I was wrong about nickel

Nickels contain 25% nickel, and the remainder is copper. This puts nickels in the awkward situation of being worth more than what you can actually buy with them. This creates the incentive to hoard the coins until the money is worthless, then use the metal to sell. Keep in mind, doing this to official US currency is illegal.

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#Nickel #Coins #GreshamsLaw

[HeresyFinancial]

Please keep in mind, melting coins is illegal and I was using that example as an educational illustration only

[rubies]

Even when you make a mistake, you make a productive lesson out of it. Thanks!

[johnmuellner]

At some point, US “coins”, if produced at all, will be made of plastic and resemble current guitar picks.
If I recall my history, didn’t coins disappear from circulation during the Revolutionary and Civil wars with stamps used for small purchases?

[nicksince]

I respect anyone who's willing to call themselves out and own up to their previously held beliefs/ideas. Thanks for keeping it real man.

[peterkoehling]

It’s nice to see people humble people who stand up and admit they were wrong and give out a correction! Nice job Joe!

[SmartSilverStacker]

The price that coinflation is using for nickel at the moment is not correct. It is listing the price of nickel as $17.3212/lb. When the LME halted trading the coinflation price stopped updating, and became stuck at this level. The real price now after the big move up is significantly higher. I read that when the LME resumes trading on Friday, they will start the price around $50, 000 a ton, and limit moves to no more than 10% per day. $50, 000/ton is $25/lb, so the melt value of the coin is actually higher than what coinflation is reporting!

[burnedbysound]

I bought a cup of coffee once with a $5 bill and got a quarter in my change that ended up being worth $4.60ish in silver.

[wayneanderson]

I bought 5 rolls of nickels on March 4 for $10, melt value $13.55 on that day. They are now close to $19.00, a phenomenal investment. We will have to see where nickel equalizes once the LME comes back to trade. I expect we will see $15 a pound as a floor once the gyrations are over.

[fudbob]

JUST REMEMBER, the main stream media never actually apologizes. Heresy Financial is incredible information, and when Joe gets it wrong, he makes it right. Keep it up! Thank you!

[mrfabulous]

What you do not understand is Nickel is needed to keep lithium batteries from burning up and desperately needed for Electric/Hybrid cars. The stock levels at the London Metals Exchange has been declining for years.
Tesla actually bought their own nickel mines to bybass LME prices. The largest Nickel mine in Philippines shut down after category 5 typhoon a month ago and Indonesia has stopped exporting nickel because they are destroying their land. Nickel Mines in Australia are almost depleted and just recently the Russia export ban will cause the price of Nickel to probably triple.

[MM]

They were just talking about nickels on TIMCAST. Saw the notification and jumped over

[uckBayNguyen]

Actually, there is two types of nickel. One use for coinage, the other for battery

[GotGracexxxxx]

Oh, no! You done did it again! 0:50 “Gresham’s Law, which is good money drives out bad.” 🤦‍♂️🤦‍♂️

[veritasfiles]

Gresham's law isn't "Good money drives out bad." It's actually the reverse. Gresham's law states that "Bad money drives out good money." So 0:55 to 1:00 was probably just a mispoken phrase, but I wanted to remind you just in case.

[anacap]

When the dollar hyperinflates, those pre-1982 pennies and pre-2015 nickels will come in handy. Same thing with junk silver which is still technically legal tender and can't be confiscated; if that's the kind of thing you worry about.

[jnmrgn]

I wonder how much of the "coin shortage" we have been enduring for the last two years is because of people hoarding coins. I have been.

[jsk_tuning]

Nickel is worth .16c if commodity price is $100, 000. 160% gain if you just turn your cash into nickels. Guess where Im going in the morning?

[MDDiamonds]

Um no one melts down pre 64 silver coins. For the most part they won't melt down nickels either. You have a known quantity of metal that is easily a medium or exchange.

[prayunceasingly]

I assume the only reason nobody would accept fiat coins would be because fiat gets outlawed?

[TennesseeJed]

Everything about money is a scam, but a scam we all must accept.