There has been talk over the past few years suggesting that the United States may one day stop minting the one cent coin(penny). Some have even recommended discontinuing the five cent nickel too. One of the chief reasons given is that the cost to mint these coins exceeds their face value. Years of inflation have caused the price of the base metals used in these coins to rise.
Another idea floating about is to switch the composition of these coins to a cheaper metal. This has been done before with the penny when the cost of copper rose too high. In 1982 the composition of the penny was changed from 95% copper and 5% zinc, to the less expensive 97.5% zinc and 2.5% copper version used today.
The older pre-1982 95% copper pennies can still be found in circulation today, but they are disappearing fast. Folks wise to the value of the copper in the pre-1982 pennies are separating them from the newer pennies, and hoarding them as a form of copper bullion. There is currently more than two cents worth of copper in each pre-1982 cent, and it has recently been as high as three cents worth of copper each.
Another popular coin to hoard is the five cent U.S. nickel. Comprised of 75% copper and 25% nickel, this coin’s metal value is just over five cents each, and has recently been as high as seven cents apiece. Nickels are easier to hoard because you don’t have to separate them by date. All U.S. nickels, except for the 35% silver versions issued during WW2, have the same composition.
It is currently illegal to melt pennies and nickels for their metal, but that might change in the future if those coins are discontinued, or switched to a cheaper metal.
If you have a stash of copper pennies or nickels, or if you are thinking about getting into this latest investment trend, then you would probably like to know what the value of your investment is at any given time. That is why I have created my latest app on the CoinApps.com website. My new U.S. Circulating Coins Melt Value Calculator will show you what the metal in your coins is worth.
In addition to pennies and nickels, you can also calculate the base metal value of all the other non-silver coins issued by the U.S. since 1965. While the metal value of these other coins is currently just a fraction of their face value, that could change quickly if inflation really gets out of hand in the future.
Check out this new calculator at: U.S. Circulating Coins Melt Value Calculator