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Fun with the US Mint
Old 10-05-2009, 07:46 PM   #1
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Fun with the US Mint

AKA "you cannot make this stuff up," as a friend put it.

Ran across this gem on Fat Wallet. The US Mint is apparently busily trying to get $1 coins into circulation even though the public isn't too enthused and therefore the banks don't want to carry the coins. So to push the coins, the mint has a program that allows individuals to order rolls/boxes of current production on-the-run $1 coins. To induce purchases, the mint offers free shipping and allows you to pay with a credit card (and the charge is treated as a purchase rather than a cash advance). So the game is to buy as many $1 coins as they will let you, charge it on a credit card that gives you a cash back reward (such as the Schwab Visa that kicks out 2% or the Pen Fed Visa that does the same to the tune of 1.25%), cash the coins in at the bank when they arrive, skim the float, and then pay the CC bill when it comes due. 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.

http://www.usmint.gov/mint_programs/$1coin/index.cfm?flash=yes&action=directShip
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Old 10-05-2009, 11:20 PM   #2
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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
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Old 10-06-2009, 08:37 AM   #3
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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.
By "them" you mean "us" taxpayers, right? We get to pay the postage for these things and the 3% CC merchant transaction fee because the Treasury is determined to foist these unpopular coins on the US public.

Well, I don't blame anyone for taking advantage of the government's stupidity. Maybe I'll buy some myself, and use them to send a message. I'd like to unload a couple thousand of these buggers at the nearest IRS office as my first estimated tax payment of 2010.

"Back up the truck, boys! Sorry for the inconvenience, but you've gotta take em, they're official US currency you know. Let your fellow Treasury workers know how much you like 'em"
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Old 10-06-2009, 08:46 AM   #4
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If Canada's experience is any indication, we will never circulate a $1 coin unless the paper $1 bill is discontinued.
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Old 10-06-2009, 08:48 AM   #5
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If Canada's experience is any indication, we will never circulate a $1 coin unless the paper $1 bill is discontinued.
That idea is completely loonie...
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Old 10-06-2009, 09:23 AM   #6
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Wish they'd do it with the First Lady series. That Anna Harrison babe - yowza!
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Old 10-06-2009, 10:50 AM   #7
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If Canada's experience is any indication, we will never circulate a $1 coin unless the paper $1 bill is discontinued.
Or the UK.... they have 1 pound and 2 pound coins... the smallest bill is the 5....


BTW, I did look at the site... did anybody know about the $1 Presidential coins? I did not.... and there are almost 12 issued!!!

And looking at the schedule of the issues... it looks like they are only issuing the dead presidents (except I do not see Reagan)... and I thought... we got a lot of live ex-presidents... Carter, Bush, Clinton, Bush...
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Old 10-06-2009, 11:19 AM   #8
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I didn't now about the pres coins either. The rest areas here in NH were giving the Sacajawea coins back as change when you bought a lottery ticket or vending machine stuff. Think the NH Liquor stores do that too when you get a lottery ticket via machine.
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Old 10-06-2009, 11:42 AM   #9
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That idea is completely loonie...
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.
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Old 10-06-2009, 12:27 PM   #10
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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.
I also think, to some degree, people don't want to be reminded about how much purchasing power their change has lost over the last few decades of fiat money.
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Old 10-06-2009, 01:43 PM   #11
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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.
Similar to the wisdom involved in rejecting the Metric System.
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Old 10-06-2009, 07:09 PM   #12
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Similar to the wisdom involved in rejecting the Metric System.
I still think that we should measure things in furlongs per fortnight and firkins. Wiki has more
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Old 10-06-2009, 07:15 PM   #13
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I still think that we should measure things in furlongs per fortnight and firkins. Wiki has more
I suspect I could use (a lot) more of them firkins but let me check Wiki to make sure.
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Old 10-06-2009, 08:03 PM   #14
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I still think that we should measure things in furlongs per fortnight and firkins. Wiki has more
A number of specialty beer bars hve "firkin fridays" promotions...
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Old 10-06-2009, 08:39 PM   #15
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I bought $250 about a year ago. I found $75 in a dresser drawer during the move. Oops...not helping get them into circulation. I agree with you it is a great deal. Just made another order. I love 'em.
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Old 10-06-2009, 10:05 PM   #16
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I bought $250 about a year ago. I found $75 in a dresser drawer during the move. Oops...not helping get them into circulation. I agree with you it is a great deal. Just made another order. I love 'em.
Don't get too carried away, you might overload that second-floor apartment...
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Old 10-06-2009, 10:57 PM   #17
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The place was built a long time ago out of concrete block. No sound from neighbors and the downstairs neighbor says she doesn't hear a thing. We checked to be sure we weren't doing something totally annoying. Amazing for living in an apartment.

But you are right, the rolls are heavy!
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Old 10-07-2009, 07:10 AM   #18
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Old 10-07-2009, 08:48 AM   #19
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Hehehe, brewer has found my latest legal scam. 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!).

This is the dumbest waste of money government idea I have seen in a while. But I intend to continue to exploit this to the maximum extent possible. Problem is, I am having some difficulty pawning off large boxes of dollar coins to the local credit union.

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?
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Old 10-07-2009, 10:42 AM   #20
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Hehehe, brewer has found my latest legal scam. 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!).

This is the dumbest waste of money government idea I have seen in a while. But I intend to continue to exploit this to the maximum extent possible. Problem is, I am having some difficulty pawning off large boxes of dollar coins to the local credit union.

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 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....
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