What is the price of Nickel and Copper per pound?

[hubbs92]

I'm doing a chemistry assignment and I have to design a coin. Can anyone tell me if the manufacturing of the coin will cost less than the face value?

[hsbtrg]

you can find the price of metals in the business section of the paper every day. i hope this helps as the price of metal is only one small part of the cost.

[es5672]

You can go to www.bloomberg.com and look up commodities. That will give you today's closing price for nickel and copper. High grade copper trades in 25,000 lb. lots. I can't recall about nickel, but you can look that up when determining how much per pound. I can tell you, that the US Government spends more to manufacture pennies and nickels than the coins are worth. In other ages, people shaved the edges of coins to save $ ( and kept the silver or gold,too, that coins were made of...) Have you seen foreign coins that have holes in the middle? That's because they save $ on that design. Now, one thing you have to consider is that a coin can be in circulation for many years, while paper money wears out within a few years--so the life of the coin has to be factored into the pricing. Do you have to design your coin using metal? maybe you can design a plastic coin? That would be a lot cheaper, The price of nickel and copper fluctuates daily. Copper closed today at 3.7650 USD/MT. Nickel closed at 26895 USD/MT. Hope this helps you! Good luck on your assignment.

[CultureNine]

The prices for nickel and copper are readily available. The price for nickel is approximately 3 times that of copper. (source 1)As for whether manufacturing of the coin will cost less than the face value, the metal composition of the coin changes with time. The composition is altered so that the value of the metal in the coin is usually worth less the coin denomination. (source 2) Currently, the commonly used coins with metals worth more than their denomination include:- 1909-1982 pennies are 95% copper and are worth 2.5 cents. Pennies from 1983 onwards are 97.5% zinc (cheaper than copper) which make the value of the metal around 0.6 cents.- Modern circulated nickels are worth 6.5 cents, due to inflation and the increasing value of nickel. It is a crime to melt down coins for their metals. (source 3)