U.S. to get TWO new nickels. The $20, & now this?

[Rooster_Ties]

Whatever the real reason for this change, I sure as hell hope they don't spend $37 million dollars on a TV ad campaign to alert the public of all the new fangled 'security features' of this new nickel.

That, and it better not be wooden either!!!

U.S. to get two new nickels

Jefferson still on front, but new designs to show handclasp, Lewis and Clark keelboat on back.

November 6, 2003: 12:18 PM EST

By Gordon T. Anderson, CNN/Money contributing writer

NEW YORK (CNN/Money) - In April of this year, the U.S. Mint announced that it would redesign the five-cent coin, with a new nickel to be released in 2004. Today, the Mint unveiled designs for not one new nickel, but two.

The new designs constitute the first change in the look of the nickel since the current version was introduced in 1938. That familiar edition depicts Thomas Jefferson on its front, with an image of his Monticello estate on the back.

Like their predecessor, the new nickels will honor the nation's third president. As now, the fronts will display a likeness of Jefferson. The backs will be different.

The first of the new coins is due to be in circulation next spring.

The image on the back will depict the Jefferson Peace Medal, a medallion that was presented to Native American chiefs during treaty signings and other ceremonies. It features clasped hands and a peace pipe overlapping a hatchet.

The second nickel will be released next autumn.

Its back will feature an engraving of the keelboat that the Lewis and Clark expedition party used to explore the American West. (Besides engineering the Louisiana Purchase that made westward expansion possible, Jefferson was the chief sponsor of the "Voyage of Discovery" that made Lewis and Clark famous.)

"The United States is in a renaissance in coin design," according to Mint Director Henrietta Holsman Fore, alluding not only to the new nickel, but to the immensely popular 50 State Quarter series.

"Americans used to change designs every seven or eight years in the last century. Now we do it every 25 years or so," Holsman Fore told CNN/Money earlier this year. "We've gotten out of the habit."

Spokeswoman Sharon McPike said the Mint has been hoping to change the nickel for some time, and that "a commemoration of the bicentennial of Lewis and Clark seemed like just the right opportunity."

The measure was not without controversy, however.

When the bill to change the coin went before Congress, members of the Virginia delegation expressed concern at losing free publicity for Monticello, the tourist attraction currently on the nickel's tailside.

As a compromise, the Mint agreed to revert to a Monticello depiction in 2006.

That may seem like a lot of activity for a coin that's grown a bit dusty of late. But as McPike notes, there may even be an opportunity for the government to make a little money on the deal.

The reason: seigniorage, a numismatic term that means the difference between the cost of producing a coin and its retail price. That spread in this case is about two and a half cents on each nickel minted.

If a design change encourages people to hoard old Monticello nickels and/or collect the new ones, said McPike, the Mint might be forced to produce a higher-than-average number of pieces. Thus, it would make more money.

Now, let's see. There are about 290 million Americans. If all of them were to buy and hoard one of each new nickel, it would mean about $14 million more in seignorage income for the Treasury.

That's not so much, of course, as a percentage of the gargantuan federal budget. Still, it's not too bad for rubbing two nickels together.

Edited November 6, 2003 by Rooster_Ties

[JSngry]

Currency-induced identity crisis, real or imagined? Here's one little fella who says "REAL!!!"

[JSngry]

Perplexed as to why you money disappears so fast? Well, wonder no more!

[JSngry]

They tried building a mint near Three Mile Island, but...

[Jazzmoose]

The reason for the new nickel is all about money. Ha ha.

But seriously, the treasury rakes in money on everything they issue. Coinage is no longer actually worth anything; hasn't been since they took the silver out. Nickels have never been worth a nickel; they just represent a nickel, as paper money represents an amount. So every time they produce a nickel, they're making money...er, I mean a profit.

Now, changing the coin does one thing: it attracts collectors. Collectors remove the coins from circulation, and more have to be made. The ones taken out of circulation are even more profitable than the others. It's like stamps sold to collectors; they get the 37 cents and don't even have to deliver a letter. Add to this the profit on special "collector products" like proof coins, special mint coins, etc. Check out this website and see how much a new roll of quarters will cost you from the mint: U.S. Mint Website

Besides, coins used to change a lot more often than they do now. I remember collecting coins as a kid; you could find Roosevelt, Mercury, and even an occasional Barber dime in your change. Buffalo nickels were still around. Three different fifty cent pieces. Hell, it's about time they mixed it up some...

[JSngry]

Used to have a few of these when I was a kid and collected coins...

Well, not 1913s, but other Liberty Heads.

[Rooster_Ties]

I've always liked Liberty Half Dollars...

And before 2 minutes ago, I had never seen a "Barber" Half Dollar. Interesting...

Why is it called "Barber"???

Edited November 6, 2003 by Rooster_Ties

[Jazzmoose]

It (along with the dime and quarter with the same design, of course) was designed by Charles E. Barber.

[Rooster_Ties]

I've always thought these were fun...

[jacman]

i'm kinda tired of all these dead white guys on our coins and bills. dull dull dull.

let's have some new blood, man.

$1-Jimi Hendrix at Woodstock

$5-Robert Johnson

$10-Miles (Round About Midnight cover shot)

$20-Monk

$50-Mingus

$100-Pops

etc

Edited November 6, 2003 by jacman

[vajerzy]

I collect coins and proof sets- you think OOP Mosaics fetch big bucks- try the 1999 proof sets and silver proof sets!

It's for collectors- I thought they would go back to Monticello.....

[Jazzmoose]

I hear you; got the proof set, but not the silver. I've been too cheap to get into those!

[Rooster_Ties]

Updated first post in this thread to include new story (actual announcement), with images of TWO new nickels, due out this Spring.

[Jazzmoose]

Oh, no!! Lewis & Clark were kidnapped by VIKINGS????

[Rooster_Ties]

Oh, no!! Lewis & Clark were kidnapped by VIKINGS????

ROTFLMAO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[BruceH]

Personally, I don't know why we ever got rid of the Buffalo-head nickel. That was nice.

[AfricaBrass]

Personally, I don't know why we ever got rid of the Buffalo-head nickel. That was nice.

They should bring it back!

Or how about the Buffalo Bill nickel?

I'd rather have that than Lewis & Clark traveling with Vikings.

What's the deal with all the Lewis & Clark tie-ins? Didn't we just have a Sacajawea dollar a few years ago?

If they're going to change the penny, they should leave Lincoln on the front and put John Wilkes Booth on the back.

[Jazzmoose]

I agree, Bruce; that's probably my favorite U.S. Coin! Then again, I think our coins were far more interesting before we started putting dead presidents on them. Now we're so afraid of insulting the dead presidents or offending various parties, backers, etc., that our coins rarely if ever change. How boring...

[BruceH]

Agreed. At the risk of being predictable, if we've got to change our small coins, why not put Charlie Parker on the nickel?

[BFrank]

Minutemen - "Double Nickels on the Dime"

[Rooster_Ties]

Agreed. At the risk of being predictable, if we've got to change our small coins, why not put Charlie Parker on the nickel?

Or Ellington. (I'm half serious.)

[king ubu]

i'm kinda tired of all these dead white guys on our coins and bills. dull dull dull.

let's have some new blood, man.

$1-Jimi Hendrix at Woodstock

$5-Robert Johnson

$10-Miles (Round About Midnight cover shot)

$20-Monk

$50-Mingus

$100-Pops

etc

Between 1995 and 1998, Switzerland has introduced new banknotes.

While the artists chosen are not actually Hendrix or somthing, they all lived and worked and became more or less famous in the twentieth century.

They have the following guys (and one doll, even!) on them:

10: Le Corbusier (architect, guilty of crimes against humanity, although he built *some* nice houses...)

20: Arthur Honegger (classical composer)

50: Sophie Täuber-Arp (artists, part of early 20c avant-garde - dada movement in Zurich)

100: Giacometti (great GREAT painter and sculptor - if you happen to be in Zurich, go to the Kunsthaus and check out the Giacometti rooms!)

200: Charles Ferdinand Ramuz (inventor of the "great peasant-style", great author of the first half of the 20th century)

1000: Jacob Burckhardt (historian, famous mostly for his work on the italian renaissance)

you can see them and read a little more here: http://www.snb.ch/d/banknoten/noten.html

While I will certainly be glad when the time arrives when Switzerland will again become a part of Europe, I will certainly also miss the current banknotes!

ubu

[Jazzmoose]

Agreed.  At the risk of being predictable, if we've got to change our small coins, why not put Charlie Parker on the nickel?

Or Ellington. (I'm half serious.)

Nah. The nickel's got to go to Miles! At least until I can afford the set...

[maren]

Minutemen - "Double Nickels on the Dime"