If Its About That Nickel Again

Current denomination of United States currency

Nickel

U.s.
Value	0.05 U.S. dollar
Mass	five.000 g
Diameter	21.21 mm (0.835 in) except Shield nickels (1866–1883) twenty.5 mm (0.807 in)
Thickness	Not specified for Shield nickels. All others: i.95 mm
Edge	smooth
Composition	25% nickel 75% copper "War Nickels" (mid-1942 to 1945): 56% copper 35% silver 9% manganese
Silver	1942 to 1945 Wartime Nickels merely (with large mint mark on reverse) one.750 chiliad 0.05626 troy oz
Years of minting	1866 – present (except 1922, 1932, and 1933)
Obverse
Design	Thomas Jefferson
Designer	Jamie Franki
Design date	2006
Reverse
Design	Monticello
Designer	Felix Schlag
Design date	1938 (non used in 2004 or 2005). Coins before 2006 do not have "FS" on reverse to right of Monticello.

A nickel is a five-cent coin struck by the United states Mint. Composed of cupronickel (75% copper and 25% nickel), the slice 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 silvery half dime, equal to five cents, was issued from 1792 to 1873 before today'southward cupronickel version. The American Civil War caused economic hardship, driving gold and silver from circulation; in response, in place of low-value coins, the authorities at showtime issued newspaper currency. In 1865, Congress abolished the five-cent fractional currency note after Spencer Thousand. Clark, head of the Currency Agency (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 metallic, Congress also authorized a five-cent piece consisting of base metallic; the Mint began hit this version in 1866. The initial design of the Shield nickel was struck from 1866 until 1883, and so was replaced by the Liberty Head nickel. The Buffalo nickel was introduced in 1913 as part of a bulldoze to increase the beauty of American coinage.

The nickel is minted in its mod form as the Jefferson nickel, which was showtime introduced in 1938. In 2004 and 2005, special Jefferson nickel designs in honor of the bicentennial of the Lewis and Clark Trek were issued. In 2006, the Mint reverted to using Jefferson nickel designer Felix Schlag's original contrary (or "tails" side), although a new obverse, by 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. Every bit of the end of FY 2013, it cost more than nine cents to produce a nickel;^[1] the Mint is exploring the possibility of reducing cost past using less expensive metals. In 2018, over i.26 billion nickels were produced at the Philadelphia and Denver mints.

Silver half dime [edit]

The silver one-half disme (as the half dime, pronounced the same, was first called) was 1 of the denominations prescribed by the Mint Act of 1792; its weight and fineness were set past constabulary.^[2] The showtime pieces under federal authority were half dimes, struck in 1792 in the cellar of John Harper, a saw maker; equally the beginning federal mint was yet nether construction in Philadelphia, this took identify locally at Sixth and Cherry Streets. The dies were engraved past Adam Eckfeldt, who a one-half-century later recalled that the silver for the half dimes was supplied by President George Washington, and that the i,500 coins struck from the bullion were given to Washington's Secretary of State, Thomas Jefferson, for distribution to important people, both in the US and overseas.^{[3] [4]} By legend, President Washington supplied silverware from his home, Mountain Vernon, to provide bullion for the coins.^[5] In his annual bulletin to Congress in tardily 1792, Washington noted the ongoing structure of a mint building and stated: "At that place has besides been a small beginning in the coinage of half dimes, the want of pocket-size coins in circulation calling the first attention to them."^[6]

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 mail a security bond of $10,000, a huge sum in 1793. In 1794, Congress lowered the chief coiner's bond to $5,000, and the assayer'south to $ane,000; President Washington'due south appointees to those positions were thus able to qualify and take office. Subsequently, silver coinage began that year.^[8]

The half dime was originally struck from 1794 until 1805, though none were dated 1798, 1799, or 1804.^[9] Past 1804, silvery U.s. coins were heavily exported, every bit they could be exchanged at par in the W Indies with heavier Spanish coins, which were and then imported as bullion and deposited at the Mint for melting and restriking. In response, in 1804 the Us stopped striking silver dollars; issuance of the one-half dime was discontinued from 1805 until 1829. In 1807, mint Director Robert Patterson in a alphabetic character explained to Jefferson (by and so president) "nigh the whole of our Silver Bullion (chiefly Spanish dollars) come up through the Banks, and information technology is very seldom that they will consent to have whatsoever coin less than half dollars."^[x]

Beginning in 1829, the silver 5-cent piece was again struck; beginning in 1837, its fineness was increased from .8924 to .900. Also in 1837, the half dime's obverse design changed from ane past William Kneass, depicting a bosom of Freedom, to one that featured a seated Liberty by Christian Gobrecht; until its abolition in 1873, the one-half dime would bear modifications of this design. In 1851, it ceased to be the smallest Usa silver coin as a three cent piece was issued past the Mint.^{[11] [12]}

Nascency of the nickel [edit]

The Civil War caused most American coins to vanish from circulation, with the gap filled by such means equally merchant tokens, encased postage stamps, and U.s. fractional currency, issued in denominations every bit depression as three cents. Although specie (gold or silver coins) was hoarded or exported, the copper-nickel cent, then the only base metal denomination existence struck, too vanished.^[xiii] In 1864, Congress began the process of restoring coins to apportionment by abolishing the iii-cent note and authorizing bronze cents and two-cent pieces, with low intrinsic values, to be struck.^[14] These new coins initially proved popular, though the two-cent piece shortly faded from circulation. On March 3, 1865, Congress passed legislation authorizing the Mint to strike 3-cent pieces of 75% copper and 25% nickel.^[xiv]

In 1864, Congress authorized a third series of fractional currency notes. The five-cent note was to acquit a depiction of "Clark", simply Congress was appalled when the issue came out non with a portrait of William Clark, the explorer, but Spencer Thousand. Clark, head of the Currency Bureau. According to numismatic historian Walter Breen, Congress's "firsthand infuriated response was to pass a police force retiring the five-cent denomination, and another to forbid portrayal of any living person on federal coins or currency."^[15] Clark kept his task but because of the personal intervention of Treasury Secretary Salmon P. Hunt.^[15]

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

Industrialist Joseph Wharton had a near-monopoly on the mining of nickel in the Us, 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'due south use for the two-cent piece, had been more successful with the base-metal iii-cent coin.^[eighteen] Pollock prepared a bill authorizing a 5-cent money of the same alloy as the three-cent slice, with a total weight non to exceed threescore grains (three.9 g). At the committee stage in the Firm of Representatives, the weight was amended to 77.19 grains (5.00 g), ostensibly to make the weight equal to v grams in the metric system merely more probable so that Wharton could sell more nickel.^[16] This made the new coin heavy, in terms of weight per $.01 of face value, compared to the three-cent copper-nickel money. The bill passed without debate on May 16, 1866.^[16] The new copper-nickel coin was legal tender for up to i dollar and would be paid out by the Treasury in exchange for coin of the Usa, excluding the half cent, cent and two-cent. It was redeemable in lots of $100 for banknotes. Partial currency in denominations of less than x cents was withdrawn.^{[19] [twenty]}

Shield nickel (1866–1883) [edit]

In anticipation of the approval of the new five-cent coin, the Mint'due south main engraver, James B. Longacre, had begun preparing designs and design coins in 1865.^{[21] [22]} After 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 ii-cent piece, with a shield on the obverse and a numeral five surrounded past stars and rays on the reverse. This has come to be known every bit the Shield nickel.^[19]

The new coins proved difficult to produce; attributable to the hardness of the planchet, the coins were not of high quality and the life of the striking dies was cursory. The blueprint was widely criticized; Wharton described the obverse every bit suggesting "a tombstone surmounted by a cross and overhung by weeping willows."^[23] The American Periodical of Numismatics described the Shield nickel every bit "the ugliest of all known coins".^[23] The rays were eliminated from the contrary design in 1867, in the hope of eliminating some of the product problems.^[24] The design change created confusion amidst the population—many people assumed that one pattern 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 late 1869, enough nickels had been struck to meet 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, just banks refused to have them beyond the one-dollar maximum. Storeowners were forced to discount the coins to brokers.^[20] Postmasters, compelled by police to accept the coins, found that the Treasury would not take them as deposits except in lots of $100, in accordance with the authorizing statute.^[26] In 1871, Congress alleviated the problem by passing legislation allowing the Treasury to redeem unlimited quantities of nickels and other low-denomination coins when presented in lots of not less than $xx.^[twenty] Information technology was not until 1933, long after the shield pattern 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 serial was concluded by the Coinage Act of 1873.^{[27] [28]} Despite the abolition, the silvery pieces continued to broadcast in the W, where argent or gold coins were preferred, throughout the balance of the 19th century.^[xx] Improved economic weather condition, combined with low silver prices, brought large quantities of hoarded silver coinage, including half dimes, into apportionment start 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] Equally the Treasury had a large stock of nickels in storage, only small numbers were struck over the next few years; full-calibration production did non resume until December 1881.^[31]

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

"V" nickel without and with "cents"

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

Barber duly produced the required designs.^[35] Snowden eventually decided against a new cent or three-cent piece, only 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 by Treasury Secretary Charles J. Folger, to Snowden'south surprise, they were rejected. The secretarial assistant, on review of the coinage statutes, had realized that the laws required "United states" to appear on the contrary, not the obverse where Hairdresser had placed it. Barber modified his design accordingly, and the coin was set up for striking in early 1883.^[36] Notwithstanding, past 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 product for several months.^[37]

Criminals soon realized that the new nickel, which lacked the give-and-take "CENTS", was shut in size to the five-dollar gilt piece, and if they were to plate the nickel with gilt, it might be passed for 5 dollars.^[38] Some coins were even given a reeded edge by fraudsters, making them appear more like the gilded coins.^[39] The Mint halted production of the new coins; production of Shield nickels continued. Barber was told to modify his work, which he did, moving other blueprint elements to arrange the word "CENTS" at the lesser of the reverse. The revised nickel was issued on June 26, 1883, the date on which product of the Shield nickel was finally stopped. The public promptly hoarded the "centless" nickels,^[xl] believing the Treasury Section intended to remember them, and that they would become rare.^[41]

The Liberty Caput nickel was heavily struck during its xxx-yr run, except during economic downturns in 1885–1886 and in 1894, when just small-scale numbers were struck.^{[42] [43]} In 1890, Congress ended production of the three-cent slice, leaving the 5-cent coin as the but i in copper nickel. That year, Congress likewise allowed the Secretary of the Treasury to qualify the redesign of Usa coins, if the former design had been struck for at least 25 years. Although the nickel and silver dollar had been redesigned inside the previous quarter-century, a provision in the latter act made them eligible for immediate redesign.^{[44] [45]} In 1896, pattern nickels were struck for the first time since 1885, when experimental, holed coins had been tested; however, no redesign took place.^[46]

Growth of the nickel in commerce [edit]

Coin-operated machines to vend food, for amusement, and for gambling became popular in the 1890s. Such machines could be placed on otherwise unused floor infinite in businesses, required little maintenance, and brought in money for owners. Commencement about 1898, coin-operated mechanical pianos also became pop. The Mills Novelty Company was a leading producer of such devices; by 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 organization acquired by the use of the nickel in coin-operated machines was the automat, in which patrons would serve themselves past inserting a money (initially a nickel, though by the 1950s a higher denomination was needed) into a mechanism, turning a handle, and removing a sandwich or dessert. These restaurants were first established in Germany, just were popularized in the United States by, amid other firms, Horn & Hardart. A type of business which took its name from the coin was the nickelodeon movie house, where a nickel bought access to view a series of one-reel short films, by and large about 12 minutes in length, which ran continuously from early on afternoon until tardily at night, with the patron costless to remain as long equally he liked. Although some other denomination gave the penny arcade its proper noun, the nickel was commonly used there as well.^[48]

Few nickels had circulated in the western states before the 1880s (people there preferred silvery and gilded coins); involvement in the new Liberty Head blueprint had led to increasing employ of nickels there. Good economical atmospheric condition and high demand for nickels for use in coin-operated devices acquired the piece to circulate throughout the nation past 1900. That year, Mint Director George E. Roberts chosen on Congress to quintuple the Mint'southward appropriation to buy base metals for striking into nickels and cents. At the time, statutory restrictions permitted production of cents and nickels only at Philadelphia; Roberts' request that Congress let striking at the other mints was granted in 1906. The Denver and San Francisco Mints began hitting nickels in 1912.^{[49] [50]}

1913 Liberty Head nickel rarity [edit]

Advertizement placed by Brown in The Numismatist, December 1919

The Liberty Caput nickel was replaced after 1912, and initially there was no indication that 1913-dated pieces with that blueprint existed. In December 1919, a coin dealer, Samuel W. Dark-brown, placed advertisements in coin publications, offering to buy 1913 Freedom Head nickels. The following August, Brown appeared at the annual American Numismatic Association (ANA) convention begetting such a piece.^[51] Brown claimed that a master die had been prepared for 1913 and that these pieces had been run off to test information technology.^[52] Equally it turned out, Brown possessed five coins, which he somewhen sold. Later spending 15 years in the hands of the eccentric Col. Due east.H.R. Green, the famous Fort Worth, Texas, area collector, the coins were finally dispersed in 1943. Since then, they accept had several owners each. Today, ii are on public display—at the Smithsonian Institution in Washington and the ANA's Money Museum in Colorado Springs, while three are endemic privately. The about contempo sale of a 1913 Liberty Caput nickel was in January 2010, when one sold for $3,737,500 in an sale.^[53]

Information technology is uncertain how the 1913 nickels came to be made. The Mint's records show no product of 1913 Liberty caput nickels, and none were authorized to be made.^[54] Dies were prepared in advance and sent to California for a 1913-S Freedom Head nickel coinage, but upon orders from Mint Director Roberts in Dec 1912 to end the old design, they were returned to Philadelphia. They were received by December 23, and were almost certainly destroyed routinely by early on Jan.^[55] Brown had been an employee at the Philadelphia Mint (although this was not known until 1963) and many theories focus suspicion on him.^[56]

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

1913 Buffalo nickel (Type I & II)

President Theodore Roosevelt in 1904 expressed his dissatisfaction with the artistic land of American coins,^[57] and hoped to rent sculptor Augustus Saint-Gaudens to beautify them. Saint-Gaudens, before his decease in 1907, designed a new eagle and double hawkeye, which entered circulation that year; the cent, quarter eagle, and one-half eagle were redesigned by other artists and were released into circulation past 1909. That year, Mint Director Frank Leach instructed Barber to make pattern coins for new nickels. Most of these coins featured the commencement president, George Washington.^[58] Yet, the project was discontinued when Leach left function on November 1, 1909, to be replaced past Abram Andrew.^[58]

On May iv, 1911, Eames MacVeagh, son of Treasury Secretarial assistant Franklin MacVeagh wrote to his father:

A little matter that seems to have been overlooked by all of you is the opportunity to beautify the design of the nickel or v cent slice during your administration, and it seems to me that it would be a permanent gift of a about bonny sort. As possibly you are enlightened, information technology is the simply money the design of which you can alter during your assistants, as I believe in that location is a law to the effect that the designs must not be changed oftener than every twenty-five years. I should think also it might exist the coin of which the greatest numbers are in circulation.^[59]

Shortly later on the MacVeagh letter, Andrew appear that the Mint would solicit new designs for the nickel. Sculptor James Earle Fraser, who had been an banana to Saint-Gaudens, approached the Mint, and chop-chop produced concepts and designs. Mint Director George Roberts, who had returned to function in place of Andrew, initially favored a blueprint featuring Lincoln, but Fraser shortly developed a design featuring a Native American on 1 side and a bison on the other.^[60] Secretary MacVeagh wrote, "Tell him that of the three sketches which he submitted we would like to use the sketch of the caput of the Indian and the sketch of the buffalo."^[61] In July 1912, news of the new nickel became public, and money-operated car manufacturers sought information. Clarence Hobbs of the Hobbs Manufacturing Visitor, maker of counterfeit detectors, feared the new nickel would non be passed by his devices.^[62] Hobbs demanded various changes to the design, to which the artist was reluctant to hold.^[63]

The Hobbs Company connected to interpose objections in 1913.^[64] On February 3, Hobbs sent Roberts a lengthy list of changes that he wanted in the coin, and the sculptor was required to attend a conference with Hobbs representatives.^[65] On the fifth, following the conference, which ended with no agreement, Fraser sent MacVeagh a ten-page letter, complaining that his time was being wasted by the Hobbs Visitor, and appealing to the Secretary to bring the situation to a shut.^[66] Secretary MacVeagh agreed to hold a meeting at his office in Washington on Feb 14.^[67] Barber prepared patterns showing what the nickel would wait like if the changes demanded by Hobbs were made. MacVeagh conducted the meeting much like a legal hearing, and issued a alphabetic character the following 24-hour interval.^[68] The secretary noted that no other firm had complained, that the Hobbs mechanism had non been widely sold, and that the changes demanded—a articulate space around the rim and the flattening of the Indian'south cheekbone—would affect the creative merit of the piece. MacVeagh concluded, "You will please, therefore, proceed with the coinage of the new nickel."^[69]

The coins were officially released to circulation on March four, 1913, and quickly gained positive comments for depicting truly American themes.^[70] However, The New York Times stated in an editorial that "The new 'nickel' is a striking example of what a money intended for wide circulation should not be ...[information technology] is not pleasing to await at when new and shiny, and will be an anathema when quondam and dull."^[71] The Numismatist, in March and May 1913 editorials, gave the new coin a lukewarm review, suggesting that the Indian'due south head be reduced in size and the bison be eliminated from the reverse.^[72]

Dies for the new design proved to suspension apace.^[73] Barber made proposed revisions, which Fraser approved after being sent samples.^[74] These changes enlarged the legend "Five CENTS" and changed the ground on which the bison stands from a hill to flat ground.^[75] According to data compiled past numismatic historian David Lange from the National Archives, the changes to what are known every bit Type Two nickels (with the originals Type I) actually decreased the dice life.^[76] A problem not addressed was the exposure of the date to habiliment; many Buffalo nickels today have the appointment worn away.^[70]

In January 1938, the Mint appear an open up competition for a new nickel design, to feature early president Thomas Jefferson on the obverse, and Jefferson's home, Monticello on the reverse.^[77] The last Buffalo nickels were struck in April 1938 at the Denver Mint, the merely 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 contrary are not known with certainty. Fraser stressed that the Indian was a type, rather than based on a specific individual, and identified various Native Americans as models, non always consistently, including Iron Tail, Two Moons,^[79] and Large Tree (of the Kiowa people).^[80] In that location accept been other claimants, the most prominent being John Big Tree, a Seneca, who made many public appearances every bit the "nickel Indian" until his death in 1967.^[81] Fraser recounted that the animal on the reverse was an American bison, Blackness Diamond, whom he stated lived at the Bronx Zoo, and also described the model simply as a bison at the Bronx Zoo.^[82] However, Blackness Diamond was never at the Bronx Zoo, but instead lived at the Fundamental Park Zoo (both facilities are in New York Urban center) until the animal was sold and slaughtered in 1915. The placement of the horns on the nevertheless-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 mutual proper name for the bison. The numismatic publication with the greatest circulation, Coin World, calls it an Indian caput nickel, while R.S. Yeoman's Red Book refers to it as "Indian Caput or Buffalo".^{[84] [85]}

Jefferson nickel (1938–nowadays) [edit]

The Jefferson nickel obverse every bit struck from 1938 to 2004. Coins from pre-1966 lack the designer's initials.

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

When the Buffalo nickel had been struck for 25 years and could be replaced without an human action of Congress, the Mint moved rapidly to replace it. Although the Fraser pattern is popular today among numismatists, information technology did not relish that condition in 1938, and there was no public outcry at the decision.^[86] In January 1938, the Mint announced an open up competition for the new nickel design, with the winner to receive a prize of $1,000. Anticipating the 1943 bicentennial of Jefferson's nativity, 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 exist used on the nickel until 2004, closely befitting to the quondam president's bust by sculptor Jean-Antoine Houdon, which is to be plant in Boston's Museum of Fine Arts. Nevertheless, the model differs from the nickel that was struck for circulation because it featured a view of Monticello from an angle, and a style of lettering officials did not like; Schlag was required to alter both.^[87] Either through a misunderstanding or an oversight, Schlag did not include his initials in the blueprint; they would non be added until 1966.^[88] Product began on October 3, 1938; they were released into circulation on Nov 15.^[89] According to contemporary accounts, the Jefferson nickel was initially hoarded, and information technology was not until 1940 that it was commonly seen in circulation.^[ninety]

With the entry of the United States into World War 2, nickel became a critical war textile, and the Mint sought to reduce its use 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 together other metals, in the public interest. The Mint's greatest business was in finding an blend that would use no nickel, but still satisfy counterfeit detectors in vending machines. An alloy of 56% copper, 35% silver and 9% manganese proved suitable, and this alloy began to be coined into nickels from Oct 1942. In the hope of making them easy to sort out and withdraw later on the war, the Mint struck all "state of war nickels" with a large mint marker appearing above Monticello. The mint mark P for Philadelphia was the first fourth dimension that mint'due south mark had appeared on a U.S. money.^[91] The prewar composition returned in 1946; all nickels struck since and so have been in 75% copper and 25% nickel.^[92]

In 1966, a modest change was made to the design to add the initials of the designer (FS) to the obverse, underneath Jefferson's portrait. In commemoration of that change, two specimen 1966 nickels with the initials were struck and presented to him. Coins struck at whatever mint betwixt 1965 and 1967 lack mint marks, which were omitted equally the Mint replaced the silver circulating coins with copper-nickel. Starting time in 1968, mint marks were over again used, and on the nickel were moved to the lower part of the obverse, to the correct of Jefferson's bust.^[93] From 1971, no nickels were struck for circulation in San Francisco—the 1971-S was the first nickel struck in proof but since 1878.^[94]

West Journey commemoratives (2004–2005) [edit]

The Mint had struck circulating commemorative coins for the United States Bicentennial, giving quarters, one-half dollars, and dollars struck in 1975 and 1976 a dual date, "1776–1976".^[95] Afterwards Canada issued a successful series of quarters in 1992 honoring its provinces and territories, the Mint obtained congressional permission to issue a series of US quarters honoring American states; they began to be issued in 1999.^[96] In 2002, the Mint began to consider redesigning the nickel in accolade of the upcoming bicentennial of the Lewis and Clark Expedition. Representative Eric Cantor (R-VA) did not wish to run into Monticello (located in his domicile state) moved permanently off the nickel.^[97] The resultant "American v-Cent Coin Design Continuity Human activity of 2003", was signed into law by President George W. Bush on April 23, 2003. Under its terms, the Treasury Secretarial assistant could vary the nickel's designs in award of the 200th anniversary of the Trek and of the Louisiana Purchase, but the nickel would again feature Jefferson and Monticello get-go in 2006.^[98] Unless Congress acts over again, every futurity five-cent coin will characteristic Jefferson and Monticello.^[99]

The Mint used Schlag's obverse in 2004, with 2 new contrary designs.^[100] Mint sculptor-engraver Norman Due east. Nemeth'due south accommodation of an Indian Peace Medal struck for Jefferson was the offset new pattern, followed by a depiction past Mint sculptor-engraver Al Maletsky of a keelboat like that used by the Trek.^[101] The 2005 obverse was struck during that year only, with a design by sculptor Joe Fitzgerald based on Houdon'southward bust of Jefferson.^[102] The legend "Freedom" on the obverse was traced from Jefferson'south handwriting in drafting the Declaration of Independence; as the discussion is never capitalized in that certificate, Fitzgerald borrowed a majuscule 50 from Jefferson's other writings.^[103] The reverse for the first half of the twelvemonth depicted an American bison, recalling the Buffalo nickel and designed by Jamie Franki. The reverse for the second one-half showed a coastline and the words "Ocean in view! O! The Joy!", from a journal entry by William Clark, co-leader of the Trek.^[102] Clark had actually written the discussion every bit "ocian", simply the Mint modernized the spelling.^[103]

Another Franki pattern has, since 2006, been used for the obverse, depicting a view of Jefferson from the front end (rather than in profile)^[85] based on an 1800 study by Rembrandt Peale, and includes "Liberty" in Jefferson'due south script. According to Acting Mint Director David Lebryk, "The image of a frontward-facing Jefferson is a plumbing fixtures tribute to [his] vision."^[104] The reverse beginning in 2006 was again Schlag's Monticello design, but newly sharpened by Mint engravers.^[105] Equally Schlag's obverse design, on which his initials were placed in 1966, is no longer used, his initials were placed on the reverse to the correct of Monticello.^[106]

Increment in metal values [edit]

In the start decade of the 21st century, commodity prices for copper and nickel, which make up the 5-cent money, rose dramatically, pushing the cost of manufacturing a nickel from 3.46 cents in fiscal year 2003 to 10.09 cents in financial twelvemonth 2012.^[107] By comparison, a Canadian nickel (which is primarily fabricated of steel) still costs less than its face value to produce as of 2019.^[108] In response, Mint Director Henrietta Fore in 2004 asked Congress to fund research into lower-cost alternatives to present coinage metals. Although the initiative lapsed when she left role 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 report in response to the legislation declared that there is no fabric that would reduce the one-cent coin's manufacturing toll to below i cent, so it was removed from consideration. The report requested boosted time to study the issue, ensuring the continuation, for the nowadays, of the existing coinage metals.^[111] The Mint expected need for nickels in commerce to increment from 840 million needed in Financial Year 2011 to one.08 billion in 2015.^[112]

Meanwhile, in an attempt to avoid losing big quantities of circulating nickels to melting, the United states of america Mint introduced new interim rules on December 14, 2006, that criminalized the melting and export of pennies (which as of 2013 price ane.83 cents to produce) and nickels. Violators of these rules tin can be punished with a fine of upwardly to $10,000, 5 years imprisonment, or both. The rules were finalized on April 17, 2007.^{[113] [110]} The melt value of a nickel for some fourth dimension was more than five cents, including nearing over ane-and-a-half times its face value in May 2007. Since then, the supply and demand of the coin's limerick metals have stabilized. A nickel'due south melt value fell below its confront value from tardily 2008 through mid-2010, and more recently over again from late mid-2012 .^[114] In February 2014, it was reported that the Mint was conducting experiments to utilize copper-plated zinc (the same composition used for the Us 1 cent coin) for the nickel.^[115]

In December 2014, the Mint released its side by side Biennial written report in response to the CMOCA. In information technology, the Mint alleged 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 "feasible" for the 5-cent coin were nickel-plated steel, multi-ply-plated steel, and potentially some other copper/nickel blend, this time with ~77% copper, ~20% nickel, and ~three% manganese. Further testing was recommended to explore fifty-fifty less expensive alloys that would non crave changes to vending machines (as the steel-based materials would require).^[116] Based on current metallic prices as of Apr 12, 2021 the current cost of a v cent coin is $0.0538. In March 2022, to the ongoing Russia/Ukraine State of war, Nickel prices have soared.^[117]

Proposals for abolitionism [edit]

Due to its depression value, the inconvenience of carrying and counting, and the fact that information technology costs more than to make than it is worth, various commentators have proposed eliminating the nickel along with the penny.^{[118] [119]}

See also [edit]

• Canadian nickel
• Hobo nickel
• Northward Carolina 1861 5 cents banknote
• United states Mint money production
• U.s. nickel mintage quantities

Notes [edit]

1. ^ "US 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 Almanac 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. three.
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. four.
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. 6.
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 50. 484, amendment 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 China Post & January 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. xvi.
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. ^ United States Mint 2009, pp. 4–6.
97. ^ USA Today & Apr 23, 2002.
98. ^ US Mint, "Newly-designed nickels" 2003.
99. ^ 31 United statesC. § 5112
100. ^ Anderson 2003.
101. ^ US Mint, "2004 West Journey".
102. ^ ^{a b} US Mint, "2005 Westward Journeying".
103. ^ ^{a b} Frazier 2005.
104. ^ BBC, "forward-looking nickel".
105. ^ Us Mint, "2006 West Journey".
106. ^ Collectors Weekly.
107. ^ "Cost to Make Penny and Nickel". Coinupdate.com. Retrieved 2012-12-21 .
108. ^ Holder, Gord (December 23, 2019). "Nickel facts: Worth more than it costs to arrive". Ottawa Citizen.
109. ^ "Coin Modernization, Oversight, and Continuity Act of 2010". ActofDec 14, 2010.
110. ^ ^{a b} Deisher & April 16, 2012.
111. ^ Gilkes & Dec 31, 2012.
112. ^ Gilkes & January four, 2012.
113. ^ Us Mint, "Exportation & Melting".
114. ^ "Electric current Melt Value Of Coins – How Much Is Your Coin Worth?". Coinflation.com. Retrieved 2013-03-01 .
115. ^ Gilkes, Paul (10 February 2014). "Mint testing copper-plated zinc for five¢ coin". Coin World . Retrieved 2 February 2014.
116. ^ "U.Southward. Mint Releases 2014 Biennial Study to Congress". United States Mint. 2016-06-xxx. Retrieved 2020-03-30 .
117. ^ Shabalala, Zandi (8 March 2022). "Nickel booms on brusque clasp while other metals retreat". Reuters.
118. ^ Henry J. Aaron (Nov thirteen, 2013). "Let's Driblet Pennies, and Nickels Too While Nosotros're At It". The Brookings Institution.
119. ^ Brian R. Merrick (July 27, 2015). "It's Time to Cancel The Penny and Nickel". The Wall Street Periodical.

Bibliography [edit]

• Bowers, Q. David (2006). A Guide Book of Shield and Liberty Caput Nickels. Atlanta, Ga.: Whitman Publishing. ISBN978-0-7948-1921-7.
• Bowers, Q. David (2007). A Guide Book of Buffalo and Jefferson Nickels. Atlanta, Ga.: Whitman Publishing. ISBN978-0-7948-2008-4.
• Breen, Walter (1988). Walter Breen'southward Consummate Encyclopedia of U.S. and Colonial Coins. New York, N.Y.: Doubleday. ISBN978-0-385-14207-6.
• Burdette, Roger W. (2007). Renaissance of American Coinage, 1909–1915. Great Falls, Va.: Seneca Mill Press. ISBN978-0-9768986-2-7.
• Coin World Almanac (3rd ed.). Sidney, Ohio: Amos Press. 1977. ASIN B004AB7C9M.
• Hobson, Walter (1971). Celebrated Gilt 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. ISBN978-0-7948-1972-9.
• Montgomery, Paul; Borckardt, Mark; Knight, Ray (2005). One thousand thousand Dollar Nickel. Irvine, Ca.: Zyrus Printing. ISBN978-0-9742371-8-three.
• Peters, Gloria; Mohon, Cynthia (1995). The Complete Guide to Shield & Freedom Head Nickels. Virginia Beach, Va.: DLRC Press. ISBN978-one-880731-52-9.
• Richardson, William Allen, ed. (1891). Supplement to the revised statutes of the U.s.. Vol. 1. Washington, D.C.: U.s.a. Authorities Printing Part.
• Taxay, Don (1983). The U.Southward. Mint and Coinage (reprint of 1966 ed.). New York, N.Y.: Sanford J. Durst Numismatic Publications. ISBN978-0-915262-68-7.
• Yeoman, R.Southward. (2017). A Guide Book of United States Coins (The Official Cherry-red Volume) (71st ed.). Atlanta, Ga.: Whitman Publishing. ISBN978-0-7948-4506-3.

Other sources [edit]

• Anderson, Gordon T. (November vi, 2003). "U.Southward. to get 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 Apr seven, 2011. (subscription required)
• Deisher, Beth (Apr 16, 2012). "U.Southward. must summon the courage to retire one-cent denomination". Coin Globe. p. 15.
• Frazier, Joseph (Baronial 5, 2005). "New nickel recalls historic moment". The Register-Guard. Eugene, Ore. AP. p. C7. Retrieved April vii, 2011.
• Gilkes, Paul (January 4, 2012). "Cent, v¢ demand on rebound during FY2011". Coin World. p. iv.
• Gilkes, Paul (Dec 31, 2012). "Mint wants more time to study compositions". Coin Earth. p. 1.
• Orosz, Joel J. (June 2012). "The five founding fathers of the United States Mint". The Numismatist. American Numismatic Association.
• Porterfield, Walden R. (March 3, 1970). "The Billion Dollar Profile". The Milwaukee Journal. p. 16. Retrieved Nov 21, 2010.
• "US unveils forward-looking nickel". BBC. October 6, 2005. Retrieved April 8, 2011.
• "Rare U.S. money fetches over US$3.7 million at auction". The Prc Post. January one, 2010. Archived from the original on March v, 2016. Retrieved January 27, 2012.
• "Jefferson nickels". Collectors Weekly. Retrieved Apr 12, 2011.
• "U.S. Code, Title 31, Section 5112". Cornell Academy Law Schoolhouse. Archived from the original on November 23, 2011. Retrieved April twenty, 2011.
• Usa Mint (c. 2009). "50 States Quarters Report" (PDF). United States Mint Financial Department. Archived from the original (PDF) on March 10, 2016. Retrieved October 18, 2011.
• "Nation to get newly designed nickels" (Press release). United States Mint. April 24, 2003. Retrieved Apr 7, 2011.
• "The 2004 Westward Journey nickel series designs". Usa Mint. Retrieved April 7, 2011.
• "The 2005 Westward Journey nickel series designs". United States Mint. Retrieved April 7, 2011.
• "The 2006 West Journey nickel series designs". The states Mint. Retrieved April 8, 2011.
• "U.s.a. Mint Moves Limits Exportation & Melting of Coins" (Press release). United States Mint. April 17, 2007. Retrieved Nov 10, 2018.
• "Va. legislators desire to keep their nickel back". USA Today. AP. July 23, 2002. Retrieved Apr 7, 2011.

External links [edit]

Look upward nickel in Wiktionary, the free dictionary.

• The states Mint Unveils Dramatic New Nickel Designs for 2005, from the Mint'due south website

glydehadel1969.blogspot.com

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

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