Author Topic: Are you buying rolls of nickels?  (Read 10720 times)

Offline ncjeeper

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Are you buying rolls of nickels?
« on: December 18, 2011, 11:54:00 AM »
Just curious. Since I dont seem to get as many pre 82 copper cents in change now to put away I started to put away rolls of nickels. Easy enough to do. Just grab a few rolls everytime I visit the bank.
Anybody else doing this?

Offline rustyknife

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Re: Are you buying rolls of nickels?
« Reply #1 on: December 18, 2011, 03:07:33 PM »
We've been getting some nickels,dimes and quarters in rolls every once in awhile just from the idea that paper money may be a problem in the near future. These rolls are for local trading only so there isn't a huge amount.

Offline ncjeeper

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Re: Are you buying rolls of nickels?
« Reply #2 on: December 18, 2011, 05:32:26 PM »

Offline rustyknife

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Re: Are you buying rolls of nickels?
« Reply #3 on: December 18, 2011, 05:50:25 PM »
Wow...had no idea that was going on. Thanx for the update.

Offline cdhm22

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Re: Are you buying rolls of nickels?
« Reply #4 on: December 18, 2011, 09:10:14 PM »
If you ever read survivalblog.com Mr. Rawles has been recommending that for awhile. Personally I just pick up a few silver half dollars every now and then as much for the aesthetics as anything.

Offline ag2

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Re: Are you buying rolls of nickels?
« Reply #5 on: December 18, 2011, 09:20:14 PM »
Yes, I pick up a few rolls periodically.  Rawles makes a strong argument for the value in doing so.  But I tend to focus more on picking up silver rounds.

http://www.survivalblog.com/nickels.html

Offline TexDaddy

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Re: Are you buying rolls of nickels?
« Reply #6 on: December 18, 2011, 09:28:29 PM »
...I started to put away rolls of nickels. Easy enough to do. Just grab a few rolls everytime I visit the bank.
Anybody else doing this?
Yes. And we save every nickel we get in change.

We've been getting some nickels,dimes and quarters in rolls every once in awhile just from the idea that paper money may be a problem in the near future. These rolls are for local trading only so there isn't a huge amount.
The point of saving nickels specifically instead of dimes and quarters it the melt value of the metal in nickels is more than the face value of the coin. This is not true of post 1964 quarters, dimes and half dollars and is not true of post 1982 cents.

It is currently illegal to melt nickels and cents for the metal content but this will probably eventually change. It was once illegal to melt silver coins, but it is not now.

...But I tend to focus more on picking up silver rounds...
Personally, I prefer silver coins, but some silver is better than no silver regardless of you preference, IMO.

Offline Taylor3006

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Re: Are you buying rolls of nickels?
« Reply #7 on: December 18, 2011, 10:37:50 PM »
Just curious. Since I dont seem to get as many pre 82 copper cents in change now to put away I started to put away rolls of nickels. Easy enough to do. Just grab a few rolls everytime I visit the bank.
Anybody else doing this?

Yeah it looks like the copper pennies are being gleaned out of circulation. I still find a few in a roll but not near as much as I used to. Yes I put away nickels. see no point not too as I have plenty of storage and there is no downside. When I go to the bank, I buy a dollars worth of pennies and four dollars in nickels. I enjoy going thru the pennies and I always check the nickels for the silver war nickels that you occasionally find in a roll.

Offline ncjeeper

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Re: Are you buying rolls of nickels?
« Reply #8 on: December 18, 2011, 11:27:06 PM »
The nickel rolls fit perfect lying down inside a 30 cal ammo can. :)

Offline ttubravesrock

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Re: Are you buying rolls of nickels?
« Reply #9 on: December 18, 2011, 11:47:49 PM »
I'm just starting to think about buying silver and gold, but as a general rule, I have always just paid paper cash for everything and kept the change.  I have two uses for the coins.  One is for playing penny poker with friends.  We all start out with $2.00 worth of coins and play poker using coins as our chips.  Nobody loses much money, and nobody wins much money.  The other use is the coins go into salsa jars by denomination and we pretend like they aren't money for now.  If I were to guess, we probably have $500 worth of change from the last 8 years.  I'm still working on getting the wife on board to not spend coins, but i'm not too adamant about it. 

Lately, when I go to the bank, I get 1 roll of nickels, 1 roll of quarters (for water and laundry), and 1 roll of dollar coins.  I think I will stop getting $1 coins and find a good local place to buy silver/gold.

My suggestion to the government would be to make the penny worth 2 cents.  Phase out the coins in circulation that state "one cent"

Offline chickchoc

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Re: Are you buying rolls of nickels?
« Reply #10 on: December 19, 2011, 05:49:27 PM »
I'm focusing on buying silver rounds.  Hubby doesn't believe much in "physical" money, so this is pretty much on the QT.

Offline Cianaodh

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Re: Are you buying rolls of nickels?
« Reply #11 on: December 19, 2011, 07:03:23 PM »
Well we weren't but after reading this we'll start right away. Thanks for the heads up!

Offline cranston

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Re: Are you buying rolls of nickels?
« Reply #12 on: December 19, 2011, 08:08:41 PM »
...
 I think I will stop getting $1 coins and find a good local place to buy silver/gold....

In the past week, I've put a modest collection of post '65 Kennedy halves and some small gold plated dollar coins in the checking account to cover purchases of morgan and peace silver dollars.  Wish I'd done it more, and sooner.

Offline The Professor

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Re: Are you buying rolls of nickels?
« Reply #13 on: December 19, 2011, 11:01:48 PM »
Ok, a couple of questions:

So, I start finding and hoarding pre-82 pennies.  When I go to turn them in to the salvage company (presumably) how are they going to verify that each and every penny is pre-82?  Is there a sorting machine that knows the difference between a 1981 and 1983 penny?

While I presume the hoarding of nickels is for the copper slug in the middle. . .wouldn't that be the same?

Now, for those of us who are going to use these as some form of barter. . .currently copper is sitting around $3.30 +/- per pound.  It takes about 145 pre-82 pennies to make a pound.  If I want to trade something that is worth, say, $15 (currently) and some guy offers me 3 lbs of pennies (give or take, since the pre-82's are 95% copper), am I going to trust him or sit down and count out 435 pennies and make sure each one is a pre-82?

That seems a lot of work for $15.

Now, maybe we could melt them down into a bar of some sort.  Well, I'm not exactly the trusting type, so . . . how do I test to make sure the bar is actually 100% copper?

I'm not a big copper fan and only a minimal silver/gold person.

I personally don't believe that post-64 coin money is going to be any better than paper money.  If a dollar isn't worth anything, to begin with, four quarters aren't going to sweeten the pot, at all, to me (unless, of course, they're pre-64's).

I'm not that much against precious metals, just that there's going to have to be a lot of re-thinking and re-adjusting on a LOT of people's minds before any of that becomes more viable than it currently is.  I can trade guns, ammo, food, etc. a lot easier than I can a 1-oz gold piece.

Granted, my four Glock 23's that I can buy for the cost of one ounce of gold, currently, weighs more, but I can get a lot more interested buyers in the Combat Tupperware than a Gold Eagle.

I might be wrong. I might just be a cantankerous bas****.

The Professor

Offline ag2

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Re: Are you buying rolls of nickels?
« Reply #14 on: December 20, 2011, 12:02:04 AM »
We probably will not find ourselves turning in pre-'82 pennies to the salvage company.  I don't know anyone who melts pre-'64 (90% silver) coins.  (I know it happens, but stay with me.)  We have a tendency to hold onto it for "barter".  Should the economy collapse, I'm sure we will trade and barter.  But when you don't have a product to exchange for a product, PMs will likely become a defacto currency, and I suspect copper pennies will qualify.  There will not be a need to melt these copper pennies into copper bars.  In fact, if you do melt them, people will suspect the composition of these bars.  Instead you leave them in the form of a penny, so that they are recognized.

I believe that I read somewhere that a pre-82 penny has a different weight than a post 82 penny.  Your reloading scale will answer that question.  If you do not have one, you might be able build a cheap balance beam with a popsicle stick.  But I don't bother with pennies.  For the space consumed and the time involved, nickels seem to have a good return.  (Of course, the price of copper could skyrocket and prove me wrong.)

Offline Taylor3006

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Re: Are you buying rolls of nickels?
« Reply #15 on: December 20, 2011, 12:20:07 AM »
When or if they allow the melting of pennies and nickels, I am sure the market will figure out how to get it right. Yes there are coin sorting machines that allows for taking out zinc pennies. I would assume things would work pretty much like they do for aluminum cans and the like, each one is worth very little but whole bunches are worth a bit more.

People have been hanging on to nickels because the base metals are worth more than 5 cents.  Personally I like any investment that has lots of upside potential, no risk, and minimal investment other than a bit of my time. Even if copper or nickel prices fall to a penny a pound, my pennies are still worth a penny and my nickel is worth 5 cents. I can't lose unless I pay more than face value for the coins.

I keep lots of other stuff besides cents, nickels, 90% silver, gold & silver eagles, etc to trade or barter. Trading is just fine if you have something I want or need. If I have turnips and you have 40mm ammo (just a for instance) and you wanted my turnips, I may not want yer ammo, got nothing that shoots it. I suppose I could take the ammo hoping that I can trade it later with someone who needs it AND has something I want. This is one reason we invented money in the first place, besides who wants to haggle all day long with people for lunch? Course I am not holding on to my gold and silver to use as barter, I am holding it as a store of wealth. Eventually a new economy will emerge and things will normalize a bit. It will be nice not to start out on the low end of things because I decided to store all my money in an IRA, a 401k, or in the stock market.

I suppose everyone has their idea of how a post SHTF economy is going to work, as always it really depends on the scenario. Worldwide full-scale thermonuclear war, pennies probably not something you are going to need. Hyperinflation? Probably a good idea to have some. Regardless of what happens, I am out nothing except that massive 1.3% interest rate the bank pays on deposits.

BTW I dislike the idea of copper bars as trade goods, I think some people are just trying to make a profit saying that copper is the new silver which it isn't but as always a fool and his money are soon parted. Kinda like them copper trade coins people peddle for 20 times the price of copper. Its insane but people sometimes do not think things thru.

Offline average_joe

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Re: Are you buying rolls of nickels?
« Reply #16 on: December 20, 2011, 07:51:40 AM »
I was picking up rolls of nickels until about two month's ago. I had been picking them up for awhile and I noticed that they are pretty heavy. ;) I decided that using them now instead of saving them for a what if situation in the future would be the best way to go for me. With the way the cost of everyday items are rising I feel using that money now to purchase the things I need now is a safer bet.

Like I said them things are heavy. Just the logistics of moving them could be tough especially if you are in a hurry. Carrying $200.00 of silver is much easier than carrying the same amount in nickels. If I want to carry a ammo box full of something heavy, I would prefer it be full of ammo instead of nickels.  ;)

The melting point for nickel is 2647.4 F. In a TEOTWAWKI scenario finding and acquiring the resources to melt them down will be difficult and time consuming. I still look for war nickels because they are easy to spot. I also save copper pennies but I don't want to invest a lot of time energy and space into saving either one.

If you don't have a three month's emergency food and cash reserves and a way to filter water and defend yourself I would not be investing in any PM's. 

Offline TexDaddy

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Re: Are you buying rolls of nickels?
« Reply #17 on: December 20, 2011, 07:57:09 AM »
...Is there a sorting machine that knows the difference between a 1981 and 1983 penny?...
Yes, the copper ones weigh approx. 25% more. (3.11 grams vs. 2.5 grams)

...While I presume the hoarding of nickels is for the copper slug in the middle...
Actually, a nickel is a solid allow of 75% copper and 25% nickel. The value of the nickel has to also be considered.

Offline The Professor

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Re: Are you buying rolls of nickels?
« Reply #18 on: December 20, 2011, 11:26:15 AM »


Okay, I guess part of my problem is the whole complexity of the barter-with-metals thing. 

For the record, I do invest in precious metals, but consider the potential post-TEOTWAWKI value a sideline, rather than the primary reason.

Post-TEOTWAWKI economies are almost impossible to predict.  First of all, we don't know what's going to happen to make it TEOTWAWKI.  Second, we don't know the ramifications of the scenario.

We also have gotten away from basic education, in this country, so 95% of the population has absolutely NO idea about economics.

With the hub-bub of gold and silver, we are seeing a lot more bartering with them, currently.  It's not uncommon to go to a gunshow and see people buying new guns with gold or silver coins.  This is a Good Thing, IMO, as it shows that people are becoming more open-minded to such transactions.  Increased flexibility in thought and adaptability to opportunity is great.

However, I really don't know if I fully buy into the "I got gold so everyone's going to want to trade with me."  It would take several major steps for precious metals to become a bartering STANDARD.  That's for Gold and Silver.  Add in Copper, or other metals, and I think the learning/comfort curve goes very sharply up.

An experienced prepper, or someone who is familiar and comfortable with alternative bartering standards, may be okay with using pennies and nickels, but I think quite a few people will balk at them, initially.

Paradoxically (possibly), I think things such as ingots and bars in larger weights will be okay.  But older coins with copper?  IMO, copper is going to have to see a massive increase in value for them to be a major player.

Again, this is my opinion, and worth exactly what you paid for it.

The Professor

Offline TexDaddy

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Re: Are you buying rolls of nickels?
« Reply #19 on: December 20, 2011, 11:35:13 AM »
Everyone has to do their own thing. And yes, no one can say what will happen. It's just to bad I didn't put away a couple of rolls of dimes and/or quarters when I was a kid. No way were ever going to be worth much. (dimes currently about  $2.12 each, quarters about $5.30 each.)

There are lots of preps that come ahead of PMs or cents or nickels. Eventually, though it may be time to go there. Saving the nickels that come to you in change doesn't cost much and they will always be nickels.

***edited to correct a dyslexic spelling error***
« Last Edit: December 21, 2011, 07:42:15 AM by TexDaddy »

Offline The Professor

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Re: Are you buying rolls of nickels?
« Reply #20 on: December 20, 2011, 12:01:46 PM »
Everyone has to do their own thing. And yes, no one can say what will happen. It's just to bad I didn't put away a coulpe of rolls of dimes and/or quarters when I was a kid. No way were ever going to be worth much. (dimes currently about  $2.12 each, quarters about $5.30 each.)

There are lots of preps that come ahead of PMs or cents or nickels. Eventually, though it may be time to go there. Saving the nickels that come to you in change doesn't cost much and they will always be nickels.

In the 90's, I worked security as a bank to help pay the college tuition.  I'd made friends with the bank tellers and would buy every roll of coins larger than a dime that were turned in by customers.  They thought I was crazy because I would bring most of them back the next day and cash them in. 

I was harvesting pre-64 silver.

I wish I had continued.  I got out of it when I got my first "well-paying" job.

I wish I had kept buying gold, too.  I remember, very specifically, sitting out front in our truck at the coin dealer telling my wife that we should stop buying gold every month. The price had reached $489 an ounce and I was freaking out because I expected it to drop and we'd lose money.

Ah well. 

The Professor

Offline TexDaddy

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Re: Are you buying rolls of nickels?
« Reply #21 on: December 21, 2011, 07:55:36 AM »
One point. bartering directly with gold or silver coins may or may not ever come to pass. IMO PMs are more likely to hold their value than any fiat currency.

A more likely scenario I think, is people would sell their PMs for whatever the currency of choice is at the time. For instance, people who had gold/silver in Weimar Germany sold theirs for Swiss Francs and then made their purchases.

Now it a total world wide financial collapse, who knows? I think gold and silver would become money reasonably soon and goods would be priced that way.

I prefer to buy more small coins than large. US silver dimes are about 2.5 grams. A Mexican 2 pesos gold coin is about 1.5 grams. I like all sizes but I buy mostly the little guys. That way I can "cash in" a much smaller amount than I would have to if I had all 1 oz or larger coins and I can invest in smaller increments.

Offline RPZ

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Re: Are you buying rolls of nickels?
« Reply #22 on: December 21, 2011, 09:39:17 AM »
If you want alittle silver very cheap, buy rolls of dimes. Buy enough of them and once in awhile you will find a silver dime or two. I know of a guy who quite recently cracked a roll of dimes from the bank to find that they were all silver and in mint shape. Whatever the explanation for that one, it does happen.

Excess dimes can be disposed of at self checkouts.

Offline Taylor3006

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Re: Are you buying rolls of nickels?
« Reply #23 on: December 21, 2011, 11:21:04 AM »
If you want alittle silver very cheap, buy rolls of dimes. Buy enough of them and once in awhile you will find a silver dime or two. I know of a guy who quite recently cracked a roll of dimes from the bank to find that they were all silver and in mint shape. Whatever the explanation for that one, it does happen.

Excess dimes can be disposed of at self checkouts.

It's pretty rare to find silver coins in the wild nowadays. On Realcent (a forum devoted to coin hoarding) the guys go thru boxes of thousands & tens of thousands of dimes and find maybe one or two. I still find the occasional war nickel (35% silver) in rolls of nickels but again its pretty rare. BTW the last silver dime I found was a Mercury dime in a roll of pennies. That roll was in a box of pennies I picked up from the bank a few months ago. The best bet for finding silver is buying boxes of half dollars and going thru them. The downside is you usually have to order them from the bank in boxes of $500 amounts. This is one reason on eBay they are selling "unsearched" rolls of halves for double face.

Offline TexDaddy

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Re: Are you buying rolls of nickels?
« Reply #24 on: December 21, 2011, 11:39:35 AM »
If you want alittle silver very cheap, buy rolls of dimes. Buy enough of them and once in awhile you will find a silver dime or two. I know of a guy who quite recently cracked a roll of dimes from the bank to find that they were all silver and in mint shape. Whatever the explanation for that one, it does happen.

Excess dimes can be disposed of at self checkouts.
Good luck with that.

Offline RPZ

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Re: Are you buying rolls of nickels?
« Reply #25 on: December 21, 2011, 12:15:29 PM »
Theirs, and your mileage might vary that way. I know these guys personally; this is a small food and beverage biz, and they are finding more than a few a week, and often several a day. One day it was six dimes that had passed through the register. No one is going to get rich doing this, but for anyone on a low fixed income it is much better than nothing and more importly does not actually cost anything.