The NiCR wire itself is worth somewhere in the ballpark of $6.00 a pound.
Elements that that look like wire are NiCR. They are insulated by hanging from ceramic insulators.
For example the the element from a hair dryer is a bare wire element.

Water heater elements are like stove top burners. Burners have a heavy insulation on them so you don't get electrocuted when you set the pan on it! You can just picture what the result would be if the water heater element was to contact the water directly.
I never tried but I'm sure you would have to beat the hell out of it to get to the center wire.

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