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dakota1955
1000+ Penny Miser Member
2212 Posts |
 Posted - 02/23/2010 : 13:47:56
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In the last issue of Coin World there is a story that Fed have not order any new nickels for this up-coming year. They have order dimes. With last year mintage and this year not ordering them yet and the metal cost of the nickel are we seeing the end of the nickel as we know it?
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JobIII
1000+ Penny Miser Member
USA
1507 Posts |
Posted - 02/23/2010 : 13:53:10
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Well aren't there enough nickels in circulation now. Aside from a couple major hoarders here on RC  |
Selling Copper cents. $0 FV available at 1.4xFV. Also interested in trading for wheat pennies and other coins Please pm me for requests or inquiries.
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hobo finds
Penny Hoarding Member
838 Posts |
Posted - 02/23/2010 : 13:56:23
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| Still have not seen a 2009 in change. |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 02/23/2010 : 19:33:32
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| I get lots of US nickels in Canada so there must be enough in circulation. 2011 Budget has a proposal to give the Tres Sec power to change coinage composition so they are thinking about it hard. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 02/24/2010 : 12:06:16
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But, will the composition of nickels change without the discontinuance of the cent?
Or... is this lack of 'orders' from the fed just a manipulation to have 'reason' to end the cent and nickel both?
Which I wouldn't mind, .... I'm just saying. |
"May your percentages ever increase!" |
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Mikep2020
Penny Collector Member
USA
402 Posts |
Posted - 02/24/2010 : 13:16:37
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I'm almost wondering if the nickel will be discontinued while the cent stays in circulation. Nickels are not used as often as pennies in change. The argument could be made that nickels are not really "needed" in circulation anymore to make proper change. At least that might be the position the gov takes as it tries to sell the idea to the public of eliminating the nickel from circulation. That reason along with the costs associated with minting the nickel will be reasons put forth to sell this idea to the public. Of course, inflation and the coin value being worth more as metal than as money would be ignored.
When I used to work for mcdonalds, we would blow through a box of pennies in a day, but a box of nickels would last a week or two. With todays demonimations a nickel is only needed to make change on 32 out of 99 change variations from .01 to .99
The 32 variations with a nickel included are:
5-9 cents
15-19 cents
30-34 cents
40-44 cents
55-59 cents
65-69 cents
80-84 cents
90-94 cents
There are really only 16 variations that REQUIRE a nickel in order to have less than 4 coins of one denomination recieved as change.
5-9 cents
15-19 cents
55-59 cents
65-69 cents
all the others could be made by using 3 dimes instead of a quarter and nickel. Realistically, they could eliminate the nickel very easily from cash transactions without really effecting the "system" like eliminating pennies would. Eliminating the penny would be a HUGE deal, but the nickel wouldn't disrupt much of anything really. It would just require more dimes and pennies on hand for change. |
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barrytrot
Administrator
USA
721 Posts |
Posted - 02/24/2010 : 13:41:41
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| Hm, I never thought of that. Nice post "Mikep". |
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G Powerbuck
Penny Collector Member
USA
256 Posts |
Posted - 02/24/2010 : 14:56:06
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| Thats very true. Do you think if they stopped issuing the nickel for circulation that they would keep making it for mint/proof sets? |
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JobIII
1000+ Penny Miser Member
USA
1507 Posts |
Posted - 02/24/2010 : 15:26:23
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I would also like to add that even though the Tres Sec has the power written in a bill to change the coins. We will still need to see that bill pass to then see how the Tres Sec handles that power.
We could see no changes to the coins even if the bill passes without edit. |
Selling Copper cents. $0 FV available at 1.4xFV. Also interested in trading for wheat pennies and other coins Please pm me for requests or inquiries.
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Cody8404
Penny Hoarding Member
USA
602 Posts |
Posted - 02/24/2010 : 16:23:52
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I had not realized the nickels were so little needed. It might be the reason my bank is more willing to give up a box of nickels as compared to a box of cents.
Also with this economic down turn a lot of people are turning in thier change. Once I heard the figure that most Americans had about $100 in change in thier house. Since early 2009 my cent percentages have went up and I attributed it to people turning in this spare change. I think the same reason is why the glut of coins. It will change soon enough.
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copperhead57
Penny Collector Member
USA
255 Posts |
Posted - 02/24/2010 : 18:18:15
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| They have not skipped a year since 1932-1933. |
copperhead57 |
Edited by - copperhead57 on 02/24/2010 18:18:50 |
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fb101
Administrator
USA
2856 Posts |
Posted - 02/24/2010 : 18:46:14
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I think they're just scaling back anticipating a slowing economy.
Few Dimes and Nickels in '09 (relatively), probably fewer in '10.
Now it's up to us hoarders to convince them to do 2010 nickels. |
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PreservingThePast
1000+ Penny Miser Member
USA
1572 Posts |
Posted - 02/25/2010 : 16:02:03
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quote:
Originally posted by copperhead57
They have not skipped a year since 1932-1933.
Thanks for this post, copperhead57. It caused me to study my Red Book a little bit more and I learned that there were several coins not minted in a particular year or years. Never knew that before. I think I am correctly recalling that 1922 was one of those years, as well.
A day that something new is learned is not wasted.  |
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bman
Penny Collector Member
USA
425 Posts |
Posted - 02/25/2010 : 17:23:54
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quote:
Originally posted by copperhead57
They have not skipped a year since 1932-1933.
wasn't that during the Great depression? |
check out my coins for sale on ecrater : http://bmanscoinsforsale.ecrater.com/ |
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copperhead57
Penny Collector Member
USA
255 Posts |
Posted - 02/25/2010 : 17:34:32
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quote:
Originally posted by bman
quote:
Originally posted by copperhead57
They have not skipped a year since 1932-1933.
wasn't that during the Great depression?
I guess history is repeating itself.  |
copperhead57 |
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bman
Penny Collector Member
USA
425 Posts |
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johnbrickner
Penny Pincher Member
154 Posts |
Posted - 02/25/2010 : 20:42:32
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Wolvesdad: I don't see the end of the nickel or the penny anytime soon. However, with a years break in the minting action of the nickel, it would be a great time to debase it.
Cody: In conversation with my bank tellers they inform me over the last year, folks have been turning in their change regluarly at the end of the month indicating trouble paying bills. It's at the end of the month I ask for their CWRs.
MikeP: Those of us hording/collecting nickels wish they would stop minting. Our collections would see value. |
"I Killed the Bank" from the tombstone of Andrew Jackson |
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Nickelless
Administrator
USA
5580 Posts |
Posted - 02/26/2010 : 03:38:03
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quote:
Originally posted by jadedragon
I get lots of US nickels in Canada so there must be enough in circulation. 2011 Budget has a proposal to give the Tres Sec power to change coinage composition so they are thinking about it hard.
Can the Treasury secretary change the composition without the approval of Congress?
EDIT: JobIII, I just saw your post:
quote:
Originally posted by JobIII
I would also like to add that even though the Tres Sec has the power written in a bill to change the coins.
Are you SURE he can do that without congressional approval? I thought that the Constitution gave that power only to Congress. |
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Edited by - Nickelless on 02/26/2010 03:40:03 |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 02/26/2010 : 06:38:50
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COIN ELIMINATION:
Just shooting from the hip here, but go with me...
IN 1940's, 50's and 60-64, a gallon of gasoline cost... a quarter?(now $2.50).
... a loaf of bread? 10c or 25c, now $1.50-3.50.
a soda? 5c-20c? now $0.75-1.50.
They made change just fine back then. But insisting that we still keep the penny or nickel is like saying that they needed decicents(1/10 of a cent) or half cents. (Half cents back in the 1940's and 50's, not the 1800's!!!)
Obviously they didn't have that change, but 'made change' just fine. Well our currency is only worth about 1/10 of what it was in those years (probably worth far less than 1/10) and we too could do just fine by eliminating the 1/10 factor and getting rid of the penny and nickel.
Just my 2 decicents!! |
"May your percentages ever increase!" |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 02/26/2010 : 08:25:24
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| Maybe they can bring back the half dime! The nickel was only introduced in the first place to appease lobbiests for certain nickel mining interests. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 03/02/2010 : 00:17:51
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| The FED also didn't order any 2009 nickels or dimes untill the middle of the year. They will make some, its just a matter of how many they do. |
Copper Penny Investing
www.portlandmint.com |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 03/02/2010 : 19:35:00
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| If you have been waiting to start hoarding U.S. nickels then there may be no better time left to start than now. |
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Think positive. |
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Investin Cents
Penny Pincher Member
USA
129 Posts |
Posted - 03/02/2010 : 21:32:17
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| I agree Ardent! I see the writing on the wall. I am still waiting for my $200 bag of nickels to be filled-up at my Credit Union so I can pick it up! It should almost be full! Maybe I'll call tomorrow. Thanks all! |
Most recent book I've read: "Meltdown" by Thomas E. Woods Jr. Current book: "I.O.U.: Why Everyone Owes Everyone & No One Can Pay" by John Lanchester |
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Investin Cents
Penny Pincher Member
USA
129 Posts |
Posted - 04/20/2010 : 21:47:06
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I just today picked up my "Nickel bag"  The $200 bag weighed 44.4 lbs bagged and tagged! That is one heavy bag!!! Tag said "For Federal Reserve". So I intercepted that one!
Thing is it took my Credit Union 8 weeks to fill up the bag - it had $181 in it 8 weeks ago. They said they used some nickels for their own use as change, so that slowed down their accumulation.
So, today I got 4000 nickels + 1.
The 1 being a 1979 Canadian that was given to me by my dump bank - I dumped over $23 in zinc. The lady said "our machine won't take these" and gave me the nickel. But I know I did not have 1 nickel in my zincs. It must have been left behind by the previous dumper! So a nice score! Love that free money! Especially the real nickel Canadian nickels!
I'll report what I find in the tracking column later! |
Most recent book I've read: "Meltdown" by Thomas E. Woods Jr. Current book: "I.O.U.: Why Everyone Owes Everyone & No One Can Pay" by John Lanchester |
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Cerulean
Penny Hoarding Member
USA
993 Posts |
Posted - 04/21/2010 : 13:28:26
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Dimes were not minted after April 2009. That nine month streak ended in February 2010 when 19 million dimes were minted.
Not a single nickel has been reported struck by the US Mint since July 2009. However, that could change any month now.
I am highly doubtful of any composition change within the next two years. |
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specialbob
Penny Sorter Member
USA
56 Posts |
Posted - 04/23/2010 : 21:45:24
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| Nickelless, Nixon took the Dollar off the Gold Standard in '71 withOUT Congressional approval... or knowledge. The Constitution is a funny thing. |
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No planned 2010 nickels
Forum Locked
