US Mint selling coins at face value. Possibly EV+++

[shadroch]

In order to get the $1 coins into circulation, the US Mint is now delivering coins to your door at face value. Minimum order is $250, and there is a $500 max, per coin. Shipping is via USPO and all orders are insured.
Whats the best way to exploit this?
I'm thinking order $25,000 on a credit card, turn them in to your bank the day they arrive, get a free roundtrip on a mileage card and having a three week float on the money.
A CC that paid 2-3% cash back would be nice, but I don't have one.
I'd imagine a bank would have to accept them, they are US currency.

[Guynoire]

It's possible to get interest free loans from a credit card, but as a word of caution if you read your credit card agreement pretty much every major credit card will charge you a ridiculous interest rate for what they call a "cash equivalent item." I'd buy the smallest amount and hope your credit card is too stupid to figure it out.

[johndoe]

The credit card % is key, as he said; if it's classified as a cash-equivalent transaction, it's a pretty big hit. I'd be surprised if the mint is eating the CC merchant charges. Certainly worth a look though.

[bjcount]

Originally Posted by shadroch

I'd imagine a bank would have to accept them, they are US currency.

I'd would be more surprised if you found a bank to accept even half of them. Why do you think the mint has so many..... because no one wants them, not even the banks.

I had US mint sealed canvas bags of $1000 state quarters a few years back. No one wanted them, not even the "too large to fail" country club of banks I had accounts with.

but maybe you'll have better luck.

BJC

[Automatic Monkey]

Originally Posted by bjcount

I'd would be more surprised if you found a bank to accept even half of them. Why do you think the mint has so many..... because no one wants them, not even the banks.

I had US mint sealed canvas bags of $1000 state quarters a few years back. No one wanted them, not even the "too large to fail" country club of banks I had accounts with.

but maybe you'll have better luck.

BJC

Obviously, if you know of a casino that still has coin slots you can bring quarters there.

Coins are legal tender, and the banks were probably disregarding the law for their own convenience by refusing your coins. If you were in the vending machine or laundromat business depositing bags of quarters would be a routine thing.

One thing you can surely do with them is pay a tax bill. There was a case where a guy paid a tax bill with cases of pennies, and the assessor had to accept the pennies but they sent the guy an additional bill for storing and transporting them. That shouldnt' happen with a bag of quarters though, as no special handling would be needed for that.

[bjcount]

Originally Posted by Automatic Monkey

Obviously, if you know of a casino that still has coin slots you can bring quarters there.

Coins are legal tender, and the banks were probably disregarding the law for their own convenience by refusing your coins. If you were in the vending machine or laundromat business depositing bags of quarters would be a routine thing.

One thing you can surely do with them is pay a tax bill. There was a case where a guy paid a tax bill with cases of pennies, and the assessor had to accept the pennies but they sent the guy an additional bill for storing and transporting them. That shouldnt' happen with a bag of quarters though, as no special handling would be needed for that.

one bag was used in slots... very slowly i should add.. you cant walk around with a $1000 bag of quarters which weighed about 50 lbs.

unless your willing to fight with the branch manager, many of them will not take in mass coinage unless its properly rolled and is a staple of your business as per your examples.. vending etc..

$25K in $1 coins will really be tough to move.

BJC

Edit:
Here is quote directly from a reliable source regarding your op:

"I know about this program and I have bought some of the coins. However, the Mint limits you to only $500 per dollar coin that they offer. I don't know if you can keep coming back to place separate orders for more and more of the same coins, but if you can, your idea is a good one. "

[shadroch]

The way I read the Mints restriction, it's $500 per coin, and there are currently about 16 coins available.There are 6-8 new coins per year.
I bought $500 that I intend to distribute and am talking to my cousins about buying a $1,000 for their bar.
In addition to trying to make an EV+ move, I'd really like to see the $1 coins catch on. Paper dollars have a useful expectancy of under two years, coins last many times longer. Canada banned the $1 bill a decade ago and it's worked fine.

[Brutus]

Shad, do you have a link to the mints offer?

[shadroch]

Go to the US MINT home page and click the $1 Coin Direct Program.

[rukus]

Originally Posted by shadroch

The way I read the Mints restriction, it's $500 per coin, and there are currently about 16 coins available.There are 6-8 new coins per year.
I bought $500 that I intend to distribute and am talking to my cousins about buying a $1,000 for their bar.
In addition to trying to make an EV+ move, I'd really like to see the $1 coins catch on. Paper dollars have a useful expectancy of under two years, coins last many times longer. Canada banned the $1 bill a decade ago and it's worked fine.

ive worked in canada for several months and let me tell you those loonies and toonies are a pain in the ass!!