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Are you one of them?

Are you hoarding nickels?

The metal in the coin is currently worth 6.5 cents, though it is illegal to melt or export it under current Treasury regulations.

That hasn’t stopped a number of people online from suggesting that hoarding nickels is the way to go.

How many people are taking that advice to hoard the nickel?

Not too many that I can see – yet.

Sure, I have had a few e-mails from people wondering how they can buy large quantities for face value, but I think a more on-target gauge to watch is current Mint nickel output.

The February numbers show that nickel production dropped by two-thirds from January to February. In January 93.12 million were produced. In February the number was 32.16 million nickels.

This makes the two-month total 125.28 million pieces.

A rising tide of hoarding would likely not allow the Mint to cut back like it did in February.

On the other hand, if the current two-month production pace continues all year, nickel output in 2011 will be 751.68 million coins, up from 490.56 million in 2010.

Is this evidence of growing hoarding?

Well, let me just say that it is enough evidence to prompt me to ask the question.

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3 Responses to Are you one of them?

  1. Dave says:

    I keep all the nickels I get in change and buy $10 to $12 from the bank each week. I have been doing this for about 4 year now. The problem with nickel hording is they get very bulky very fast and I’m running out of room for them. Plus in an emergency if one has to flee, gold would be the best thing to take, no one is going to take rolls of nickels with them. I have yet to see a 2011 nickel. I’ve seen plenty from 2010 and very few from 2009.

  2. Mike says:

    I save all 1958 and before,also all war nickels.Have been through about 2000 rolls in the last 3 years.But nothing else.

  3. Jim says:

    Hoarding nickels? No. I’m not even hoarding pre-1982 Lincoln cents. Neither is worth the time, effort, or storage space to me.

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