Monday, February 28, 2011

How to get rich nickel-and-diming...No, REALLY! Get rich with nickels and dimes!!

If a nickel has 7 cents worth of metals and you melted it down and sold it at that maket value, you would have a rate of return of 40%! (.07 minus .05 divided my .05 times 100).  If you found some pre-1965 dimes, at the rate quoted below, you would do very well.  Excuse me while I flip the cushions of my sofa over...I will be right back...

Hoarding Nickels, Collecting stamps? Is this the best investment for America's working poor?

""US five cent coins contain over 7 cents worth of raw material as of this afternoon, mostly copper and of course, nickel. If there is inflation, the prices of metal will increase, and the coin will have 8, 9, 10 cents worth of metal. Pre-1965 dimes contain over $2.42 of metal today, while pre-1965 quarters have over $6 worth of metal. (http://www.coinflation.com/)
If there is deflation, the coins are still currency at face value. They will always be nickels. There is also no transaction cost for "buying" these coins. Just save them as you get them from change, or pick up $2 rolls at local banks. ""
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2 comments:

  1. Tyler DykstraMarch 1, 2011 at 10:12 PM

    Too bad its illegal to deystroy U.S. currency. Someone actually tried to do this but he was arrested.

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  2. Greg DunnMarch 3, 2011 at 10:30 PM

    Yeah it is too bad that it is illegal to destroy U.S. currency because this seems like it is a very proftiable venture.
    However, what if we simply melted down pennies to make copper timpanis for the band program. That would definantly save the band money on the expensive timpanis it has to buy and we wouldn't technically be destroying the currency, just recycling it. And we could just play Patriotic music and I see no harm done.

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