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My girlfriend works at a bank, and a customer walked in today and bought $10,000 worth of Presidential Dollars

She said all of the tellers/bankers were excited and helped the guy to his car with all of the bags of dollars..

She says he is a customer, and one of the bankers said that he works in a hotel and uses them for tips.

I believe he is like the rest of us, a hoarder, but I (nor my girlfriend) can understand WHY they bought all of these dollars and she wanted me to see if anyone here has any ideas.

Thought it read brought. Not Bought.

OtusLotus wrote:My girlfriend works at a bank, and a customer walked in today and bought $10,000 worth of Presidential Dollars

She said all of the tellers/bankers were excited and helped the guy to his car with all of the bags of dollars..

She says he is a customer, and one of the bankers said that he works in a hotel and uses them for tips.

I believe he is like the rest of us, a hoarder, but I (nor my girlfriend) can understand WHY they bought all of these dollars and she wanted me to see if anyone here has any ideas.

I'm sure there are people who feel that to acquire that many in one go would be very difficult, and therefore may pay a premium. Only thing I can think of .... were they circulated? It really wouldn't be that difficult to order that many whenever one wants. I mean I could do it tomorrow. Just, like you said, what's the point? Kind of like people who collect two dollar bills. Again, I can order as many as one would want.

According to my girl, she said he was a customer, so I assume the money was just deducted from his account.

I am assuming they had to alert the fed of the withdrawal of $10,000, but in dollar coins? That is quite a few.

Melt Value = ~$700



FAIL.

Maybe he wanted the bank bags? How much are they worth or cost?

Chief wrote:I am assuming they had to alert the fed of the withdrawal of $10,000, but in dollar coins? That is quite a few.

Technically it isn't $10,000.00. A CTR is $10,000.01+.

Ok, thanks for clarifying.

Chief wrote:Ok, thanks for clarifying.

That doesn't mean there aren't other forms that are worse than a CTR that are supposed to be filled out.... while we are clarifying

EDIT: And believe me, this kind of hobby makes it on those forms....

CTR? Cash transaction?

What about a trip to Ecuador it is the number coin there. Also the Fed just sent a boat load of them to Zimbabwe about a half dozen countries use them more than we do. For info see-- http://www.tripadvisor.com/ShowTopic-g294307-i2253-k4082225-l29885892-Presidential_dollar_coins_usage-Ecuador.html and
http://en.wikipedia.org/wiki/Dollarization#U.S._dollar

henrysmedford wrote:What about a trip to Ecuador it is the number coin there. Also the Fed just sent a boat load of them to Zimbabwe about a half dozen countries use them more than we do. For info see-- http://www.tripadvisor.com/ShowTopic-g294307-i2253-k4082225-l29885892-Presidential_dollar_coins_usage-Ecuador.html and
http://en.wikipedia.org/wiki/Dollarization#U.S._dollar

Huh...I knew they used US dollars in other countries, but I never knew they were exclusive currency like that. The fed actually endorses this?

Number21 wrote:

henrysmedford wrote:What about a trip to Ecuador it is the number coin there. Also the Fed just sent a boat load of them to Zimbabwe about a half dozen countries use them more than we do. For info see-- http://www.tripadvisor.com/ShowTopic-g294307-i2253-k4082225-l29885892-Presidential_dollar_coins_usage-Ecuador.html and
http://en.wikipedia.org/wiki/Dollarization#U.S._dollar

Huh...I knew they used US dollars in other countries, but I never knew they were exclusive currency like that. The fed actually endorses this?

Also see http://en.wikipedia.org/wiki/Dollar_coin_%28United_States%29
From that this "The Sacagawea dollar has achieved popularity in Ecuador, where the US dollar is also the official currency.[17]"

sounds like a money laundering scam...

shamelessly posted as this is the 10000th post on the copper penny investing forum

Number21 wrote:

henrysmedford wrote:What about a trip to Ecuador it is the number coin there. Also the Fed just sent a boat load of them to Zimbabwe about a half dozen countries use them more than we do. For info see-- http://www.tripadvisor.com/ShowTopic-g294307-i2253-k4082225-l29885892-Presidential_dollar_coins_usage-Ecuador.html and
http://en.wikipedia.org/wiki/Dollarization#U.S._dollar

Huh...I knew they used US dollars in other countries, but I never knew they were exclusive currency like that. The fed actually endorses this?

Fed doesn't care, but has no say in this one way or other. It's the Treasury Department's decision, and as long as they are paid for them, they don't care either. The US Mint does also does contract work on occasion, as well, for other countries. So does the Canadian Mint.

As far as the request, it's probably real, and probably what the hotel hands out in change for people asking for tip money. 10,000 for a big hotel doesn't go very far.

Some of the early ones were missing the text that is normally stamped into the coins' edge. I understand that those are quite valuable. I learned this AFTER handing out a couple rolls of them as change at a small airport gift store I operated briefly.

I have heard that in the event of monetary collapse such as Argentina had (was the country named for silver? Just realized as I typed that ARGENTina, ha ha) that as the decimal point moves to the left for notes (1.00 goes to .10, the coins move to the right i.e. .10 becomes 1.00)

I do not know if it is true, but maybe he's a prepper/hedger?

I'm betting tip money. I heard of a "gentleman's Club" that would get all the 2 dollar bills they could lay hands on. They did not give ones out as change, the 2's helped the dance.... errrr "entertainers" draw more money!

He should have bought directly from the US mint. You can buy at face, shipping is free and you can pay with a credit card and get the rewards points.

The intended purpose of the Circulating $1 Coin Direct Ship program is to make $1 coins readily available to the public, at no additional cost, so they can be easily introduced into circulation—particularly by using them for retail transactions, vending, and mass transit. Increased circulation of $1 coins saves the Nation money. The immediate bank deposit of $1 coins ordered through this program does not result in their introduction into circulation and, therefore, does not comply with the intended purpose of the program.

http://catalog.usmint.gov/webapp/wcs/st ... ifier=8100

aaa30040 wrote:He should have bought directly from the US mint. You can buy at face, shipping is free and you can pay with a credit card and get the rewards points.

The intended purpose of the Circulating $1 Coin Direct Ship program is to make $1 coins readily available to the public, at no additional cost, so they can be easily introduced into circulation—particularly by using them for retail transactions, vending, and mass transit. Increased circulation of $1 coins saves the Nation money. The immediate bank deposit of $1 coins ordered through this program does not result in their introduction into circulation and, therefore, does not comply with the intended purpose of the program.

http://catalog.usmint.gov/webapp/wcs/st ... ifier=8100

I'm too lazy to go find the earlier related posts, but there is a thread or two on this from some months ago. I was doing this regularly until I got side-tracked by the silver run-up. Cool thing about it is you can charge it to your credit card, get the points or miles on the card, there is no extra fee (contrary to some other advice given), and they deliver right to your box (though only if you get the smallest $250 amount - if you order larger sizes they hold them at the PO, so you have to make a trip). There is a maximum order per month, however. Don't remember what it is, but this guy may have been over it.

68Camaro wrote:I was doing this regularly until I got side-tracked by the silver run-up. Cool thing about it is you can charge it to your credit card, get the points or miles on the card, there is no extra fee (contrary to some other advice given), and they deliver right to your box

Fantastic idea! Now I'll have weekly dollar coin dumps to go with my pennies....

With the PayPal debit card you can get 1.5% cash back.

68Camaro wrote:

aaa30040 wrote:He should have bought directly from the US mint. You can buy at face, shipping is free and you can pay with a credit card and get the rewards points.

The intended purpose of the Circulating $1 Coin Direct Ship program is to make $1 coins readily available to the public, at no additional cost, so they can be easily introduced into circulation—particularly by using them for retail transactions, vending, and mass transit. Increased circulation of $1 coins saves the Nation money. The immediate bank deposit of $1 coins ordered through this program does not result in their introduction into circulation and, therefore, does not comply with the intended purpose of the program.

http://catalog.usmint.gov/webapp/wcs/st ... ifier=8100

I'm too lazy to go find the earlier related posts, but there is a thread or two on this from some months ago. I was doing this regularly until I got side-tracked by the silver run-up. Cool thing about it is you can charge it to your credit card, get the points or miles on the card, there is no extra fee (contrary to some other advice given), and they deliver right to your box (though only if you get the smallest $250 amount - if you order larger sizes they hold them at the PO, so you have to make a trip). There is a maximum order per month, however. Don't remember what it is, but this guy may have been over it.

The mint was also finding out that people were buying up the coins, charging to the CC, then dumping it into the bank before the CC bill was due and paying it off, accruing Airline Miles in the process. Either the Mint a/or the CC companies halted this process.

cesariojpn wrote:

68Camaro wrote:

aaa30040 wrote:He should have bought directly from the US mint. You can buy at face, shipping is free and you can pay with a credit card and get the rewards points.

The intended purpose of the Circulating $1 Coin Direct Ship program is to make $1 coins readily available to the public, at no additional cost, so they can be easily introduced into circulation—particularly by using them for retail transactions, vending, and mass transit. Increased circulation of $1 coins saves the Nation money. The immediate bank deposit of $1 coins ordered through this program does not result in their introduction into circulation and, therefore, does not comply with the intended purpose of the program.

http://catalog.usmint.gov/webapp/wcs/st ... ifier=8100

I'm too lazy to go find the earlier related posts, but there is a thread or two on this from some months ago. I was doing this regularly until I got side-tracked by the silver run-up. Cool thing about it is you can charge it to your credit card, get the points or miles on the card, there is no extra fee (contrary to some other advice given), and they deliver right to your box (though only if you get the smallest $250 amount - if you order larger sizes they hold them at the PO, so you have to make a trip). There is a maximum order per month, however. Don't remember what it is, but this guy may have been over it.

The mint was also finding out that people were buying up the coins, charging to the CC, then dumping it into the bank before the CC bill was due and paying it off, accruing Airline Miles in the process. Either the Mint a/or the CC companies halted this process.

It can't be true that the Mint or the CC companies halted the process because neither of them know what the purchaser does with the $ coins after procuring them. The Mint, for example, can't see inside my bank account. And since my checking account is with one bank and my CC with another, the CC company would also be clueless. Besides, all a person would need to do is deposit one dollar less or more than the $250 order amount and any snoopers would be thrown off the trail. Anyway, I have been an occasional purchaser of the coins which I use to buy gas and groceries. However, nothing would stop me from depositing the coins in my bank account if I wanted to.

cesariojpn wrote: The mint was also finding out that people were buying up the coins, charging to the CC, then dumping it into the bank before the CC bill was due and paying it off, accruing Airline Miles in the process. Either the Mint a/or the CC companies halted this process.

It says right on the mint's website they accept any card with a Visa/Mastercard logo as well as others. There is nothing they can do to stop this besides stop selling them. Max 4 boxes of $250 for every 10 days.

To think about it another way, using my PayPal card I can buy money from the mint at 98.5 cents on the dollar. Too bad I can't get pennies like that.