Their example of nickel is a U. S. five-cent coin. Nickel is ferromagnetic, but the coin is 75% copper and a magnet will not pick it up.
When I was growing up near Detroit, merchants took US and Canadian coins interchangeably, and gave both back out as change. But the Post Office was strict about it. I managed to collect a set of King George coins -- at least the smaller ones.
A few nickels from the early 1940s were, I think, 43% Ag, due to wartime metal shortages.
But man, if you ever find a 1943 copper wheat penny in good to fair condition, you can think about retiring. The 1943 steel penny goes for about < $2.00 on average.
https://www.capturedlightning.com/frames/interesting1.html
Don't know if the copper figures into the shrinking...