buying nickels

[resolution]

Looks like the mint saw this coming and made it illegal to melt them down or export in large amounts to be melted in another country. www.nytimes.com/2006/12/14/business/14pennies.html?_r=1&ref;=business&oref;=slogin

The United States Mint, concerned that rising metal prices could lead to widespread recycling of pennies and nickels, has banned melting or exporting them.

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The new ban also forbids exporting pennies or nickels in any significant quantities. While the Mint is not concerned about tourists’ pocket change or numismatic collections, it wants to block wholesale export of coins to countries where recycling them for their metal content could be economically viable.

Penalties for violating the ban can include a $10,000 fine and up to five years in jail. “We want to make it clear to anyone considering this that it’s not worth it,” Mr. Moy said.

[❤ mollymouser ❤]

Are all nickels worth 6.5 cents for their metal, or just certain years?

[Sum Dum Gai]

And this is why we need to get rid of pennies and nickels. Just round all change down to the lowest dime.

[formerexpat]

I'd search and see if you can find the silver ones at a good deal. You can keep them as a means of exchange and as a hedge against inflation. And who knows, if Obama really screws things up, these coins will be easier to exchange for necessities.

And this is why we need to get rid of pennies and nickels. Just round all change down to the lowest dime.

Inflation in these situations suck - ask the Euro countries when they adopted.

So, how would they know if you melted coin down? It's not like it's going to hold it's mint mark.

All these money metals [silver, copper, nickel] have a melting point of 1,000 C or greater. Not many people have the ability to melt this metal down.

[AgeOfEnlightenmentSCP]

Jun 16, 2011 15:47:52 GMT -5 resolution said:

Looks like the mint saw this coming and made it illegal to melt them down or export in large amounts to be melted in another country. www.nytimes.com/2006/12/14/business/14pennies.html?_r=1&ref;=business&oref;=slogin

The United States Mint, concerned that rising metal prices could lead to widespread recycling of pennies and nickels, has banned melting or exporting them.

........................

The new ban also forbids exporting pennies or nickels in any significant quantities. While the Mint is not concerned about tourists’ pocket change or numismatic collections, it wants to block wholesale export of coins to countries where recycling them for their metal content could be economically viable.

Penalties for violating the ban can include a $10,000 fine and up to five years in jail. “We want to make it clear to anyone considering this that it’s not worth it,” Mr. Moy said.

OK, let's do a little math: 1.5 Cents per nickel means you need about 66 to 67 nickels, or about $3.30 worth of nickels to equal a dollar in "profit" assuming prices hold once this happened on anything like a wholesale scale.

You'd need $33,000 in nickels just to break even on the fine if you were caught- or between 660,000 - 670,000 nickels. And that's if you don't put a price on the five (5) years in jail.

I mean, at first glance a 30% (give or take) potential return sounds decent enough- but we haven't even touched on the logistics of dealing with large quantities of coins.

[robbase]

And this is why we need to get rid of pennies and nickels. Just round all change down to the lowest dime.

and I wonder which way businesses will round their prices? let's see....I am guessing they will round their prices UP

[formerexpat]

The melt value alone on the silver dollars is about $27 each right now.