more evidence the empire is crumbling....Nickles almost worth 10 cents

www.coinflation.com

The metal in Nickles is now worth .095 cents and shows no signs of coming down.
(.01 is one cent, .10 is ten cents, so point .095 is almost ten cents)

Can we melt them like our silver pre 1965 coins? No

but other countries can. seriously.


http://thefederalregister.com/d.p/2007-04-16-E7-7088

Heres some key points.


This regulation is not intended to address the cost and supply of metals used in, or the specifications for, the production of future 5-cent and one-cent coins.

The purpose of this regulation is to protect 5-cent and one-cent
coins in circulation from being the subject of recycling and
speculation in order to ensure that sufficient quantities of the coins remain in circulation to meet the needs of the United States.

The United States Mint does not intend to prohibit the hoarding of 5-cent and one-cent coins but, consistent with the legislative intent of 31 U.S.C. 5111(d), has implemented these prohibitions on exportation, melting, and treatment to reduce the incentive to hoard these coins

The Council points out that the war nickels are traded for their numismatic value, they are melted for the value of their metal composition, and that few, if any, remain as circulating coins. Because it appears that covering war nickels under the regulation would disrupt longstanding practices and would not further the protection of circulating coinage, we have added an exception for such coins.

(e) The prohibition contained in Sec. 82.1 against the exportation of 5-cent coins and one-cent coins shall not apply to 5-cent coins and one-cent coins exported by a Federal Reserve Bank or a domestic depository institution, or to a foreign central bank, when the exportation of such 5-cent coins and one-cent coins is for use as circulating money.* * * * *



After reading the bill 3 times this is what I pull out.

1. The ruling is to keep coins in circulation.
2. The composition of the coins can be changed at anytime by
congress which would negate #1
3. There is no rule about "hoading" coins
4. previous coins like the war nickels are able to be melted down
because of their metal content
5. Other nations still get our nickels and they CAN be melted for their value in those
countries.

.95 cents ~ 1 cent.

Not even if he was minority leader.

Even if the dollar bill is not there.

One should either say

The 5 cents nickel is worth almost 10 cents.

Or

the $0.05 nickel is worth almost $0.10.

In the movie, "Animal Crackers," Groucho Marx suggests that the way to solve America's money problems was to create the 7 cent nickel. That way, you could go out, buy a 2-cent newspaper, pay with the nickel and get the same nickel back in change. Yes, it doesn't make sense, but that was Groucho. :)

TlalocW