mick325

I was at my local grocery store today using 22 coins to pay for my daily grocery run....Coincidentally, the guy next to me at the automatic checkout lane was also using coins...Noticing each other, he looked at me and said "Flyertalk?" which I replied "Yep".

Then, interestingly, the cashier told us that nearly all of the $1 coins that make it into the cashier tills get rolled and sent back to the fed because most customers refuse them in change. My local bank said that they were sending back $10-$15,000 per WEEK to the fed because of 'large deposits' of the $1 coins and no customers who would accept them as change.

I think that the FT community and all those who participated in the program did a huge favor to the Fed, mileage rewards/bonus points or not, by at least taking the time to get them into our local economies. The real issue here is the fact that the average American customer just plain dislikes the idea of a $1 coin. I estimate that I purchased about $100,000 worth of coins in 2.5 years. I can honestly say that that only about $2-3,000 of these ended up being deposited in my bank account.

Nelumbo

Welcome to FT!

srdshelly

True enough. I used them for all sorts of things - tolls, tips, making change, person to person transactions, offering plate at church and on and on - and quite a few people looked two or three times before they realized that, yes, this is money. Some really liked them. Seems they could have developed some method to track it better, so that the program could continue with tighter regulation to prevent the abuse that did happen.

srdshelly

I think what this poster and some of us mean is that, yes, we were buying the coins because of the credit card benefits for doing so, but using them legitimately by putting them in circulation. No interest in getting large orders of coin without getting something in return.

FTnoob101

Of the $1M i bought through out the past year, I have not taken a single $1 out of the box

amolkold

Writing a check costs some people money -- I have to pay for a checkbook.

jamesteroh

And the stamp, and the envelope and the paper and toner to print out the form, and the use of your money between the time the mint cashes your check and you receive the coins......

If the mint is going to require a check, they should at least allow you to order them online and do an electronic check on their site.

And there have been reports before of people not getting the coins or being shorted. If someone is shorted on the coins or don't receive them, they don't have any way of contesting the charges with a check being written like they could using a credit card. And there were also reports of people getting an extra box in their shipment. The mint isn't going to have a credit card to charge when they catch their error. I have to say with all the coins I ordered I never had an order short or over ship.

jamesteroh

I'm sure if people still want the coins for smaller cash purchases they can just go to their local bank and buy some of the ones they deposited back I think it would be funny if the FTers who had problems with nasty tellers over depositing the coins, started going back to their banks asking to buy a roll or two of dollar coins

I am going to use enough of the coins to pay my property taxes due friday and the rest of the rolls I have are going to the bank for one final coin deposit.

FTnoob101

the toner? reallyy? lol FT people are the cheapest of all people.

Lets be innovative and work to get something new.

Found a new strategy, PM if for details if you have sme to share in return

jamesteroh

I was kidding about the cost of the paper and the toner. But seriously, who is going to go through all the bother of printing out a form and mailing it in with a check for ANY form of mail order. If Amazon required that, I wouldn't be ordering from them. When Ebay first started I did have to mail out checks to most people in the pre paypal era days. But i a seller only accepts mailed in payments on ebay now, I won't bid on their auctions.

sadd

good for you

drbobguy

So I guess we can talk about this in detail since it's all over.

Any guesses as to the most total coins a single person churned? Anyone get to $1 million?

Goofy Foot

There was one guy who claims 2.4M on a recent blog post.

I managed to order a total of ~ 1.75M coins or a little over 3 days of production at the US Mint.

All NA's, and all home-bagged and labeled and then deposited at a local bank.

One day I dropped a bag on the bank floor and the rolled dollars went rolling everywhere. Good fun.

Goofy Foot

Nicely done.

A tip of the hat to you, kind sir.

The bank took the whole box?

Big box or little box?

schley

People don't want to carry coins, plain and simple. They really don't even like carrying cash. I would get rid of the penny tomorrow before I get rid of the paper dollar. If a penny can't buy anything why is the denomination even in existence?

Considering this is your first post and this is the internet and you are anonymous I guess we will take this as gospel.