New American Penny and Nickel composition coming?

[namwalker]

Within the past two weeks legislation has been introduced in Congress that would change the metal composition for current pennies and nickels to steel.

How would this affect your hoarding of current pennies and nickels if at all?

I'm wondering about the value of the pennies produced from 1982 to present? Could they be worth anything?

http://www.coinnews.net/2011/12/23/bills-seek-to-change-cents-and-nickels-to-steel/

[EO 11110]

Within the past two weeks legislation has been introduced in Congress that would change the metal composition for current pennies and nickels to steel.

How would this affect your hoarding of current pennies and nickels if at all?

I'm wondering about the value of the pennies produced from 1982 to present? Could they be worth anything?

http://www.coinnews.net/2011/12/23/bills-seek-to-change-cents-and-nickels-to-steel/

those pennies are trash

stack the nickels

bulky though..

[namwalker]

Don't you think that the new pennies will drive all pennies (including the lower copper ones) out of circulation and into hiding? Thus becoming as scarce as 90% silver coinage in circulation. I too believe that the value of the low copper pennies is minimal but do feel that in time they could be valuable also.

[glockngold]

Don't you think that the new pennies will drive all pennies (including the lower copper ones) out of circulation and into hiding? Thus becoming as scarce as 90% silver coinage in circulation. I too believe that the value of the low copper pennies is minimal but do feel that in time they could be valuable also.

Current 97.5% zinc penny is worth .0049
There has just got to be something better for you spend your time on.

[Argentsum]

An amusing way to increase the velocity of money would be to make the coinage out of cow chips as then, nobody would wish to hang on to their coins.

Pig iron might work too as inflation would take the form of rust.

Time for another Rumple Meinz.

[Ragnarok]

Current 97.5% zinc penny is worth .0049
There has just got to be something better for you spend your time on.

Like, maybe, making up some loads?:stupido3:

Penny = .75 o.d.
10 ga. = .775 i.d.


R.:biggrin:

[Argentium]

Like, maybe, making up some loads?:stupido3:

Penny = .75 o.d.
10 ga. = .775 i.d.


R.:biggrin:
That would really give a new meaning to the phrase "keep the change"! :smile:

[GodspeedMetals]

Within the past two weeks legislation has been introduced in Congress that would change the metal composition for current pennies and nickels to steel.

How would this affect your hoarding of current pennies and nickels if at all?

I'm wondering about the value of the pennies produced from 1982 to present? Could they be worth anything?

http://www.coinnews.net/2011/12/23/bills-seek-to-change-cents-and-nickels-to-steel/


The "zinc cent" is worth half a cent according to coinflation and it's 2.5% copper / 97.5% zinc.
http://www.coinflation.com/coins/1982-2007-Lincoln-Cent-Penny-Value.html

[cpthnsolo]

Don't you think that the new pennies will drive all pennies (including the lower copper ones) out of circulation and into hiding?

People will hoard the zincolns, but not because of their intrinsic value. People will simply hang on to them because they think they'll be worth something some day. Penny sorting is great if you're retired, or single and don't watch teevee and have no hobbies, but time is money and my time is worth more to me than sorting boxes of pennies. Granted I have in the past, and still keep all my coopers received in change, but I have no interest in sorting boxes. Nickels on the other hand are a no brainer. Just pick up a box from the bank whenever you're there for something else and you'll have zero time and no overhead invested. Realistically keeping more than two or three thousand in nickels is a space issue, so it's not like you're going to sink 50K into nickels or anything (unless you have unlimited space). Since there's zero downside risk, and potentially serious upside potential, why not stack a few boxes of nickels? Besides one day you can sort them and pull the war nickels out for silver ;).

[namwalker]

Like, maybe, making up some loads?:stupido3:

Penny = .75 o.d.
10 ga. = .775 i.d.


R.:biggrin:

There are stories that come out of the old west, that a number of people loaded their 12ga hulls with dimes under the belief that this load was a man killer and would be devasting to be hit by the load. If fact one of the stories was that Billy the Kid killed on of his jailers with just such a load (Jailer Bob) as I recall the myth.

Mythbusters did a show on this load and as I recall couldn't prove that load was worth the change for deadliness.

[namwalker]

People will hoard the zincolns, but not because of their intrinsic value. People will simply hang on to them because they think they'll be worth something some day. Penny sorting is great if you're retired, or single and don't watch teevee and have no hobbies, but time is money and my time is worth more to me than sorting boxes of pennies. Granted I have in the past, and still keep all my coopers received in change, but I have no interest in sorting boxes. Nickels on the other hand are a no brainer. Just pick up a box from the bank whenever you're there for something else and you'll have zero time and no overhead invested. Realistically keeping more than two or three thousand in nickels is a space issue, so it's not like you're going to sink 50K into nickels or anything (unless you have unlimited space). Since there's zero downside risk, and potentially serious upside potential, why not stack a few boxes of nickels? Besides one day you can sort them and pull the war nickels out for silver ;).

One of the benefits of stashing nickels is that under the right storage condition they can make a good bulletproof wall in a SHTF scenario. They are supposedly able to stop a .30 cal projectile. Besides also having upside potential. It's all in how they are stored. The same can be said for pennies, however weight is the issue here.

edit: At 22 lbs/$100 nickels stacked in the attic are a serious safety issue unless it is reinforced properly.