The nickel is one of the most commonly used coins in the United States, but many people may not know the history behind it. The Coinage Act of 1792 established a national mint to regulate the coinage in the United States. At the time, the Act started the newly formed mint on a path to creating a five-cent coin made of silver. However, due to the scarcity of silver during the Civil War, the composition of the nickel was changed to a blend of copper and nickel.
The design of the nickel has changed several times over the years, but one thing has remained constant: the image of a former president. Thomas Jefferson has been featured on the nickel since 1938, replacing the previous design of a Native American, which had been used since 1913.
While the image on the nickel may be a symbol of American history, the metal used to make it has become a source of controversy. Nickel mining, particularly in Indonesia, has come under scrutiny for its environmental impact. Indonesia will improve monitoring of environmental standards for nickel mining, amid concerns over production of the metal which is linked to deforestation, pollution, and other environmental issues.
In addition to environmental concerns, nickel mining has also been at the center of trade disputes. Indonesia recently banned the export of nickel ore in an effort to encourage more domestic processing. The ban has boosted Indonesia's export revenues, with $20.9 billion worth of exports of nickel-based products in 2021. However, the World Trade Organization ruled in favor of the European Union in a dispute over the ban, stating that it unfairly restricted trade.
Indonesian President Joko Widodo vowed to challenge any World Trade Organization's ruling against the country's ban on nickel ore exports, stating, "If we are scared of being sued, and we step back, we will not be a developed country." The ban has also faced criticism for its impact on the global supply chain for nickel, which is used in a variety of products, including batteries for electric vehicles.
Nickel mining companies, such as Nickel Rock Resources Inc., have also had to adapt to changes in the industry. The company recently announced its plans to explore for nickel, copper, cobalt, and platinum group metals in northern Quebec, Canada. Matthew Goldberg has joined Nickel City Pictures as Vice President Of Film And Television, signaling a shift in focus for the company towards the entertainment industry.
As the debate over environmental standards and trade regulations continues, the image of Thomas Jefferson on the nickel remains a constant reminder of American history. Despite the challenges facing the nickel mining industry, the five-cent coin remains a symbol of American currency and culture.
