Originally Posted by
deant
In a way, I am glad to see it becoming more and more difficult to do large amounts of dollar deposits. As a taxpayer, I don't like the mint spending millions of dollars on UPS overnight just for people to deposit the coins in a bank and have the bank send the coins back to the fed. Also, with all the bailout money that has gone to the banks I hate to see them spending a lot of money to send coins back to the fed.
The real losers in this game is the American public.
The real winner is the US Treasury (which is still owned by the American public). Congress has mandated the US Mint to make these coins and they would be just sitting as uncirculated pieces of metal that costs the government $50 per $250/box in manufacturing costs.
When they "sell" the coins to FTers they go into circulation as "new money". Even if they paid $75 per case for overnight shipping (which we assume they don't) that would work out to a gross "profit" of $1925.00 per $2500 in coin sales for the government.
UPS and USPS makes out with shipments that they would not have had. Bank's credit card divisions make money off of the 1-3% spread on the credit card tansaction fees. FTers banks make money off of the deposits because they have the money on account for a few days and we know most of them do not pay interest.
USP drivers and bank tellers get to keep thier jobs and spend thier pay checks in our communities. Airlines get a boost because they sell FF miles to the banks and get upfront money. FTers book the seats that would have been empty anyways.
If you are or are not a taxpayer has nothing to do with it. Some FTers on this thread have voiced that they feel that it is thier patriotic duty to help the US Mint with their sales. It is a good deal all around, nobody gets hurt, financialy or otherwise. And that armored car is going to the bank anyways, it is not like they are making a special trip just for your deposit.
I took another $18k today to a credit union that I have an account with and they said no problem, bring as many as you want. The small $250 boxes were all consolidated into $4500/box. The credit union teller even went out to my car and unloaded them from the trunk for me.
On a side note: several people have posted the term "send them back to the Fed", but this is inaccurate information. The whole reason we are able to order the coins is that the Fed is refusing to order them from the US Mint. These coins were never in circulation, therefore they were never at the Fed in the first place. (for newbies "the Fed" = The Federal Reserve Bank)