Centurion

I was going to stay away but Troy is correct. You can expect the all kinds of law enforcement inquiries. The banks are under extreme presure to look at all transactions. I already have had contact with the FBI. No joke.

Xyzzy

This is wrong. Banks are required to submit Federal forms for $10k and larger cash deposits. They can also submit them for smaller ones if they want to.

decibel08

ive got one $500 box outstanding. filed the cnr last week so hopefully it'll be resolved soon.

gejone

The original post stated the OP made the deposits at <$10K per day and I agree, no CTR is required if you are below that limit. If you make your deposits, chat with the teller, tell the truth, why would they file a SAR? It's been told here many times the tellers are curious about the coins, when I've told them what I'm doing they all seem to think it's a neat idea, nothing suspicious to report.

Of all transactions that the IRS could look at, this program has some of the best documentation available. Every transaction has a invoice, a credit card receipt, a deposit record and payment record to the credit card company. Why get paranoid about the IRS when all we're doing is collecting lots of miles from a legal, government requested activity.

michelle227

Concur. All they have to do is believe that there is structuring going on and the CTR will be completed. We had a client who was brought into an ongoing investigation on a coke deal because of a series of deposits that were less than $10K and where the deposits represented a change in the pattern established when the account had originally been opened.

MOST people are NOT going to have their life opened to significant scrutiny simply because the CTR is filed, but that is because MOST people could rationally explain away WHY certain deposits were made...

Andy2

Since we are playing Chicken Little, here is another reason to keep all of the receipts. Don't forget that the Mint sells gold coins and collectibles, which are subject to sales/use tax in many states. Some states use information sharing agreements with the federal government to find transactions and send letters to people that they believe owe use tax.

If this happens, the receipts will show that the purchases are for currency that has no value beyond face ($1) and would not be subject to use tax. I'm certainly not trying to scare anyone out of participating in the program, since I do so myself. I just think that keeping documentation is critical if contacted by government agencies. If SARs are filed, I sure hope the banks are specifying that the deposits are in the form of $1 coins. In that case, hopefully they will all go into a pile for "those frequent flyer people" and no further contact from the federal government will occur. Maybe Centurion explained it well enough to the FBI to help us all avoid further scrutiny.

toomanybooks

I don't know about coins, but as a stamp collector I know that in IL (at least), there is a specific line in the sales/use tax code that says that mint US stamps sold below 150% of face value are not subject to sales tax. Above that, they are.

You can probably Google up the relevant info for your state.

Andy2

That is a good point. When I said many states, I didn't mean all states. I happen to work in one that has pursued gold coin purchasers rather heavily. I think some gold bugs are going to be surprised by these rules, and I look for states to try to use methods to try to find them that may include getting customer lists from agencies like the Mint. Maybe not, but just another reason to keep receipts.

toomanybooks

By the way, can you go in person to some office in DC or at a mint and buy coins over-the-counter with your credit card?

Probably been answered before, but I can't find it. Thanks.

HLS2002

In the lobby of the Mint's DC offices, you can't buy the circulating rolls over the counter. They only sell the collectible (i.e., seriously marked-up) items. Although they have 2 machines that make available the latest dollar coin issues at face value for circulation (plus a state quarters machine), these machines only take cash.

toomanybooks

Thank you.

Seems like a no-brainer to me, selling the things at retail instead of UPS-Redding/Blueing them all over.

r.brown

My first order was short (back in June) by 1 box. I called once, received the form a few days later, filled it out and mailed it back and about 2 weeks later I received an email saying the $250 would be refunded for the missing box. Then that night I received another email for an order of $250 and the next day I received a single box of $250 NA.

Whole process was less than 3 weeks from discovering the missing box and receiving a replacement.

lili

Then we would have to fly to a city with a mint and pay for overweight baggage!

sbc94523

But, we would be earning miles for travel and the coins.......

beckoa

And paying the airlines using dollar coins

(Wouldn't they just love that )

If this worked for those in a city with a mint- it would be a win-win...

Until we get one in ANC... I'm content with overnight delivery