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When Did They Stop Making Silver Nickels

Written By Monday 21 February 2022 Add Comment Edit

Current denomination of The states currency

Nickel

United States
Value 0.05 U.S. dollar
Mass 5.000 g
Bore 21.21 mm (0.835 in) except Shield nickels (1866–1883) twenty.5 mm (0.807 in)
Thickness Non specified for Shield nickels. All others: one.95 mm
Edge shine
Composition
  • 25% nickel
  • 75% copper
"State of war Nickels" (mid-1942 to 1945):
  • 56% copper
  • 35% silverish
  • 9% manganese
Silver 1942 to 1945 Wartime Nickels but (with large mint marker on contrary) 1.750 g 0.05626 troy oz
Years of minting 1866 – present (except 1922, 1932, and 1933)
Obverse
Design Thomas Jefferson
Designer Jamie Franki
Pattern date 2006
Reverse
US Nickel 2013 Rev.png
Blueprint Monticello
Designer Felix Schlag
Design date 1938 (not used in 2004 or 2005). Coins before 2006 do not have "FS" on reverse to correct of Monticello.

A nickel is a 5-cent coin struck by the United States Mint. Equanimous of cupronickel (75% copper and 25% nickel), the piece has been issued since 1866. Its diameter is 0.835 inches (21.21 mm) and its thickness is 0.077 inches (ane.95 mm).

The silver half dime, equal to five cents, was issued from 1792 to 1873 before today's cupronickel version. The American Civil War caused economic hardship, driving gold and silvery from circulation; in response, in place of low-value coins, the government at first issued paper currency. In 1865, Congress abolished the 5-cent partial currency note after Spencer 1000. Clark, caput of the Currency Bureau (today the Bureau of Engraving and Printing), placed his own portrait on the denomination. After the successful introduction of ii-cent and three-cent pieces without precious metal, Congress besides authorized a five-cent piece consisting of base metal; the Mint began striking this version in 1866. The initial blueprint of the Shield nickel was struck from 1866 until 1883, then was replaced by the Liberty Head nickel. The Buffalo nickel was introduced in 1913 as function of a bulldoze to increment the beauty of American coinage.

The nickel is minted in its modernistic form as the Jefferson nickel, which was first introduced in 1938. In 2004 and 2005, special Jefferson nickel designs in accolade of the bicentennial of the Lewis and Clark Expedition were issued. In 2006, the Mint reverted to using Jefferson nickel designer Felix Schlag's original reverse (or "tails" side), although a new obverse, past Jamie Franki, was substituted.

Due to inflation, the purchasing power of the nickel continues to drop, and currently the coin represents less than 1% of the federal hourly minimum wage. Equally of the end of FY 2013, information technology cost more than than 9 cents to produce a nickel;[1] the Mint is exploring the possibility of reducing cost by using less expensive metals. In 2018, over 1.26 billion nickels were produced at the Philadelphia and Denver mints.

Silverish half dime [edit]

The silver one-half disme (as the half dime, pronounced the aforementioned, was showtime called) was one of the denominations prescribed by the Mint Deed of 1792; its weight and fineness were set by law.[2] The first pieces under federal authority were half dimes, struck in 1792 in the cellar of John Harper, a saw maker; as the outset federal mint was nonetheless nether structure in Philadelphia, this took identify locally at Sixth and Cherry Streets. The dies were engraved by Adam Eckfeldt, who a one-half-century after recalled that the silver for the one-half dimes was supplied past President George Washington, and that the 1,500 coins struck from the bullion were given to Washington'due south Secretary of Land, Thomas Jefferson, for distribution to of import people, both in the US and overseas.[iii] [iv] By legend, President Washington supplied silverware from his home, Mountain Vernon, to provide bullion for the coins.[5] In his annual message to Congress in late 1792, Washington noted the ongoing construction of a mint building and stated: "There has also been a small-scale beginning in the coinage of one-half dimes, the want of small coins in circulation calling the first attending to them."[six]

In 1793, the newly established Philadelphia Mint began striking cents and half cents.[7] Coinage of precious metal was delayed; Congress required the assayer and chief coiner to each post a security bond of $10,000, a huge sum in 1793. In 1794, Congress lowered the primary coiner'south bond to $5,000, and the assayer'due south to $1,000; President Washington's appointees to those positions were thus able to authorize and have function. Afterwards, silvery coinage began that twelvemonth.[8]

The half dime was originally struck from 1794 until 1805, though none were dated 1798, 1799, or 1804.[ix] By 1804, silverish US coins were heavily exported, as they could be exchanged at par in the Due west Indies with heavier Castilian coins, which were then imported as bullion and deposited at the Mint for melting and restriking. In response, in 1804 the US stopped hit silver dollars; issuance of the half dime was discontinued from 1805 until 1829. In 1807, mint Manager Robert Patterson in a alphabetic character explained to Jefferson (by then president) "almost the whole of our Silver Bullion (chiefly Castilian dollars) come through the Banks, and information technology is very seldom that they will consent to accept whatever coin less than half dollars."[10]

Beginning in 1829, the silver v-cent piece was again struck; beginning in 1837, its fineness was increased from .8924 to .900. Also in 1837, the one-half dime's obverse blueprint changed from one by William Kneass, depicting a bust of Liberty, to 1 that featured a seated Liberty by Christian Gobrecht; until its abolition in 1873, the half dime would bear modifications of this design. In 1851, information technology ceased to be the smallest US silver coin as a 3 cent slice was issued by the Mint.[11] [12]

Birth of the nickel [edit]

The Civil War caused nearly American coins to vanish from circulation, with the gap filled past such ways as merchant tokens, encased postage stamps, and United States fractional currency, issued in denominations equally low as three cents. Although specie (gold or silver coins) was hoarded or exported, the copper-nickel cent, and so the just base metallic denomination being struck, besides vanished.[13] In 1864, Congress began the process of restoring coins to circulation by abolishing the 3-cent note and authorizing bronze cents and two-cent pieces, with low intrinsic values, to be struck.[14] These new coins initially proved pop, though the two-cent slice soon faded from apportionment. On March 3, 1865, Congress passed legislation authorizing the Mint to strike three-cent pieces of 75% copper and 25% nickel.[14]

In 1864, Congress authorized a tertiary series of fractional currency notes. The five-cent note was to bear a depiction of "Clark", just Congress was appalled when the issue came out not with a portrait of William Clark, the explorer, but Spencer M. Clark, head of the Currency Bureau. Co-ordinate to numismatic historian Walter Breen, Congress'south "immediate infuriated response was to pass a constabulary retiring the five-cent denomination, and another to foreclose portrayal of any living person on federal coins or currency."[15] Clark kept his job only because of the personal intervention of Treasury Secretary Salmon P. Hunt.[15]

Mint Manager James Pollock had been opposed to striking coins containing nickel, simply in view of the initial success of the copper-nickel three-cent piece, he became an advocate of striking v-cent pieces in the same metals. In his 1865 report, Pollock wrote, "From this nickel alloy, a coin for the denomination of five cents, and which would be a popular substitute for the 5 cent note, could easily be made ... [The five-cent coin should be struck in base metallic] but until the resumption of specie payments ... in time of peace ... coins of junior alloy should not be permitted to take the place permanently of silverish in the coinage of pieces above the denomination of iii cents."[16]

Industrialist Joseph Wharton had a about-monopoly on the mining of nickel in the United States, and sought to promote its use in coinage.[17] He was as well highly influential in Congress. His friends at that place, though they had failed to obtain the metallic's use for the 2-cent piece, had been more successful with the base-metal three-cent coin.[eighteen] Pollock prepared a neb authorizing a v-cent coin of the same alloy as the three-cent piece, with a total weight not to exceed 60 grains (3.9 k). At the committee stage in the Business firm of Representatives, the weight was amended to 77.19 grains (5.00 g), ostensibly to make the weight equal to five grams in the metric system but more likely and so that Wharton could sell more than nickel.[16] This made the new coin heavy, in terms of weight per $.01 of face value, compared to the three-cent copper-nickel coin. The bill passed without argue on May 16, 1866.[16] The new copper-nickel coin was legal tender for up to ane dollar and would be paid out by the Treasury in substitution for coin of the United States, excluding the half cent, cent and two-cent. It was redeemable in lots of $100 for banknotes. Partial currency in denominations of less than ten cents was withdrawn.[nineteen] [xx]

Shield nickel (1866–1883) [edit]

The Shield nickel

In anticipation of the approval of the new five-cent coin, the Mint's chief engraver, James B. Longacre, had begun preparing designs and blueprint coins in 1865.[21] [22] Later on rejecting pieces showing deceased presidents George Washington (see Washington nickel) and Abraham Lincoln, Treasury Secretary Hugh McCulloch decided on a design similar to Longacre's 2-cent piece, with a shield on the obverse and a numeral v surrounded by stars and rays on the reverse. This has come to be known as the Shield nickel.[nineteen]

The new coins proved difficult to produce; owing to the hardness of the planchet, the coins were not of high quality and the life of the striking dies was brief. The design was widely criticized; Wharton described the obverse every bit suggesting "a tombstone surmounted by a cantankerous and overhung past weeping willows."[23] The American Journal of Numismatics described the Shield nickel as "the ugliest of all known coins".[23] The rays were eliminated from the reverse design in 1867, in the hope of eliminating some of the production bug.[24] The pattern change created confusion among the population—many people assumed that one blueprint or the other was a apocryphal—and the Mint briefly considered abandoning the shield design entirely.[21] After heavy production in its start years, by belatedly 1869, enough nickels had been struck to come across the needs of commerce; fewer were coined in the post-obit years.[25]

The new coins tended to accumulate in the hands of merchants beyond the legal tender limit, but banks refused to accept them beyond the i-dollar maximum. Storeowners were forced to disbelieve the coins to brokers.[20] Postmasters, compelled by law to accept the coins, plant that the Treasury would not accept them as deposits except in lots of $100, in accordance with the authorizing statute.[26] In 1871, Congress alleviated the trouble by passing legislation allowing the Treasury to redeem unlimited quantities of nickels and other depression-denomination coins when presented in lots of not less than $20.[20] It was non until 1933, long later the shield design passed from the scene, that the nickel was made legal tender without limit.[25]

Half dimes continued to exist struck, at both the Philadelphia and the San Francisco Mint, until the series was ended by the Coinage Human action of 1873.[27] [28] Despite the abolition, the silver pieces connected to circulate in the West, where silver or gilt coins were preferred, throughout the remainder of the 19th century.[20] Improved economic weather, combined with low argent prices, brought large quantities of hoarded silver coinage, including half dimes, into circulation beginning in April 1876.[29] In late 1876, production of the Shield nickel was halted.[30] No Shield nickels were struck in 1877 or 1878, excepting proof specimens for collectors.[20] As the Treasury had a large stock of nickels in storage, only small numbers were struck over the next few years; full-calibration product did not resume until Dec 1881.[31]

Liberty Head or "V" nickel (1883–1913) [edit]

"V" nickel without and with "cents"

With product of nickels lagging in the belatedly 1870s, and with minimal strikings of the copper-nickel 3-cent slice, Wharton sought to increment the use of nickel at the Mint. The bronze cent represented a major portion of the Mint'due south production, and Wharton began to lobby for the piece to be struck in copper-nickel, as information technology had been from 1857 until 1864.[32] [33] In 1881, this lobbying led Philadelphia Mint Superintendent Archibald Loudon Snowden to guild Mint Engraver Charles Barber to produce uniform designs for a new cent, three-cent piece, and v-cent piece.[32] Snowden required that the new coins describe the caput of Liberty with the legend LIBERTY and the date, with the nickel'due south reverse to have a wreath of wheat, cotton, and corn around a Roman numeral "V" for "5", to announce the denomination.[34] Under the proposal, the nickel would retain its weight of 5 grams (0.18 oz), but its diameter would be increased to 22 millimeters (0.87 in).[35]

Hairdresser duly produced the required designs.[35] Snowden somewhen decided against a new cent or three-cent piece, just Barber continued work on the nickel, with the size adjusted to 21.21 millimeters (0.835 in).[34] When specimens were sent to Washington for routine approval past Treasury Secretary Charles J. Folger, to Snowden's surprise, they were rejected. The secretarial assistant, on review of the coinage statutes, had realized that the laws required "U.s." to appear on the opposite, not the obverse where Barber had placed it. Hairdresser modified his pattern appropriately, and the coin was fix for striking in early 1883.[36] Yet, by then, Shield nickels dated 1883 had already been coined. To ensure proof Shield pieces would not be hoarded for their rarity, Mint officials allowed their continued production for several months.[37]

Criminals soon realized that the new nickel, which lacked the word "CENTS", was close in size to the five-dollar gold piece, and if they were to plate the nickel with gilt, information technology might be passed for 5 dollars.[38] Some coins were fifty-fifty given a reeded edge by fraudsters, making them appear more like the gold coins.[39] The Mint halted production of the new coins; production of Shield nickels continued. Hairdresser was told to modify his work, which he did, moving other design elements to arrange the word "CENTS" at the bottom of the opposite. The revised nickel was issued on June 26, 1883, the date on which production of the Shield nickel was finally stopped. The public promptly hoarded the "centless" nickels,[40] assertive the Treasury Department intended to think them, and that they would become rare.[41]

The Freedom Head nickel was heavily struck during its thirty-year run, except during economic downturns in 1885–1886 and in 1894, when but small numbers were struck.[42] [43] In 1890, Congress ended product of the three-cent piece, leaving the five-cent coin as the only one in copper nickel. That year, Congress besides allowed the Secretary of the Treasury to authorize the redesign of United States coins, if the old blueprint had been struck for at to the lowest degree 25 years. Although the nickel and silver dollar had been redesigned within the previous quarter-century, a provision in the latter act made them eligible for immediate redesign.[44] [45] In 1896, blueprint nickels were struck for the kickoff time since 1885, when experimental, holed coins had been tested; however, no redesign took place.[46]

Growth of the nickel in commerce [edit]

Money-operated machines to vend food, for amusement, and for gambling became pop in the 1890s. Such machines could exist placed on otherwise unused floor space in businesses, required piddling maintenance, and brought in money for owners. Offset about 1898, money-operated mechanical pianos likewise became pop. The Mills Novelty Visitor was a leading producer of such devices; past 1906 information technology was producing machines ranging from a mechanically played violin to fortune-telling devices. While some machines took cents or other denominations, the nickel was the coin of choice for these machines.[47]

Among the innovations in business concern caused by the utilise of the nickel in coin-operated machines was the automat, in which patrons would serve themselves past inserting a coin (initially a nickel, though past the 1950s a college denomination was needed) into a mechanism, turning a handle, and removing a sandwich or dessert. These restaurants were first established in Federal republic of germany, but were popularized in the United States by, amongst other firms, Horn & Hardart. A type of business concern which took its name from the coin was the nickelodeon cinema, where a nickel bought access to view a series of ane-reel short films, generally nearly 12 minutes in length, which ran continuously from early afternoon until belatedly at nighttime, with the patron costless to remain as long every bit he liked. Although another denomination gave the penny arcade its proper name, the nickel was commonly used there as well.[48]

Few nickels had circulated in the western states earlier the 1880s (people there preferred silver and gilded coins); interest in the new Liberty Head design had led to increasing use of nickels there. Good economical conditions and high need for nickels for use in coin-operated devices caused the piece to broadcast throughout the nation by 1900. That year, Mint Director George East. Roberts called on Congress to quintuple the Mint's cribbing to purchase base of operations metals for striking into nickels and cents. At the time, statutory restrictions permitted production of cents and nickels merely at Philadelphia; Roberts' asking that Congress allow hitting at the other mints was granted in 1906. The Denver and San Francisco Mints began striking nickels in 1912.[49] [50]

1913 Liberty Head nickel rarity [edit]

Ad placed by Brownish in The Numismatist, December 1919

The Liberty Head nickel was replaced after 1912, and initially there was no indication that 1913-dated pieces with that design existed. In December 1919, a money dealer, Samuel W. Brown, placed advertisements in money publications, offering to buy 1913 Liberty Head nickels. The following August, Brownish appeared at the annual American Numismatic Clan (ANA) convention bearing such a piece.[51] Brown claimed that a master dice had been prepared for 1913 and that these pieces had been run off to examination information technology.[52] Every bit it turned out, Chocolate-brown possessed 5 coins, which he eventually sold. Later spending 15 years in the hands of the eccentric Col. E.H.R. Green, the famous Fort Worth, Texas, surface area collector, the coins were finally dispersed in 1943. Since and then, they accept had several owners each. Today, two are on public display—at the Smithsonian Establishment in Washington and the ANA'southward Money Museum in Colorado Springs, while three are endemic privately. The most contempo auction of a 1913 Liberty Head nickel was in January 2010, when i sold for $3,737,500 in an auction.[53]

Information technology is uncertain how the 1913 nickels came to be made. The Mint's records show no production of 1913 Liberty head nickels, and none were authorized to be made.[54] Dies were prepared in advance and sent to California for a 1913-S Liberty Caput nickel coinage, merely upon orders from Mint Managing director Roberts in December 1912 to end the old design, they were returned to Philadelphia. They were received past Dec 23, and were nigh certainly destroyed routinely by early on January.[55] Brown had been an employee at the Philadelphia Mint (although this was non known until 1963) and many theories focus suspicion on him.[56]

Buffalo or Indian Caput (1913–1938) [edit]

1913 Buffalo nickel (Blazon I & II)

President Theodore Roosevelt in 1904 expressed his dissatisfaction with the artistic country of American coins,[57] and hoped to hire sculptor Augustus Saint-Gaudens to beautify them. Saint-Gaudens, before his death in 1907, designed a new hawkeye and double eagle, which entered circulation that year; the cent, quarter eagle, and half eagle were redesigned by other artists and were released into apportionment by 1909. That year, Mint Manager Frank Leach instructed Barber to make pattern coins for new nickels. Near of these coins featured the first president, George Washington.[58] However, the project was discontinued when Leach left office on November ane, 1909, to exist replaced by Abram Andrew.[58]

On May 4, 1911, Eames MacVeagh, son of Treasury Secretary Franklin MacVeagh wrote to his father:

A little thing that seems to take been overlooked by all of yous is the opportunity to adorn the design of the nickel or five cent piece during your administration, and it seems to me that it would be a permanent gift of a most attractive sort. As peradventure y'all are enlightened, information technology is the only money the blueprint of which you lot tin can alter during your administration, as I believe there is a law to the effect that the designs must not be changed oftener than every twenty-v years. I should think as well it might exist the money of which the greatest numbers are in circulation.[59]

Soon afterward the MacVeagh alphabetic character, Andrew announced that the Mint would solicit new designs for the nickel. Sculptor James Earle Fraser, who had been an assistant to Saint-Gaudens, approached the Mint, and apace produced concepts and designs. Mint Manager George Roberts, who had returned to office in place of Andrew, initially favored a pattern featuring Lincoln, but Fraser soon developed a design featuring a Native American on one side and a bison on the other.[60] Secretary MacVeagh wrote, "Tell him that of the three sketches which he submitted we would similar to apply the sketch of the head of the Indian and the sketch of the buffalo."[61] In July 1912, news of the new nickel became public, and coin-operated machine manufacturers sought data. Clarence Hobbs of the Hobbs Manufacturing Visitor, maker of counterfeit detectors, feared the new nickel would not be passed by his devices.[62] Hobbs demanded various changes to the design, to which the artist was reluctant to agree.[63]

The Hobbs Visitor continued to interpose objections in 1913.[64] On February 3, Hobbs sent Roberts a lengthy list of changes that he wanted in the money, and the sculptor was required to attend a conference with Hobbs representatives.[65] On the fifth, post-obit the conference, which ended with no understanding, Fraser sent MacVeagh a x-page letter, complaining that his time was being wasted by the Hobbs Company, and appealing to the Secretary to bring the state of affairs to a close.[66] Secretary MacVeagh agreed to hold a meeting at his office in Washington on February 14.[67] Barber prepared patterns showing what the nickel would look like if the changes demanded by Hobbs were made. MacVeagh conducted the meeting much like a legal hearing, and issued a letter the following day.[68] The secretary noted that no other firm had complained, that the Hobbs mechanism had not been widely sold, and that the changes demanded—a clear space effectually the rim and the flattening of the Indian's cheekbone—would bear upon the artistic merit of the piece. MacVeagh concluded, "You volition please, therefore, continue with the coinage of the new nickel."[69]

The coins were officially released to circulation on March 4, 1913, and quickly gained positive comments for depicting truly American themes.[lxx] However, The New York Times stated in an editorial that "The new 'nickel' is a striking instance of what a coin intended for wide circulation should not exist ...[it] is not pleasing to look at when new and shiny, and volition be an abomination when old and deadening."[71] The Numismatist, in March and May 1913 editorials, gave the new coin a lukewarm review, suggesting that the Indian's head be reduced in size and the bison be eliminated from the reverse.[72]

Dies for the new blueprint proved to break quickly.[73] Barber made proposed revisions, which Fraser canonical after existence sent samples.[74] These changes enlarged the fable "V CENTS" and changed the ground on which the bison stands from a hill to flat footing.[75] According to data compiled past numismatic historian David Lange from the National Archives, the changes to what are known every bit Type 2 nickels (with the originals Type I) actually decreased the die life.[76] A problem not addressed was the exposure of the date to wear; many Buffalo nickels today accept the date worn away.[70]

In January 1938, the Mint announced an open up competition for a new nickel design, to characteristic early president Thomas Jefferson on the obverse, and Jefferson'south home, Monticello on the reverse.[77] The last Buffalo nickels were struck in April 1938 at the Denver Mint, the simply mint to strike them that year.[78]

Design and name [edit]

The identities of the models for the Native American on the obverse and for the bison on the reverse are not known with certainty. Fraser stressed that the Indian was a type, rather than based on a specific individual, and identified diverse Native Americans as models, non always consistently, including Iron Tail, Ii Moons,[79] and Big Tree (of the Kiowa people).[80] There take been other claimants, the most prominent being John Big Tree, a Seneca, who made many public appearances as the "nickel Indian" until his decease in 1967.[81] Fraser recounted that the animal on the opposite was an American bison, Black Diamond, whom he stated lived at the Bronx Zoo, and also described the model only as a bison at the Bronx Zoo.[82] Nevertheless, Black Diamond was never at the Bronx Zoo, but instead lived at the Fundamental Park Zoo (both facilities are in New York City) until the beast was sold and slaughtered in 1915. The placement of the horns on the nonetheless-extant mounted head of Black Diamond differs from that of the bison on the nickel.[83]

From its inception, the coin was referred to as the "Buffalo nickel", reflecting the common name for the bison. The numismatic publication with the greatest circulation, Coin World, calls information technology an Indian head nickel, while R.S. Yeoman's Crimson Volume refers to it as "Indian Head or Buffalo".[84] [85]

Jefferson nickel (1938–present) [edit]

The Jefferson nickel obverse as struck from 1938 to 2004. Coins from pre-1966 lack the designer'south initials.

The Jefferson nickel reverse, as struck from 1938 to 2003, features Monticello, Jefferson's home.

When the Buffalo nickel had been struck for 25 years and could be replaced without an act of Congress, the Mint moved quickly to replace it. Although the Fraser design is popular today among numismatists, information technology did not enjoy that status in 1938, and at that place was no public outcry at the decision.[86] In January 1938, the Mint announced an open competition for the new nickel design, with the winner to receive a prize of $1,000. Anticipating the 1943 bicentennial of Jefferson's birth, competitors were to identify his portrait on the obverse, and a depiction of his firm Monticello on the reverse.[77]

On April 24, Felix Schlag was announced as the winner. His design featured the portrayal of Jefferson which would be used on the nickel until 2004, closely conforming to the sometime president's bust by sculptor Jean-Antoine Houdon, which is to be found in Boston'southward Museum of Fine Arts. However, the model differs from the nickel that was struck for apportionment because it featured a view of Monticello from an angle, and a style of lettering officials did not like; Schlag was required to change both.[87] Either through a misunderstanding or an oversight, Schlag did not include his initials in the design; they would not be added until 1966.[88] Production began on October iii, 1938; they were released into apportionment on November 15.[89] Co-ordinate to contemporary accounts, the Jefferson nickel was initially hoarded, and information technology was not until 1940 that it was normally seen in circulation.[ninety]

With the entry of the U.s. into World War II, nickel became a critical war material, and the Mint sought to reduce its apply of the metal. On March 27, 1942, Congress authorized a nickel made of 50% copper and 50% silver, but gave the Mint the say-so to vary the proportions, or add other metals, in the public interest. The Mint'south greatest business concern was in finding an alloy that would use no nickel, just nevertheless satisfy counterfeit detectors in vending machines. An blend of 56% copper, 35% silver and 9% manganese proved suitable, and this blend began to be coined into nickels from October 1942. In the hope of making them easy to sort out and withdraw later the war, the Mint struck all "war nickels" with a big mint mark actualization above Monticello. The mint mark P for Philadelphia was the get-go time that mint's marker had appeared on a U.South. coin.[91] The prewar limerick returned in 1946; all nickels struck since then have been in 75% copper and 25% nickel.[92]

In 1966, a small alter was fabricated to the blueprint to add together the initials of the designer (FS) to the obverse, underneath Jefferson'south portrait. In commemoration of that alter, two specimen 1966 nickels with the initials were struck and presented to him. Coins struck at any mint betwixt 1965 and 1967 lack mint marks, which were omitted equally the Mint replaced the silver circulating coins with copper-nickel. Offset in 1968, mint marks were again used, and on the nickel were moved to the lower part of the obverse, to the right of Jefferson'southward bust.[93] From 1971, no nickels were struck for circulation in San Francisco—the 1971-S was the first nickel struck in proof only since 1878.[94]

Westward Journeying commemoratives (2004–2005) [edit]

The Mint had struck circulating commemorative coins for the The states Bicentennial, giving quarters, half dollars, and dollars struck in 1975 and 1976 a dual date, "1776–1976".[95] After Canada issued a successful series of quarters in 1992 honoring its provinces and territories, the Mint obtained congressional permission to issue a serial of Usa quarters honoring American states; they began to exist issued in 1999.[96] In 2002, the Mint began to consider redesigning the nickel in award of the upcoming bicentennial of the Lewis and Clark Expedition. Representative Eric Cantor (R-VA) did not wish to run across Monticello (located in his dwelling land) moved permanently off the nickel.[97] The resultant "American 5-Cent Money Design Continuity Human action of 2003", was signed into law by President George W. Bush on April 23, 2003. Under its terms, the Treasury Secretary could vary the nickel's designs in honour of the 200th ceremony of the Expedition and of the Louisiana Purchase, but the nickel would over again feature Jefferson and Monticello outset in 2006.[98] Unless Congress acts once again, every future 5-cent coin volition feature Jefferson and Monticello.[99]

The Mint used Schlag's obverse in 2004, with ii new reverse designs.[100] Mint sculptor-engraver Norman East. Nemeth'due south adaptation of an Indian Peace Medal struck for Jefferson was the first new pattern, followed by a depiction by Mint sculptor-engraver Al Maletsky of a keelboat like that used past the Expedition.[101] The 2005 obverse was struck during that year only, with a design past sculptor Joe Fitzgerald based on Houdon'south bosom of Jefferson.[102] The legend "Freedom" on the obverse was traced from Jefferson's handwriting in drafting the Declaration of Independence; as the give-and-take is never capitalized in that document, Fitzgerald borrowed a capital letter L from Jefferson's other writings.[103] The reverse for the outset half of the year depicted an American bison, recalling the Buffalo nickel and designed past Jamie Franki. The reverse for the second half showed a coastline and the words "Ocean in view! O! The Joy!", from a journal entry by William Clark, co-leader of the Expedition.[102] Clark had really written the word equally "ocian", only the Mint modernized the spelling.[103]

Some other Franki pattern has, since 2006, been used for the obverse, depicting a view of Jefferson from the forepart (rather than in profile)[85] based on an 1800 study past Rembrandt Peale, and includes "Liberty" in Jefferson's script. According to Interim Mint Managing director David Lebryk, "The image of a forward-facing Jefferson is a fitting tribute to [his] vision."[104] The contrary beginning in 2006 was again Schlag's Monticello design, only newly sharpened by Mint engravers.[105] As Schlag'due south obverse pattern, on which his initials were placed in 1966, is no longer used, his initials were placed on the reverse to the right of Monticello.[106]

Increase in metal values [edit]

In the first decade of the 21st century, commodity prices for copper and nickel, which make up the five-cent coin, rose dramatically, pushing the cost of manufacturing a nickel from three.46 cents in fiscal yr 2003 to 10.09 cents in fiscal year 2012.[107] By comparison, a Canadian nickel (which is primarily made of steel) still costs less than its confront value to produce every bit of 2019.[108] In response, Mint Director Henrietta Fore in 2004 asked Congress to fund inquiry into lower-price alternatives to nowadays coinage metals. Although the initiative lapsed when she left office in 2005, in 2010, Congress passed the Coin Modernization, Oversight, and Continuity Act (CMOCA),[109] directing the Mint to explore alternatives to the present compositions of the six denominations, from cent to dollar. In 2011, the Mint awarded a contract to study the issue to Concurrent Technologies Corporation of Johnstown, Pennsylvania.[110] The study in response to the legislation alleged that in that location is no material that would reduce the i-cent money's manufacturing toll to beneath 1 cent, and so information technology was removed from consideration. The report requested additional time to study the event, ensuring the continuation, for the present, of the existing coinage metals.[111] The Mint expected demand for nickels in commerce to increase from 840 million needed in Fiscal Year 2011 to one.08 billion in 2015.[112]

Meanwhile, in an effort to avert losing large quantities of circulating nickels to melting, the United states of america Mint introduced new interim rules on December fourteen, 2006, that criminalized the melting and export of pennies (which every bit of 2013 cost ane.83 cents to produce) and nickels. Violators of these rules tin be punished with a fine of upward to $10,000, v years imprisonment, or both. The rules were finalized on Apr 17, 2007.[113] [110] The melt value of a nickel for some time was more than than v cents, including nearing over ane-and-a-half times its face value in May 2007. Since then, the supply and demand of the coin'due south limerick metals have stabilized. A nickel'due south melt value fell below its face value from late 2008 through mid-2010, and more than recently once more from belatedly mid-2012 .[114] In Feb 2014, information technology was reported that the Mint was conducting experiments to use copper-plated zinc (the same composition used for the United States one cent coin) for the nickel.[115]

In December 2014, the Mint released its next Biennial written report in response to the CMOCA. In it, the Mint declared that plated zinc products did not hold up to steam/wear tests and were rejected for U.S. coins other than the penny. Materials considered "viable" for the 5-cent coin were nickel-plated steel, multi-ply-plated steel, and potentially another copper/nickel blend, this time with ~77% copper, ~20% nickel, and ~3% manganese. Further testing was recommended to explore fifty-fifty less expensive alloys that would non crave changes to vending machines (equally the steel-based materials would require).[116] Based on current metal prices every bit of April 12, 2021 the current price of a five cent coin is $0.0538.

Proposals for abolition [edit]

Due to its low value, the inconvenience of carrying and counting, and the fact that it costs more to make than it is worth, various commentators have proposed eliminating the nickel along with the penny.[117] [118]

Run into besides [edit]

  • Canadian nickel
  • Hobo nickel
  • North Carolina 1861 5 cents banknote
  • United States Mint coin product
  • The states nickel mintage quantities

Notes [edit]

  1. ^ "U.s.a. Mint Cost To Make Penny and Nickel Declines in FY 2013". Jan 20, 2014.
  2. ^ Taxay 1983, pp. 65–66.
  3. ^ Taxay 1983, pp. 72–73.
  4. ^ Breen 1988, pp. 152–153.
  5. ^ Coin World Annual 1977, p. 358.
  6. ^ Orosz 2012.
  7. ^ Hobson 1971, p. 113.
  8. ^ Lange 2006, pp. 25–26.
  9. ^ Yeoman 2017, pp. 143–144.
  10. ^ Taxay 1983, pp. 125–126.
  11. ^ Taxay 1983, pp. 217–221.
  12. ^ Yeoman 2017, pp. 130, 146.
  13. ^ Taxay 1983, p. 243.
  14. ^ a b Lange 2006, p. 99.
  15. ^ a b Breen 1988, p. 246.
  16. ^ a b c Taxay 1983, p. 244.
  17. ^ Montgomery, Borckardt & Knight 2005, p. 25.
  18. ^ Taxay 1983, pp. 241–244.
  19. ^ a b Peters & Mohon 1995, p. 3.
  20. ^ a b c d e Lange 2006, p. 100.
  21. ^ a b Taxay 1983, pp. 244–245.
  22. ^ Breen 1988, p. 247.
  23. ^ a b Taxay 1983, p. 245.
  24. ^ Peters & Mohon 1995, p. 4.
  25. ^ a b Peters & Mohon 1995, p. 5.
  26. ^ Bowers 2006, p. 75.
  27. ^ Yeoman 2017, pp. 130_131.
  28. ^ Money Globe Almanac 1977, pp. 155–156.
  29. ^ Bowers 2006, p. 77.
  30. ^ Peters & Mohon 1995, p. 81.
  31. ^ Peters & Mohon 1995, pp. 76–81.
  32. ^ a b Bowers 2006, p. 136.
  33. ^ Yeoman 2017, p. 115.
  34. ^ a b Peters & Mohon 1995, p. vi.
  35. ^ a b Bowers 2006, p. 139.
  36. ^ Bowers 2006, pp. 140–141.
  37. ^ Peters & Mohon 1995, p. 95.
  38. ^ Montgomery, Borckardt & Knight 2005, pp. 27–29.
  39. ^ Peters & Mohon 1995, p. 46.
  40. ^ Montgomery, Borckardt & Knight 2005, p. 29.
  41. ^ Bowers 2006, p. 145.
  42. ^ Bowers 2006, pp. 184–185.
  43. ^ Peters & Mohon 1995, p. 122.
  44. ^ Bowers 2006, p. 149.
  45. ^ Richardson 1891, pp. 806–807, 26 Stat Fifty. 484, subpoena to R.S. §3510.
  46. ^ Bowers 2006, p. 261.
  47. ^ Bowers 2006, pp. 48–49.
  48. ^ Bowers 2007, pp. five–seven.
  49. ^ Bowers 2006, pp. 150–151.
  50. ^ Lange 2006, p. 135.
  51. ^ Peters & Mohon 1995, p. 164.
  52. ^ Montgomery, Borckardt & Knight 2005, p. 98.
  53. ^ The Mainland china Mail & Jan one, 2010.
  54. ^ Peters & Mohon 1995, p. 172.
  55. ^ Peters & Mohon 1995, pp. 171–172.
  56. ^ Montgomery, Borckardt & Knight 2005, pp. 37–39.
  57. ^ Breen 1988, p. 573.
  58. ^ a b Burdette 2007, pp. 93–97.
  59. ^ Taxay 1983, p. 340.
  60. ^ Taxay 1983, pp. 340–342.
  61. ^ Burdette 2007, p. 172.
  62. ^ Burdette 2007, pp. 181–183.
  63. ^ Burdette 2007, pp. 193–194.
  64. ^ Burdette 2007, pp. 200–201.
  65. ^ Taxay 1983, p. 345.
  66. ^ Burdette 2007, p. 204.
  67. ^ Burdette 2007, p. 205.
  68. ^ Burdette 2007, p. 206.
  69. ^ Burdette 2007, p. 207.
  70. ^ a b Lange 2006, p. 149.
  71. ^ Burdette 2007, p. 214.
  72. ^ Bowers 2007, pp. 46–47.
  73. ^ Burdette 2007, pp. 252–253.
  74. ^ Taxay 1983, p. 346.
  75. ^ Burdette 2007, p. 253.
  76. ^ Bowers 2007, p. 45.
  77. ^ a b Bowers 2007, pp. 127–128.
  78. ^ Bowers 2007, pp. 141–142.
  79. ^ Bowers 2007, pp. 38–39.
  80. ^ Bowers 2007, p. 39.
  81. ^ Porterfield 1970, p. 16.
  82. ^ Burdette 2007, p. 223.
  83. ^ Bowers 2007, pp. 37–38.
  84. ^ Bowers 2007, pp. 41–42.
  85. ^ a b Yeoman 2017, p. 142.
  86. ^ Bowers 2007, p. 127.
  87. ^ Bowers 2007, pp. 129–131.
  88. ^ Bardes 1966.
  89. ^ Bowers 2007, pp. 141–143.
  90. ^ Lange 2006, p. 167.
  91. ^ Bowers 2007, pp. 146–148.
  92. ^ Yeoman 2017, pp. 137–142.
  93. ^ Bowers 2007, pp. 259–260.
  94. ^ Bowers 2007, p. 222.
  95. ^ Yeoman 2017, pp. 180, 216, 238.
  96. ^ Us Mint 2009, pp. four–half-dozen.
  97. ^ USA Today & April 23, 2002.
  98. ^ US Mint, "Newly-designed nickels" 2003.
  99. ^ 31 U.S.C. § 5112
  100. ^ Anderson 2003.
  101. ^ U.s. Mint, "2004 W Journey".
  102. ^ a b United states Mint, "2005 Westward Journey".
  103. ^ a b Frazier 2005.
  104. ^ BBC, "forward-looking nickel".
  105. ^ US Mint, "2006 Westward Journey".
  106. ^ Collectors Weekly.
  107. ^ "Toll to Make Penny and Nickel". Coinupdate.com. Retrieved 2012-12-21 .
  108. ^ Holder, Gord (Dec 23, 2019). "Nickel facts: Worth more than than it costs to brand information technology". Ottawa Citizen.
  109. ^ "Coin Modernization, Oversight, and Continuity Act of 2010". ActofDecember xiv, 2010.
  110. ^ a b Deisher & Apr 16, 2012.
  111. ^ Gilkes & Dec 31, 2012.
  112. ^ Gilkes & January 4, 2012.
  113. ^ United states of america Mint, "Exportation & Melting".
  114. ^ "Current Cook Value Of Coins – How Much Is Your Coin Worth?". Coinflation.com. Retrieved 2013-03-01 .
  115. ^ Gilkes, Paul (x Feb 2014). "Mint testing copper-plated zinc for 5¢ coin". Coin World . Retrieved 2 Feb 2014.
  116. ^ "U.S. Mint Releases 2014 Biennial Study to Congress". The states Mint. 2016-06-thirty. Retrieved 2020-03-thirty .
  117. ^ Henry J. Aaron (November 13, 2013). "Let'south Drop Pennies, and Nickels Also While Nosotros're At Information technology". The Brookings Establishment.
  118. ^ Brian R. Merrick (July 27, 2015). "It'southward Fourth dimension to Abolish The Penny and Nickel". The Wall Street Periodical.

Bibliography [edit]

  • Bowers, Q. David (2006). A Guide Book of Shield and Liberty Head Nickels. Atlanta, Ga.: Whitman Publishing. ISBN978-0-7948-1921-seven.
  • Bowers, Q. David (2007). A Guide Book of Buffalo and Jefferson Nickels. Atlanta, Ga.: Whitman Publishing. ISBN978-0-7948-2008-iv.
  • Breen, Walter (1988). Walter Breen's Complete Encyclopedia of U.S. and Colonial Coins. New York, N.Y.: Doubleday. ISBN978-0-385-14207-vi.
  • Burdette, Roger W. (2007). Renaissance of American Coinage, 1909–1915. Bang-up Falls, Va.: Seneca Mill Printing. ISBN978-0-9768986-2-7.
  • Coin Globe Almanac (3rd ed.). Sidney, Ohio: Amos Press. 1977. ASIN B004AB7C9M.
  • Hobson, Walter (1971). Celebrated Gilded Coins of the World. Garden City, N.Y.: Doubleday and Co. ISBN978-0-385-08137-five.
  • Lange, David W. (2006). History of the United States Mint and its Coinage. Atlanta, Ga.: Whitman Publishing. ISBN978-0-7948-1972-ix.
  • Montgomery, Paul; Borckardt, Mark; Knight, Ray (2005). Million Dollar Nickel. Irvine, Ca.: Zyrus Press. ISBN978-0-9742371-8-3.
  • Peters, Gloria; Mohon, Cynthia (1995). The Complete Guide to Shield & Liberty Head Nickels. Virginia Embankment, Va.: DLRC Press. ISBN978-1-880731-52-9.
  • Richardson, William Allen, ed. (1891). Supplement to the revised statutes of the Us. Vol. 1. Washington, D.C.: US Government Printing Office.
  • Taxay, Don (1983). The U.South. Mint and Coinage (reprint of 1966 ed.). New York, N.Y.: Sanford J. Durst Numismatic Publications. ISBN978-0-915262-68-7.
  • Yeoman, R.South. (2017). A Guide Book of United States Coins (The Official Red Volume) (71st ed.). Atlanta, Ga.: Whitman Publishing. ISBN978-0-7948-4506-three.

Other sources [edit]

  • Anderson, Gordon T. (November 6, 2003). "U.S. to become two new nickels". CNN Money . Retrieved June 24, 2012.
  • Bardes, Herbert C. (July 24, 1966). "Nickel designer gains his place". The New York Times. p. 85. Retrieved April vii, 2011. (subscription required)
  • Deisher, Beth (April 16, 2012). "U.Southward. must summon the backbone to retire i-cent denomination". Money Globe. p. xv.
  • Frazier, Joseph (August 5, 2005). "New nickel recalls historic moment". The Register-Baby-sit. Eugene, Ore. AP. p. C7. Retrieved April vii, 2011.
  • Gilkes, Paul (Jan 4, 2012). "Cent, 5¢ demand on rebound during FY2011". Coin World. p. 4.
  • Gilkes, Paul (December 31, 2012). "Mint wants more than time to report compositions". Coin World. p. 1.
  • Orosz, Joel J. (June 2012). "The five founding fathers of the United States Mint". The Numismatist. American Numismatic Clan.
  • Porterfield, Walden R. (March 3, 1970). "The Billion Dollar Profile". The Milwaukee Periodical. p. 16. Retrieved November 21, 2010.
  • "US unveils forward-looking nickel". BBC. October vi, 2005. Retrieved April 8, 2011.
  • "Rare U.Due south. coin fetches over U.s.a.$iii.7 meg at auction". The China Mail service. January 1, 2010. Archived from the original on March 5, 2016. Retrieved January 27, 2012.
  • "Jefferson nickels". Collectors Weekly. Retrieved Apr 12, 2011.
  • "U.S. Lawmaking, Title 31, Section 5112". Cornell University Law School. Archived from the original on November 23, 2011. Retrieved April twenty, 2011.
  • U.s. Mint (c. 2009). "50 States Quarters Written report" (PDF). United States Mint Financial Department. Archived from the original (PDF) on March 10, 2016. Retrieved Oct 18, 2011.
  • "Nation to get newly designed nickels" (Press release). The states Mint. Apr 24, 2003. Retrieved Apr 7, 2011.
  • "The 2004 West Journey nickel series designs". United States Mint. Retrieved April vii, 2011.
  • "The 2005 W Journeying nickel series designs". Us Mint. Retrieved Apr vii, 2011.
  • "The 2006 W Journey nickel serial designs". Usa Mint. Retrieved April 8, 2011.
  • "United states Mint Moves Limits Exportation & Melting of Coins" (Printing release). United States Mint. April 17, 2007. Retrieved November 10, 2018.
  • "Va. legislators want to keep their nickel back". USA Today. AP. July 23, 2002. Retrieved Apr 7, 2011.

External links [edit]

  • United states of america Mint Unveils Dramatic New Nickel Designs for 2005, from the Mint's website

Source: https://en.wikipedia.org/wiki/Nickel_(United_States_coin)

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