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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 3, 11, 12:57 pm
  #13771  
 
Join Date: Dec 2004
Location: Los Angeles California
Posts: 1,200
Just deposited $1000 in coins at a local BOA in SO CAL. Teller gave me a plastic bag and i dropped all coins in there. She did NOT count the rolls unlike the other BOA branch. No questions asked..

Anyone has experience depositing $1000 in coins at Wells Fargo in SO CAL?
MNSWEEps is offline  
Old Mar 3, 11, 1:03 pm
  #13772  
 
Join Date: Mar 2006
Posts: 1,629
Originally Posted by QL_714 View Post
Where does the Federal Reserve get the money to pay for these coins.
the federal reserve banks also generate a profit (returned to the US treasury), but mainly from interest on investments and services to commercial banks. currency storage is one of the primary functions of the FR banks. storage of dollar coins is an incremental and non-differentiable expense (current total coin stock is in excess of $2 billion).
crabbing is offline  
Old Mar 3, 11, 1:08 pm
  #13773  
 
Join Date: Jul 2010
Programs: UA, AA, SPG, HH
Posts: 575
Originally Posted by scubadiver View Post
I have to agree that using coins where one could use a rewards CC is a waste. Most coins I bank, but there are some uses where cash is required or is most convienient:

1. Vending machines.
2. Metro tickets.
3. Office collections
4. Garage Sales
5. Farmers' market
6. Splitting a lunch tab.
7. Barber shop
8. Taxi

Obviously, these don't cover my $1K/month spend, but at least some coins get circulated. What the coins DON'T do is ride around in my pocket. They are too bulky and too heavy.
2. I see you live in Reston, the DC metro accepts CC for metro tickets and smarttrip payments
6. Isn't this done just as easily with a CC, usually my friend and I just put our CC's in the leather folio thingy and ask the server to split it down the middle
8. Some taxis in DC and all taxis in my suburb accept CC's (although they are never happy about it haha)
HoKo is offline  
Old Mar 3, 11, 1:19 pm
  #13774  
 
Join Date: Jun 2004
Location: Northern VA
Programs: AA Plat
Posts: 110
Originally Posted by scubadiver View Post
I have to agree that using coins where one could use a rewards CC is a waste. Most coins I bank, but there are some uses where cash is required or is most convienient:

1. Vending machines.
2. Metro tickets.
3. Office collections
4. Garage Sales
5. Farmers' market
6. Splitting a lunch tab.
7. Barber shop
8. Taxi

Obviously, these don't cover my $1K/month spend, but at least some coins get circulated. What the coins DON'T do is ride around in my pocket. They are too bulky and too heavy.
7. Several barber shops that I go to in the NOVA/DC area take credit cards - even for the tip.
imasosec is offline  
Old Mar 3, 11, 1:27 pm
  #13775  
 
Join Date: Aug 2003
Location: Seattle, WA. USA
Programs: MR, AA, UA, DL, AVIS and growing
Posts: 920
I have few questions about this coin laundering scheme:
1. Can you take it to any bank or only banks you have accounts with?
So your most likely limited to only banks with accounts.
2. Is it recommended to buy gift cards through bigcrumbs to prevent
Citi from charging a cash advance and still get mileage points credit? If so which gift card is the best to purchase from bigcrumbs.
3. How much will banks take weekly?

I thinking of paying my property taxes in April in coins lol

Originally Posted by MNSWEEps View Post
Just deposited $1000 in coins at a local BOA in SO CAL. Teller gave me a plastic bag and i dropped all coins in there. She did NOT count the rolls unlike the other BOA branch. No questions asked..

Anyone has experience depositing $1000 in coins at Wells Fargo in SO CAL?
euromannn is offline  
Old Mar 3, 11, 1:33 pm
  #13776  
 
Join Date: Dec 2004
Location: Los Angeles California
Posts: 1,200
Originally Posted by euromannn View Post
I have few questions about this coin laundering scheme:
1. Can you take it to any bank or only banks you have accounts with?
So your most likely limited to only banks with accounts.
2. Is it recommended to buy gift cards through bigcrumbs to prevent
Citi from charging a cash advance and still get mileage points credit? If so which gift card is the best to purchase from bigcrumbs.
3. How much will banks take weekly?

I thinking of paying my property taxes in April in coins lol
No CC should be charging you cash advance for buying coins. I used AMEX and now Chase Visa and they are all "sale" transactions and NOT cash advances.
MNSWEEps is offline  
Old Mar 3, 11, 2:49 pm
  #13777  
 
Join Date: Feb 2001
Location: Oregon (DL and Marr Lifetime plat. etc.)
Posts: 1,273
The Fed gets money from numerous sources, not the least of which is ~ one trillion dollars in outstanding currency. The Fed also has substantial deposits from Banks (including foreign central banks) plus governmental agencies (e.g. IRS).

The money that the Mint makes is largely fiction, because there is a liability for the goverment to ultimately redeem the coins. Granted, some of them may never be redeemed, but the vast majority will be. The Mint, in terms of accounting for the seignorage on the coins, is essentially saying that they have taken out a loan that they won't have to repay, and thus they are booking this as income. That may be correct insofar as the Mint alone is concerned, but ultimately it all flows to the US Govt. (The Fed may be quasi-independent, but their profits largely go to the Govt as well.)

In the end, the money that the Mint is wasting by absorbing the credit card discounts plus providing free shipping will be wasted UNLESS these coins are really put into circulation, which probably won't happen unless dollar bills go away. I would only blame Congress for this. They have mandated that the MInt put the coins into circulation, and of course the Fed is required to accept the deposits. Congress needs to allow the dollar bill (not to mention the penny) to go away. Those of us that are buying the coins may actually be doing a public service by forcing this issue.
PIONEER is offline  
Old Mar 3, 11, 2:51 pm
  #13778  
 
Join Date: Feb 2003
Location: Reston, Virginia, USA
Posts: 653
[QUOTE=HoKo;15969668]2. I see you live in Reston, the DC metro accepts CC for metro tickets and smarttrip payments

True. I charge my own Smartrip with CC. But I have lots of out-of-town visitors needing one-time tix. Coins work for them.
scubadiver is offline  
Old Mar 3, 11, 3:01 pm
  #13779  
 
Join Date: Aug 2003
Location: Seattle, WA. USA
Programs: MR, AA, UA, DL, AVIS and growing
Posts: 920
The change to purchasing a gift card on bigcrumbs was suggested to buy coins getting around the cash advance. It has also been suggested to NOT buy a AMEX gift card if used at the US MInt.



Originally Posted by MNSWEEps View Post
No CC should be charging you cash advance for buying coins. I used AMEX and now Chase Visa and they are all "sale" transactions and NOT cash advances.
euromannn is offline  
Old Mar 3, 11, 3:09 pm
  #13780  
Moderator: Alaska Mileage Plan
 
Join Date: Feb 2005
Posts: 10,511
Originally Posted by pyrotalk View Post
It is a scheme to transfer the citizens wealth into the pockets of central banks, and bureaucrats.
Such imaginative musings are better posted in OMNI.
dayone is offline  
Old Mar 3, 11, 6:11 pm
  #13781  
 
Join Date: Feb 2009
Location: BOS
Programs: HH Gold
Posts: 180
Is that a roll of coins in your pocket, or are you just happy to see me?
goodtricks is offline  
Old Mar 3, 11, 7:40 pm
  #13782  
 
Join Date: Nov 2010
Posts: 461
I'm confused

I am confused about how the 10-Day limit works, as I have read a lot of conflicting information.

Is it limited to $1K every 10 days by:

a.) Your address.
b.) Your credit card.
c.) Your email
d.) All of the above
e.) Other, please specify.

I'd really appreciate guidance on this.

Thank You!
AnitaBryant63 is offline  
Old Mar 3, 11, 8:07 pm
  #13783  
 
Join Date: May 2010
Location: WAS
Programs: Lotz
Posts: 1,433
If you have to wait 10 days from when last order was shipped to place a new order and an order can take 7 days easy to ship, does that mean you have to have say 17 days between orders?? That can't be.

I know the sticky says 10 days from order date but several have said from ship date and my experience so far is I can't get anything every 10 days- as if they're holding until the 10 days from last shipment is up.

Last edited by tassojunior; Mar 3, 11 at 8:20 pm
tassojunior is offline  
Old Mar 3, 11, 8:16 pm
  #13784  
 
Join Date: Feb 2009
Posts: 3,569
Originally Posted by euromannn View Post
The change to purchasing a gift card on bigcrumbs was suggested to buy coins getting around the cash advance. It has also been suggested to NOT buy a AMEX gift card if used at the US MInt.
You can still buy visa/mastercard gift cards. It really has very little to do with making sure the purchases post as a non-cash advance, and more with making extra $$ by getting a % rebate on the purchase of the gift cards. Yes, Amex cards no longer work.
Astrophsx is offline  
Old Mar 3, 11, 8:21 pm
  #13785  
 
Join Date: Sep 2006
Programs: United: 1K
Posts: 390
Originally Posted by AnitaBryant63 View Post
I am confused about how the 10-Day limit works, as I have read a lot of conflicting information.

Is it limited to $1K every 10 days by:

a.) Your address.
b.) Your credit card.
c.) Your email
d.) All of the above
e.) Other, please specify.

I'd really appreciate guidance on this.

Thank You!
e) The date of your last order
dweick is offline  

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