5-cent nickels contain 75% copper and 25% nickel. 1-cent pennies contain 2.5% copper with the remaining zinc. The price of these metals have each gone up significantly and for over a year now, their melt value has been worth more than their real value. Or, more to the point, it costs the U.S. government more to make the penny and nickel than what they’re worth.
January 8, 2008, Los Angeles, CA – Los Angeles based American Elements announced today the launch of AE Bullion™. The new product group will mint certified high purity coins and bars from approximately sixty advanced, rare and less common metals for short and long term physical investment. Metals include rhodium, tellurium, indium, hafnium, scandium and the 14 rare earth elements; all metals which have experienced dramatic world price increases in 2007.
Coins and bars will be minted from assayed materials produced by American Elements’ AE Metals™ high purity refining group. Coins will be available to hedge funds, currency reserves and exchange traded funds (ETFs) in order to establish tradable securities and to allow for exposure and controlled risk to commodity and industrial demand fluctuations. Also, private investors, collectors and hobbyists can now take direct physical title and possession to these metals with risk exposure equivalent to movements in the world spot price.
CoinNews readers come from over 120 different countries and use a variety of national currencies. Although we often list coins with their prices, it’s simply not feasible to itemize their price per country.
However, we can and have added a currency converter for over 164 currencies and 3 metals (silver, gold and platinum).
The currency conversion engine is provided by OANDA.com and uses foreign exchange rates supplied by leading market data contributors. Currently, tools by OANDA are used by thousands of websites and firms, including FedEx, American Express, TimesOnline, Toyota, KPMG and more. Given the volume and leading list of partners, we felt confident in also using their engine.
It’s been an interesting week for precious metals. In particular, the flurry in gold has many experts now predicting it’ll soon eclipse the all-time high. In the same instance, many are hedging their bets by declaring the possibility of an eventual and painful price correction.
Above is the CoinNews.net chart showing this week’s London Fix prices for silver, gold and platinum.
So says Democrat Congressman Zack Space of Ohio who’s trying to help a company within his district. The company, Jackson Metals, would melt pennies for their copper content.
Helping businesses is hard to fault. But is newly proposed legislation that would benefit companies like Jackson Metals and change coinage laws the right thing to do? What would Jackson Metals, Rep. Space, the government and taxpayers really get from it?
First, some history…
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