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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 Oct 5, 09, 3:33 pm
  #4981  
 
Join Date: Mar 2005
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Originally Posted by benmaller View Post
I went into a local bank the other day and inidcated I wanted to open an account and I wished to deposit large amounts of coins. I was upfront with them and clearly indicated that I wished to make this as easy for them as possible.
This is not a bad idea. Did you show up with the coins in hand to open the account? There are a TON of really small banks in my area and I don't need physical checks, just a routing number and an electronic bill payment system. Heck, I'll even keep $500 on hand with them to keep them happy that I'm not just skimming money through their bank.
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Old Oct 5, 09, 3:34 pm
  #4982  
 
Join Date: Mar 2007
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Originally Posted by ChiTownAbs View Post
I told them that the US Mint was looking to increase circulation so I was helping them out.
It feels good to be a patriot, doesn't it?
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Old Oct 5, 09, 4:42 pm
  #4983  
 
Join Date: Mar 2006
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Originally Posted by ChiTownAbs View Post
I kind of wonder how much money we've pushed through the system by ordering directly from the US Mint and depositing at banks. Between this thread and an equally long thread at Fatwallet (and I don't venture to SlickDeals), I would not be surprised if it's over $1b.
With all of these "trillion" numbers quoted about these days, I'm not surprised you would say that...but there's no way.

Last edited by aviators99; Oct 5, 09 at 5:26 pm Reason: Oops...typo...HHGTTG comes out of my fingers automatically (Trillian)
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Old Oct 5, 09, 5:07 pm
  #4984  
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Originally Posted by ChaseTheMiles View Post
Another benefit: The US Mint does not charge sales taxes.
Keep your receipts. While no sales tax is imposed on coins/currency with a value equal to face, many states do impose sales tax on gold and other collectible coins with a value > face. Since the Mint sells gold coins but is not required to collect state sales tax, the purchasers of gold coins in certain states must remit use tax (few of those purchasers actually do so voluntarily). It is possible that states will obtain information from the Mint in order to write the dreaded "You may owe use tax" letters to people they believe purchased gold coins and some of us may get such a letter. The receipts for the coin purchases will make the state examiner go away.

This scenario is not likely to happen to many of us, but I believe it wise to keep a file of receipts.
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Old Oct 5, 09, 5:32 pm
  #4985  
 
Join Date: May 2008
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Funny thing is, I received 2 postcards from the US mint a couple days ago. One was addressed to my home address, the other to my home address with the #1 after it. I had previously placed a couple of orders with the #1 after the home address, in an attempt to surpass the normal limit (which worked)
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Old Oct 5, 09, 5:49 pm
  #4986  
 
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Originally Posted by PatMike View Post
Are banks rejecting them? What if I just keep the deposits "reasonable" ($500 per visit)?
Originally Posted by xyzzy View Post
Banks don't seem to care whether you have the NA coins or the ones with the Presidents. I've never found one that does.
It doesn't matter as to policy if they take them or not. We can still deposit NAs or Presidents but the Presidents make the banks a lot happier. So much so that one teller mgr always comes from the back and asks: "Natives?" and is almost always disappointed.

I should've been more specific as to context in that what often matters is whether or not collector demand in your area has been completely satisfied for the presidential coins. A number of banks that we go to that require us to unroll and put the NAs through the coin-counters will gladly take Presidents unrolled to sell back to other customers. This allows us to increase our deposits when we get them, as well as actually making some of the tellers happy to see us.

No one in our area wants the NAs in the same way, so that limits us at most branches to under 2k per day.
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Old Oct 5, 09, 6:45 pm
  #4987  
 
Join Date: May 2003
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Checked my order status today and it shows that the order has shipped. Also it has the UPS tracking number however the number does not yet show up in the UPS system. I assume that means that it really did not ship and that it will ship tomorrow.

Update: Just received the e-mail from the mint showing the shipping. Still no ability on UPS to track the shipment.

Last edited by deant; Oct 5, 09 at 8:05 pm
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Old Oct 5, 09, 6:59 pm
  #4988  
 
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Once the system says it has shipped, how long has it taken you to receive the package(s)?
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Old Oct 5, 09, 7:00 pm
  #4989  
 
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Originally Posted by deant
Checked my order status today and it shows that the order has shipped. Also it has the UPS tracking number however the number does not yet show up in the UPS system. I assume that means that it really did not ship and that it will ship tomorrow.
It probably did ship today. Check the tracking number later.

Mine are the same, and I'm expecting them in the morning.
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Old Oct 5, 09, 7:11 pm
  #4990  
 
Join Date: Sep 2009
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Originally Posted by ChiTownAbs View Post
This is not a bad idea. Did you show up with the coins in hand to open the account? There are a TON of really small banks in my area and I don't need physical checks, just a routing number and an electronic bill payment system. Heck, I'll even keep $500 on hand with them to keep them happy that I'm not just skimming money through their bank.
I didn't have the coins in hand, because I had not received them yet. I explained that I would like to make regular 5K deposits and told him that the coins were from the mint and would still be wrapped. He went off to discuss with his manager and returned said that they should be able to work it out, said that he thought it was an ingenious idea. He said that he needed to work out the details with the tellers on how to handle the deposits and sent a couple of emails. Everything was positive. Now that I have the first coins in hand I hope to work out the final details and make my first deposit in the next couple of days.

Also, I figure if I can make the 5K deposits, I should be able to maintain a 5K balance by leaving the coins in the account until the next deposit and then making the CC payment. This should help keep the bank happy as well.
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Old Oct 5, 09, 8:44 pm
  #4991  
 
Join Date: Mar 2005
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Originally Posted by benmaller View Post
I didn't have the coins in hand, because I had not received them yet. I explained that I would like to make regular 5K deposits and told him that the coins were from the mint and would still be wrapped. He went off to discuss with his manager and returned said that they should be able to work it out, said that he thought it was an ingenious idea. He said that he needed to work out the details with the tellers on how to handle the deposits and sent a couple of emails. Everything was positive. Now that I have the first coins in hand I hope to work out the final details and make my first deposit in the next couple of days.

Also, I figure if I can make the 5K deposits, I should be able to maintain a 5K balance by leaving the coins in the account until the next deposit and then making the CC payment. This should help keep the bank happy as well.
Thanks -- I may visit a few branches in the next couple of days. I'm expecting a large shipment of coins in a couple of days.
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Old Oct 5, 09, 10:12 pm
  #4992  
 
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Originally Posted by pawtim View Post
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It probably did ship today. Check the tracking number later.

Mine are the same, and I'm expecting them in the morning.
I had one where I got the shipping notice but it didn't ship until the next day; it showed up sometime in the afternoon and arrived the day after that. I called the Mint when it didn't show up (figuring that was what happened) and they couldn't give me any additional information at that point. So to deant, if it doesn't show up tomorrow, don't start really worrying about it unless you still don't see it that evening.
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Old Oct 5, 09, 11:09 pm
  #4993  
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Another annoying Wells Fargo experience

I received 2500 this morning and needed to get it into the system ASAP because I had a Citi payment due at 2pm. So, instead of driving an extra half mile to my favorite Chase branch, I decided to try my luck at Wells Fargo, which is reasonably cool with coins. While they were happy, if not excited, to take them, they insisted on doing the unwrapping + counting thing.

When all was said and done, the total was 2494 dollar coins and 6 quarters. Rather simply acknowledge that machine had erred, the tellers insisted that there were, in fact, 6 quarters in the lot. In spite of the fact that I only lost 4.50 due to the mix-up, their lack of common sense and refusal to actually look for these 6 mystery quarters left a bad taste in my mouth.
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Old Oct 5, 09, 11:26 pm
  #4994  
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Originally Posted by moondog View Post
When all was said and done, the total was 2494 dollar coins and 6 quarters. Rather simply acknowledge that machine had erred, the tellers insisted that there were, in fact, 6 quarters in the lot. In spite of the fact that I only lost 4.50 due to the mix-up, their lack of common sense and refusal to actually look for these 6 mystery quarters left a bad taste in my mouth.
Wells Fargo doesn't doubt the machine's count. I had one $2500 deposit that came out to $2501.11.
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Old Oct 5, 09, 11:36 pm
  #4995  
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Originally Posted by moondog View Post
their lack of common sense
It actually makes sense. The teller is responsible for the cash in the bag. Using the machine's numbers, however inaccurate, is defensible.
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