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

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

Old Jul 22, 11, 5:36 pm
  #16321  
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Originally Posted by smoral01 View Post
Now that the US Mint run is a bust, what are the best ways to meet minimum spends? I had been contemplating a jump into this "game" and using the US Mint coin run as a way to meet spends on several cards. I have explored a Bigcrumbs AMEX gift card option, but I need to find a way to unload the gift cards for cash to pay off the credit card. Can't find a way to buy money orders, etc with the AMEX gift card though. Any thoughts or help for a noob?
-Stephen
If you can get reimbursed for business expenses, pay all the business bills you can with your credit card and get reimbursed. I'll still be able to meet my $50K min spend on my delta am ex and my $40K min spend on my hilton am ex.
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Old Jul 22, 11, 5:55 pm
  #16322  
 
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Originally Posted by dayone View Post
You still don't see your error. Read the entire quote.
If you're referring to my "extra .", that's not misusing, that's misspelling. Seems you may need to read the dictionary more.

It's apparent you have no clue regarding netiquette. Criticizing someones spelling, grammar, punctuation in a public forum has been considered bad form since the days of usenet. But I have come to expect such poor decorum from you based upon your other posts here.


Originally Posted by dayone View Post
Deliberate misquoting by partial edit is a violation of TOS. But since you chose to do it, please take your own advice...

My advice stays the same: Let's talk about coins.
And you're still at it.
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Old Jul 22, 11, 6:06 pm
  #16323  
 
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We all knew the party would come to an end sooner or later... it was a great ride! I have some fabulous stories about schlepping thousands of dollars of coins around New York City as a result... about having $75,000 worth (in piles of $1k around the perimeter of my small apartment).

I hope eventually the Mint may reconsider.

I blame the arrogant NPR report for the end of this however.

It brought it to the attention of a far wider audience who get jumped-up about these kinds of things.

A real shame.

Some will remember that I lost $1k which although said was delivered by UPS was never "received" by my doorman.

Citibank have now credited me the $1k back for which I am thoroughly relieved.
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Old Jul 22, 11, 6:14 pm
  #16324  
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Originally Posted by MojaveJack View Post
If you're referring to my "extra .", that's not misusing, that's misspelling.
"[M]isuing" was in the title of the article. As I noted, your error was described in the explanation. You may characterize your "misspelling" however you like. However, this was not your first posting of your mis-whatever.


Originally Posted by MojaveJack View Post
It's apparent you have no clue regarding netiquette.
Playing the "no clue" card can be a bit hypocritical.

I'll leave you alone. Being boorish is a worse than being boring.
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Old Jul 22, 11, 6:17 pm
  #16325  
 
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RIP to the US Mint free ship program, like all good things it came to an end
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Old Jul 22, 11, 6:19 pm
  #16326  
 
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I saw this story before I had learned of the Mint ending credit card purchases.

Senator Moves to End Minting of Largely Ignored Presidential Coins

http://tinyurl.com/3k4uaj3

So, even if the credit card option had stayed, some some members of Congress were moving to stop the minting of dollar coins to sell to us
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Old Jul 22, 11, 6:25 pm
  #16327  
 
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Originally Posted by dayone View Post
"[M]isuing" was in the title of the article. As I noted, your error was described in the explanation. You may characterize your "misspelling" however you like. However, this was not your first posting of your mis-whatever.
Just because something is in a title does not make it correct.
Nor your first "mis-whatever".



Originally Posted by dayone View Post
Playing the "no clue" card can be a bit hypocritical.
Speaking from personal experience?

Originally Posted by dayone View Post
I'll leave you alone. Being boorish is a worse than being boring.
Glad to hear you're acknowledging the errors of your ways!
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Old Jul 22, 11, 6:33 pm
  #16328  
 
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Originally Posted by imasosec View Post
I saw this story before I had learned of the Mint ending credit card purchases.

Senator Moves to End Minting of Largely Ignored Presidential Coins

http://tinyurl.com/3k4uaj3

So, even if the credit card option had stayed, some some members of Congress were moving to stop the minting of dollar coins to sell to us
And even if the minting of prez dollars was not eliminated, the volume has been drastically decreased since the first year or two.

It's almost like they were selling too fast w/CCs and the mint is afraid of running out!
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Old Jul 22, 11, 6:51 pm
  #16329  
 
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Originally Posted by dweick View Post
You don't understand. The government sold the coins, they aren't on a government balance sheet any longer.

It really is no different than if I was minting the coins and selling them, except the US government was making a profit instead of me.

The coins cost less than $1 to make and sell, they are sold for $1, the balance is profit to the US government.
So, a huge majority of those minted coins now sit in the vaults/storage of the local Federal Reserve. For the Federal Reserve to have the authority buy those coins from the local banks in which they were deposited, they have to buy US Treasuries. Which really means that the US Treasury is issuing debt to that the Fed is buying to have the cash to reimburse banks for the coins they take off of their hands.

The issue here is that because the coins are legal tender, the banks have are under legal obligation to pay off $1 of your debt in exchange for that $1 coin. Letís get this right; in the end all cash/bonds/coins issued by the US Govt are an obligation to pay. Coins have very very little intrinsic value post 1964. They are fiat just like paper currency.
Yes, the mint makes a profit. The US Treasury does not.
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Old Jul 22, 11, 6:57 pm
  #16330  
 
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Originally Posted by Johnny Rocket View Post
We all knew the party would come to an end sooner or later... it was a great ride! I have some fabulous stories about schlepping thousands of dollars of coins around New York City as a result... about having $75,000 worth (in piles of $1k around the perimeter of my small apartment).

I hope eventually the Mint may reconsider.

I blame the arrogant NPR report for the end of this however.

It brought it to the attention of a far wider audience who get jumped-up about these kinds of things.

A real shame.

Some will remember that I lost $1k which although said was delivered by UPS was never "received" by my doorman.

Citibank have now credited me the $1k back for which I am thoroughly relieved.
It's not NPR's fault. It's the fault of the people who bought coins and didn't put them into circulation as the program intended. IMO, if only 25% of the coins pushed out by the program would have made their way into circulation, then the program would have continued.

Eventually those billions in coins will make their way out of the Fed vaults and back to the mint to be melted down and made into coins people embrace.
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Old Jul 22, 11, 6:58 pm
  #16331  
 
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Have open orders from the 13th and 18th. Have not received the email. CC remains pre-authorized for the 13th. Will be fun the watch.
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Old Jul 22, 11, 7:05 pm
  #16332  
 
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I didn't receive an email either but if you go to the U.S. Mint site and click on the $1 circulating coins direct purchase, you will receive the same message as the one started on this forum

If you check the U.S. Mint page, it doesn't allow you to pay by credit card. You have to download a form to fill and fax in the order

Last edited by metoo; Jul 22, 11 at 7:14 pm
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Old Jul 22, 11, 7:24 pm
  #16333  
 
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Originally Posted by PIONEER View Post
Right, the Mint doesn't take the coins back, but the Fed does, and now the billion+ coins sit in the Fed vaults, because few people want them. Although trivial on the scale of things, this is money that could have otherwise been deployed to community banks to lend out.

Congress was well intentioned in mandating the issue of the coins, and the Mint was well intentioned in initiating the direct ship progaram, and the coins are more efficient than dollar bills, but there was no way that this was going to succeed without the elimination of the dollar bill.

P.S. It will be interesting to see what the Fed ultimately does with its inventory.

You don't get it, "this ... money" is not the government's money after I bought the coins so it can't be "deployed" by the government. The coins that end up with the Federal Reserve are deposited there by the owners of the coins, the banks. The Federal Reserve exchanges an electronic credit on the bank's account for the coins. Nothing to do with the government.

Now the money I pay for coins goes into the government's pocket and they have been spending it along with all the other revenue the government takes in.
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Old Jul 22, 11, 7:30 pm
  #16334  
 
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Originally Posted by DeirdreTours View Post
Actually, only paper money has to be accounted for in this way. Coinage is an exception and can be put into the money supply with no equivalent take out from the money supply. In short, coinage is newly created money, not replacement money. The sole cost to the government is that of producing and marketing, just like any other manufactured product.
..if you want to ignore dilution (unless the composition is equivalent to the value of the coin). See earlier post using the analogy of issuing new equity shares.
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Old Jul 22, 11, 7:38 pm
  #16335  
 
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There's a lot of discussion about whether buying in bulk and paying walmart or a bartender who deposits directly into the bank vs direct bank deposits makes any difference.....that's splitting fine hairs.

At the end of the day, I ask this question:
Even if only 1 in 100 dollars that was ordered by FT churners got into the circulation....that's 1 more coin in the circulation.

That's 1 more coin that's not sitting completely unused by people and sitting in the US vaults amounting to $1 Billion dollars and a 300 million dollar storage facility being built.

With the elimination of any credit card usage, I would argue that close to 0 coins will make it into circulation with these new purchase options.

So, how does the new rules HELP the circulation intent? It clearly doesn't I have no idea why the limit was $1000 per order.

Make it $250 per order per month. That'll raise the circulation rate a bit more with the credit card.

Cutting off CC use to get rid of churners is like killing the patient to cure him from cancer.
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