Nickel is a silvery white shiny metal used primarily for corrosion-resistant alloys and to produce grades of stainless steel. Nickel has excellent chemical properties and is also used in rechargeable batteries for this reason. (read more)
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For a long time nickel was not recognised as a metal in its own right, but was instead regarded as a non-meltable component of copper ore. This view was not refuted until the 18th century. Nickel is indeed very resistant to high temperatures and corrosion. Even a small amount of nickel can considerably improve the strength and resistance to corrosion of steel when used as an alloy, something which is made use of in the steel industry. The most important use of nickel is therefore in the production of stainless steel and other metal alloys. Nickel is also used in electroplated coatings. Around one quarter of the global demand for nickel is met by recycling nickel scrap.
Around 40 per cent of global nickel output is consumed in Europe, followed by Asia and America. Because steel production has increased substantially in China in recent years, the demand for and consumption of nickel is also increasing at a very fast pace there. This demand cannot be met from Chinese nickel deposits, as a result of which China is one of the largest importers of nickel.
The most important trading venue for nickel is the London Metal Exchange.
The nickel coin has been an important part of American currency since . The first nickel, known as the Shield nickel, was minted from to . It featured a design of a shield with rays and stars above it on the front. The back had a large numeral &#;5&#; surrounded by thirteen stars representing the original colonies. This first nickel was made of a copper-nickel alloy.
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In , the Liberty Head nickel, also called the V nickel, replaced the Shield nickel. It featured a left-facing image of Lady Liberty wearing a coronet on the front. The back had a large Roman numeral &#;V&#; surrounded by patterns of stars. This nickel&#;s composition was changed to be 75% copper and 25% nickel.
The Liberty Head design was replaced in by the famous Buffalo nickel. It depicted a Native American chief on one side and an American bison on the other. This iconic design by James Earle Fraser remained on the nickel until . It was the first circulating coin to feature an animal and an American Indian. The Buffalo nickel was made from the same copper-nickel alloy as its predecessor.
In , the Jefferson nickel made its debut, replacing the Buffalo. This nickel featured President Thomas Jefferson on one side and his home at Monticello on the reverse. Initially, there were complaints about the plain design, but it grew in popularity over time. Since its introduction, Jefferson&#;s portrait has remained on the nickel, though the reverse design has gone through periodic changes.
Today the US nickel continues to be an important currency denomination. Current nickels are made from 75% copper and 25% nickel like their predecessors. The ubiquitous nickel has now been used in commerce for over 150 years, adapting to changing designs and compositions while remaining an iconic American coin.
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