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Old 10-07-2009, 10:57 AM   #21
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Originally Posted by Texas Proud View Post
I am surprised your credit union would accept that much in coins.... IIRC, there is a law that allows.... hmmm, wait.. maybe it is only for payments with coins, not deposits....

It has been an issue. I tried to deposit $8000 in coins at one time, and I had to call around to four credit union branches before I found one that would accept all the coins at one time. Apparently their vaults are very small and can't hold a lot of coins. The branches have asked that I call ahead of time before depositing large amounts of coin. I'll probably verify with the CU branches that they can accept more coins before I order another big shipment. I'm putting that 2% cashback fidelity rewards card to work with this little deal.
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Old 10-07-2009, 11:03 AM   #22
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This is the dumbest waste of money government idea I have seen in a while. ...

Get this - the mint overnights them by air using UPS. "Free" shipping for mint customers. These suckers weigh 46 pounds for every $2500 box.
This is the same govt that is telling us we need to cut our carbon emissions? Then they ship heavy coins by air?

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So far I have made about $600 on this little deal plus a small amount of float (57 days on my latest batch of $11,000 in coins!).
It is tempting. I like "free money". But I'm trying to figure out how much time is involved. What % do you get on your cards? If it is one of those 3% ones, that would be $300 on a $10,000 purchase. But that is being available to sign for them (usually not a problem for us retired types), then lugging 184 pounds of stuff to a bank, and waiting while they transact that? Several trips, right? I guess it is worth it, I need to check out that PenFed card with 3% rewards....

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Old 10-07-2009, 11:15 AM   #23
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This is the same govt that is telling us we need to cut our carbon emissions? Then they ship heavy coins by air?

It is tempting. I like "free money". But I'm trying to figure out how much time is involved. What % do you get on your cards? If it is one of those 3% ones, that would be $300 on a $10,000 purchase. But that is being available to sign for them (usually not a problem for us retired types), then lugging 184 pounds of stuff to a bank, and waiting while they transact that? Several trips, right? I guess it is worth it, I need to check out that PenFed card with 3% rewards....
Yes, I am glad you see the irony here. Overnighting these extremely heavy coins by air, then delivering on a diesel-fueled package van. Government efficiency at its finest. Who knows, maybe they are buying carbon offset credits?

I use a 2% cashback card. So $200 on a $10,000 purchase.

Check with your bank/CU to see if they will accept large coin deposits without fee. Also check to see what format they want coins to be in (rolled, unrolled, bagged in their coin deposit bags, etc).

I can carry a 46-50 lb box into the branch fairly easily and then while they are depositing, I can make a couple more trips to my car and back to the counter to get $7000-8000 deposited at one time. Yes, you may break a sweat! I think deposits of $2500 or less would draw less attention from tellers. I just tell them straight up what I am doing (us mint, free shipping, credit card rewards, free airline miles, etc).

Timewise, it is definitely good $ per hour. Deposits are usually 5-10 minutes in the branch, and there are generally branches all over where I am daily. Maybe 20 minutes if I have a bunch like $8000 at one time. I spend probably 20-30 minutes per $10,000 unboxing the coins, and hauling into/out of the house, etc. Then of course you have to take care of the ordering, keeping track of what you have ordered, etc. It really shouldn't take more than two hours in time for $10,000 in coins ($200 profit for me, plus some float). That is with my CU taking them already rolled (as they arrive to my door).

Definitely harder work than the 0% credit card arbitrage, but still decent money for relatively easy mindless work.

Also a good way to spend a chunk of change on a credit card for promotional deals. Such as the American Advantage cards from citicards that offer 30,000 reward miles if $750 in purchases are made within 4 months of opening the account. Como se dice viaje a Buenos Aires y Uruguay gratis?
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Old 10-07-2009, 11:26 AM   #24
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I use a 2% cashback card. So $200 on a $10,000 purchase.

Definitely harder work than the 0% credit card arbitrage, but still decent money for relatively easy mindless work.
Thanks for the info - I guess I need to jump on this. $200 for a little work is not something I should pass up, rinse-repeat. Just something surreal about buying/selling Legal Tender at profit. I'd feel a little guilty taking up the bank's time on the govt and my dime, but I'd get over it.

Definitely be appropriate to "laugh all the way to the bank"!

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Old 10-07-2009, 11:47 AM   #25
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Thanks for the info - I guess I need to jump on this. $200 for a little work is not something I should pass up, rinse-repeat. Just something surreal about buying/selling Legal Tender at profit. I'd feel a little guilty taking up the bank's time on the govt and my dime, but I'd get over it.

Definitely be appropriate to "laugh all the way to the bank"!
Yes, fairly easy. Make sure your bank can take them. Otherwise easy relatively risk free money.
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Old 10-08-2009, 11:31 AM   #26
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Get this - the mint overnights them by air using UPS. "Free" shipping for mint customers. These suckers weigh 46 pounds for every $2500 box. Wonder what the shipping charge for the mint is for folks ordering tens of thousands every month?
I'll let you know when the plane claws its way out to Oahu...
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Old 10-08-2009, 12:32 PM   #27
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I'll let you know when the plane claws its way out to Oahu...
Hmmm... they have free shipping to Oahu? Nice.
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Old 10-09-2009, 12:26 AM   #28
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Hmmm... they have free shipping to Oahu? Nice.
That would be darn near unprecedented, too...
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Old 10-09-2009, 09:34 AM   #29
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That would be darn near unprecedented, too...
Well, it is the federal government we are talking about.
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Old 11-16-2009, 02:50 PM   #30
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Members of the Flyer Talk forum - home to road warriors, airline miles enthusiasts and hotel points mavens of all kinds - jumped all over this program. They have a thread with nearly 5000 posts. One of the posters has created an FAQ:

FlyerTalk Forums - View Single Post - Buy Presidential Dollar Coins with CC @ Face Value, Free Shipping
Are you a FTer? I'm mikeef over there.

I got into the game late and only was able to order about $50k in coins before it got shut down recently.

I'm down to funding Citi accounts with credit cards as my only free source of money.

Mike
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Old 11-16-2009, 04:11 PM   #31
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And the mint loves the deal because the $1 coins cost something like 20 cents to make, so its really easy for them to eat the CC transaction fees and the shipping.


That sentence doesn't really make sense, does it? It's not like they are getting paid a dollar for something that cost them 20 cents to make. They are just trading a dollar for a dollar, and they have to eat the 20 cents and the CC fees and the shipping.

The only thing for them to love is getting people to use the shiny new coins.
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Old 11-16-2009, 04:25 PM   #32
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The only thing for them to love is getting people to use the shiny new coins.
Success for this government program = a bunch of people using these new coins. Heck it may cost many many hundreds of millions of dollars, but at the end of the day, the mint can say they met their established performance objectives of getting these coins into circulation.

Kinda like declaring cash for clunkers a wild success because the govt gave away a billion bucks in a long weekend.
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Old 11-16-2009, 04:45 PM   #33
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Success for this government program = a bunch of people using these new coins. Heck it may cost many many hundreds of millions of dollars, but at the end of the day, the mint can say they met their established performance objectives of getting these coins into circulation.

Kinda like declaring cash for clunkers a wild success because the govt gave away a billion bucks in a long weekend.
i am sure that getting the american public to use dollar coins has an end goal of reducing the number of or eliminating dollar bills from circulation, which wear out alot faster than the coins will, thus big savings in printing costs. atleast i hope that is the treasury's motivation.
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Old 11-16-2009, 05:21 PM   #34
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i am sure that getting the american public to use dollar coins has an end goal of reducing the number of or eliminating dollar bills from circulation, which wear out alot faster than the coins will, thus big savings in printing costs. atleast i hope that is the treasury's motivation.
I don't see how this program will do this. I imagine people who got the coins just turned them in to the banks. The banks don't want them (and weren't taking them, which is why this whole program started), so they will not be circulating them (customers don't want them). The coins are unpopular or the Mint wouldn't have to resort to stunts like this.
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Old 11-16-2009, 05:48 PM   #35
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I don't see how this program will do this. I imagine people who got the coins just turned them in to the banks. The banks don't want them (and weren't taking them, which is why this whole program started), so they will not be circulating them (customers don't want them). The coins are unpopular or the Mint wouldn't have to resort to stunts like this.
well just off the top of my head, what if after the mint gets some coins out there using this program, they stop printing (or even just cut back on printing) the paper $1 bills, but continue to destroy the worn out 1s at the same rate? this would in essance phase out the paper $1 bills.

but then maybe you are right and it wont work.
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Old 11-17-2009, 09:27 PM   #36
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I have to say this works great for earning credit card miles. Just keep your shipping reciepts for proof of where the cash came from, when you get audited for depositing $300,000 into your checking account each year.

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Old 11-18-2009, 08:29 AM   #37
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and twonie.

Of course, the dollar bill and the penny cost us taxpayers money but a majority of the people want to keep them because they are more traditional than efficient.
Bills weigh a lot less than coins. Ten one-dollar bills vs ten one-dollar coins...
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Old 11-18-2009, 10:00 AM   #38
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Printing new $1 bills cost a lot more than stamping $1 coins... coins last a LONG time, bills do not...

At the end of the day, if the gvmt stops printing $1 bills, we will be using coins... in England, you have a 1 pound coin (where is that 'pound' symbol?), a 2 pound coin and a 5 pound bill... I do not know when they got rid of the lower ones, but it works out... but I did hate having so much weight in my pockets... they were heavy...

I can see us going that direction in my lifetime... and also getting rid of the penny...


Now, on the flip side... (and this is from the news, not experience)... Japan still has coins... the yen is like our dollar... so even though one yen is like 1 cent, they have coins that split it up... I wonder why (if this is really true)....
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