May 1st, 2009

Get ‘em While You Can!

It is being widely reported that the U.S. Mint will stop production of nickels and dimes for [at least] six months due to the reduced demand from the Federal Reserve. Production of other coins with rotating designs, like the Bicentennial Lincoln cents, D.C. and Territories quarters and the presidential dollars will continue production “pending further review.”

In the meantime, workers will participate in maintenance and training programs. The Mint has imposed a bureau-wide hiring freeze.

As of the end of April 2009, the U.S. Mint produced 79.2 million nickels and 146 million dimes. The U.S. Mint in 2008 produced 640.56 million nickels and 1050.50 million dimes. If no more coins are produced for the rest of the year, it would mean about an 87 percent reduction in nickel and dime production.

Numismatically, these coins could be modern rarities. Then again, most low-mintage coins from the 1950s have not significantly increased in value. So, get these coins while you can and fill your albums and folders, but don’t bank on selling them to fund your children’s education.