For two weeks now, the prices of nickel (the raw metal) prices have skyrocketed!
As a matter of fact, metal continues to be a problem for supply chains across the board — from currency to manufacturing. And the surge continues to unfold as nickel prices recently hit daily limits in China. The increase is so drastic, the value of a nickel is worth more than a dime!
As the ongoing war in Ukraine rages on, our interconnected world is also impacted by the events abroad — not just emotionally, but also physically and financially. Much of the world’s nickel (metal) supply comes from Russia, resulting in worldwide instability as the conflict develops.
News outlets have also been prompted to ask if the U.S. mint could change coin compositions as they dive into the history of the composition and what that means in today's market. We've read for years that some individuals want to cancel the penny too, so much so that a group called ‘Retire the Penny’ states the U.S. government could save $85 million dollars a year if it were eliminated. Given that the penny’s composition changed in 1982 to zinc with copper plating, it’s hard to imagine what change could spur to make the composition cheaper — maybe steel with copper plating.
If this nickel spike continues, what will happen to the state of currency as we know it? Is this the moment coin collectors have waited for? As our team ponders these questions, the one thing I find myself thinking is how many nickels do I have in my wallet, purse, couch and in my own coin collection?
And most importantly, how much are they worth now?