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Nickel prices soar

DoubledieanotherdayDoubledieanotherday Posts: 69 ✭✭✭
in U.S. Coin Forum

Reported 60-90% jump. Thoughts? Time to start hoarding nickels

Comments

  • SmudgeSmudge Posts: 9,610 ✭✭✭✭✭

    A nickel now contains about 8.9 cents worth of nickel according to coinflation.

  • RampageRampage Posts: 9,489 ✭✭✭✭✭

    Where are you seeing this? And, over what time frame? I hardly think they are worth hoarding, but I bet people said the same think about 90 percent in 1965.

  • davewesendavewesen Posts: 6,392 ✭✭✭✭✭

    wow, so those Canadian pure nickels I have been saving are now worth even more?

  • JW77JW77 Posts: 567 ✭✭✭✭✭

    @Doubledieanotherday said:
    Reported 60-90% jump. Thoughts? Time to start hoarding nickels

    Better yet, time to start buying stock in nickel mines, or if i had a time machine i would of started last year!

  • coinbufcoinbuf Posts: 11,566 ✭✭✭✭✭
    edited March 7, 2022 6:51PM

    @Rampage said:
    Where are you seeing this? And, over what time frame? I hardly think they are worth hoarding, but I bet people said the same think about 90 percent in 1965.

    Russa produces a huge portion of the world's supply of nickel, as much as 49% I have read. I have no idea how long this will drag out in Ukraine, but until things calm down and the restrictions the west is placing on Russa are removed the prices for many metals and other raw materials like heavy crude will continue to move up. I suppose if things cannot be resolved quickly it is possible that some people may think about hording some coins for the metal content, of course that thinking disregards the fact that it is illegal to melt US coins.

    My Lincoln Registry
    My Collection of Old Holders

    Never a slave to one plastic brand will I ever be.
  • jmlanzafjmlanzaf Posts: 35,268 ✭✭✭✭✭

    @Rampage said:
    Where are you seeing this? And, over what time frame? I hardly think they are worth hoarding, but I bet people said the same think about 90 percent in 1965.

    War related. Russia is a major nickel producer. Jumped 20% just in the last week.

    https://markets.businessinsider.com/commodities/nickel-price

  • JBKJBK Posts: 15,868 ✭✭✭✭✭

    @Smudge said:
    A nickel now contains about 8.9 cents worth of nickel according to coinflation.

    I think that's the total melt value. Nickels are 75% copper. Coinflation has the value at almost a 50/50 split between copper and nickel.

    But, of course, it's illegal to melt them. ;)

  • element159element159 Posts: 530 ✭✭✭

    I suspect that US 'nickels' would not be worth the trouble to refine for nickel, kind of like 40% silver is supposedly not worth refining. Canada made some pure nickel coins though, those have more chance to be sellable.

  • Steven59Steven59 Posts: 9,045 ✭✭✭✭✭

    Excellent - I've been saving the 100% nickel Canadian coins for about 5 years!!!!

    "When they can't find anything wrong with you, they create it!"

  • DoubledieanotherdayDoubledieanotherday Posts: 69 ✭✭✭

    Is anyone actually afraid of the government finding and charging you for melting coins? Real question. There are guys on YouTube blatantly showing firsthand diy on how to melt them. Also once they’re melted, hard to prove they were once coins. Just saying. If you sell a coin for cash are you gonna email the IRS about it? Probably not

  • JBKJBK Posts: 15,868 ✭✭✭✭✭

    @Doubledieanotherday said:
    Is anyone actually afraid of the government finding and charging you for melting coins? Real question. There are guys on YouTube blatantly showing firsthand diy on how to melt them. Also once they’re melted, hard to prove they were once coins. Just saying. If you sell a coin for cash are you gonna email the IRS about it? Probably not

    If you melt enough to make serious money doing it I'll bet they'll take an interest.

    As for proving that your big block of metal was once coins, the alloy will tell the story, especially in the case of nickels.

    Not sure what the reference to the IRS is about....it's the Secret Service who would be involved.

  • vulcanizevulcanize Posts: 1,408 ✭✭✭✭✭

    Wonder what the game plan is?
    One Of China's Largest Banks Fails To Pay Margin Call After Today's Monster Nickel Squeeze

    https://www.zerohedge.com/commodities/one-chinas-largest-banks-unable-pay-margin-call-after-todays-monster-nickel-squeeze

    https://www.pcgs.com/setregistry/u-s-coins/quarters/PCGS-2020-quarter-quest/album/247091

  • MsMorrisineMsMorrisine Posts: 33,685 ✭✭✭✭✭

    The sky is falling?

    No. Just a little chicken

    https://finance.yahoo.com/news/china-construction-bank-unit-gets-002815028.html

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • Mr Lindy Mr Lindy Posts: 1,140 ✭✭✭✭✭

    https://www.coinflation.com/canada/

    17 cents in metal in your pure Canadian 5c

  • OnastoneOnastone Posts: 4,028 ✭✭✭✭✭

    Sorry, couldn't help it!!! :)https://youtu.be/UBvSNRGWIO8

  • DoubledieanotherdayDoubledieanotherday Posts: 69 ✭✭✭

    @JBK said:

    @Doubledieanotherday said:
    Is anyone actually afraid of the government finding and charging you for melting coins? Real question. There are guys on YouTube blatantly showing firsthand diy on how to melt them. Also once they’re melted, hard to prove they were once coins. Just saying. If you sell a coin for cash are you gonna email the IRS about it? Probably not

    If you melt enough to make serious money doing it I'll bet they'll take an interest.

    As for proving that your big block of metal was once coins, the alloy will tell the story, especially in the case of nickels.

    Not sure what the reference to the IRS is about....it's the Secret Service who would be involved.

    Just saying if you don’t tell anyone, no one knows

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Well now.... those Canadian nickels I received in change and just put aside, may have some value. Have not checked the dates though... Likely all post 1981.... Cheers, RickO

  • JBKJBK Posts: 15,868 ✭✭✭✭✭

    @Doubledieanotherday said:

    @JBK said:

    @Doubledieanotherday said:
    Is anyone actually afraid of the government finding and charging you for melting coins? Real question. There are guys on YouTube blatantly showing firsthand diy on how to melt them. Also once they’re melted, hard to prove they were once coins. Just saying. If you sell a coin for cash are you gonna email the IRS about it? Probably not

    If you melt enough to make serious money doing it I'll bet they'll take an interest.

    As for proving that your big block of metal was once coins, the alloy will tell the story, especially in the case of nickels.

    Not sure what the reference to the IRS is about....it's the Secret Service who would be involved.

    Just saying if you don’t tell anyone, no one knows

    Isn't that true of most crimes? :D

  • CoinHoarderCoinHoarder Posts: 2,609 ✭✭✭✭✭

    I'm glad I picked this $200. sealed bag of 1962 nickels back in 2010 for $300. :)

  • Jzyskowski1Jzyskowski1 Posts: 6,650 ✭✭✭✭✭

    @Doubledieanotherday said:

    @JBK said:

    @Doubledieanotherday said:
    Is anyone actually afraid of the government finding and charging you for melting coins? Real question. There are guys on YouTube blatantly showing firsthand diy on how to melt them. Also once they’re melted, hard to prove they were once coins. Just saying. If you sell a coin for cash are you gonna email the IRS about it? Probably not

    If you melt enough to make serious money doing it I'll bet they'll take an interest.

    As for proving that your big block of metal was once coins, the alloy will tell the story, especially in the case of nickels.

    Not sure what the reference to the IRS is about....it's the Secret Service who would be involved.

    Just saying if you don’t tell anyone, no one knows

    You know !
    I’ve heard that has some effect on how a person sleeps at night

    🎶 shout shout, let it all out 🎶

  • BAJJERFANBAJJERFAN Posts: 31,143 ✭✭✭✭✭

    @coinbuf said:

    @Rampage said:
    Where are you seeing this? And, over what time frame? I hardly think they are worth hoarding, but I bet people said the same think about 90 percent in 1965.

    Russa produces a huge portion of the world's supply of nickel, as much as 49% I have read. I have no idea how long this will drag out in Ukraine, but until things calm down and the restrictions the west is placing on Russa are removed the prices for many metals and other raw materials like heavy crude will continue to move up. I suppose if things cannot be resolved quickly it is possible that some people may think about hording some coins for the metal content, of course that thinking disregards the fact that it is illegal to melt US coins.

    It's not illegal for the government to melt them.

    theknowitalltroll;
  • JBKJBK Posts: 15,868 ✭✭✭✭✭
    edited March 8, 2022 10:23AM

    @coinbuf said:
    ...that thinking disregards the fact that it is illegal to melt US coins.

    This misperception keeps popping up.

    The ban on melting applies only to cents and nickels.

  • JBKJBK Posts: 15,868 ✭✭✭✭✭
    edited March 8, 2022 10:13AM

    Nickel up again today, and trading halted on some exchanges.

    Are "zincles" in our future?

  • The_Dinosaur_ManThe_Dinosaur_Man Posts: 998 ✭✭✭✭✭

    Initially I read the title of this thread as "Pickle Prices Soar." I should probably step away from the computer for a while. Definitely a war-related increase, those battleships aren't going to plate themselves.

    Custom album maker and numismatic photographer.
    Need a personalized album made? Design it on the website below and I'll build it for you.
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  • ccmorganccmorgan Posts: 1,232 ✭✭✭

    What isn't soaring these days? Every time I go to the grocery store or gas station most everything has increased in price since my last visit. :'(

    Love the 1885-CC Morgan
  • JBKJBK Posts: 15,868 ✭✭✭✭✭

    Now I know what it was like in Germany in 1923 when prices changed daily or even hourly. :/

  • BuffaloIronTailBuffaloIronTail Posts: 7,494 ✭✭✭✭✭

    @davewesen said:
    wow, so those Canadian pure nickels I have been saving are now worth even more?

    Believe it!

    Pete

    "I tell them there's no problems.....only solutions" - John Lennon
  • MsMorrisineMsMorrisine Posts: 33,685 ✭✭✭✭✭

    LME forced to halt nickel trading, cancel deals, after prices top $100,000

    If you don’t want to click the link then click it anyway. You’ll get to see a London trading floor in the first picture.

    https://www.reuters.com/business/lme-suspends-nickel-trading-day-after-prices-see-record-run-2022-03-08/

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • BarberianBarberian Posts: 3,778 ✭✭✭✭✭

    @Doubledieanotherday said:

    Just saying if you don’t tell anyone, no one knows

    No one knows until you turn it in for cash. Then they know, because there's no other source for pure nickel in quantity.

    3 rim nicks away from Good

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