Nickels?

**Calamitous** · 03-06-2014, 12:01 AM

Hey all,

I spend some of my time hunting through rolls of pennies and pulling the pre-1982 ones, since those are actually made of copper. Recently, though, someone mentioned that nickels were better for holding their value, since their melt value is almost exactly their face value. I verified this by looking it up on Coinflation.

What I'm curious to know is if this makes sense from a scrapping perspective. That is, since a US nickel is only 25% nickel metal (and 75% copper), would they be worthwhile to scrap? I know some coins are not worth the melt value of their component metals, because their composition makes it hard to separate the metals.

Thanks for your help!

**jord0690** · 03-06-2014, 12:06 AM

Pretty sure melting down coins is illegal. It is up here in Canada anyways. Totally your call, but Id stongly advise against it and can guarantee im not going to be the only one to tell you that. Just sayin. There are many other, better ways to find copper.

**jw7783** · 03-06-2014, 12:26 AM

Think about it this way. A nickel's melt value is a little over .04. So that 80% or so of it's face value. Pre 82 pennies melt value is over .02, which is more than 200% of its face value. So with 5 pennies, you have .10 of melt value whereas the nickel is .04.
I also keep pre 82 pennies, hoping once they remove/replace it in circulation they will be able to be melted. People on ebay buy them too so once I have enough , might just sell em.

**NHscrapman** · 03-06-2014, 06:46 AM

It's on the goverments ticket now
either making pennies and nickles out of cheaper metal or removing them all together.

**tsmith53149** · 03-06-2014, 08:21 AM

110% sure its illegal down here in the states. I looked into it also, and just figured your better off selling them on eBay in bulk

**hobo finds** · 03-06-2014, 01:19 PM

As I am sure you are aware the nickel has had a melt value of more than face value before. Even the zinc cent has as well. The question is if the cent and nickel are made out of something else like steel, what will happen to the value of these other coins even if there metal value is less than melt for now?

**Copper Head** · 03-06-2014, 05:57 PM

Absolutely Illegal to melt .Consider Canadians coins are mostly steel & some of the original metal in low %
I feel USA would like to do the same , But Greshams law will follow the .5 .10 .25 coins . Wile Coinflation. is a fine guide
There are times I purchase items with bunch's of quarters and as I do it I think how these quarters are copper at high %
Real is Real .
Since USA copper clad coin currency is still in circulation from the original . The gov must think OK lets go the way of Canada
BUT we will have removed from circulation all the copper clads VIA Greshams law - Thus they will need to rebuild all the coins we use now.
-----------
As to nickels - saving money is saving money
you can think about the melt (and jail) But bottom line saving money that you don't spend is always a good thing.
My paper money comes and goes but my nickels are still there .

**jord0690** · 03-06-2014, 06:19 PM

Originally Posted by Copper Head

Absolutely Illegal to melt .Consider Canadians coins are mostly steel & some of the original metal in low %
I feel USA would like to do the same , But Greshams law will follow the .5 .10 .25 coins . Wile Coinflation. is a fine guide
There are times I purchase items with bunch's of quarters and as I do it I think how these quarters are copper at high %
Real is Real .
Since USA copper clad coin currency is still in circulation from the original . The gov must think OK lets go the way of Canada
BUT we will have removed from circulation all the copper clads VIA Greshams law - Thus they will need to rebuild all the coins we use now.
-----------
As to nickels - saving money is saving money
you can think about the melt (and jail) But bottom line saving money that you don't spend is always a good thing.
My paper money comes and goes but my nickels are still there .

Our coins havent been copper for a long time. We just phased out the penny as well. No more 1c coins. If something costs $1.02 its round down to $1.00. If it costs 1.03 its round up to 1.05.

Im the same way with paper money... err...sorry, plastic money. All of our bills up here are made of plastic now. Almost like chip bag plastic. They rip like chip bags too. STUPID idea. But as for coins, Iv got a water cooler jug filled with coins. Hidden away ofcourse. Anything pre 1964 is kept seperate. They have a slightly higher collection value.

**TheRecycler** · 03-06-2014, 06:25 PM

Just the headache from the gases and fumes you will be exposed to negates any amount of profit that could and would be made.

**Copper Head** · 03-06-2014, 06:51 PM

Copper clad coins are copper and Cupronickel and they will take that from us also

Canada coins used to be 99% nickel

It's to bad for the future This is our money , Our countries wealth , As a scrapper the sound of copper coins sounds like a song.
Since I see the value of copper in selling . I can respect USA coinage as it is currently made . Of course copper coins will stop being minted some day .
Phase 1 silver gone
phase 2 copper gone
Phase 3 steel gone
& finally PLASTIC .
Why not Fiat is king

Hey just keep laughing at the people buying copper coins at 1 oz
they might have the last laugh

**jord0690** · 03-06-2014, 08:36 PM

Originally Posted by Copper Head

Phase 1 silver gone
phase 2 copper gone
Phase 3 steel gone
& finally PLASTIC .

Already happened here. Like I was sayin above, all of our bills are this stupid polymer plastic crap. I always have to count my money 2-3 times cause they stick together and are missed easily. Nick the edge and say bye bye bill. Rips like a bag of potatoe chips. Put them through the wash, sure they survive... till they meet with the dryer.

**cmgscrap** · 03-06-2014, 11:14 PM

For U.S. coins its illegal to melt them. But I know a number of people hoard nickles as they have a metal value close to their nominal value. If you find any pennys from before 1982, they are copper, during 1982 they minted both copper coins and copper plated zinc, and since then they have all been copper plated zinc. I know there are people hoard the pre 1982 pennies. Some also save nickles. I collect coins and there are still some old treasure out there. I have found a number of silver dimes and silver half dollars and some of the WWII nickles that are part silver. Current coins besides nickles are all worthless metal wise. Soon they will be made even more worthless I am sure. If they do change the nickle in the future you may be able to scrap them, but it could take a while.

**Sirscrapalot** · 03-06-2014, 11:40 PM

Take this for what it's worth guys, I found it while googling it. The below that pasted is taken from another site that references the U.S. Mint website, via third party. You can follow their link to the section I pasted.

. Is it illegal to damage or deface coins?

Section 331 of Title 18 of the United States code provides criminal penalties for anyone who fraudulently alters, defaces, mutilates impairs, diminishes, falsifies, scales, or lightens any of the coins coined at the Mints of the United States. This statute means that you may be violating the law if you change the appearance of the coin and fraudulently represent it to be other than the altered coin that it is. As a matter of policy, the Mint does not promote coloring, plating or altering U.S. coinage: however, there are no sanctions against such activity absent fraudulent intent.

Source : Is it Illegal to Melt U.S. Coins? - Coinflation

I tried searching the U.S. Mint's site but couldn't find that answer. So again take it with a grain of salt. They linked it, but no clue how old the article is. Either way an interesting read an take on the answer.

EDIT: Ok, I searched a bit harder. Seems that article came out in 2006 an was the rule for awhile. It appears they passed a new "rule" in 2007 or 2008, that makes it illegal to melt pennies an nickels. Either way, check more into it to be sure. Figured I'd update this tho before posts come flying out of the woodwork. I won't remove the original. Ya'll just make do with this edit.

Sirscrapalot - Google is my friend...sometimes.

**Copper Head** · 03-07-2014, 03:00 AM

Numismatics and regulations out of wiki
In anticipation of the business of melting down US pennies and US nickels for profit, the US Mint, which is a part of the US Department of the Treasury, implemented new regulations[40] on December 14, 2006, which criminalize the melting of pennies and nickels and place limits on export of the coins. Violators can be punished with a fine of up to $10,000 USD and/or imprisoned for a maximum of five years.[41]

**erewen** · 03-07-2014, 08:30 AM

Assuming the price does go up why scrap them? Sell them into the market that appreciates them for what they are - tiny "rounds" that are govt certified for weight and purity. Think of the market for silver dimes, quarters, and halves. I know a lot have been melted for bars, but vast quantities are sold "as is". A market for the pennies is growing. I'm sure one will develop for nickels in time.

**Calamitous** · 03-09-2014, 11:57 PM

Thanks for all the advice guys.

I like idea of keeping them to sell "as-is." I figure that in the worst (or would it best?) case, the kids will someday be able to cash in crazy ol' dad's piles of coins...

**telecomguy** · 03-10-2014, 10:35 AM

Death to Pennies

**thebugguy** · 03-10-2014, 10:47 AM

Ok, I'm going to put on my pointy numismatic-geek hat and step on to the soap box for a second:

Great Britain has "pennies"- it says "penny" right on the coin. The US and Canada have "cents"- that's what the coins say, regardless of what people call them (though, in full disclosure, the US mint sometimes also uses "penny" in parentheses).

I'm ready for the tomatoes...

cheers,
tbg

**beardo** · 03-20-2014, 10:23 PM

I started hoarding nickels a few years ago when the melt value was above .07. The reason most horde pennies and nickels is that it has dual value. It will always be worth at least face value and always have a melt value. A 90% silver dime will always be worth at the minimum .10. A one ounce copper coin from ebay will just have a melt value. I don't have the means to buy silver and gold so I collect change. If there is ever an apocalypse I figure I can use it as ammo for my cannon.

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