Go Back  FlyerTalk Forums > Miles&Points > Credit, Debit and Prepaid Card Programs > Manufactured Spending
Reload this Page >

Buy Presidential Dollar Coins with CC @ Face Value, Free Shipping

Buy Presidential Dollar Coins with CC @ Face Value, Free Shipping

Old Jul 15, 11, 2:19 pm
  #15796  
FlyerTalk Evangelist
 
Join Date: Sep 2006
Location: Toledo, OH
Programs: Delta DM & MM, Hilton DM, Marriott gold
Posts: 13,807
Originally Posted by particlemn View Post
Yes they are bing circulated. any time any currency is used to pay a debt it is circulated. I would suspect if you paid a plumber 5 100 dollar bills they might also be taken right to the bank.
Actually he would be paying his helper with some of them But you are right most would end up back at the bank regardless of how you paid him. And you are also right they are being circulated. In the case of the plumber or electrician I would rather pay in check, but some want cash. If I was in their situation I wouldn't be happy getting paid in coins, even though they are rolled. But seeing they don't want paid via check and that I don't ask them to fill out a w-9 so I can 1099 them at the end of the year.... Fortunately I don't have to pay contractors very often, but if one ever gave me a problem over the coins I would offer them two options. 1. Get paid via check which I w ould prefer anyway or 2. If they want paid in cash via paper currency they fill out a w-9 so I am keeping things legal and can issue a 1099. I am sure being paid in rolled coins would be a more attractive option to them
jamesteroh is offline  
Old Jul 15, 11, 2:41 pm
  #15797  
 
Join Date: Mar 2008
Location: Seattle
Programs: AA PLT
Posts: 70
US Mint: Wasting Money By Making Money

.... 'In their most recent annual report to Congress, the Federal Reserve says the coins are piling up so quickly they will need to spend $650,000 to build a new vault in Dallas to hold them. Shipping the coins to the new secure facility will cost an additional $3 million.' .....


http://abcnews.go.com/Politics/us-mi...ry?id=14052997
richtravels is offline  
Old Jul 15, 11, 2:44 pm
  #15798  
 
Join Date: Mar 2008
Location: Seattle
Programs: AA PLT
Posts: 70
Bill Would Kill Dollar Coin Program

....... 'Now Jackie Speier, a Democratic congresswoman from Northern California, is planning to introduce a bill to halt production of dollar coins.' .......


http://www.npr.org/blogs/money/2011/...f-dollar-coins
richtravels is offline  
Old Jul 15, 11, 2:50 pm
  #15799  
 
Join Date: Jul 2009
Posts: 80
i'm sure there is some politics on why there is resistance to this happening, but if the paper $1 bill was taken out of circulation, the dollar coins would gain in popularity. and after 3-6 months no one would care. and the mint would get what they want and cc/banks wouldn't be screwed with this loophole.

since this hasn't been an option and the mint wants to do this convoluded program, there is no reason people can't take advantage of the arbitrage situation.
Trapezeus is offline  
Old Jul 15, 11, 2:52 pm
  #15800  
 
Join Date: Jul 2011
Programs: AME NW AFA
Posts: 29
Originally Posted by jamesteroh View Post
Actually he would be paying his helper with some of them But you are right most would end up back at the bank regardless of how you paid him. And you are also right they are being circulated. In the case of the plumber or electrician I would rather pay in check, but some want cash. If I was in their situation I wouldn't be happy getting paid in coins, even though they are rolled. But seeing they don't want paid via check and that I don't ask them to fill out a w-9 so I can 1099 them at the end of the year.... Fortunately I don't have to pay contractors very often, but if one ever gave me a problem over the coins I would offer them two options. 1. Get paid via check which I w ould prefer anyway or 2. If they want paid in cash via paper currency they fill out a w-9 so I am keeping things legal and can issue a 1099. I am sure being paid in rolled coins would be a more attractive option to them
So, you would only comply with the law if he refused to accept your coins?
GOFLYZONE is offline  
Old Jul 15, 11, 2:56 pm
  #15801  
FlyerTalk Evangelist
 
Join Date: Jul 2003
Location: Florida
Posts: 28,464
Originally Posted by Trapezeus View Post
i'm sure there is some politics on why there is resistance to this happening, but if the paper $1 bill was taken out of circulation, the dollar coins would gain in popularity. and after 3-6 months no one would care. and the mint would get what they want and cc/banks wouldn't be screwed with this loophole.

since this hasn't been an option and the mint wants to do this convoluded program, there is no reason people can't take advantage of the arbitrage situation.
There are special interest groups lobby to keep the $ bill forever...

But the GAO actually urge the government to ditch the paper bill in favor of the $ coins.

http://consumerist.com/2011/03/gao-t...ith-coins.html

Look at Canada, look at Europe, they all eliminated the costly $ bills and went to $ coins years ago by the mandate of the governments. Canada basically gave a 6 months time for people to adopt. Else, their old $ bill would turn into trash...

Last edited by Happy; Jul 15, 11 at 3:01 pm
Happy is offline  
Old Jul 15, 11, 3:29 pm
  #15802  
 
Join Date: Apr 2011
Location: ACC
Programs: AAdvantage, MIleagePlus, Skywards
Posts: 395
Originally Posted by jamesteroh View Post
Originally Posted by aragno View Post
My single order was split into 2 shipments. Anyone seen this before?
Did you order two different types of coins? I had this happen when I first started buying the coins back when they a few different types to chose from. I ordered $500 NA and $500 of a president and one shipped before the other and charged seperately. If you order coins make sure to order four boxes of the same ones.
Just checked order email and it was 4 x 250 of NA coins. Shipment is 3 x 250 NA and 1 x 250 NA coins... I do sincerely wish the mint would send whatever is available soonest.

Maybe we should all drop a quick line or mention via telephone if calling about another issue that we prefer a 1st available option.
aragno is offline  
Old Jul 15, 11, 4:21 pm
  #15803  
 
Join Date: May 2008
Programs: AA PLT 2MM
Posts: 2,018
Originally Posted by Happy View Post
There are special interest groups lobby to keep the $ bill forever...

But the GAO actually urge the government to ditch the paper bill in favor of the $ coins.

http://consumerist.com/2011/03/gao-t...ith-coins.html

Look at Canada, look at Europe, they all eliminated the costly $ bills and went to $ coins years ago by the mandate of the governments. Canada basically gave a 6 months time for people to adopt. Else, their old $ bill would turn into trash...
Actually, all Canada did was stop making the bills, and instead mint the coins. The bills (all withdrawn bills) are in fact still legal tender. However, few use them that way because the collector value is generally higher than the legal tender value.

http://en.wikipedia.org/wiki/Withdra...dian_banknotes

As a side note, it is generally bad policy for a government to remove convertibility of old notes. It's generally a sign of financial weakness if a government actually has to make the old note 'worthless'.

In Europe, many of the original currencies can still be converted, at the fixed rate set on Dec 31st, 1998, to the Euro. Off the top of my head the 'Mark' and the 'Schilling' can still be converted via the national central bank of their respective nations. I believe also the Irish Pound and Spanish Peseta can currently be converted -- but, it would not surprise me if that option ceased to be available soon.

At any rate, the US could simply stop making the $1 bill and the coins would catch on due to necessity, however, Crane Paper Company has major lobbying influence in Washington.
thehawk75 is offline  
Old Jul 15, 11, 6:35 pm
  #15804  
 
Join Date: Mar 2009
Location: Brooklyn, NY
Posts: 1,410
Originally Posted by jamesteroh View Post
To answer your question, yes I would quit buying the coins and I would also not want them returned in change on a cash transaction.

But because of this program, many of us, including myself are putting these into circulation. I had a property tax payment due 6/30 I paid in the coins that would have been paid via check normally. My property taxes on property in my home county are due 7/29 and will be paid via these coins.

There are several street fairs and festivals I go to throughout the year and I only use coins at those. I had a couple contractors do work on my condo that wouldn't take plastic and they got paid with the coins and in turn they paid their subs/helpers with those coins. I used them to tip the remote airport parking lot shuttle bus driver. I have a couple rolls of them in my backpack and when I get to vegas they will be used with a couple concession vendors that are cash only as well as for the buffet and hotel employee tips. I always have a couple rolls in my backpack for things like vending machines that accept them.

If the US Mint stops this program, I can see the circulation of these decline fast.
Earlier this year I paid my real estate attorney in coins. First I asked her if I can pay by credit card so I can earn miles. She said that she understands, also collects miles but doesn't take credit cards and that she only takes check or cash. So I jokingly asked if I can pay in coins. She taught I was joking and said sure When I stopped by with the coins she loved it.

Also I just realized this, never taught about it until now but back in college in 1999-2000 or so I used to work for a guy selling collectibles on ebay. So one of the things we were selling were state quarter rolls. Well we were trying to sell them. Then the Susquehanna dollar came out and my boss went to his bank and asked for $100K in dollar coins. He had an idea to sell them on ebay for like $1100 or so. In any case he wouldn't lose any money if he didn't sell, kept the money in the bank, etc. At first the bank resisted and said no way they would give him that much in coins. Eventually he convinced them to do it. He had a successful chain of retail stores at the time and was doing good business so he was a good customer for the bank. In any case we weren't able to sell even one $1000 coin box. At the time I never even got to see the coins because they were all at the bank. For some reason I always taught that $1K in coins would be a bigger box than what we now get from the mint.
greendx is offline  
Old Jul 15, 11, 7:07 pm
  #15805  
 
Join Date: Jul 2011
Programs: AME NW AFA
Posts: 29
Originally Posted by jamesteroh View Post
actually he would be paying his helper with some of them but you are right most would end up back at the bank regardless of how you paid him. And you are also right they are being circulated. In the case of the plumber or electrician i would rather pay in check, but some want cash. If i was in their situation i wouldn't be happy getting paid in coins, even though they are rolled. But seeing they don't want paid via check and that i don't ask them to fill out a w-9 so i can 1099 them at the end of the year.... Fortunately i don't have to pay contractors very often, but if one ever gave me a problem over the coins i would offer them two options. 1. Get paid via check which i w ould prefer anyway or 2. If they want paid in cash via paper currency they fill out a w-9 so i am keeping things legal and can issue a 1099. I am sure being paid in rolled coins would be a more attractive option to them
if he were a legitimate licensed plumber, he wouldn't pay his apprentice with coins.
GOFLYZONE is offline  
Old Jul 15, 11, 7:11 pm
  #15806  
 
Join Date: May 2009
Location: USA
Programs: UAL 1MM, Marriott Plat, Hyatt Globalist, AA 3MM
Posts: 828
Wired Magazine is writing an article on coins and travel hacking.
mrpickles is offline  
Old Jul 15, 11, 8:13 pm
  #15807  
Original Member
 
Join Date: May 1998
Posts: 1,113
Originally Posted by richtravels View Post
.... 'In their most recent annual report to Congress, the Federal Reserve says the coins are piling up so quickly they will need to spend $650,000 to build a new vault in Dallas to hold them. Shipping the coins to the new secure facility will cost an additional $3 million.' .....


http://abcnews.go.com/Politics/us-mi...ry?id=14052997
I'm stunned at the poor reporting that occurs with respect to these articles by journalists. Yesterday, one of the articles said the IRS has indicated that coins do not constitute a cash advance. The IRS does not rule on cash advances or even concern itself with the concept of cash advances.

Now we are informed that it will cost $650,000 to construct a building and it will cost $3 million to drive some trucks across the country to that building. Stop and focus on that for a minute. Please tell me how the economy would even begin to function if it costs $3 million to transport the coins across the country. Those same coins have been already been transported from all over the country to the Fed. as a result of banks shipping them to the Fed. If that cost $3 million the banks would have stopped accepting the coins long ago. I presume that it is simply a misprint.
Andy2 is offline  
Old Jul 15, 11, 8:34 pm
  #15808  
 
Join Date: May 2011
Location: Minneapolis, originally from Cincinnati
Programs: Diamond with Delta, Hyatt and Hilton. 2 MM and Plat with America (thank you citi:))
Posts: 2,345
Received

Finally Mrs Reds and I received our shipment. We kept $100 to spend. Mrs Reds decided to buy a money order to deposit at the ATM since it was past 5 at Walmart while grocery shopping and they were willing to exchange them for $50 bills for free for her. This is a great way to earn fast miles
ILovetheReds is offline  
Old Jul 15, 11, 8:37 pm
  #15809  
 
Join Date: May 2011
Location: Minneapolis, originally from Cincinnati
Programs: Diamond with Delta, Hyatt and Hilton. 2 MM and Plat with America (thank you citi:))
Posts: 2,345
Originally Posted by GOFLYZONE View Post
if he were a legitimate licensed plumber, he wouldn't pay his apprentice with coins.
Some legit contractors pay in cash. Just make sure they are licensed, bonded, and insured. If they can't speak fluent English and won't provide proof of insurance then worry:$
ILovetheReds is offline  
Old Jul 15, 11, 8:42 pm
  #15810  
 
Join Date: Jul 2011
Programs: AME NW AFA
Posts: 29
Originally Posted by richtravels View Post
....... 'Now Jackie Speier, a Democratic congresswoman from Northern California, is planning to introduce a bill to halt production of dollar coins.' .......


http://www.npr.org/blogs/money/2011/...f-dollar-coins

They should scrap the whole program. People are fooling themselves if they think they are circulating the coins as intended. I've never received one as change for any transaction, and I don't know anyone else who has. Heck I'd probably mistake it for a quarter and I was getting short changed.
GOFLYZONE is offline  

Thread Tools
Search this Thread
Search Engine: