Wednesday, February 15, 2012

Time to Start Saving Nickels?

Word has been circulating for some time that the cost of making pennies and nickels in the United States has risen to the point where it costs over double the value of each coin to make.

For the penny, it costs 2.4 cents to make, and for the nickel, it costs approximately 11.2 cents to make, as of 2011. Both of those numbers include labor and materials.

As for the nickel, the metals used to make them - 25 percent nickel and 75 percent copper, costs at this time about 6 cents a coin, with expectations that will rise as commodity prices continue to rise.

The reason why the government is looking to change the metal mix now is the cost of making them will rise as the Federal Reserve continues to print money and the Obama administration and Congress refuse to cut back on spending.

That of course means the price of copper and nickel will jump, as will the value of nickels.

Like the silver in coins being dropped in 1964, it could be an important part of a portfolio to include nickels.

At this point in time we aren't allowed to melt them down to get the metals from them, but there will be plenty of coin dealers in the future ready to acquire the nickels as they go up in value because of the rising value of copper and nickel.

Places to acquire larger numbers of nickels, are from banks, vending machine owners, and casinos. With casinos you'll have to act like a gambler looking to put some serious coin in the nickel slots.

For the bank, keep in mind you'll probably be charged a premium if you ask for too many at a time, as they are charged for each roll they sell you. Buy a lot at a time and they'll pass those costs onto you.


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