Presidential dollar shipping, lesson learned

[68Camaro]

As posted elsewhere, I've been using the US Mint Presidential coin program as a sort of fee-free ATM with delivery to my post box, with charge card reward points to boot. However, previous buys have simply been single boxes of 250. Two weeks ago I ordered 500, and it not only took a longer time for them to process, and to ship, but it turns out that because it exceeded some threshold value, this time they shipped it UPS signature. Had to go wait in line for half hour to get it. Future buys will go back to 250...

[Pennybug]

Yet again... another great innovation from a fellow member! GREAT IDEA! Had not thought of doing that...

[PennyBoy]

I don't think I quite understand. And after looking on the mints website I still don't think I quite understand. Does anyone care to explain? Please...

[oktyabyr]

The program is intended to introduce more of the dollar coins into circulation. So to increase circulation, they will ship you increments of $250. You pay face value, and they ship them for free. So you get $250 in presidential dollars, for $250.

[Corsair]

PennyBoy-

As oktyabyr explained, you can order the Presidential Dollars from the Mint website at no extra cost. If you time it right, you can get the cash (the coins) in hand before your credit card bill comes do. So, it is basically a free loan. Also, if you have a CC that gives you cash back, it's actually a loan that pays you.

[PennyBoy]

Got it. Thanks for the clarification. Sounds risky but if you can pull it off and stick it to the credit card companies, more power to you!

[sanitarium_inmate]

AND..... you have the opportunity to search for any variety from those rolls. keep what you find that might be valueable and take the rest back to the bank and make your payment to your credit card or spend them like cash to circulate them and pay your credit card with the cash from your bank account. Just don't take too long searching them before the interest on your card hits.

[Devil Soundwave]

Didn't I read on here a few weeks back that they where closing this loophole by changing how the charge appears on your credit card so that you will no longer accrue points or whatever?

[68Camaro]

Didn't I read on here a few weeks back that they where closing this loophole by changing how the charge appears on your credit card so that you will no longer accrue points or whatever?

To answer collected comments starting with the above...

See viewtopic.php?f=7&t=3115

In the thread above the claim was made that this would be charged as a cash advance, and posted a link to a site that noted this, but that isn't what they are doing, at least not yet. (They would have to notify you in advance before you hit the buy button if they did this, and further it would kill the program because no one would do it.) Instead, the mint is limiting sales (but to numbers that are still higher than I would use). Another member, dp2007, also verified that he was also not being charged as a cash advance.

There is no interest on the charge, as long as you pay off your balance every month, as I do. There is no point in doing this if you are carrying a balance.

Last time I checked they were getting short of some coins. Many were back-ordered. There was only one in stock at that time, James Madison, but it changes all the time.

[AdamsSamoa]

I have posted this before... I had the best time with this program. I lived in Pago Pago for 2 years. It is a small island and tight nit communitiy... everyone knows each other 57 sq miles about 60k population. In the middle of the south pacific. Anyway.... my name is John Adams... I was buying the John adams dollars thru the mint program and spending the, there... can,t tell you how many times I was asked how can I get dollars with my name on them?....any way I am sure they are all still there. Money rarely leaves the island... you see some really beat up bills.... it was cool when I got one of my "john adams" coins back in change.

[Pennybug]

I have posted this before... I had the best time with this program. I lived in Pago Pago for 2 years. It is a small island and tight nit communitiy... everyone knows each other 57 sq miles about 60k population. In the middle of the south pacific. Anyway.... my name is John Adams... I was buying the John adams dollars thru the mint program and spending the, there... can,t tell you how many times I was asked how can I get dollars with my name on them?....any way I am sure they are all still there. Money rarely leaves the island... you see some really beat up bills.... it was cool when I got one of my "john adams" coins back in change.

I know you've posted that before too... but no matter how many times I hear it... I still think it's one of the best stories on Realcent!

[thunter]

I received my $250 order last week. I plan on using the coins at garage sales to get them in circulation. I'm getting frequent flier miles through the credit card.

I'd love to see dollar coins become more popular ... I need to have more people losing them so I can find them with my metal detector.

[shinnosuke]

I'd love to see dollar coins become more popular ... I need to have more people losing them so I can find them with my metal detector.

Perhaps you would be interested in buying one of my paper detectors. It can be fine-tuned to discover only currency.

Recently, I found a twenty walking home from my favorite Indian food restaurant. I used some very fancy equipment -- my eyes -- and whoever designed those puppies sure knew what He was doing. Should have seen me. I crouched down next to the twenty and pretended to tie my shoe. Then I slyly tucked the FRN in my shoe. Nobody was walking nearby, but there were cars stopped at the intersection.

[exbingoaddict]

The John Adams story is classic.

If you want to avoid interest, go with an American Express charge card. Pay it off every month, no interest, and collect the reward points. Granted you'll be looking at an annual fee. However, given recent changes thanks to the previous Congress, it seems more and more credit card issuers will be having annual fees.

[Diggin4copper]

I was looking for a good rewards card as my wife travels a lot for biz.. we have a no fee cash rewards card that pays a small reward/.. I searched around and every card that had better points or miles had a fee that basicly evened it out.. so we are keeping the chase card and getting a small check every 6 months or so... I hate annual fees....