Question on the nickels and pennies thing

[faith]

I'm a little confused reading about base metals. I usually throw my change in a coffee can and then when full take it to the bank and dump in the coin machine for FRNs. Should I be separating out nickes and pennies and rolling them? From a survivalistic standpoint, adding to pantry, PM stash, first-aid closet, etc., should the average person be rolling these for barter or something? Thanks

[Oldmansmith]

I'm a little confused reading about base metals. I usually throw my change in a coffee can and then when full take it to the bank and dump in the coin machine for FRNs. Should I be separating out nickes and pennies and rolling them? From a survivalistic standpoint, adding to pantry, PM stash, first-aid closet, etc., should the average person be rolling these for barter or something? Thanks

See coinflation.com for more info, but the metal in nickels and pre 81 pennies are worth more than their face value. I don't do anything special, but do separate the ones I get in change and keep them. Why not? Just like silver change, eventually they will no longer be in circulation according to Greasham's Law.

[faith]

See coinflation.com for more info, but the metal in nickels and pre 81 pennies are worth more than their face value. I don't do anything special, but do separate the ones I get in change and keep them. Why not? Just like silver change, eventually they will no longer be in circulation according to Greasham's Law.

Oldsmansmith
So you actually look at every penny you have to see if it's before 1981 and you separate (roll) your nickels?

[earplugs]

Oldsmansmith
So you actually look at every penny you have to see if it's before 1981 and you separate (roll) your nickels?

No! Buy a rydale sorter. It's only a few hundred bucks. Don't bother wasting a few seconds looking at pennies.

[phideaux]

Actually it's '81 or before pennies are definitely 95% copper. '83 or later are definitely 97.5% zinc.

The changeover was made in 1982. Some '82 pennies are 95% copper, but it's not easy to tell without weighing those.

The metal value of '83+ zinc pennies is about 6/10th of a cent currently . So if the price of zinc doubles from here, which is a given in a hyperinflationary scenario, even these will be "valuable."


Is My Penny a Copper, or a Zinc Cent?

From Susan Headley, former About.com Guide



This Lincoln Cent might be made of copper or zinc, depending on when it was made. If it was made in 1982, you'll have to weigh it to tell.

Photo by Susan Headley

Question: Is My Penny a Copper, or a Zinc Cent?

Answer: If your Lincoln Memorial penny has a date before 1982, it is made of 95% copper. If the date is 1983 or later, it is made of 97.5% zinc and plated with a thin copper coating.

For pennies minted in 1982, when both copper and zinc cents were made, the safest and best way to tell their composition is to weigh them. Copper pennies weigh 3.11 grams, whereas the zinc pennies weigh only 2.5 grams. Be sure to use a scale that is accurate enough to detect the tenth of a gram (0.10) or better. If you weigh a zinc penny on a scale that can only register full 1 gram increments, the penny will usually display 3 grams, since the scale rounds the 2.5 gram zinc penny upwards to 3. The wrong type of scale can be misleading when you are trying to sort copper and zinc pennies.
Drop Test for Copper and Zinc Pennies

If you don't have a tenth-gram scale handy, you can use the "drop" test. You need a hard Formica surface, a known copper penny, and a known zinc penny. Drop each one onto the table, listening to its distinctive sound. Zinc pennies have sort of a flat "clunk," whereas copper pennies have a higher-pitched, more melodious "ring" sound. Once you have a good feeling for how each type sounds, start dropping your 1982's one at a time, listening for the sound they make, and you should be able to sort them out by metal composition. Obviously, this test isn't as reliable as weighing them, but it should help you sort most of copper and zinc pennies.

Caution: Only use the drop test on circulating pennies where you are sorting copper and zinc for the bullion value only. Never drop collectible Uncirculated or Proof coins in this fashion to test them, since dropping pennies on a hard surface might cause minor damage that can make a collectible coin less valuable.

Cherrypicker's Tip - Watch out for "transitional" mint errors! "Transitional" errors occurred on the Lincoln Memorial Cents when the Mint accidentally used copper blanks for 1983 pennies. These "wrong stock" pennies weigh 3.1 grams, rather than the 2.5 of the zinc cents. If you find a copper 1983, it just might be worth... a pretty penny!

http://coins.about.com/od/uscoins/f/copper_to_zinc.htm

[PhucilliJerry]

No! Buy a rydale sorter. It's only a few hundred bucks. Don't bother wasting a few seconds looking at pennies.

Good idea if you are doing a large volume of pennies, but if you are just sorting pocket change save the money on the sorter and check the dates/drop test the '82's while watching tv or listening to some tunes...... Or just buy a box of nickels for $100 & stash it away somewhere, no need to sort.

[faith]

well just came back from doing chores and had stopped at the bank. In light of this post and replies thought I'd pick up some nickel rolls. they told me most banks don't have coin rolls anymore if they have a coin machine. What that says to me is that they want our chump change and will gladly give FRNs for them. So I guess there is something to this saving coins.

[budfox]

I order nickels by the mint sealed box. BOA brings them in for me.

[faith]

I'm happy i found this website, such unique people! Who would know there are people buying nickels in sealed boxes, hah!!

So Buddfox:

You buy these sealed boxes of nickels from the U.S. mint and Bank of America orders it for you? They charge you how much for this service?

When the day comes and they may take nickel off the market, where do we bring these nickels to sell, to those scrap metal guys?

[PhucilliJerry]

I'm happy i found this website, such unique people! Who would know there are people buying nickels in sealed boxes, hah!!

So Buddfox:

You buy these sealed boxes of nickels from the U.S. mint and Bank of America orders it for you? They charge you how much for this service?

When the day comes and they may take nickel off the market, where do we bring these nickels to sell, to those scrap metal guys?

Me too, I've learned a lot here.

Not to answer for bud but you shouldn't pay any charge to order a box. Banks order boxes every week and should not have an issue adding on. Just stop at your local branch (or a different one if you are embarrassed) and ask to buy a box, very few banks around me don't have pennies, nickels, dimes & quarters on hand in mint sealed boxes. I have 3 different banks that order dimes for me & one that does half dollars. Others I just stop in & buy whatever they have. I've never paid over face.......

Scrap guys, eBay, local coin shop, use as currency after the dollar bites it, etc etc etc....

[Silver Buck]

I put my pocket change into a Cool Whip tub. Once the tub is near full, I will sort through the change while watching the news separating the pre-82 pennies from the rest. Nickels automatically go into a box.

The rest gets taken to my local coin dealer where I exchange the coins for Silver.

I figure I may not benefit from the coinage; however, my niece and nephew (or their children) may benefit greatly (or at least appreciate them - along with the Peace Dollars that have been handed down from my grandparents).

[Rusty Shackelford]

Me too, I've learned a lot here.

Not to answer for bud but you shouldn't pay any charge to order a box. Banks order boxes every week and should not have an issue adding on. Just stop at your local branch (or a different one if you are embarrassed) and ask to buy a box, very few banks around me don't have pennies, nickels, dimes & quarters on hand in mint sealed boxes. I have 3 different banks that order dimes for me & one that does half dollars. Others I just stop in & buy whatever they have. I've never paid over face.......

Scrap guys, eBay, local coin shop, use as currency after the dollar bites it, etc etc etc....

In my area all the banks and CUs have to pay to get coinage. You don't think brinks works for free do you?

[PhucilliJerry]

In my area all the banks and CUs have to pay to get coinage. You don't think brinks works for free do you?

Absolutely not, I'm sure they (the bank) have to pay something, but I've never had to pay to order it and would stop if I did, would defeat the purpose......

[Oldmansmith]

Oldsmansmith
So you actually look at every penny you have to see if it's before 1981 and you separate (roll) your nickels?

Yes, actually I do. Being "Old" one of the exercises I do to avoid needing glasses is to look at the dates of pennies. 50 and it is working so far...

[GOLDZILLA]

I sort mine as I get them, so there never gets to be a big pile to sort through.

[Rusty Shackelford]

Absolutely not, I'm sure they (the bank) have to pay something, but I've never had to pay to order it and would stop if I did, would defeat the purpose......

Just to clarify, the banks in my area charge a cost recovery fee to have stuff ordered for your personal benefit. Personally, I see nothing wrong with that.

[PhucilliJerry]

Just to clarify, the banks in my area charge a cost recovery fee to have stuff ordered for your personal benefit. Personally, I see nothing wrong with that.

Hmmm, not around here except for one branch, but I avoid that one. I see nothing wrong with it either, if they incur a cost they should either recoup it or consider it a "good business" practice to keep a customer happy, their call. If I had to pay for it, it would defeat the purpose of the small return I find in those boxes, so I would stop. I wouldn't have any ill will toward the bank either. Now other things they do.......

[Rusty Shackelford]

Agreed. I don't and won't pay for nickels and pennies. Like you said the return is too low. Halves on the other hand, I have found greater reward and don't mind the small cost incurred, but I am not a full fledged "prospector" like some here.

[cpthnsolo]

I'm happy i found this website, such unique people! Who would know there are people buying nickels in sealed boxes, hah!!

So Buddfox:

You buy these sealed boxes of nickels from the U.S. mint and Bank of America orders it for you?

Hello Faith. Although many of us here can tell you most everything about penny and nickel stacking/hoarding, you may want to give the forums at realcent.org a quick peek as well. As for your question above, let me clarify. You're not ordering from the mint per se, but rather simply asking your favorite teller for a box of nickels (that's $100 worth). If you're pleasant and only ask for a box, most banks won't charge you for the service. However don't expect them to order multiple boxes of nickels and pennies at the same time (pennies come in $25 boxes) without some sort of fee. As to whether you should sort pennies vs nickels, that's a highly debatable issue. The answer IMO boils down to how much time you have. If you're super busy and can't be bothered finding dump banks then nickels make the most sense IMO. If you have the time though, going all in with penny sorting (multiple pickup/dump banks + a ryedale) is the way to go.

The main reason I stack nickels is that it's a zero time and cost investment for me. I only pickup nickels if I need to go the bank already and since I'm not sorting I don't have to spend any more time on them. Do whatever makes you happy though...

[PhucilliJerry]

Agreed. I don't and won't pay for nickels and pennies. Like you said the return is too low. Halves on the other hand, I have found greater reward and don't mind the small cost incurred, but I am not a full fledged "prospector" like some here.

Halves are few and far between in my area. If I had a decent "find rate" I wouldn't mind paying a small amount for those like you said, but I've been through about $6k worth now and only come up with 2 40%ers and 6 clad proofs. What is your fee on a box if you don't mind my asking?
Dimes have stunk recently too...... 0 for my last 10+ boxes. Hope the 5 I have waiting for me at home turn out better........

[Rusty Shackelford]

Last box I bought was about $4.00. But that was almost 6 months ago

[Rollie Free]

I collect nickels and copper pennies.....for fun! The amount of wealth I've preserved so far runs into the hundreds of cents.

Seriously guys? A nickel is worth six cents, although there is no outlet to cash that in. Problem is, inflation will rise much faster than the nickel in a nickel. Who said something about buying silver with leftover change? That's probably the only sensical thing I've read.

[cpthnsolo]

A nickel is worth six cents, although there is no outlet to cash that in.

People hoarding silver quarters had no use for them either during the late sixties. Last I checked history proved those people right .

Problem is, inflation will rise much faster than the nickel in a nickel.

Can you please post charts/research proving that during inflationary times the price of industrial metals severely lags?

Metal=Money...even if the metal isn't as sexy as Ag/Au.

[WizardTN]

Can you please post charts/research proving that during inflationary times the price of industrial metals severely lags?

Metal=Money...even if the metal isn't as sexy as Ag/Au.

Maybe this will show the error of his ways.

http://seekingalpha.com/article/2655...metals-vs-gold

NOTE THAT NICKEL HAS ACTUALY OUTPERFORMED GOLD!

[Rollie Free]

How has the nickel outperformed gold? Its always and always been worth 5 cents. Now its 6 cents. Let me know if you find a buyer at 6 cents. They can get all the fricken nickels they want for 5. Any industrial uses are going to find it cheaper to use new nickel. A refinery would have to sort out the 75% of the coin that is NOT nickel. As a matter of fact, the nickel in a nickel's value is actually less than the copper's value. Plus, as I said, there is no outlet for it. You're right it isn't sexy and sexy is what drives the world. As for hoarding them hoping that someday they will produce a silver like wealth, I seriously doubt it. Not saying its impossible and as I already admitted I throw my nickels in a jar. But I am saying that the buying power of a nickel in regards to inflation probably isn't going to get you anywhere. You'd be better off taking your nickels and buying a commodity. Something that at least holds value.

People turn their nose up at 40% silver and war nickels, too expensive for the refinery. A nickel is 25%, not real attractive.

So there.

[TylerDurden]

How has the nickel outperformed gold? Its always and always been worth 5 cents. Now its 6 cents.

He said nickel (the metal) has outperformed gold, not the nickle, which is a coin.

[Rollie Free]

We are talking about hoarding nickels, correct?

[<===Foolsgold]

Don't waste your time Nickles & Pennies aren't even worth a dime nowadays.

[phideaux]

We are talking about hoarding nickels, correct?

It's about hoarding nickel the metal, not nickel the coin.

[fasTTcar]

Buy Canadian nickels pre 1982 - .999 pure nickel bullion + each one is exactly 1/100th of a pound.

Nickel currently over $11 per pound = melt is already over double face (and you can melt them in the US legally).

[Rollie Free]

It's about hoarding nickel the metal, not nickel the coin.

Umm no, every post on here except one is on the subject of hoarding the coin. Not worth arguing about but fun anyway. For what its worth if you press a nickel into dry ice, Jefferson will scream.

[Rollie Free]

Just how does one go about investing in nickel then?

[phideaux]

Just how does one go about investing in nickel then?

Futures, ETFs, Miners.

[fasTTcar]

Futures, ETFs, Miners.

Physical...

[TylerDurden]

We are talking about hoarding nickels, correct?

Yes, the general topic of this thread is hoarding nickels. But that was not the case in regards to the post and comment you questioned, which obviously dealt only with the metal itself.

[phideaux]

The point I was trying to make, and I guess I missed, is the the only practical way to hoard the physical metal is to hoard the coin, US or Canadian.

[latemetal]

Zinc pennies make handy washers if you don't feel like walking down 3 or 4 flights of stairs to your work truck...just keep the copper pennies and nickles for now.

[Rollie Free]

The point I was trying to make, and I guess I missed, is the the only practical way to hoard the physical metal is to hoard the coin, US or Canadian.

And my point was questioning it, and keep in mind I put all my nickels in a glass jar. This in regards to someone who, lets say, saw it coming and put quarters and dimes away in 1963. If they had put the value of those quarters and dimes into a commodity or some other investment, my guess is that would have a lot more currency wealth than if they had just kept the silver and sold it today. My contention then would be that you might be better off buying some other commodity with that nickel than saving the nickel itself. And especially considering the refining costs that people trading nickels like they do 90% today would probably never happen. 40% is a pariah of sorts as it is.

[Rollie Free]

Yes, the general topic of this thread is hoarding nickels. But that was not the case in regards to the post and comment you questioned, which obviously dealt only with the metal itself.

I guess I have to amend this. Every post on here except TWO now are about hoarding nickel coins. Seriously, keep fighting the good fight. If its that important to you, you are absolutely correct and right on....whatever it is you're right about. I was kind of in the mode of moving on but this good to.

Now go out and get some dry ice and nickels.