The question of whether the five-cent piece contains the precious metal is a common one. Regular United States nickels, those minted for general circulation after 1866 (with a few exceptions during wartime), are not composed of silver. Instead, they consist primarily of copper and nickel, giving them their characteristic color and resistance to wear.
The composition of coinage is dictated by economic factors and government policy. Using cheaper metals like copper and nickel allows for the production of a higher volume of coins at a lower cost. This is important for facilitating commerce and managing the national currency supply. Historically, precious metals have been reserved for higher denominations or for special commemorative coins.