Just pull some savings out of your Institutions in NICKELS!

24 posts / 0 new
Last post
Silvergunn
Silvergunn's picture
Offline
Joined: 06/14/2011
Hat Tips: 680
Posts: 114
Just pull some savings out of your Institutions in NICKELS!

http://www.tfmetalsreport.com/comment/96965#comment-96965

If one was to pull some savings out of the banks or credit unions in nickels, would that strain the system in a smallish way? Imagine if 10% removed $100 in nickels from their personal savings accounts and saved it personally? Todays price in metal value  is up from face value and was up the beginning of the year 40%, after testing just below $0.05 early this fall.  http://www.coinflation.com/ It is a win win!

Jefferson Nickel Price 1946-2011 Nickel
$0.05
$0.0506887
101.37%

Just think that everyone that does this will share the benefit of having "NO" risk in this trade, as we can always re-exchange these to the Institution at any time for what it cost if needed!

And what if everyone on here went and did this in February to honor the late great Presidents and our Constitution. BTW, these are Bullion, copper/nickel Bullion in a unit of exchange. And one day they will be removed from the common currency of exchange...with some having BU uncirculated copper/nickel bullion! A roll will cost a mere $2.00 and 50 rolls per $100.

Nickels are another example of our gov waste, think how much they cost to keep in circulation. There is the input cost at more that face value and then add the overhead like, machinery, labor, buildings, electric. Must cost $0.12-0.15 apiece? One day they will not be paying anyone to deliver them to the institutions and then they start to act like the 90% silver coins!!!

It seems obvious with a Bill to make it illegal to melt pennies and nickels in 2006 that there is a prolonged effort to maintain these in circulation, but why? Maybe it is so the peasants don't have a reason to take a closer look of the money in their pockets? If this is correct, then why not push this issue by causing a shortage?

Does anyone get change from the supermarkets, the nickel is the one coin to come out of the auto change dispenser the least amount of time, until the other coins are gone!  Are the dispensers programmed like that, seems so. And if you ask for nickels instead of the other change (when can), most cashiers wonder why because the average peasant hates the nickel for being the heaviest, go figure! If one does ask for nickels in change, there is a chance to educate the cashier why they should also save nickels for their retirement. And if you were to receive $0.50, but get 10 nickels instead of 2 quarters there is more than $0.50 in metal value compared to the metal value of 2 quarters at $0.097809  per http://www.coinflation.com/

It makes exchanging (trading) fun!

Edited by admin on 11/08/2014 - 06:06
bern
bern's picture
Offline
Joined: 06/27/2011
Hat Tips: 1221
Posts: 265
Nice to meet you Mr. Bass.  I

Nice to meet you Mr. Bass.  I enjoy watching all your TV interviews.

__________________

Liberty Library ~ PM Bug

tread_w_care
tread_w_care's picture
Offline
Joined: 06/14/2011
Hat Tips: 3056
Posts: 362
Nickels? Really?

These intrigue me about as much as the new copper rounds being sold by some of the metals websites.

The point about being able to withdraw them at face from your bank is slighly compelling though. 

__________________

"When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it." - Frederic Bastiat http://en.wikiquote.org/wiki/Fr%C3%A9d%C3%A9ric_Bastiat

Mr. Picklepants
Mr. Picklepants's picture
Offline
Joined: 06/24/2011
Hat Tips: 441
Posts: 42
I've been doing this

I've been doing this everytime i go to the bank. I get several rolls of nickels, look through  for silver, then roll them back or put them in a box. I don't like to keep much money in the bank, and I feel better storing cash at home if it's in nickels.

  I've found 2 silver nickels and a 1911 "V" nickel this way. So even if nothing bad every happens to the currency, I'm up. And if someone breaks into my house, stealing a 1000 dollars in nickels is much harder than stealing the paper.

   I can see no downside to doing this. Other than "bugging out", that's alot of weight to take with you.

Silvergunn
Silvergunn's picture
Offline
Joined: 06/14/2011
Hat Tips: 680
Posts: 114
Time is now running out, hurry it up!

http://news.yahoo.com/laws-change-penny-hoarders-could-cash-thousands-dollars-211547264.html

Nickels (pennies) are in vogue!

Funny when the bank tellers are intrigued and yet wonder why they have not heard of such a thing, until I showed up earlier this year. Some one has to be the first to tell them, as I stated!

I bought some pennies from the Portland Mint late last year! http://www.portlandmint.com/ Still a heck of a deal if you want Copper Bullion in a smaller unit than the Nickels per se, fractional Copper Bullion!

Silver makes change for Gold, Nickels make change for Silver and those that can't afford Gold will always be able to eat (or at least be able to be a part of the Bullion club)!!!

Silvergunn
Silvergunn's picture
Offline
Joined: 06/14/2011
Hat Tips: 680
Posts: 114
Legislation Seeks Steel for Cents and Nickels

Legislation Seeks Steel Cents and Nickels

http://news.coinupdate.com/legislation-seeks-steel-cents-and-nickels-1117/

Two bills were introduced in the House of Representatives on December 15, 2011 which seek to immediately alter the metallic composition of the one cent and five cent coins. Although the text of the bills is not yet available, statements released by Rep. Steve Stivers who introduced the bills H.R. 3693 and H.R. 3694 indicate that the legislation would require the coins to be made from steel.

Read the rest at above link!

Mudsharkbytes
Mudsharkbytes's picture
Offline
Joined: 06/14/2011
Hat Tips: 8519
Posts: 890
Change

For the last several months now, whenever I buy something, I ask for all my change in nickels. It's a simple step to start, but before you know it, you'll find yourself with a pretty substantial stack of nickels.

Silvergunn
Silvergunn's picture
Offline
Joined: 06/14/2011
Hat Tips: 680
Posts: 114
Shill is coming aboard, with out knowing it ;)

http://www.tfmetalsreport.com/comment/106134#comment-106134

Thanks Shill welcome aboard with MSB and a few others!!!

Katie Rose
Katie Rose's picture
Offline
Joined: 07/29/2011
Hat Tips: 12457
Posts: 546
Here's the truth.

My bank won't let me buy more than $20.00 worth of nickels at a time. They know.

This reminds me of my uncle who was a John Birch Society Member. The family thought he was mentally deficient.

After Nixon took the US off the gold standard he began to collect 90% silver coins. He had dresser drawers full of these coins.

He recently passed leaving behind a very wealthy widow.

I think we will be very glad that we collected nickels in the future - very glad indeed.

__________________

Katie Rose

Silvergunn
Silvergunn's picture
Offline
Joined: 06/14/2011
Hat Tips: 680
Posts: 114
@Katie Rose

Thanks for telling that story. I agree, the situation now is playing out in a very similar scenario!

Having some nickels will enable those that have them to always have something to trade/buy food with and this will be the most important part.

Sorry to hear about your banking institution restricting you from getting nickels. I guess you can visit it as frequently as possible? Also to ask for nickels as the change wherever you go and buy something...

Thanks for the Real Estate info, I appreciate it immensely!!!

Silvergunn
Silvergunn's picture
Offline
Joined: 06/14/2011
Hat Tips: 680
Posts: 114
Mass Inflation Ahead -- Save Your Nickels!

By James Wesley, Rawles -- Editor of www.SurvivalBlog.com

Updated, January 18, 2012

I've often mused about how fun it would be to have a time machine and travel back to the early 1960s, and go on a pre-inflation shopping spree. In that era, most used cars were less than $800, and a new-in-the box Colt .45 Automatic sold for $60. In particular, it would be great to go back and get a huge pile of rolls of then-circulating US silver dimes, quarters, and half dollars at face value. (With silver presently around $30 per ounce, the US 90% silver (1964 and earlier) coinage is selling wholesale at 22 times face value--that is $22,000 for a $1,000 face value bag.)

Read the rest at this link, to much info to paste here:

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

Silvergunn
Silvergunn's picture
Offline
Joined: 06/14/2011
Hat Tips: 680
Posts: 114
best investment of 2012?
Wealth Wire
 
 
Posted by Wealth Wire - Friday, January 27th, 2012

The Most Unconventional Investment Advice You'll Get in 2012

We're almost one month into the new year, and I'm finally ready to reveal my best investment for 2012. Warning: my choice is not a common stock. In fact, it's not common at all.

But before I launch into it, I need to lay the groundwork for this unconventional investment idea by addressing the ongoing inflation/deflation debate.

Read the article http://www.wealthwire.com/news/metals/2590

Loud Noises
Loud Noises's picture
Offline
Joined: 01/27/2012
Hat Tips: 1475
Posts: 151
Been Stacking

Been stacking nickels slowly for about a year now... originally read it on Rawles' page but it took me a while to warm up to the idea.  Each time I can stomach going into a bank branch I ask for $20 worth.  While it hasn't added up to much in fiat, its definitely enough nickels that someone would question my sanity if they found the stash.  Worst case, I see them becoming 3 or 4x face value in the years ahead.  (The flip side would be that worst case I end up needing the cash and I have to be that dumb*** lugging all those nickels to the bank.) 

Silvergunn
Silvergunn's picture
Offline
Joined: 06/14/2011
Hat Tips: 680
Posts: 114
Some Air Bags for a comfortable landing

An excerpt from: http://wallstcheatsheet.com/investing/should-investors-activate-gold-and-silver-airbags.html/

As more states and individuals prepare for future turmoil, Washington continues to look for more ways to abuse the nation’s currency. Geithner is currently trying to receive congressional permission to strip copper and other valuable metals from pennies and nickels. He told a House Appropriations Committee this week, “Currently, the costs of making the penny and the nickel are more than twice the face value of each of those coins,” according to Philly.com. Since 1982, pennies are mostly made from zinc and only contain about 2.5 percent copper. Meanwhile, the nickel is composed of 75 percent copper and 25 percent nickel. Geithner hopes that minting changes “will save more than $75 million” per year, starting next year. The U.S. nickel has not contained any silver since 1945 and silver was completely removed from quarters and dimes in 1965.

Although met with criticism, some governments are willing to eliminate certain circulated coins altogether. The Canadian government announced in its budget on Thursday it will withdraw its penny from circulation this year, hoping to save around $11 million annually. Finance Minister Jim Flaherty said, “Pennies take up too much space on our dressers at home. They take up far too much time for small businesses trying to grow and create jobs,” according to Bloomberg. That may be true, but the move also helps to hide the debasement of currencies from the public.

While elevated gold and silver prices flash a warning light to governments and fiat currencies worldwide, the signal is ignored by many. Investors looking to protect and diversify themselves against the current global financial system should strongly consider deploying gold and silver airbags. Individuals not willing to purchase gold and silver may want to consider picking up some U.S. nickels, while they still contain copper.

Kyle Bass, the Hayman Capital fund manager who correctly predicted the credit bubble, is a big believer in gold, platinum and nickels. In Michael Lewis’ latest book, Boomerang, Bass explained that he purchased a million dollars’ worth of nickels, totaling twenty million nickels. Bass explained, “I’m telling you, in the next two years they’ll change the content of the nickel. You really out to call your bank and buy some now.”

Silvergunn
Silvergunn's picture
Offline
Joined: 06/14/2011
Hat Tips: 680
Posts: 114
More loony and US penny news

http://abcnews.go.com/blogs/headlines/2012/03/u-s-penny-to-be-kept-as-canada-bids-coin-farewell/

More on the latest news of Canada dropping the loony penny...with video to watch or read the article from ABS news...some details of costs on all US coins produced!

Silvergunn
Silvergunn's picture
Offline
Joined: 06/14/2011
Hat Tips: 680
Posts: 114
Mint update announced on December 14, 2012

Debasement is Still Inevitable: Another Year for the Real Cupronickel Nickel?

http://www.survivalblog.com/2012/12/debasement-is-still-inevitable-another-year-for-the-real-cupronickel-nickel.html

James Wesley, Rawles - SurvivalBlog.com

I've been warning SurvivalBlog readers about the inevitable debasement of the.2 cents to produce each nickel, so debasement seems inevitable.

After a two-year study, testing 80 different alloys, the United States Mint's findings on alternative metals were announced on December 14, 2012. In essence they've said: "We need more time." Here is the key line from the report summary: "The Mint has made significant progress and, at this time, has concluded that additional R&D is necessary before it can recommend any changes to the current coin composition." Here is a link to the full report.

Based on the biennial R&D report, the U.S. Congress will probably either delay making changes to the penny and nickel, or they may just suspend further production. (Following Canada's lead, with pennies.)

Hopefully the Mint's dawdling will give us another year or two to stack up our boxes of nickels. (Once a composition change takes place, we will have to laboriously sort nickels.) If you read the contractor's report, you'll see that one of the goals of the planned debasement is that is be "seamless", meaning: "Differences and abilities to recognize or process incumbent coins and coins produced from alternative material candidates cannot be distinguished through normal coin processing." That is bureaucratic doublespeak for "Let's make our new worthless tokens look like real coins, even to vending machines."

I found the following buried in the contractor's report:

"Stainless steels, despite the having an electrical conductivity that is about half that of cupronickel, were recommended for testing for the 5-cent coin. The ideal stainless steel for coinage would be non-ferromagnetic (so it would not be mistaken for a steel slug), have low flow stress (i.e., result in low striking loads), have excellent corrosion resistance and be comprised to the greatest extent practical of elements that are not as expensive as nickel. Nickel and molybdenum contents should be low to reduce costs. Austenitic stainless steels (3xx series) are preferred because they are non-ferromagnetic and thereby are more likely to be accepted by a majority of fielded coin-processing equipment."

So I stand by my assertion that unless this denomination is dropped altogether, the cupronickel five cent piece will be replaced by a stainless steel token. It now appears that the 301, 302, 302HQ, or 304 stainless steel alloys are the most likely choices. Perhaps they'll lean toward choosing 302HQ or 304, since they both include some nickel for Austenitizing. Hence, the bureaucrats could save face (partially) by being able to claim that the new stainless steel slugs are still "nickels." But they'll still be just about worthless, compared to a real cupronickel nickel which contains more than five cents of base metal value. (See the details at the Coinflation web site.) The report cited a fully burden production cost (including base metal, tooling, labor and transportation) of 6.77 cents to produce each nickel out of stainless steel, but that is certainly an improvement over the current cost of 11.2 cents. To the citizenry at large, the real consequence of the debasement is this: The melt value of a stainless steel nickel will be less than half a cent. We will be robbed again folks, just like our parents were, in 1964. Let's not lose sight of the real underlying crime: general currency inflation. There would be no need to debase coins except for continuing, insidious inflation.

The goal of all government mints is to maintain seigniorage --which is making a profit on the coins that they produce. (Where their cost to produce each coin is less than its face value.) The U.S. Mint's current champion of positive seigniorage is the much-maligned Sacagawea/Presidential "golden" dollar coin, which is a Manganese-Brass token with a base metal value of just 6.22 cents--just one cent more then the base metal value of a nickel. No wonder people instinctively hate them. (By the way, I consider putting a "gold" finish on those coins the most heinous bit of legerdemain in the history of the U.S. Mint.)

Governments don't put up with negative seigniorage for very long. Debasement of nickels and pennies is coming, but thankfully the wheels of bureaucracy turn slowly. Let's just be thankful that we'll have a some more time to keep stacking up our nickels.

Silvergunn
Silvergunn's picture
Offline
Joined: 06/14/2011
Hat Tips: 680
Posts: 114
Thanks Istack, for the post you did!

Cent and nickelOn April 25, 2013, Rep. Steve Stivers of Ohio introduced a bill in the House of Representatives which seeks to immediately alter the metallic composition of the one-cent, five cent, ten-cent, and twenty-five cent coins. The legislation would require all four coins to be minted in American steel, with the cent coated in copper to preserve the current appearance.

...

http://news.coinupdate.com/bill-seeks-steel-cents-nickels-dimes-and-quarters-1952/

...

In 2011, Rep. Stivers had introduced two separate bills seeking to change the composition of the cent and nickel to steel. Subcommittee hearings were held, but neither bill was voted on.

Under the Coin Modernization, Oversight, and Continuity Act of 2010, the United States Mint has been conducting ongoing research and development activities on alternative metallic compositions for circulating coinage. After the first two years of study, the Mint released its first required report to Congress, which had indicated that additional work was required before any recommendations could be made.

Silvergunn
Silvergunn's picture
Offline
Joined: 06/14/2011
Hat Tips: 680
Posts: 114
The Nickel-Hoarding Billionaire

From this article: http://www.coinweek.com/bullion-report/the-nickel-hoarding-billionaire/

...

Obtaining such a vast amount of 5-cent pieces obviously requires more than ordering the coins through normal channels such as armored car companies. This multi-ton request had to be filled by the Federal Reserve. When the Fed asked Bass why he wanted a cool million in Jeffersons, he calmly replied “I like nickels.”

The purchase involved deeper motives than what might be perceived as an eccentric act. Bass made his reputation on successfully betting against heavily indebted nations such as Greece and Ireland as well as the large pool of subprime mortgages in America. That naturally led Bass to invest in gold and platinum through his Hayman Capital hedge fund as well as with his own money. Since Bass has no fear in going against conventional thinking, the world’s largest nickel hoard wasn’t a huge stretch for him.

jeff nickels bass The Nickel Hoarding BillionaireWhen famed author Michael Lewis interviewed Bass for his best-selling book Boomerang, Bass pulled a large gold bar out of his desk.

“We’ve bought a lot of this stuff,” Bass told a startled Lewis. In Bass’ case, he was talking about the real thing. No futures, no contracts, no “paper gold”.

“Not gold futures. You need physical gold,” Bass declared to Lewis. When the author asked Bass what investment advice he would offer to his mother, the reply was a blunt “Guns and gold.”

Want to invest like one of the most successful hedge fund managers of the 21st century? You might not be able to afford gold, but anyone who buys firearms, ammo and nickels at face value will be doing a dead-on Kyle Bass impersonation.

Nick Elway
Nick Elway's picture
Offline
Joined: 06/14/2011
Hat Tips: 4562
Posts: 814
$200 at a time in nickels

10 KG per $100 box  .. the weight adds up.

My local bank has no problem with me withdrawing a couple of boxes at a time.

Be careful putting them in a cabinet, a cement floor is better.

I believe in the Nick Elway

__________________

Silvergunn
Silvergunn's picture
Offline
Joined: 06/14/2011
Hat Tips: 680
Posts: 114
latest news update on this...

September 29, 2013

...

The SAVE II Act would achieve savings through the following measures:

  • Require default delivery of official Congressional documents to be electronic instead of paper and streamline processes to reduced the amount of paper used.
  • Require the Treasury to spend less on producing money than its given value.
  • Require federal prisons to convert to digital X-ray systems.
  • Improve the efficiency of DOD's management of spare and excess parts.
  • Study foreign aid for waste and inefficient spending.
  • Require DOD to study and improve interoperability of new unmanned aerial system platforms, payloads, and ground control stations.
  • Cancel passports for citizens who owe more than $50,000 in taxes.
  • Simplify import duties negating the need for years-long recovery unpaid duties.

Prohibition on Non-Cost Effective Minting and Printing of Coins and Currency

The SAVE II Act would accomplish the prohibition of non-cost effective production of coins and currency by amending certain sections of the United States Code.

With respect to coins, Section 5111 of title 31, United States Code would be amended by adding at the end the following:

(e) Prohibition on Certain Minting- Notwithstanding any other provision of this subchapter, the Secretary may not mint or issue any coin that costs more to produce than the denomination of the coin (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping).

With respect to currency, Section 5114(a) of title 31, United States Code would be amended by adding at the end the following:

(4) PROHIBITION ON CERTAIN PRINTING- Notwithstanding any other provision of this subchapter, the Secretary may not engrave or print any United States currency that costs more to produce than the denomination of the currency (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping).

Based on the most recent figures, the Bureau of Engraving and Printing would not be prohibited from producing any of the Federal Reserve Notes currently issued. The lowest value $1 and $2 notes cost 5.4 cents per note to produce, which remains far below their face value.

nickelThe United States Mint currently produces two denominations which cost more than their respective face values to manufacture and distribute. The most recent figures indicate unit costs of 2.00 cents for each cent and 10.09 cents for each nickel. If the SAVE II Act becomes law, the Mint would be prohibited from producing these denominations unless the costs could be reduced below their respective face values.

Both the cent and nickel have cost more than their respective face values to produce since 2006. In the most recent fiscal year, the production and distribution of the two denominations generated a loss of $109.2 million. Since 2006, the cumulative losses for the denominations have reached $469 million.

...

read it all at the link!

http://news.coinupdate.com/save-ii-act-would-prohibit-non-cost-effective-coins-and-currency-2168/

...

Thanks ag1969 for the link!

And thanks Nick Elway for your participation!

Silvergunn
Silvergunn's picture
Offline
Joined: 06/14/2011
Hat Tips: 680
Posts: 114
Make a nickel buy on Oct 31st

Sorry that the folks over seas and across the borders can't participate in this? But those that can please do so...

Those people that do a Silver or Gold buy on Oct 31st, should also consider going to their Bank/Credit Union and ordering a $100.00 box of Nickels, or more.

And those that can't buy any Silver or Gold should "No Doubt" go order some Nickels on Thursday Oct 31st.!

If everyone on here orders a box (my CU has a mandatory 2 box min), it will make a valid protest with the use of our currency; by trading it for real Money!!!

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Topic locked
Syndicate contentComments for "Just pull some savings out of your Institutions in NICKELS!"