Nickel mentioned on local news last night.........

[relicsncoins]

I was surprised that the local news mentioned that the mint may to get rid of the nickel or change the composition as according to them it's costing the mint 10 cents to mint each nickel.

 

JJ

[bsshog40]

Have you found an article on this JJ?. Just wondering if they mentioned any ideas they are shuffling around.

[relicsncoins]

Have you found an article on this JJ?. Just wondering if they mentioned any ideas they are shuffling around.

 

I saw it on the news last night, and here is a brief article on their website.

 

JJ

 

Hoarding Nickels

[ant]

the april 07 coin world has an good artical on the banning and or changing of pennies and nickels. the artical is called" hard time for melting" it talks about the cost of making these coins against face value.

 

"the metal cost for a 5c coin is 1.99 more than face value or about 40% above face value of 5c @6,99 cents"

 

"currently the metal content of a lincoln copper plated zinc cent costs about 1.12 cent or 12% higher than its face value including other production costs , each cent costs the mint 1.73 cents to produce "

this is out of the artical

[bsshog40]

They may soon have to change the letters to seven cents.

[rrantique]

They may soon have to change the letters to seven cents.

And the Lincoln to TWO cents

[bsshog40]

They may soon have to change the letters to seven cents.

And the Lincoln to TWO cents

 

What would happen if we bought something for 9cents and we gave a dime? What would we get back? that's of course we didn't happen to have a 7 cent piece and two 2cent pieces. Oh this could get complicated!

[halfpint]

 

 

 

ah!!! could it be yet another use of plastic is on the horizon?

 

 

 

[Allan Ong]

I remember reading an article about phasing out the cent altogether and using "substitutes" as change. If you bought something and would normally get 6 cents back, you'd get a nickel and a piece of candy back (or something like that)...

[relicsncoins]

I think the biggest problem with changing the nickel composition to make it cheaper would be the effect on vending machines. They would have to come up with a coin that would also work in the vending machines.

 

JJ

[astrostu]

I think the biggest problem with changing the nickel composition to make it cheaper would be the effect on vending machines. They would have to come up with a coin that would also work in the vending machines.

 

JJ

 

Do people still use nickels in vending machines? My last two years of high school (1999-2001) I counted thousands of dollars from our band's soda machine and the number of quarters made up more than 95% of the coins; there were hardly any dimes or nickels, and not even many bills.

 

But I agree that I think getting rid of the nickel or changing it would face even stiffer resistance than getting rid of the cent due to all them darn-fangled machines these days.