Buy Presidential Dollar Coins with CC @ Face Value, Free Shipping
Oct 31, 2009, 8:01 pm
#6046
Join Date: May 2003
Location: CA
Programs: AA Lifetime Gold, HHonors Diamond
Posts: 2,879
"October 27, 2009
Dear Circulating $1 Coin Direct Ship Customer:
The Circulating $1 Coin Direct Ship Program was developed to make $1 coins readily available to the American public at no additional cost. Indeed, the United States Mint is the only place to obtain Native American $1 Coins at this time. The intent of the program is to encourage use of the $1 coins in oridnary day-to-day cash transactions. Increased usage of $1 coins in commerce saves the nation money due to the coin's 100% recyclability and durability - it lasts for decades.
However, it has come to our attention that some customers are not using the program as intended. For example, a small number of customers are repeatedly ordering large quantities of $1 coins to accure points on credit card plans, then turning the coins in to their banks. This type of activity is not in the spirit of the Circulaing $1 Coin Direct Ship Program and is costing the government money in processing, handling, and postage for these orders.
Please note that the United States Mint is monitoring Direct Ship transactions. If an abusive ordering pattern exists, we will no longer fulfill future orders.
We are pleased that the Circulating $1 Coin Direct Ship Program has been a great success, with over 100 million $1 coins issued to date. We hope that all future purchases will honor the intent of the program to encourage robust circulation of $1 coins.
If you have questions about the program, please contact the UNited States Mint's Office of $1 Coin Programs at (202) 354-7603.
Sincerely,
The United States Mint"
Dear Circulating $1 Coin Direct Ship Customer:
The Circulating $1 Coin Direct Ship Program was developed to make $1 coins readily available to the American public at no additional cost. Indeed, the United States Mint is the only place to obtain Native American $1 Coins at this time. The intent of the program is to encourage use of the $1 coins in oridnary day-to-day cash transactions. Increased usage of $1 coins in commerce saves the nation money due to the coin's 100% recyclability and durability - it lasts for decades.
However, it has come to our attention that some customers are not using the program as intended. For example, a small number of customers are repeatedly ordering large quantities of $1 coins to accure points on credit card plans, then turning the coins in to their banks. This type of activity is not in the spirit of the Circulaing $1 Coin Direct Ship Program and is costing the government money in processing, handling, and postage for these orders.
Please note that the United States Mint is monitoring Direct Ship transactions. If an abusive ordering pattern exists, we will no longer fulfill future orders.
We are pleased that the Circulating $1 Coin Direct Ship Program has been a great success, with over 100 million $1 coins issued to date. We hope that all future purchases will honor the intent of the program to encourage robust circulation of $1 coins.
If you have questions about the program, please contact the UNited States Mint's Office of $1 Coin Programs at (202) 354-7603.
Sincerely,
The United States Mint"
Oct 31, 2009, 9:53 pm
#6047
Join Date: Jul 2009
Posts: 70
Mail.
Others over on FW are reporting haveing received it as well.
In June I bought $102k, in July $373k, in Aug $203k, in Sept. $65k, and in Oct $38k.
No CC's closed or any adverse reaction at all. Some banks told me they no longer wanted my coins, but no account closures.
I agree with sbagdon, the mint removed the 2 box limit. It's as much their fault as anyone. Did they really expect people where putting huge quantites into circulation?
My guess is some high up caught wind of things and wanted a letter sent out just to say they tried to do something about it. I'll be curious if anything really happens. I just got $2500 in presidents and I had ordered all of them before. I'll still order large amounts now that I've found friendly banks again. Worse case they cancel my order. Nothing to horrible.
Although if it finally ends it will be sad.
Others over on FW are reporting haveing received it as well.
In June I bought $102k, in July $373k, in Aug $203k, in Sept. $65k, and in Oct $38k.
No CC's closed or any adverse reaction at all. Some banks told me they no longer wanted my coins, but no account closures.
I agree with sbagdon, the mint removed the 2 box limit. It's as much their fault as anyone. Did they really expect people where putting huge quantites into circulation?
My guess is some high up caught wind of things and wanted a letter sent out just to say they tried to do something about it. I'll be curious if anything really happens. I just got $2500 in presidents and I had ordered all of them before. I'll still order large amounts now that I've found friendly banks again. Worse case they cancel my order. Nothing to horrible.
Although if it finally ends it will be sad.
Oct 31, 2009, 10:55 pm
#6048
Join Date: Oct 2009
Posts: 502
I posted that letter earlier today but it got removed for some reason. 
Anyways, yes, it will be unfortunate if it ends....To that tune, why can't we all use moderation in orders? This letter seems kind of like a first "friendly" warning from the mint.
Is it any coincidence that the NA coins are now gone, and this program has started: http://disneyparks.disney.go.com/blo...-disney-world/ ??
People are going to do what they are going to do, but there is plenty of years left of coins to be put out, why screw this up for EVERYONE so early?
Anyways, yes, it will be unfortunate if it ends....To that tune, why can't we all use moderation in orders? This letter seems kind of like a first "friendly" warning from the mint.Is it any coincidence that the NA coins are now gone, and this program has started: http://disneyparks.disney.go.com/blo...-disney-world/ ??
People are going to do what they are going to do, but there is plenty of years left of coins to be put out, why screw this up for EVERYONE so early?
Oct 31, 2009, 11:21 pm
#6049
Join Date: May 2009
Location: USA
Programs: UAL 1MM, Marriott Plat, Hyatt Globalist, AA 3MM
Posts: 831
I got the letter too. It is just a smoke screen. Ask me if I care. Banks don't want to deal with cash at all. They want everything electronic. I don't feel that I was getting as much as some others.
The letter is ambiguous, on one hand it thanks you and on the other it scolds you. It might as well be addressed "dear occupant". I will file it with the packingslips as evidence that I am not money laundering.
The letter is ambiguous, on one hand it thanks you and on the other it scolds you. It might as well be addressed "dear occupant". I will file it with the packingslips as evidence that I am not money laundering.
Oct 31, 2009, 11:58 pm
#6050
Join Date: Nov 1999
Programs: UA, DL, AA, Sutherlands Lumber
Posts: 7,358
I keep imagining the Director of the Mint as Colonel Cathcart in Catch-22. Increase the limit to 99 to deal with the Native American problem and it's a feather in your cap. Get some bad press and it's a black eye.
Use revisionist policy to redefine the agenda. It's not your fault.
Use revisionist policy to redefine the agenda. It's not your fault.
Nov 1, 2009, 12:28 am
#6051
Join Date: Mar 2007
Location: On the road
Programs: Too many to list
Posts: 1,051
C'mon guys, the letter is pure spin.
And the BS is piling higher and deeper.
It's plausible deniability, that's it.
"We didn't think they were going to buy that many coins and just dump them into their bank accounts. No one could've predicted that!
"Who could've ever imagined that someone would buy cash at face value using a reward CC, have it delivered to their home or business (overnight and insured), and then just pay their CC bill off."
"...especially after we removed any quantity limits."
"I do declare!"
All of this is simply the "public face" that the Mint/Treasury has to put on in front of Congress/the Fed/the CC companies/etc. I doubt anyone at the Mint got into trouble for this, they probably got promoted. Afterall the Mint made money, literally and figuratively, and they fulfilled their Congressional mandate which placed no restrictions on how they got them into circulation.
And the BS is piling higher and deeper.
It's plausible deniability, that's it.
"We didn't think they were going to buy that many coins and just dump them into their bank accounts. No one could've predicted that!
"Who could've ever imagined that someone would buy cash at face value using a reward CC, have it delivered to their home or business (overnight and insured), and then just pay their CC bill off."
"...especially after we removed any quantity limits."
"I do declare!"
All of this is simply the "public face" that the Mint/Treasury has to put on in front of Congress/the Fed/the CC companies/etc. I doubt anyone at the Mint got into trouble for this, they probably got promoted. Afterall the Mint made money, literally and figuratively, and they fulfilled their Congressional mandate which placed no restrictions on how they got them into circulation.
Nov 1, 2009, 2:58 am
#6053
Join Date: May 2009
Location: USA
Programs: UAL 1MM, Marriott Plat, Hyatt Globalist, AA 3MM
Posts: 831
And what about the mint calling and asking if we wanted to buy a whole pallet for $110k plus shipping charges? And then they want to accuse us of abusing the program.
Time to start ordering presidential coins addressed to every suite in my office building, and every guest suite at my house. (there could be a thousand suites) LOL.
They say in the letter that is has been a huge success with over 100M coins issued to date. We should hit them with 100M phone calls on Monday morning.
Time to start ordering presidential coins addressed to every suite in my office building, and every guest suite at my house. (there could be a thousand suites) LOL.
They say in the letter that is has been a huge success with over 100M coins issued to date. We should hit them with 100M phone calls on Monday morning.
Nov 1, 2009, 5:40 am
#6054
Join Date: Nov 1999
Programs: UA, DL, AA, Sutherlands Lumber
Posts: 7,358
deleted
Nov 1, 2009, 5:50 am
#6055
Join Date: Mar 2005
Posts: 269
I would like the US Mint to define "abusive ordering pattern"
Nov 1, 2009, 9:09 am
#6056
Join Date: Apr 2000
Location: Fort Myers, FL
Programs: Hilton Gold, SPG & IHG Plat, & every airline program that I can join
Posts: 2,279
JudyJFLA
Last edited by JudyJFLA; Nov 2, 2009 at 9:37 am
Nov 1, 2009, 10:01 am
#6057
Join Date: Mar 2006
Location: Miami, FL, USA
Posts: 4,049
I deleted an inappropriate post, along with later posts that quoted it.
Nov 1, 2009, 10:05 am
#6058
Join Date: Mar 2007
Location: On the road
Programs: Too many to list
Posts: 1,051
Their stated goal was to get them into circulation. This jives/dove tails nicely with Congress' stated goals/target. But the fed won't buy them, the banks don't want them, and neither does much of the public. But, just like many of us believe that what is stated in the letter is BS, we believe that the original stated goal may have been a bit over-stated and hyperbolic.
The previous system with limits wasn't getting them out of the fed vaults fast enough, stated goal or no.
And, they are never going to get into circulation if the fed has a choice.
So, the key is to give the fed no choice and literally shove them down their throat.
Hence, no limit on NAs.
And, they have to spin it to the other players involved and the media.
The only issue here is time frame. These coins aren't in public hands today in the quantity that Congress would like, but they are one step closer sitting in the Fed's vaults instead of the Mint's vaults. Keep going long enough and the Fed will incentivise the banks to get them into circulation.
I also believe that the Mint may have a slightly different definition of "circulation" than you. In their minds, it might be simply out of their vault, paid for by another party and off their balance sheet.
Nov 1, 2009, 11:54 am
#6059
Join Date: Apr 2007
Location: Orlando, FL
Programs: AA 11MM/EXP/Aairpass, SPG Plat
Posts: 343
If you can manage $219K more, you will be up there with pudding guy.
Nov 1, 2009, 11:59 am
#6060
Join Date: Jan 2005
Programs: UA GOLD MM,WN CP A+list, HH Gold,MR LT Titanium
Posts: 2,184
If the FED is really serious about circulation of these coins,they should be retiring the paper dollars.
Personally I see no problem with those who are taking advantage of this on a huge scale,although I am not one of them.I order only to meet spending thresholds on new cards and actually spend many of them.The rest I deposit a few rolls at a time with my regular bank deposits.
Personally I see no problem with those who are taking advantage of this on a huge scale,although I am not one of them.I order only to meet spending thresholds on new cards and actually spend many of them.The rest I deposit a few rolls at a time with my regular bank deposits.