As of 10/23/09, The Mint is sold out of the 2009 Native American coins. It is unknown if or when future Native American coins will be offered under this program.
How many boxes can I order?
You’re limited to 2 boxes ($500 total) of each president. For the Native Americans, you’re limited to 99 boxes, as there are only 2 placeholders in the quantity field. It has been reported that you can add 99 boxes to your cart multiple times, though.
Is the limit per person/address/email address/account/credit card/etc?
Experience has shown that the Presidential limits are per delivery address. Experience has also shown that it doesn’t make a difference if one is logged in or not.
What’s the process after I submit my order?
If the coins are not backordered, the order will usually hit your credit card as an authorization (but not a charge) within a day or two. Also, usually within 3 days, the orders will go from “In stock and reserved” to “In process” at The Mint’s website. When the orders go to “In Process”, you no longer have the option to cancel the order. At this point, it usually takes 2 or 3 days for the coins to ship. All orders ≥ $500 are shipped UPS next day air with the shipping charges waived.
When will my card be charged?
Your card is usually charged within a day of the coins shipping, however it can take a few days or more.
What if I’m not home to receive the package?
The coins are shipped with a signature required. In most instances, they’re shipped UPS. If you’re not home, UPS will attempt 3 deliveries before holding them at their local distribution center for 5 business days. After 5 days, they will ship them back to The Mint. After 1 delivery attempt, you can reschedule the delivery for another date or location, but UPS charges a fee for this.
What kind of package are these shipped in? How much do they weigh? It doesn’t say “The Mint” on the package does it?
$250 coins are shipped in a brick-sized box with plastic trays. Up to 10 of these boxes are shipped in a “case”. A case of 2500 coins weights ~46.8 lbs (approx 53 coins/lb when you include the shipping materials). The shipment has a 4 character name on the return label, which is the government contractor in charge of shipping the coins. There is no indication on the outside of the box that cash is inside (tell the UPS guy you’re ordering batteries if he asks…)
As I go through the order process, it still shows a shipping charge even though I’m buying $500 or more. How can I get this waived?
On the last page of the process, the shipping charge should be $0.00, even if it shows as $4.95 on the first page. If they do charge you the $4.95, a quick call to The Mint will get it waived.
Is the backorder date accurate?
Not always. It’s usually a good indication, but the coins have a tendency to ship a few days before the original backorder date.
Why is The Mint still doing this? They have to know people are buying the coins for credit card rewards and not putting them into circulation, don't they?
The Coin Act of 2005 states that The Mint must produce a specific number of coins per year. The intent is that these will get into circulation and reduce the number of $1 bills required. Coins are much cheaper for the government because they last much longer than a bill.
Why aren’t there limits on the Native American coins, but there are on the presidents?
Per the Coin Act of 2005, at least one in three dollar coins issued must be a Sacagawea coin. It’s assumed that there’s higher demand for the presidential coins, so The Mint has to do whatever is necessary to move the Sacagawea coins.
Wiki on the Coin Act of 2005.
What’s the best way to deposit the coins at the bank?
That’s for you to decide. Some banks will take no $1 coin deposits, while others will take deposits upwards of $50,000. Some banks require you to break open the rolls, others take them rolled, etc. There are varying policies even within different branches of the same bank. It seems like lots of people take in a few thousand at a time to avoid becoming high on the radar of any bank, but others make special arrangements with branch managers to bring in a dolly full of coins at once.
Do I have to unroll the coins to take them to the bank?
It all depends on your bank. Some banks take the brick-sized boxes of $250 as they are shipped from The Mint, some like the packaging material removed and $500 (20 rolls) packed in a box, others want X rolls in a bag while others require you to open each roll and have X coins per bag. It is recommended that you take a small deposit (500 or 1,000) into your bank and talk with the head teller or manager to see what they’ll require or desire. The consensus has been NOT to use coin machines to count them because they have a tendency to be off and mis-count some coins. It’s much better if the bank takes The Mint’s word that there is truly 25 coins per roll.
What’s the best rate of return for buying these coins?
Again, that’s up to you. It depends on how much value you put on an airline mile, hotel point, Thank You point, etc, and how many points/dollar your card gives.
Are my rewards taxable?
You’re best getting this answer from a reputable tax professional. It’s been stated on FT that non-cash rewards (airline/hotel points, etc) are not taxable, but cash-back rewards might be because you’re buying cash (dollar coins) at a discount for resale (deposit to your account). None of the answers here are legal advice, just reiterating what’s been discussed in the thread previously.
My coins aren’t shipping after a week or two, even though they’re in-stock. What can I do?
Call The Mint’s customer service and ask. It’s quite possible that they didn’t charge you for a previous order and need authorization to charge before they take the hold off of your account.
How long will this coin thing go on?
That’s a major unknown of this program because The Mint could end the dollar coin sales or free shipping at any time. The Coin Act of 2005 states that 4 presidents are to be produced per year through Reagan. This allows for the coins to be produced through 2016 (the President must be deceased for 2 years before a coin can be produced… so there could be a few more before 2016 to extend the program a bit). However, because the coins are scheduled to be produced for another 7 years, this program of obtaining them at face value might not last that long, or Congress could pass another act to repeal the 2005 act.
My bank won’t take my coin deposit. Aren’t they legally obligated to?
Banks are private institutions and aren’t required to take any deposit that they don’t want. However, if you’re paying off your credit card at the same bank that issues your card, you are repaying outstanding debt and the Coinage Act of 1965 requires the bank to take the legal tender. However, the bank can make it extremely difficult for you (slowly counting the coins one-at-a-time, etc) while you wait. They can also close your credit card whenever they desire.
What’s the trail that the coins take once I give them to my bank?
The Mint produces them and ships them to you. If you deposit them at a branch, they can try to distribute them to other customers, but this is rare in my experience. If the branches don’t distribute them, they go to the Federal Reserve (maybe at stop at the bank’s central vault first). The Federal Reserve stores them in reserves until a bank orders them. They do not go back to The Mint from The Federal Reserve.
What else can I do/buy with the coins that I cannot use my miles earning credit card for?
Use your imagination. Some things discussed are paying your local taxes (again, they're a debt and the coins are legal tender), buying money orders at the USPS or Wal-Mart (they aren't required to take them, though), tips, gifts, street vendors, and more!
