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Cerulean
Penny Hoarding Member
USA
993 Posts |
 Posted - 11/03/2006 : 23:14:00
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What are you guys doing with your post-82s and nickels? US nickels are currently 6.7cents for a 5cent coin, and zinc pennies are worth slightly over face value. What options are you pursuing:
1) Keep them all. If it's over face value for its metal content, then hold on to it and wait for ever-rising prices or speculator buy-ups. It's metal value isn't going down anytime soon, right?
2) Keep the nickels, ditch the zincs. The zincs are barely worth the trouble of storing and transporting, and zinc prices would have to go up more for it to be worthwhile hoarding zinc. After all, I want to keep enough pennies in circulation to not create a penny shortage, which would draw too much attention to penny hoarding. But the nickels are still a good investment at 40% melt value over face.
3) Ditch them both, and focus on copper/silver. There are more productive coins to look for and hoard. Besides, with no cheaper penny and nickel replacements in circulation yet, hoarding nickels/zincs would quickly create coin shortages, raising red flags about hoarding problems.
I'm on the fence here about what I should be saving. This addiction is much cheaper if I feed it with the rejects from previous hunts, but I don't want to pass up a great opportunity while I have it. Any thoughts?
Open question: How much nickel content is floating around in US coinage these days? Just the usual 2-3% alloy mix-ins?
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 11/04/2006 : 00:57:35
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| If I were in the US, I'd simply buy boxes of nickels with every hundred I could spare. instant profit + no sorting and you can always easily cash them in if you need to. Any money you have in the bank would be beter located in boxes of nickels in your garage or basement, where your money would have an inflation-fighting backing in terms of real physical wealth. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 11/04/2006 : 07:24:05
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quote:
Originally posted by Canadian_Nickle
If I were in the US, I'd simply buy boxes of nickels with every hundred I could spare. instant profit + no sorting and you can always easily cash them in if you need to. Any money you have in the bank would be beter located in boxes of nickels in your garage or basement, where your money would have an inflation-fighting backing in terms of real physical wealth.
Of course that is what I am doing with nicklels. If I was in Canada I would be sorting for the 100% nickel nickels. The pennies that I do get in my change I sort and keep both the copper and zincers. Soon, I expect, we will have to sort out the steel cents too.
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If you can conceive it and believe it, you can achieve it. -Napoleon Hill |
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n/a
deleted
132 Posts |
Posted - 11/04/2006 : 08:09:12
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When i first started i returned all zinc for more copper.
But lately i have been getting a lot of solid 2006 bank rolls.
At first it kinda made me mad but i guess sometimes you
have to take the good with the bad and since zinc is up i
started to keep the solid rolls and only the solid rolls of
zinc cents the rest go back.
As for nickels.....i search and return damaged or the nasty-funky
coins same with cents but thats because i enjoy searching.
And #3 I try to set aside a certain amount of money each
month for silver/gold & copper/nickel purchases.
I also try to flip-flop my purchases in "what kind" of
silver/gold i purchase.
silver- 90%,rounds and bars 1,5 and 10 oz. I like eagles but
rounds are cheaper.
gold- 1/10,1/4 and i like the pamp suisse 1,2.5,5,10 gram bars.
As for the great opportunity while you have it.I feel the cent will be around for awile....a lot of talk about doing away with the cent but in 2009 they are going to have a commemorative
cent and will be like the westward nickel and have a few design changes within that year.That would be a prime time to stop the cent series.
1964 was the last year for 90% silver coinage and they were still found in circulation for a few years after that so even if they stop the series or change the content of the .1 and .5 you will be able to find them in circulation and as time goes on they will be less and less to be found.
A niffty little fact.......I done run thru on the # of copper cents from 1959-1981 and came up with.
191,361,245,543 THAT MY FRIENDS IS A LOT OF COPPER ! |
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Frugi
Administrator
USA
627 Posts |
Posted - 11/04/2006 : 10:18:35
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Canadian nickel- If I was in Canada and had an extra $100.00 a week I would buy a box of canadian nickels every week (or maybe even 2 boxes). Arent canadian nickel boxes mostly CuNi with Ni mixed in? I am sure you know ours have only ever been CuNi since like 1840 or so. I would be eating it up if I lived in Canada.
Also is there any types of laws associated with melting Canadian coinage outside Canada? Would I get in trouble if I drove to Canada and left with like $500.00 in nickels in my trunk. I know it is illegal to not only deface Canadian coins in Canada but also to melt them there. How are/will you ever be able to 'cash in' your hoard once optimal prices are realized?
Real Eyes Realize Real Lies
Buy Less. Work Less. Live More. |
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n/a
deleted
3 Posts |
Posted - 11/04/2006 : 10:52:40
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For the past few years I've sorted the pre-82 pennies I got in my change and just spent the zinc ones. I had really only accomeulated a fairly small amount though. I was going to go ahead and start saving the zinc ones too but since I've started buying rolls of pennies at the bank I decided to save only the copper ones for now. Otherwise I will have lots and lots of zinc pennies. I figure why not focus on the copper ones for now because the zinc ones will be around for a longer time anyway.
I read on here someone was getting rolls of pennies from walmart. I thought I would try returning some rolls of zinc cents to walmart so I went there this morning with $7 worth. Nobody gave me a hard time or acted like it was strange so I may have a good place to unload my zincs for now.
I also discovered that you can re-use the plastic rolls that the machine rolled pennies come in. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 11/04/2006 : 12:26:10
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quote:
Originally posted by eric2075
For the past few years I've sorted the pre-82 pennies I got in my change and just spent the zinc ones. I had really only accomeulated a fairly small amount though. I was going to go ahead and start saving the zinc ones too but since I've started buying rolls of pennies at the bank I decided to save only the copper ones for now. Otherwise I will have lots and lots of zinc pennies. I figure why not focus on the copper ones for now because the zinc ones will be around for a longer time anyway.
I read on here someone was getting rolls of pennies from walmart. I thought I would try returning some rolls of zinc cents to walmart so I went there this morning with $7 worth. Nobody gave me a hard time or acted like it was strange so I may have a good place to unload my zincs for now.
I also discovered that you can re-use the plastic rolls that the machine rolled pennies come in.
Stores like dollar stores and wal mart still do a lot of business in cash. I don't think they would mind anyone returning rolled coinage as it saves them time.
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If you can conceive it and believe it, you can achieve it. -Napoleon Hill |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 11/04/2006 : 13:05:32
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| Frugi - actually, our nickels here sort out to about 25% pure NI. 50% CuNi and 25% steel with nickel plating. I was considering hoarding the CuNi as well as the pure Ni, but decided that it was a better return to exchange CuNi for more nickels to search for pure NI |
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n/a
deleted
38 Posts |
Posted - 11/04/2006 : 14:38:01
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| What are the dates for the canadian nickels that are pure nickel? |
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Frugi
Administrator
USA
627 Posts |
Posted - 11/04/2006 : 16:48:15
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Pure Ni Canadian nickels are pre 1981. Excluding a few years that were made of steel and tombac.
Real Eyes Realize Real Lies
Buy Less. Work Less. Live More. |
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Frugi
Administrator
USA
627 Posts |
Posted - 11/04/2006 : 16:50:09
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Canadian Nickel- Have you heard of the Canadian mint melting the pre 1981's- one would think that your nickels would sort out at higher than 25% pure Ni.
Real Eyes Realize Real Lies
Buy Less. Work Less. Live More. |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 11/04/2006 : 17:58:40
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Haven't heard of the mint melting old nickels yet. All pre-1923 nickels are smaller and silver, so they left circulation long ago. Also, nickels up to 1964 are markedly different (george head or 12-sided nickels) and also are much less likely not to have been pulled from circulation by casual collectors, which leaves 1965-1981 or 16 years worth of .999NI coins circulating along side 1982-2000 or 18 years worth of 75/25 CuNi and 2001-2006 or six years worth of plated steel nickels. Since the mintage numbers get larger every year, that ratio (16:18:6) tends to skew more towards 25:50:25 in terms of composition of a random box of machine sorted circulated canadian nickels. However, I have ssen boxes, even in the past few months, with up to 60% pure nickel coin in them
There's nickel in them boxes, boys, fore te' be sure. |
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n/a
deleted
38 Posts |
Posted - 11/04/2006 : 22:19:44
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Looks like people are already trying to sell their Canadian nickels on Ebay, for just over melt.
You must be logged in to see this link.
Darn. I was hoping to get my hands on some at 2x or so face value. |
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n/a
deleted
26 Posts |
Posted - 11/05/2006 : 10:56:21
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quote:
Originally posted by Cerulean
What are you guys doing with your post-82s and nickels?
My PRE-1983 pennies have been bagged into clear heavy duty coin bags, 20 pounds each. (about 200#s now)
I'm copying the ole way they bagged up silver after 1964.
I've not messed with post 1983 pennies yet, too many pre83s' around right now, those post will be availble for a LONG time.
Nickels I keep a box every once in a while.
Did you see the US Mint say they MAY outlaw melting coins??
quote:
“there is currently no legal prohibition regarding the melting of coins. However, the Treasury secretary may prohibit or limit the exportation, melting, or treatment of coins when the secretary decides such action is necessary to protect the coinage of the United States,” according to Becky Bailey, public affairs director, United States Mint.
You must be logged in to see this link.
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n/a
deleted
73 Posts |
Posted - 11/06/2006 : 14:54:41
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quote:
Originally posted by Frugi
Canadian nickel- If I was in Canada and had an extra $100.00 a week I would buy a box of canadian nickels every week (or maybe even 2 boxes). Arent canadian nickel boxes mostly CuNi with Ni mixed in? I am sure you know ours have only ever been CuNi since like 1840 or so. I would be eating it up if I lived in Canada.
Also is there any types of laws associated with melting Canadian coinage outside Canada? Would I get in trouble if I drove to Canada and left with like $500.00 in nickels in my trunk. I know it is illegal to not only deface Canadian coins in Canada but also to melt them there. How are/will you ever be able to 'cash in' your hoard once optimal prices are realized?
Real Eyes Realize Real Lies
Buy Less. Work Less. Live More.
Don't recall where I read it but I believe it is illegal to take Canadian money out of Canada. Obviously nobody is going to go through your pockets but $500 in nickels in your trunk might be suspiscious (if they checked). I assume it was a Canadian law on taking money out of the country so not sure what a US border guy would do to a US citizen bringing it in. Do the US border guys enforce Canadian law on you coming back to the country you live in? I'm guessing they can't but I suppose they could call over the Canadian border guys to do something before letting you back in the country...no idea. |
Edited by - n/a on 11/06/2006 15:00:02 |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 11/06/2006 : 21:26:50
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| you are allowed to take up to $10,000 in any form (bills, coins) without declaring it. |
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What are you doing with your US zincs and nickels?
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