So, what is a U.S. issue nickel worth today? As of June 28th, 2013, the Website, Coinflation said that a 1946 — 2013 nickel melt value is actually worth $0.0422916, almost .$0068 cents less than the actual $.05 it is supposed to be worth. Here is how they derived at that number:
1. Calculate 75% copper value : (3.0519 × .00220462262 × 5.00 × .75) = $0.0252307
2. Calculate 25% nickel value : (6.1911 × .00220462262 × 5.00 × .25) = $0.0170609
3. Add the two together : $0.0252307 + $0.0170609 = $0.0422916
Here is is how they came to the numbers in the formula:
- $3.0519 = copper price / pound on Jun 28, 2013.
- .75 = copper %
- $6.1911 = nickel price / pound on Jun 28, 2013.
- .25 = nickel %
- 5.00 = total weight in grams
- .00220462262 = pound/gram conversion factor (see note directly below)
Of course, the value is derived from the day’s spot price for both nickel and copper. If either of those metals spike on the commodities market, then the value of the nickel increases, but if the value of the metals goes down so does the value of the nickel. Not taken into consideration (arguably) is the street value the public places on what a nickel is really worth. Just like the penny, I feel the nickel is one of those coins greatly invisible to the average sheep on the street. Is that an advantage for the prepper type? Would stockpiling ammo boxes of nickels be advantageous or just clutter up the preppers space already?
I already buy silver, and the ‘experts’ have been saying silver is going to spike, continue to rise, etc. as the economy does better or does worse. As of this week I saw the spot price of silver at $19.66 per troy ounce at spot price as of June 28th. It is one of the lowest closing prices it has been in a LONG time. I’m underwater on much of my silver, and if I continue to ‘watch’ the pricing, I am going to be a bit upset. But if I continue to buy at this price, at some point it will average out and lower my overall costs because I am accumulating more. It’s hard to say what to do.
Let me know what you think. I’m debating whether this is a smart task to begin hoarding nickels and undertaking along with my other preparations.
I already have one ammo can full of rolls of nickels and they are heavy! Usually the only time I ever cash out some rolls is to buy silver. Actually I’m not sure wether I should start another ammo can of nickel rolls or not.
@Patrick I have a fishbowl full of change. I am going to start separating the nickels and continue to separate them going forward. It’s not that much effort than throwing them in the fishbowl with the other change. Thanks for commenting!