![]() ![]() To encourage robust national circulation of $1 Coins (non-numismatic, circulation-grade coins), the United States Mint has introduced the Circulating $1 Coin Direct Ship Program. Get your cashback from your credit card.Pay your credit card bill with the money at your bank.Pay with your cash rewards credit card.Order $250 or $500 in presidential dollar coins. ![]() We’re in luck! There is a new way, courtesy of the U.S. In the olden days you used to be able to use savings bonds to do the trick, but that loophole is long gone. If you aren’t charged any fees and the transaction qualifies for rewards it’s free money! If only there was a way to buy money, get your cash reward, then deposit the money at the bank and repeat. I’m guessing that most of you by now have a cash rewards credit card. Mint makes it possible!) Earn Credit Card Rewards by Buying Cash On Jthe U.S.Well not exactly, but it’s pretty close! It does require a little bit of work though! (And the free money is actually from your credit card… but the U.S. Remember, they are just carrying out the marching orders of the politicians which enacted this silly dollar coin initiative. However without a law on the books to stop such schemes, it wouldn’t be fair to blame the U.S. Mint, they did try and crack down on these practices by mailing out letters and doing their best to stop shipments to the biggest abusers. The system was set up to promote the use of dollar coins and we are simply trying to do the right thing here." That's not what the system was set up to do. Mint was quoted as saying "It's not illegal," he said, "But it's an abuse of the system. Not specific to any one incident but rather the practice in general, a spokesman for the U.S. When all was said and done, his total rewards bounty had a value which was tens of thousands of dollars. When he fancied cash back, he initially used the Chase Freedom but quickly switched to the Fidelity card programs since they offered much higher rebates. He preferred airline programs which offered additional cards (under different names) at no cost, such as what the United Airlines credit card offers. To further mask his identity, the man allegedly had a portfolio of different credit cards to use for his orders. Mint quickly placed restrictions on how many and how often a given person could buy, this man claimed to have a vast network of friends, family members, and personal mail boxes to accept his constant flow of deliveries. However the most outrageous story CreditCardForum has heard was from a man who reportedly ordered over $2,400,000 worth of dollar coins in total, since the inception of the program. One forum poster even directed the shipment of coins straight to the bank whom his mortgage was with, so he didn’t have to “hassle with hauling them over myself, because I have a bad back.” In a nutshell, he’s pointing out that by law, folks are allowed to pay debts such as their car payments using crates of coins, if they wish to do so. Wal-Mart doesn't have to accept them for a real-time purchase, but the county tax collector or or the lender of your car note DOES have to accept them).” “…the Coinage Act of 1965, which states that any DEBT can be paid with any legal tender US currency. “My partner and I will be departing on a luxury first class vacation in the French Riviera using this frequent flyer miles strategy!” exclaimed a poster on CreditCardForum discussing the dollar coins.Īnother poster replies with this clever piece of advice: A whole cottage industry emerged, concocting schemes to buy (and quickly return to banks) the massive shipments of dollar coins, while keeping the cash back and miles earned through their credit cards. With free shipping and credit card payments accepted, you can guess where this story is heading. Mint launched a “direct ship” program in June 2008, to sell the coins to the public. However there is a segment of the population that happens to love these coins and that all started when the U.S. Not surprisingly, this has resulted in an ever-growing stockpile of the unwanted dollar coins – presently around $1.2 billion of them, according to NPR. Like most government programs, they forgot to address the basic question “Do people actually want a clunky pocketful of coins?” But instead of asking that, they thought it would be best to just shove ‘em down our throats and hope for the best. ![]() Account icon An icon in the shape of a person's head and shoulders. ![]()
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