The current nickel is made of 75% copper and 25% nickel. At current metal prices, there is 5.7 cents of metal in a nickel. As price inflation accelerates, I expect the metal value to soar and these nickels to disappear from circulation the way silver dimes and quarters did in the 1970s. I explain this here.
It is very likely that the U.S. Mint will stop producing the nickel in its current metallic form, because it costs more than 5 cents to produce. Indeed, President Obama, as part of his recent budget proposal, wants to change the composition of nickels and pennies to save money.
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1 comment:
I never did like nickels, I think they are to big.
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