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June 29, 2011 – Comments (10)

This past weekend I posted a question: has anybody else seen a flimsy-looking, zinc-y nickel? I thought I saw one a month or two ago, and I blogged about it, and I got few responses. No, wait, that's not true: I got one response. So nobody else has seen any evidence of debasement of the nickel?

10 Comments – Post Your Own

#1) On June 29, 2011 at 12:32 AM, dbjella (< 20) wrote:

Nope, but I did see one of those weird pennies.  I thought it was fake.  Afterwards, I thought, get rid of those stupid things.

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#2) On June 29, 2011 at 12:39 AM, TheDumbMoney (42.31) wrote:

The melt value of a nickel is more than the melt value of a quarter, fleabagger.  The melt value of a nickel is nearly as much as a dollar coin minted anytime in the last ten years or so!  It's worth way more than twice as much melted down as a dime is worth!

See here.  http://www.coinflation.com/

So frankly, if they want to put a bunch more zinc or something cheap in the nickel, I say, go wild. 

That will be "debasement" in no real sense of the word.  It will be a nice cost-saving mechanism.

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#3) On June 29, 2011 at 7:46 AM, lemoneater (82.58) wrote:

I haven't seen a new nickel for weeks. Where I work I can buy snacks just by saying my employee ID and having it go on my paycheck, and the rest of the time I use my bank card.

I have a friend who was given pennies made during World War II. Some of them certainly aren't made of copper.

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#4) On June 29, 2011 at 8:41 AM, catoismymotor (34.79) wrote:

Lemon,

I have a friend who was given pennies made during World War II. Some of them certainly aren't made of copper.

I have a couple of those pennies. They are made from steel. Copper was being rationed for the war effort.

Fleabagger,

I nave not seen any 100% zinc pennies. I am occasionally given the regular ones with the one cent shield for the back. That design is the newest I am aware of. I wish the penny would be scrapped all together. It is truely a wasteful coin.

 

- Cato

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#5) On June 29, 2011 at 11:04 AM, FleaBagger (29.06) wrote:

That will be "debasement" in no real sense of the word.  It will be a nice cost-saving mechanism.

 

That's like saying "Don't call bankruptcy renegging on my debt, because I am completely swamped in debts and insolvent."

The U.S. gov't and the Fed got us into this mess by huge deficits and inflation, respectively, and now they need "cost savings" because a nickel contains 6.5 cents worth of copper and nickel? If the Fed hadn't debased the dollar, one twentieth of a dollar would be far more valuable than the copper and nickel in a nickel. So now that the unit of measure itself has been debased, it's not debasement to take the one last store of value left in the world of U.S. currency? 

Sorry, but that is the very definition of debasement. "Cost-saving mechanism"? What about our costs? What about our savings? But those in the government don't care about us, except our vote, and our compliance. 

When we think "Well, I guess the government needs to save a few hundred million dollars" and we forget that someday soon a few hundred million dollars may not mean much if we keep allowing ourselves to get distracted like this. In fact, compared to the integrity of one of our coins, a few hundred million dollars is nothing. Integrity is everything.

 

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#6) On June 29, 2011 at 12:52 PM, chk999 (99.97) wrote:

 So nobody else has seen any evidence of debasement of the nickel?

We haven't been on a precious metals standard since the 1970's. The coins and bills are just tokens, so this isn't debasement. 

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#7) On June 29, 2011 at 12:56 PM, TheDumbMoney (42.31) wrote:

FleaBagger, you're missing the point. 

The point, to spell it out, is that the melt value of the various coins is totally arbitrary in the first place. 

Hey, want to blow your mind?  Guess what -- the value of the paper in a dollar bill is not worth one dollar, too!  Shocking, I know.  (Although, I urge you to take comfort in the fact that as the fed "prints money" and "debases the dollar" the value of lumber and wood pulp is going to go up-up-up in relation to the dollar, until eventually you'll be able to make a killing mashing all of your dollar bills together to make plywood!)  And can you guess how much the value of paper in a 100 dollar bill is?  Well I'll tell you one thing, it's not worth 100 dollars! 

Mind-blowing.

Our coins are the very same way.

They just remind you a bit more of your historical readings of the days of yore, when we used to bite our doubloons to make sure they were real.

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#8) On June 29, 2011 at 2:49 PM, leohaas (31.81) wrote:

Cr@p: I should not have sent my million pennies to the bank before sorting them by year. Those from before 1982 are worth a bundle!

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#9) On June 29, 2011 at 3:03 PM, TheDumbMoney (42.31) wrote:

I know, leohass!  Somebody could melt down pre-1982 pennies and make a fortune. 

Of course, it would take a LOT of pre-1982 pennies.  And it would very, very likely be a violation of multiple federal laws....

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#10) On June 29, 2011 at 4:32 PM, lemoneater (82.58) wrote:

@ #4 It certainly was strange to see pennies with a bluish tint. I guess the alloy used was rustproof.

 

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