Changes Coming to Our Change?

Welcome to the Precious Metals Bug Forums

Welcome to the PMBug forums - a watering hole for folks interested in gold, silver, precious metals, sound money, investing, market and economic news, central bank monetary policies, politics and more.

Why not register an account and join the discussions? When you register an account and log in, you may enjoy additional benefits including no Google ads, market data/charts, access to trade/barter with the community and much more. Registering an account is free - you have nothing to lose!

searcher

searcher

morning
Moderator
Benefactor
Messages
24,219
Reaction score
4,443
Points
288
Changes Coming to Our Change?

Changes to our change may be good news not only for the public, but for collectors as well. Senators Joni Ernst (R-Iowa) and Maggie Hassan (D-NH) have introduced the Coin Metal Modification Authorization and Cost Savings Act in Congress. Their objective is to allow the Mint to alter the metal content of circulation coins as a cost saving measure. It’s no secret that, due to the inflated price of many metals, it costs more than face value to produce our business strike coinage.

Should this bill become law, collectors may see a repeat of the 1982 scenario where there were several different seemingly alike Lincoln cents to be collected due to mid-year changes in metal composition. Should the mint be given this option, the results could be off-metal errors and varieties. Even better news is this could encourage the non-collecting public to examine their change and perhaps become collectors.

 
I know about the penny situation since mid-1982, but what is the current pricing on other coins. At one point the value of the metal in nickels was fluctuating between bargain and costly. I remember a site where you could go and find out about coinage being more valuable than the face value would indicate. I lost any reference about the site. Does anyone remember the site and could post it for us to follow on a current basis.

I really can't think of modern dimes and quarters having their inherent metal value being more than face value. Any thoughts.
 
It's getting to the point where pot metal is more expensive than the face value of those coins.

Right now, the penny, say, is worthless - a lightly-cladded zinc slug. I don't know what's in a nickel, now, but it sure ain't nickel.

Maybe instead of debasing our coinage, they should protect the value of the currency.
 
There was a monetary theory (I don't remember its name) but it basically said that bad money will drive out good money. Although none of the silver currencies have been recalled you rarely see them in circulation, the same will most likely be true for pennies and nickels. Then our currency will truely be worthless due to the slag metal in them.

Is there any nation out there whose coinage is made up worthless base metals? I can't think of any.

Right now, according to coinflation the metal value of a pre-'82 penny is $.02 (100% over face) and for a nickel the value is $.06 (a 20% increase over face)
 
Last edited:
Our pennies and nickels were corrupted forty years ago.

Pennies stopped being made of copper in the early 1980s. Not sure if the non-nickel nickels came to be the same time...but...probably.

I don't think they could use a cheaper base, unless they went with plastic slugs.
 
Casey Jones said:
I don't know what's in a nickel, now, but it sure ain't nickel.
Click to expand...
They are 75%-25% copper and nickel, and as far as I know, always have been. Quarters, dimes and half dollars also have that same composition in their outer clad layers.
 
You must log in or register to reply here.
Back
Top Bottom