The hobby of collecting and studying coins, paper money, tokens, and other objects with a similar purpose or form is known as numismatics.It is a great hobby for people who have a keen interest in history. Nickel coins can be great as part of a numismatist’s collection.The term ’nickel’ is used to refer to five-cent coins in the US that are made from copper and nickel. These five-cent pieces were minted when paper notes did not make an impression and failed as a currency. The current nickel is an evolved version of previous coins.History Of NickelsThe history behind the minting of nickels is quite elaborate. Here are important historical facts about the creation of nickels for the very first time.There was a time in history when precious metals were used to create coins.During the 1850s, coins of real value were made out of gold and silver.These silver and gold coins had an intrinsic value because if a government or regime had a downfall, gold and silver coins could be melted down.Then, the American Civil War took place, and Abraham Lincoln was made the president of the United States in 1861.The currency of America was in crisis.People had started hoarding coins and creating a scarcity in the market as the government did not have enough gold and silver reserves to make lots of new coins.The government tried to make paper currency work, but it did not work.It had to depend on several other avenues, such as demand notes and stamps, to work as currency for the duration of the war.As the war ended and the industrial capacity of America increased, the quantity of nickel-metal increased tremendously.The government started minting nickel coins as they could be available in abundance, and people did not try to hoard these coins as they were not made of precious metals.Previously, there were some existing nickel coins such as pennies. However, nickels gained popularity after an incident that occurred in 1866 related to paper money.In 1866, a new five-cent coin was minted using nickel and copper. This nickel and copper coin was later dubbed as a ’nickel’.Nickel Coins And Thomas JeffersonNickels went through many transformations over the years. Here are a few interesting facts about the nickel that is currently in use.After the many nickels of the past, a new nickel was minted in 1938, which was designed by Felix Schlag.This nickel featured the American president Thomas Jefferson and acquired the name, Jefferson nickel.This was the third nickel coin that featured an American president, and coincidently, Jefferson was the third president of the United States.This nickel succeeded the buffalo nickel, which was minted until 1938.The Buffalo nickel was first minted in 1913.Another name for the Buffalo nickel was Indian Head nickel.Since the government was finding it difficult to mint the Buffalo nickel and it had completed its 25 years cycle, the government stopped minting the Buffalo nickel and instead looked for a new coin design.This new nickel is still being minted in the United States, but with a few changes.From 1938-2003, original Jefferson nickels designed by Schlag were being minted, which had a profile depiction of president Jefferson.Then, in 2006, a new design of the portrayal of Jefferson was created by Jamie Franki, and this portrayal was forward-facing instead of a side profile.What was the value of Jefferson nickels?Different coins from different eras have varied values in the market. Numismatists are interested in collecting specific year coins as they have a higher value. The value of Jefferson nickels from different years has changed over time.During World War II, the demand for the metal nickel grew, and the minting of coins made from nickel had to be stopped.The government had to go back to minting silver-based coins from 1942-1945.Each nickel produced during this time has acquired great value.A Jefferson coin from this period can have a value ranging from less than $10 to more than $300.The value of this coin can differ based on the specific year it was minted in as well as the price set up by the seller.Facts About Nickel CoinsNickel coins have been common in the daily lives of people for a very long time now. Here are some interesting facts regarding the nickel coin that may surprise you.The first coin made from nickel and copper wasn’t the five-cent coin, but it was the one-cent coin known as a penny.In 1865, the federal government was ordered by Congress to use the same composition as the pennies to make a three-cent coin.The nickel was also not the first five-cent coin in America.Before the nickel, America had the five-cent silver coin, and it was known as a silver half dime.It was the 1792 half dime which was considered to be the new nation’s first minted coin.These half dimes of the initial batch are believed to be made from the metal of the silverware that was owned by the first president of America, George Washington, and his wife, Martha Washington.For many years in the past, just one nickel could get you a 6.5 oz (192 ml) bottle of Coca-Cola. This price was fixed until the ’50s.The nickel is the only coin that has a value after meltdown greater than its value as a coin. But melting down the coin isn’t an option as the activity has been illegal since 2006.
The hobby of collecting and studying coins, paper money, tokens, and other objects with a similar purpose or form is known as numismatics.
