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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 Mar 2, 11, 8:45 am
  #13711  
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Originally Posted by HoKo View Post
Anyone with experience depositing at M&T Bank, I just got told no more at one of my primary branches that was a large part of my weekly rotation. I need to find a replacement asap

IF (and I don't see this happening) the government is ever successful in getting dollar bills out of circulation like in Canada and many other countries, the banks are going to have to make some BIG adjustments. If they have a problem accepting a few thousand in a deposit what are they going to do with retailers that have large cash deposits when they will be brgining rolls of coins instead of wrapped stacks of 100-$1 bills?
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Old Mar 2, 11, 8:53 am
  #13712  
 
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Originally Posted by deant View Post

Also, if you want to consider the mint "making money" from the deal, consider the "profit" that would be had if the GOVERNMENT just printed more dollar bills and avoided the shipment costs.

So bottom line is that we, the taxpayers and investors in the banks, are footing the bill.
Avoid what shipping costs? Don't you think the government pays to have the paper dollars shipped to banks? Even if it costs less to ship the paper, paper dollars have a life expectancy of 18 months verses 10 years for the dollar coins. So the expectation is that they'll have to ship 6.67 paper dollars for every metallic one over the long term (assuming the money supply doesn't expand).

In the long term, I'm not so sure shipping the coins costs more than shipping the paper bills.
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Old Mar 2, 11, 9:12 am
  #13713  
 
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Originally Posted by HoKo View Post
Anyone with experience depositing at M&T Bank, I just got told no more at one of my primary branches that was a large part of my weekly rotation. I need to find a replacement asap
i guess it depends on the branch and what kind of relationship you have with them. at my bank, i had a nice conversation with my banker to ask him what limits would be acceptable. we reached a number and day of week that is best for them. i have no data on how long that will last but for now i am good. of course, i am not doing the volume that some are doing, so my measly 1K every week or so, isn't a big deal. interestingly enough, the 1K is their target number for bagging coins for shipping out. they said they preferred them rolled and in that number b/c it makes it very easy for them. no counting and recounting.
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Old Mar 2, 11, 9:13 am
  #13714  
 
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Originally Posted by mrpickles View Post
Nobody is "footing the bill":

Airlines make money by selling the points to the credit card departments of the banks hoping that those points will expire.
Not CONTINENTAL :-::-::-::-::-: or DELTA! :-::-::-::-:

And some folk get upt to 2% or 3% cash back rather than FFMs. ^^^


Originally Posted by mrpickles View Post
Tellers should be happy because they have a job to begin with, counting the coins when we make deposits.
They'd have a job anyway. And some of them, like a lot of folk, don't want to put in any more effort than they have to...


Originally Posted by mrpickles View Post
Costco makes money every time I fill my gas tank to go to the bank and make a deposit.
You need to learn to be greener and combine the trip with other errands rather than just running to the bank.


Originally Posted by mrpickles View Post
THE BANKS ARE MAKING MONEY BECAUSE THEY ARE CHARGING HOMEOWNERS, CREDIT CARD CUSTOMERS AND EVERYONE ELSE > 5-24% FOR MONEY THAT THEY GET ELECTRONICALLY FROM THE FED FOR NEXT TO NOTHING. (<1%)
They're banks. They do this anyway.


Originally Posted by mrpickles View Post
They only one getting the shaft is the customers buying the coins being forced to play this ridiculous game of ordering every 10 days.
Only in terms of we can't make as much as fast as before. The fact that the government, a/k/a the "black hole" of the money universe, is allowing this at all is amazing in and of itself! ^
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Old Mar 2, 11, 9:30 am
  #13715  
 
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Originally Posted by deant View Post
Also, if you want to consider the mint "making money" from the deal, consider the "profit" that would be had if the GOVERNMENT just printed more dollar bills and avoided the shipment costs.
The congress requires that the mint mints these coins as part of the presidential dollar coin program, in addition to the dollar bills that are ordered to be printed. They are not being minted to order. If we don't buy them, they will sit, and the costs will be absorbed by the government, without the revenue of us buying them.

So, the profit you're talking about could only be realized if the dollar coin law was stricken. It has nothing to do with us. We (as purchasers of the coins) are the ones who are saving the government money in this case.
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Old Mar 2, 11, 9:34 am
  #13716  
 
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Originally Posted by Blue Skye View Post
interestingly enough, the 1K is their target number for bagging coins for shipping out. they said they preferred them rolled and in that number b/c it makes it very easy for them. no counting and recounting.
Actually, Federal Reserve bags hold $2K in dollar coins, not $1K. Plus, they cannot make a Federal Reserve Deposit with the coins in rolls. They have to be unrolled and bagged in $2K increments. So someone at your bank is unrolling them (or cracking them as my bank likes to call it). At my bank, the tellers at the drive-up window do it when they have no one that they're taking care of.
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Old Mar 2, 11, 9:46 am
  #13717  
 
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Originally Posted by aviators99 View Post
The congress requires that the mint mints these coins as part of the presidential dollar coin program, in addition to the dollar bills that are ordered to be printed. They are not being minted to order. If we don't buy them, they will sit, and the costs will be absorbed by the government, without the revenue of us buying them.
The more coins make it into circulation the less paper money will be released according to the voodoo economists at the Fed, so in the end it will all even out.

For the sake of argument, let us assume for a minute that were not the case.

Under your scenario, the government's "profit" is nothing but inflation acting to debase the value of the peoples' money.

"Profit" and "revenue" are poor terms to use when discussing money printing and monetization.

A nation can't print or coin its way to prosperity.

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Old Mar 2, 11, 9:49 am
  #13718  
 
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Originally Posted by darwin76 View Post
I have a couple of those.... I'm rich! Rich, I tell you!
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Old Mar 2, 11, 10:09 am
  #13719  
 
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Originally Posted by darwin76 View Post
The more coins make it into circulation the less paper money will be released according to the voodoo economists at the Fed, so in the end it will all even out.

For the sake of argument, let us assume for a minute that were not the case.

Under your scenario, the government's "profit" is nothing but inflation acting to debase the value of the peoples' money.
Please explain this last statement, considering what I also said in my post, which is that these coins get minted whether we order them or not?
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Old Mar 2, 11, 12:36 pm
  #13720  
 
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Originally Posted by chimmy826 View Post
Actually, Federal Reserve bags hold $2K in dollar coins, not $1K. Plus, they cannot make a Federal Reserve Deposit with the coins in rolls. They have to be unrolled and bagged in $2K increments. So someone at your bank is unrolling them (or cracking them as my bank likes to call it). At my bank, the tellers at the drive-up window do it when they have no one that they're taking care of.
yes,i am aware of the unrolling and of the bagging. that is the "deal" i reached with my particular bank(small rural bank). YMMV
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Old Mar 2, 11, 1:04 pm
  #13721  
 
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unrolling

Bank #2 in my area has now told me they can only accept the coins unrolled and sealed in their plastic bags. THe branch manager was going to get me price quote for the bags, and then kindly offered me one that wa slying around.

fortunately I spread my deposits around to at least 5 other branches too. IF those start asking for unrolled coins then this could be an early sign of problems to come....we'll see.
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Old Mar 2, 11, 1:06 pm
  #13722  
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Originally Posted by aviators99 View Post
The congress requires that the mint mints these coins as part of the presidential dollar coin program, in addition to the dollar bills that are ordered to be printed. They are not being minted to order. If we don't buy them, they will sit, and the costs will be absorbed by the government, without the revenue of us buying them.

So, the profit you're talking about could only be realized if the dollar coin law was stricken. It has nothing to do with us. We (as purchasers of the coins) are the ones who are saving the government money in this case.
exactly!
I have tried to tell this to people I know who think I am somehow scamming someone here.

I enjoyed reading this post too, and it's probably one of the only times I have agreed with every word you have said in a thing, so thank you for that as well

Originally Posted by Blue Skye View Post
yes,i am aware of the unrolling and of the bagging. that is the "deal" i reached with my particular bank(small rural bank). YMMV
Hey I feel as though we've met in another life! lol

For me, one such 'deal' was to visit a branch and discuss coins and then ask repeatedly of the 2 tellers in the supermarket branch of a certain big bank near home if they were really ok with cracking rolls. When they said 'yes, it is ok,' I handed them more boxes of coins than I care to talk about in this thread. They were all stacked in the small boxes in my shopping cart as I stood there and the axle on my car was taking a rest with its trunk now empty.

Then, once they still agreed to take them all, I went shopping and came back to them with the following:

-gift bag
-box of expensive assorted chocolates inside each
-tissue paper for added affect

...and I handed them each their surprises thanking them once again.

With that, one happy teller said, 'See you next time sir!'

...I waved as I rolled my cart of groceries away --smiling much in the same way Andy Dufrense did as he collected funds from 12 Portland, ME area banks the morning after he escaped from Shawshank Prison.
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Old Mar 2, 11, 1:43 pm
  #13723  
 
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Originally Posted by chimmy826 View Post
Actually, Federal Reserve bags hold $2K in dollar coins, not $1K. Plus, they cannot make a Federal Reserve Deposit with the coins in rolls. They have to be unrolled and bagged in $2K increments. So someone at your bank is unrolling them (or cracking them as my bank likes to call it). At my bank, the tellers at the drive-up window do it when they have no one that they're taking care of.
I have reached an agreement with one of my bank that as long as i crack them open and put it in the sealed plastic bag, I can bring in as much as i want and get credit immediately.

The only problem is that, if they miscount the coins, I have nothing to back it up.

Anyone out there cracks their rolls open and deposit them??
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Old Mar 2, 11, 1:49 pm
  #13724  
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Originally Posted by gogogo888 View Post

Anyone out there cracks their rolls open and deposit them??
Yes, I crack each roll and put the coins into the coin machine. Only do $25 at a time, until the display shows me that it has a current count..
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Old Mar 2, 11, 1:52 pm
  #13725  
 
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I am late to the game but I have ordered my first set of coins and I have them in my possession now.

What are the reasons people use when they go to the bank and try to deposit them?

I thought of the following:
1. I am a collector but I got too many of the same kind.
2. I could say that a customer of mine paid me in cash thereby me needing to deposit them into a bank.

Any help is appreciated.

- naroowal
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