How to Make Money buying Coins from the US Mint - Get Credit Card rewards on Cash Purchases!
So maybe you have heard about this and maybe you have not. There have been a few articles out there and there are numerous forums that discuss it, but as far as I know, there is no short, sweet, "how to". So here we go!
The US Mint and US Treasury want to replace the $1 bill with $1 coins. Makes sense and it will save us all money as coins last MUCH longer than paper currency. Ok, so unless you are a stripper you probably do not have a problem with this right? I sure don't!!!
Well, most banks are fighting it as apparently it takes more space and money to transport and store all those coins than the comparable $1 paper bills. So the banks do not want to play ball and are not helping to distribute the coins into circulation. So the Treasury decided to get all 21st century on everyone and offer the coins for sale to the general public. Not only can you buy them ,but you can use a credit card to do so and the shipping is free!! I have been doing this for a little over a year, keep reading to find out why.....
I am one of those people who pay off my credit card EVERY month BUT who tries to use my credit card for every possible purchase in order to get my 1% back and/or miles. I usually make enough to have a free plane ticket every year. However, there are tons of places that I can not use credit cards (tips, some gas stations such as AM/PM and ARCO, the cheapest grocery store in my area, parking meters etc.) So I decided to order some coins as I would get my credit card rewards when I ordered them and then use the coins to pay at those places that do not take credit cards...you follow me so far??
This limited amount works well for me, but I know that some people have been buying the coins and depositing them directly with their bank, then using the deposits to pay off their credit card. Repeat often enough and you can REALLY rack up some serious points/miles/cashback. The program says that it is NOT supposed to be used for this purpose, but I would say that an occasional deposit of a few hundred coins would not matter. I have also found that several of the places where I use them really like the coins and I have off-loaded around $3000 worth by trading them for normal cash, which is VERY easy to deposit at the bank.
Ok, so you get the idea. Now lets go through the steps. This information has been compiled by reading HUNDREDS of pages of forum postings as well as my own personal experience, so you probably should listen to me on this.
Step #1 - Go to http://www.usmint.gov/
There is a limit to your ordering ability. This limit has changed, but looks like it is currently a 4-box $1 Coin limit for every 10-day period on any and all $1 Coin orders. This means that you can order $1000 worth every 10 days ad there are 5 of the $25 rolls per box = $250 per box.
Step #2 - Go to " $1 Coin Direct Ship" Select your coins and go to checkout. It will say that there is a $4.95 shipping fee, but this will be waived on the last screen. The coins ship UPS overnight and require a signature so make sure there are going to a place where they can be signed for.
Step #3 - DO NOT TRY TO DEPOSIT THEM ALL AT THE BANK!! You might get the first deposit through, but, trust me, they will start getting annoyed and asking all kinds of questions if you try to bring too many in too often. A good rule of thumb is try not to drop off more than $500 to $750 at one branch at one time. DO NOT allow them to make you use the coin counting machines as they are NOTORIOUS for miscounting and jamming. Chase seems to be ok with these and if you spread them around you can probably move a decent amount through their branches. I am a big fan of asking the stores I shop at if they want them as I have had MANY want to trade cash for the coins.
Step #4 - DO NOT try to order a ton of these on a brand new card or on a card that you do not use for anything else as people have had their cards closed for that. I use my normal credit cards that I use all the time and have never had a problem with them.
At the end of the day, we are providing a service by getting these out into circulation. Get creative with it! I have been getting the $1.50 hot dog and soda at Costco and use my coins religiously there! I use them to tip valets and tip at Starbucks and everyone seems to love them!
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