Showing posts with label Nickel. Show all posts
Showing posts with label Nickel. Show all posts

Dec 30, 2016

Wordology, Nickel

The name for this metal began during 18th century by  Swedish mineralogist Axel von Cronstedt from the Swedish 'kopparnickel', which was taken from the German 'Kupfernickel'.

Copper miners named this different metal ore Kupfernickel, which literally translates as copper-devil. The German word Nickel, related to the name Nicholas, an antiquated term for a mythological spirit that haunts houses, caves, and mines. They used this term because they were often fooled into thinking that nickel ore was copper.

During the second half of the 19th century, people began to refer to small coins as nickels, because they were made of nickel rather than copper. Today a US nickel is 75% copper and 25% nickel.

Jan 14, 2011

Cost of Money

As of 2009, it costs the government 1.62 cents to produce a copper plated zinc penny (up from .008 cents in 2001), 6.03 cents to produce a nickel, 5.65 cents to produce a dime, 11.31 cents to produce a quarter, 30.4 cents to make the 'gold' (manganese/brass)dollar, and 6.4 cents to make a dollar bill.

In 2008 a bill was introduced known as the Coin Modernization and Taxpayer Savings Act of 2008. This bill had proposed changing the composition of the cent to steel, although it would be treated to impart a copper color. The bill would have also provided the Secretary of the Treasury with authority to change the metallic content of the five cent coin. This bill was passed in the House, but never voted on in the Senate.

The 2011 Budget revives the issue and expands the scope to include the dime, quarter, and half dollar, in addition to the penny and nickel. The Department of the Treasury will have authorization to approve alternative weights and compositions for any of these five denominations. It hasn't passed yet, but a penny saved. . .

Feb 19, 2010

Penny for Your Thoughts

The government spends 1.8 cents to make one penny and 9 cents to produce a nickel. Because metal prices have shot up lately, the cost to make these two coins is more than what they are worth as coins. This costs us an additional $100 million a year.

The government is loosening up its rules for what metals can be used to used to make coins. Using cheaper metal should help bring the cost of making one penny closer to one penny. Seems we should have respected the old axiom of 'take care of your pennies and the dollars will take care of themselves'. Now we spend trillions of dollars and the pennies do not take care of themselves. Maybe we should change the politicians instead of changing the metals.