|Value||0.05 U.S. dollar|
|Diameter||21.21 mm (0.835 in) except Shield nickels (1866–1883) 20.5 mm (0.807 in)|
|Thickness||Not specified for Shield nickels. All others: 1.95 mm|
|Silver||1942 to 1945 Wartime Nickels only (with large mint mark on reverse) 1.750 g 0.05626 troy oz|
|Years of minting||1866 – present (except 1922, 1932, and 1933)|
|Design date||1938 (not used in 2004 or 2005). Coins before 2006 do not have “FS” on reverse to right of Monticello.|
A nickel is a five- penny coin hit by the United States Mint. Composed of cupronickel ( 75 % bull and 25 % nickel ), the objet d’art has been issued since 1866. Its diameter is 0.835 inches ( 21.21 millimeter ) and its thickness is 0.077 inches ( 1.95 millimeter ).
The silver half dime, equal to five cents, was issued from 1792 to 1873 before nowadays ‘s cupronickel adaptation. The american english Civil War caused economic asperity, driving aureate and argent from circulation ; in reception, in identify of low-value coins, the government at first issued paper currency. In 1865, Congress abolished the five-cent fractional currency eminence after Spencer M. Clark, head of the Currency Bureau ( today the Bureau of Engraving and Printing ), placed his own portrayal on the denomination. After the successful introduction of two-cent and three-cent pieces without cherished metallic, Congress besides authorized a five-cent piece consist of base metal ; the Mint began striking this interpretation 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 part of a drive to increase the smasher of american neologism. The nickel is minted in its modern form as the Jefferson nickel, which was first introduced in 1938. In 2004 and 2005, special Jefferson nickel designs in honor of the bicentennial of the Lewis and Clark Expedition were issued. In 2006, the Mint reverted to using Jefferson nickel interior designer Felix Schlag ‘s original inverse ( or “ tails ” side ), although a newly obverse, by Jamie Franki, was substituted. ascribable to ostentation, the purchasing office of the nickel continues to drop, and presently the mint represents less than 1 % of the federal hourly minimum engage. During fiscal year 2020, it cost more than 7 cents to produce a nickel ; [ 1 ] the Mint is exploring the hypothesis of reducing cost by using less expensive metals. In 2018, over 1.26 billion nickels were produced at the Philadelphia and Denver mints .
Silver half dime bag [edit ]
The silver half disme ( as the half dime, pronounced the same, was first called ) was one of the denominations prescribed by the Mint Act of 1792 ; its weight and daintiness were set by police. The first pieces under federal assurance were half dimes, struck in 1792 in the basement of John Harper, a saw maker ; as the first federal batch was even under construction in Philadelphia, this took identify locally at Sixth and Cherry Streets. The dies were engraved by Adam Eckfeldt, who a half-century later recalled that the silver for the half dimes was supplied by President George Washington, and that the 1,500 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 oversea. By caption, President Washington supplied silverware from his home, Mount Vernon, to provide bullion for the coins. In his annual message to Congress in belated 1792, Washington noted the ongoing structure of a mint build and stated : “ There has besides been a little begin in the coinage of half dimes, the want of small coins in circulation calling the first attention to them. ” In 1793, the newly established Philadelphia Mint began striking cents and one-half cents. neologism of cute metallic was delayed ; Congress required the assayer and head coiner to each post a security bail of $ 10,000, a huge total in 1793. In 1794, Congress lowered the head coiner ‘s bond to $ 5,000, and the assayer ‘s to $ 1,000 ; President Washington ‘s appointees to those positions were frankincense able to qualify and take office. Subsequently, flatware neologism began that year .
The half dime bag was originally struck from 1794 until 1805, though none were date 1798, 1799, or 1804. By 1804, silver US coins were heavily exported, as they could be exchanged at par in the West Indies with heavier spanish coins, which were then imported as bullion and deposited at the Mint for melting and restriking. In reception, in 1804 the US stopped striking silver dollars ; issue of the half dime bag was discontinued from 1805 until 1829. In 1807, mint Director Robert Patterson in a letter explained to Jefferson ( by then president of the united states ) “ closely the hale of our Silver Bullion ( chiefly Spanish dollars ) come through the Banks, and it is very rarely that they will consent to take any mint less than half dollars. ” Beginning in 1829, the silver five-cent part was again affect ; beginning in 1837, its fineness was increased from .8924 to .900. besides in 1837, the half dime bag ‘s obverse invention changed from one by William Kneass, depicting a broke of Liberty, to one that featured a seated liberty by Christian Gobrecht ; until its abolition in 1873, the half dime would bear modifications of this design. In 1851, it ceased to be the smallest uranium silver coin as a three penny piece was issued by the Mint .
birth of the nickel [edit ]
The Civil War caused most american english coins to vanish from circulation, with the gap filled by such means as merchant tokens, encased postage stamps, and United States fractional currentness, issued in denominations a depleted as three cents. Although coinage ( gold or silver coins ) was hoarded or exported, the copper-nickel cent, then the only base metal denomination being struck, besides vanished. In 1864, Congress began the process of restoring coins to circulation by abolishing the three-cent eminence and authorizing bronze cents and two-cent pieces, with low intrinsic values, to be struck. These newfangled coins initially proved popular, though the two-cent piece soon faded from circulation. On March 3, 1865, Congress passed legislation authorizing the Mint to strike three-cent pieces of 75 % copper and 25 % nickel. In 1864, Congress authorized a third series of fractional currency notes. The five-cent note was to bear a depiction of “ Clark ”, but Congress was appalled when the issue came out not with a portrayal of William Clark, the internet explorer, but Spencer M. Clark, principal of the Currency Bureau. According to numismatic historian Walter Breen, Congress ‘s “ immediate angered response was to pass a law retiring the five-cent appellation, and another to forbid depiction of any living person on federal coins or currentness. ” Clark kept his job only because of the personal intervention of Treasury Secretary Salmon P. Chase. Mint Director James Pollock had been opposed to striking coins containing nickel, but in horizon of the initial success of the copper-nickel three-cent slice, he became an advocate of striking five-cent pieces in the same metals. In his 1865 reputation, Pollock wrote, “ From this nickel alloy, a coin for the denomination of five cents, and which would be a popular alternate for the five penny notice, could easily be made … [ The five-cent mint should be struck in base metal ] only until the resumption of coinage payments … in time of peace … coins of subscript debase should not be permitted to take the place permanently of silver in the neologism of pieces above the denomination of three cents. ” Industrialist Joseph Wharton had a near-monopoly on the mine of nickel in the United States, and sought to promote its practice in neologism. He was besides highly influential in Congress. His friends there, though they had failed to obtain the metallic element ‘s function for the two-cent objet d’art, had been more successful with the base-metal three-cent coin. Pollock prepared a bill authorizing a five-cent mint of the lapp debase as the three-cent piece, with a total weight not to exceed 60 grains ( 3.9 gravitational constant ). At the committee stage in the House of Representatives, the weight was amended to 77.19 grains ( 5.00 g ), apparently to make the weight peer to five grams in the measured system but more likely so that Wharton could sell more nickel. This made the new mint clayey, in terms of weight per $ .01 of confront measure, compared to the three-cent copper-nickel mint. The beak passed without debate on May 16, 1866. The newly copper-nickel mint was legal tender for up to one dollar and would be paid out by the Treasury in central for coin of the United States, excluding the half cent, cent and two-cent. It was redeemable in lots of $ 100 for banknotes. fractional currency in denominations of less than ten cents was withdrawn .
Shield nickel ( 1866–1883 ) [edit ]
The Shield nickel In prediction of the blessing of the new five-cent coin, the Mint ‘s head engraver, James B. Longacre, had begun preparing designs and convention coins in 1865. After rejecting pieces showing asleep presidents George Washington ( see Washington nickel ) and Abraham Lincoln, Treasury Secretary Hugh McCulloch decided on a design alike to Longacre ‘s two-cent objet d’art, with a shield on the obverse and a numeral 5 surrounded by stars and rays on the reverse. This has come to be known as the Shield nickel. The raw coins proved difficult to produce ; owing to the severity of the planchet, the coins were not of eminent quality and the biography of the come to dies was brief. The invention was wide criticized ; Wharton described the obverse as suggesting “ a gravestone surmounted by a cross and overhang by weeping willows. ” The American Journal of Numismatics described the Shield nickel as “ the ugliest of all known coins ”. The rays were eliminated from the reverse design in 1867, in the hope of eliminating some of the production problems. The design change created confusion among the population—many people assumed that one design or the early was a forge —and the Mint briefly considered abandoning the shield design wholly. After heavy production in its first gear years, by late 1869, adequate nickels had been struck to meet the needs of commerce ; fewer were coined in the stick to years. The raw coins tended to accumulate in the hands of merchants beyond the legal tender terminus ad quem, but banks refused to accept them beyond the one-dollar maximum. Storeowners were forced to discount the coins to brokers. Postmasters, compelled by law to accept the coins, found that the Treasury would not accept them as deposits except in lots of $ 100, in accordance with the authorizing codified. In 1871, Congress alleviated the problem by passing legislation allowing the Treasury to redeem inexhaustible quantities of nickels and other low-denomination coins when presented in lots of not less than $ 20. It was not until 1933, long after the shield plan passed from the scene, that the nickel was made legal tender without limit. half dimes continued to be struck, at both the Philadelphia and the San Francisco Mint, until the series was ended by the Coinage Act of 1873. Despite the abolition, the ash grey pieces continued to circulate in the West, where silver medal or gold coins were preferred, throughout the remainder of the nineteenth hundred. Improved economic conditions, combined with low eloquent prices, brought large quantities of hoarded silver neologism, including one-half dimes, into circulation beginning in April 1876. In belated 1876, production of the Shield nickel was halted. No Shield nickels were struck in 1877 or 1878, excepting proof specimens for collectors. As the Treasury had a big stock of nickels in storage, only modest numbers were struck over the future few years ; all-out production did not resume until December 1881 .
Liberty Head or “ V ” nickel ( 1883–1913 ) [edit ]
“ V ” nickel without and with “ cents ” With product of nickels lagging in the former 1870s, and with minimal strikings of the copper-nickel three-cent objet d’art, Wharton sought to increase the use of nickel at the Mint. The bronze cent represented a major dowry of the Mint ‘s production, and Wharton began to lobby for the part to be struck in copper-nickel, as it had been from 1857 until 1864. In 1881, this lobby led Philadelphia Mint Superintendent Archibald Loudon Snowden to decree Mint Engraver Charles Barber to produce uniform designs for a new penny, three-cent piece, and five-cent piece. Snowden required that the new coins depict the headway of Liberty with the legend LIBERTY and the date, with the nickel ‘s reverse to have a wreath of wheat, cotton, and corn around a Roman numeral “ V ” for “ 5 ”, to denote the denomination. 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 ). Barber punctually produced the necessitate designs. Snowden finally decided against a new penny or three-cent patch, but Barber continued work on the nickel, with the size adjusted to 21.21 millimeters ( 0.835 in ). When specimens were sent to Washington for act approval by Treasury Secretary Charles J. Folger, to Snowden ‘s surprise, they were rejected. The secretary, on review of the neologism statutes, had realized that the laws required “ unite STATES OF AMERICA ” to appear on the reverse, not the obverse where Barber had placed it. Barber modified his design consequently, and the coin was ready for striking in early 1883. however, by then, Shield nickel dated 1883 had already been coined. To ensure proofread Shield pieces would not be hoarded for their rarity, Mint officials allowed their continue product for several months. Criminals soon realized that the modern nickel, which lacked the give voice “ CENTS ”, was close in size to the five-dollar gold piece, and if they were to plate the nickel with gold, it might be passed for five dollars. Some coins were even given a reeded edge by fraudsters, making them appear more like the aureate coins. 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 design elements to accommodate the word “ CENTS ” at the bottom of the reverse. 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, believing the Treasury Department intended to recall them, and that they would become rare. The Liberty Head nickel was heavily struck during its 30-year run, except during economic downturns in 1885–1886 and in 1894, when entirely small numbers were struck. In 1890, Congress ended product of the three-cent firearm, leaving the five-cent mint as the entirely one in copper nickel. That year, Congress besides allowed the Secretary of the Treasury to authorize the redesign of United States coins, if the former design had been struck for at least 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. In 1896, pattern nickels were struck for the first time since 1885, when experimental, holed coins had been tested ; however, no redesign took put .
growth of the nickel in commerce [edit ]
coin-operated machines to vend food, for entertainment, and for gambling became popular in the 1890s. such machines could be placed on differently idle floor space in businesses, required small alimony, and brought in money for owners. Beginning about 1898, coin-operated mechanical pianos besides became popular. The Mills Novelty Company was a lead producer of such devices ; by 1906 it was producing machines ranging from a mechanically toy violin to fortune-telling devices. While some machines took cents or other denominations, the nickel was the coin of choice for these machines. Among the innovations in business caused by the use of the nickel in coin-operated machines was the automat, in which patrons would serve themselves by inserting a mint ( initially a nickel, though by the 1950s a higher denomination was needed ) into a mechanism, turning a wield, and removing a sandwich or dessert. These restaurants were beginning established in Germany, but were popularized in the United States by, among other firms, Horn & Hardart. A type of business which took its name from the mint was the jukebox film, where a nickel bought entrance fee to view a series of one-reel short circuit films, by and large about 12 minutes in distance, which ran continuously from early afternoon until late at night, with the patron free to remain ampere long as he liked. Although another denomination gave the penny arcade its name, the nickel was normally used there american samoa well. few nickels had circulated in the western states before the 1880s ( people there preferred silver and aureate coins ) ; interest in the new Liberty Head blueprint had led to increasing habit of nickels there. good economic conditions and high demand for nickels for function in coin-operated devices caused the assemble to circulate throughout the state by 1900. That class, Mint Director George E. Roberts called on Congress to quintuple the Mint ‘s annexation to purchase base metals for striking into nickels and cents. At the clock time, statutory restrictions permitted production of cents and nickels only at Philadelphia ; Roberts ‘ request that Congress allow striking at the other mints was granted in 1906. The Denver and San Francisco Mints began striking nickels in 1912 .
1913 Liberty Head nickel rarity [edit ]
The Numismatist, December 1919 ad placed by Brown in, December 1919 The Liberty Head nickel was replaced after 1912, and initially there was no reading that 1913-dated pieces with that design existed. In December 1919, a coin dealer, Samuel W. Brown, placed advertisements in coin publications, offering to buy 1913 Liberty Head nickels. The following August, Brown appeared at the annual American Numismatic Association ( ANA ) convention bearing such a patch. Brown claimed that a headmaster die had been prepared for 1913 and that these pieces had been run off to test it. As it turned out, Brown possessed five coins, which he finally sold. After spending fifteen years in the hands of the bizarre Col. E.H.R. Green, the celebrated Fort Worth, Texas, area collector, the coins were finally dispersed in 1943. Since then, they have had several owners each. today, two are on public display—at the Smithsonian Institution in Washington and the ANA ‘s Money Museum in Colorado Springs, while three are owned privately. The most late sale of a 1913 Liberty Head nickel was in January 2010, when one sold for $ 3,737,500 in an auction. It 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. Dies were prepared in progress and sent to California for a 1913-S Liberty Head nickel neologism, but upon orders from Mint Director Roberts in December 1912 to end the old design, they were returned to Philadelphia. They were received by December 23, and were about surely destroyed routinely by early January. Brown had been an employee at the Philadelphia Mint ( although this was not known until 1963 ) and many theories focus misgiving on him .
Buffalo or native american english Head ( 1913–1938 ) [edit ]
1913 Buffalo nickel ( Type I & II ) President Theodore Roosevelt in 1904 expressed his dissatisfaction with the artistic country of american english coins, and hoped to hire sculptor Augustus Saint-Gaudens to beautify them. Saint-Gaudens, before his death in 1907, designed a new eagle and double eagle, which entered circulation that year ; the cent, quarter eagle, and half eagle were redesigned by other artists and were released into circulation by 1909. That year, Mint Director Frank Leach instructed Barber to make pattern coins for new nickels. Most of these coins featured the first president of the united states, George Washington. however, the stick out was discontinued when Leach left office on November 1, 1909, to be replaced by Abram Andrew.
On May 4, 1911, Eames MacVeagh, son of Treasury Secretary 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 invention of the nickel or five cent piece during your government, and it seems to me that it would be a permanent memento of a most attractive sort. As possibly you are aware, it is the only coin the design of which you can change during your administration, as I believe there is a law to the impression that the designs must not be changed oftener than every twenty-five years. I should think besides it might be the mint of which the greatest numbers are in circulation .
soon after the MacVeagh letter, 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 quickly produced concepts and designs. Mint Director George Roberts, who had returned to office in invest of Andrew, initially favored a design featuring Lincoln, but Fraser soon developed a design featuring a native american on one english and a bison on the other. Secretary MacVeagh wrote, “ Tell him that of the three sketches which he submitted we would like to use the cartoon of the head of the native American and the sketch of the buffalo. ” In July 1912, news of the fresh nickel became public, and coin-operated machine manufacturers sought information. Clarence Hobbs of the Hobbs Manufacturing Company, maker of counterfeit detectors, feared the fresh nickel would not be passed by his devices. Hobbs demanded assorted changes to the design, to which the artist was loath to agree. The Hobbs Company continued to interpose objections in 1913. On February 3, Hobbs sent Roberts a drawn-out list of changes that he wanted in the coin, and the sculptor was required to attend a league with Hobbs representatives. On the one-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 Company, and appealing to the Secretary to bring the site to a close. Secretary MacVeagh agreed to hold a meet at his function in Washington on February 14. Barber prepared patterns showing what the nickel would look like if the changes demanded by Hobbs were made. MacVeagh conducted the meet much like a legal hear, and issued a letter the follow day. 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 around the rim and the flatten of the native American ‘s cheekbone—would affect the artistic deserve of the firearm. MacVeagh concluded, “ You will please, therefore, proceed with the neologism of the fresh nickel. ” The coins were formally released to circulation on March 4, 1913, and cursorily gained positive comments for depicting truly american themes. however, The New York Times stated in an editorial that “ The new ‘nickel ‘ is a strike model of what a coin intended for wide circulation should not be … [ it ] is not pleasing to look at when new and glazed, and will be an abomination when previous and dull. ” The Numismatist, in March and May 1913 editorials, gave the raw coin a halfhearted review, suggesting that the native American ‘s head be reduced in size and the bison be eliminated from the rearward. Dies for the fresh design proved to break cursorily. Barber made proposed revisions, which Fraser approved after being sent samples. These changes enlarged the legend “ FIVE CENTS ” and changed the labor on which the bison stands from a hill to flat flat coat. According to data compiled by numismatic historian David Lange from the National Archives, the changes to what are known as Type II nickels ( with the originals Type I ) actually decreased the die life. A problem not addressed was the vulnerability of the date to wear ; many Buffalo nickels today have the date worn away. In January 1938, the Mint announced an overt contest for a new nickel design, to feature early president of the united states Thomas Jefferson on the obverse, and Jefferson ‘s home, Monticello on the revoke. The final Buffalo nickels were struck in April 1938 at the Denver Mint, the only mint to strike them that year .
design and list [edit ]
The identities of the models for the native American on the obverse and for the bison on the revoke are not known with certainty. Fraser stressed that the native American was a type, rather than based on a specific individual, and identified respective native Americans as models, not constantly systematically, including Iron Tail, Two Moons, and Big Tree ( of the Kiowa people ). There have been other claimants, the most outstanding being John Big Tree, a Seneca, who made many public appearances as the “ nickel indian ” until his death in 1967. Fraser recounted that the animal on the reverse was an american bison, Black Diamond, whom he stated lived at the Bronx Zoo, and besides described the model simply as a bison at the Bronx Zoo. however, Black Diamond was never at the Bronx Zoo, but rather lived at the Central Park Zoo ( both facilities are in New York City ) until the animal was sold and slaughtered in 1915. The placement of the horns on the still-extant mount head of Black Diamond differs from that of the bison on the nickel. From its origin, 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 it an indian drumhead nickel, while R.S. Yeoman ‘s Red Book refers to it as “ indian Head or Buffalo ” .
Jefferson nickel ( 1938–present ) [edit ]
The Jefferson nickel obverse as mint from 1938 to 2004. Coins from pre-1966 lack the graphic designer ‘s initials . The Jefferson nickel reverse, as hit 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, it did not enjoy that condition in 1938, and there was no public cry at the decision. In January 1938, the Mint announced an open competition for the new nickel blueprint, with the achiever to receive a respect of $ 1,000. Anticipating the 1943 bicentennial of Jefferson ‘s birth, competitors were to place his portrait on the obverse, and a delineation of his house Monticello on the rearward. On April 24, Felix Schlag was announced as the winner. His design featured the depicting of Jefferson which would be used on the nickel until 2004, close conforming to the former president ‘s break by sculptor Jean-Antoine Houdon, which is to be found in Boston ‘s Museum of Fine Arts. however, the exemplary differs from the nickel that was struck for circulation because it featured a view of Monticello from an fish, and a style of lettering officials did not like ; Schlag was required to change both. Either through a mistake or an supervision, Schlag did not include his initials in the design ; they would not be added until 1966. Production began on October 3, 1938 ; they were released into circulation on November 15. According to contemporary accounts, the Jefferson nickel was initially hoarded, and it was not until 1940 that it was normally seen in circulation. With the submission of the United States into World War II, nickel became a critical war material, and the Mint sought to reduce its practice of the metallic element. On March 27, 1942, Congress authorized a nickel made of 50 % copper and 50 % eloquent, but gave the Mint the authority to vary the proportions, or add other metals, in the public pastime. The Mint ‘s greatest concern was in finding an alloy that would use no nickel, but still satisfy counterfeit detectors in vending machines. An admixture of 56 % bull, 35 % silver and 9 % manganese proved suitable, and this debase began to be coined into nickels from October 1942. In the promise of making them easy to sort out and withdraw after the war, the Mint struck all “ war nickels ” with a big mint grade appearing above Monticello. The mint marker P for Philadelphia was the first time that mint ‘s mark had appeared on a U.S. coin. The prewar composition returned in 1946 ; all nickels struck since then have been in 75 % copper and 25 % nickel. In 1966, a belittled change was made to the design to add the initials of the designer ( FS ) to the obverse, underneath Jefferson ‘s portrayal. In commemoration of that change, two specimen 1966 nickels with the initials were struck and presented to him. Coins struck at any mint between 1965 and 1967 lack mint marks, which were omitted as the Mint replaced the silver circulate coins with copper-nickel. Beginning in 1968, mint marks were again used, and on the nickel were moved to the lower separate of the obverse, to the correctly of Jefferson ‘s female chest. From 1971, no nickels were struck for circulation in San Francisco—the 1971-S was the first nickel fall in validation only since 1878 .
Westward Journey commemoratives ( 2004–2005 ) [edit ]
The Mint had struck circulating commemorative coins for the United States Bicentennial, giving quarters, half dollars, and dollars struck in 1975 and 1976 a double date, “ 1776–1976 ”. After Canada issued a successful series of quarters in 1992 honoring its provinces and territories, the Mint obtained congressional license to issue a serial of US quarters honoring american states ; they began to be issued in 1999. In 2002, the Mint began to consider redesigning the nickel in honor of the approaching bicentennial of the Lewis and Clark Expedition. Representative Eric Cantor ( R – VA ) did not wish to see Monticello ( located in his home state ) moved permanently off the nickel. The attendant “ american 5-Cent Coin Design Continuity Act 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 award of the two-hundredth anniversary of the Expedition and of the Louisiana Purchase, but the nickel would again feature Jefferson and Monticello beginning in 2006. Unless Congress acts again, every future five-cent mint will feature Jefferson and Monticello. [ 99 ] The Mint used Schlag ‘s obverse in 2004, with two new reverse designs. Mint sculptor-engraver Norman E. Nemeth ‘s adaptation of an indian Peace Medal struck for Jefferson was the first modern design, followed by a word picture by Mint sculptor-engraver Al Maletsky of a keelboat like that used by the Expedition. The 2005 obverse was struck during that year only, with a design by sculptor Joe Fitzgerald based on Houdon ‘s tear of Jefferson. The caption “ LIBERTY ” on the obverse was traced from Jefferson ‘s handwriting in drafting the Declaration of Independence ; as the son is never capitalized in that text file, Fitzgerald borrowed a capital L from Jefferson ‘s other writings. The reverse for the first half of the class depicted an american bison, recalling the Buffalo nickel and designed by Jamie Franki. The turn back for the second half showed a coastline and the words “ Ocean in horizon ! O ! The Joy ! “, from a journal entrance by William Clark, co-leader of the Expedition. Clark had actually written the word as “ ocian ”, but the Mint modernized the spell. Another Franki design has, since 2006, been used for the obverse, depicting a view of Jefferson from the front ( quite than in profile ) based on an 1800 discipline by Rembrandt Peale, and includes “ Liberty ” in Jefferson ‘s script. According to Acting Mint Director David Lebryk, “ The trope of a forward-facing Jefferson is a match tribute to [ his ] imagination. ” The reverse begin in 2006 was again Schlag ‘s Monticello plan, but newly sharpened by Mint engravers. As 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 right of Monticello .
increase in metal values [edit ]
In the first base ten of the twenty-first century, commodity prices for copper and nickel, which make up the five-cent coin, rose dramatically, pushing the monetary value of manufacturing a nickel from 3.46 cents in fiscal year 2003 to 10.09 cents in fiscal year 2012. By comparison, a canadian nickel ( which is primarily made of steel ) however costs less than its front value to produce as of 2019. [ 108 ] In reply, Mint Director Henrietta Fore in 2004 asked Congress to fund research into lower-cost alternatives to deliver neologism metals. Although the inaugural 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 give compositions of the six denominations, from cent to dollar. In 2011, the Mint awarded a condense to study the publish to Concurrent Technologies Corporation of Johnstown, Pennsylvania. The report in reception to the legislation declared that there is no material that would reduce the one-cent coin ‘s manufacture cost to below one cent, so it was removed from circumstance. The report requested extra time to study the issue, ensuring the continuance, for the present, of the existing coinage metals. The Mint expected necessitate for nickels in commerce to increase from 840 million needed in fiscal class 2011 to 1.08 billion in 2015. meanwhile, in an try to avoid losing large quantities of circulating nickels to melting, the United States Mint introduced new interim rules on December 14, 2006, that criminalized the fade and export of pennies ( which as of 2013 cost 1.83 cents to produce ) and nickels. Violators of these rules can be punished with a fine of up to $ 10,000, five years imprisonment, or both. The rules were finalized on April 17, 2007. The melt value of a nickel for some prison term was more than five cents, including nearing over one-and-a-half times its face value in May 2007. Since then, the supply and demand of the coin ‘s writing metals have stabilized. A nickel ‘s fade value fell below its face prize from late 2008 through mid-2010, and more recently again from late mid-2012. [ 114 ] In February 2014, it was reported that the Mint was conducting experiments to use copper-plated zinc ( the same constitution used for the United States 1 penny mint ) for the nickel. [ 115 ] In December 2014, the Mint released its future biennial report in reaction 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 “ feasible ” for the 5-cent coin were nickel-plated sword, multi-ply-plated steel, and potentially another copper/nickel alloy, this clock with ~77 % copper, ~20 % nickel, and ~3 % manganese. further screen was recommended to explore even less expensive alloy that would not require changes to vending machines ( as the steel-based materials would require ). [ 116 ] Based on current metal prices as of April 12, 2021 the current price of a 5 cent coin is $ 0.0538. In March 2022, to the ongoing Russia/Ukraine War, Nickel prices have soared. [ 117 ]
Proposals for abolition [edit ]
due to its moo value, the inconvenience of carrying and count, and the fact that it costs more to make than it is worth, versatile commentators have proposed eliminating the nickel along with the penny. [ 118 ] [ 119 ]
See besides [edit ]
Notes [edit ]
bibliography [edit ]
other sources [edit ]
- US Mint Unveils Dramatic New Nickel Designs for 2005, from the Mint’s website