu1
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ElectricMucus
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Marketing manager - GO MP
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August 20, 2011, 05:20:41 PM |
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If you think the crash will gonna be this bad that you can successfully sell nickels for scrap metal you'd rather stock up on food. Seriously buying industrial metals for hoarding without any incentive for using them for production is beyond stupid  |
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Adam
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August 20, 2011, 05:22:44 PM |
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It's illegal to melt down nickels in the US or to export them for that purpose. So not only would it be a big hassle but if you could find someone to do it you'd probably get caught before making any serious money.
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Fakeman
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August 21, 2011, 04:26:04 AM |
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A nickel is worth 6 cents of nickel, if it was pure nickel You don't have your facts straight, the spot value of 5 grams of pure nickel would be more like 10.6 cents at current prices. The 75% copper component actually makes up more of the metal value of a US nickel than the Ni component does currently. The cost of extracting the nickel from a nickel what with all the impurities is going to make the effective worth of a nickel more like 4 cents anyway, and you'd be lucky to get 2 cents or so from a scrap dealer, since scrap dealers also want to make a profit too.
You're assuming that the component metals would need to be separated, but cupronickel alloys are good for more than just coins, particularly for corrosion resistance in marine applications. The coins don't have to be melted to use them as a store of value either. I still don't really save US nickels myself, because I'd rather sort for coins that already trade over face value. |
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