At work, a 20 oz Coke soda costs $1.35. I put in two "$1" FRNs. For change, I usually got two quarters, a dime, and a nickel. It was a nice way to accumulate nickels.
The melt value of a nickel is over $0.07. This is a much greater incentive to hoard nickels.
Last week, I stopped getting two quarters, a dime, and a nickel in change. Now, I get a quarter and four dimes!
It's pretty obvious what happened. Someone is hoarding nickels. Presumably, someone from the vending machine operator is keeping their nickel allotment.
Tuesday, April 12, 2011
Indications Of Hyperinflation - Nickel Shortage
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3 comments:
Wow that's extremely interesting. I bet anything that the machine is able to make change based on whatever coins it actually has. It's not that they reprogrammed the machine, but that the machine has alternate count depending on whether it has run out of some specific coin for making change. Most people put dollars in the machine, so they have to have more coins in the reserve than they expect to take in.
It is probably the case now if you go to a bank and try to pull out $1000 in nickels that you'll be reported to the secret service as a potential nickel melter and investigated and denied the nickels.
But vending machine companies have a "legitimate" reason for having nickels, so they can pull $1000 in nickel rolls without arousing suspicion.
Let's say I am the worker that restocks the machines. I get $50 in nickels from the truck. I load $50 in dimes that I bought myself earlier without arousing suspicion and load THOSE instead. So nothing has been stolen, the machine has the amount accounted for, but now I have a pocket with those illicit nickels, which I paid face value for so there is no fraud. There is just an avoidance of getting on the secret service's shit list. Now I melt them down or stash them for later.
The simply fact is that they are going to switch to plastic or aluminum nickels any day now and after that happens nickels will be sellable on the after market for their metal value, even though you are not allowed to melt them, the metal will be sellable at close to metal value to others, like silver dimes are sold for a lot more even though legally you can't melt them.
It is a sign, but the one of the later beginning stage of hyperinflation. Here is why. You don't want to do that if you could buy gold. So, someone realized what is going on, and also, it is a someone who realized that there is no gold.
Unless he is wrong, then this is a sign that it has begun, and that most are aware of it to the point that gold is not available for purchase.
Scott:
Actually, it's legal to melt down junk silver for the metal. The law was changed several years after silver was taken out of the coins. I don't know exactly when.
During the "Hunt Brothers" silver spike, people turned in junk silver to be melted down.
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