Nickel
Nickel
A nickel, in American usage, is a five-cent coin struck by the United States Mint. Composed of 75% copper and 25% nickel, the piece has been issued since 1866. Its diameter is .835 inches (21.21 mm) and its thickness is .077 inches (1.95 mm). Due to inflation, the purchasing power of the nickel continues to drop and currently the coin represents less than 1% of the federal hourly minimum wage. In 2015, over 1.5 billion nickels were produced at the Philadelphia and Denver mints.
The silver half dime, equal to five cents, had been issued since the 1790s. The American Civil War caused economic hardship, driving gold and silver from circulation; in response, in place of low-value coins, the government at first issued paper currency. In 1865, Congress abolished the five-cent fractional currency note after Spencer M. Clark, head of the Currency Bureau (today the Bureau of Engraving and Printing), placed his own portrait on the denomination. After the successful introduction of two-cent and three-cent pieces without precious metal, Congress also authorized a five-cent piece consisting of base metal; the Mint began striking this version in 1866.
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