Yesterday, I heard this story on NPR about how the government has a surplus of dollar coins. It turns out that Congress passed a law some time ago requiring the US Mint to produce coins depicting each President as well as Sacagawea, the teenage Native American guide to Lewis and Clark. These coins are less expensive to produce and maintain since bills wear out and need to be replaced. Unfortunately, these coins have not been entering circulation as fast as they had hoped and are now languishing in vaults.
How You Can Help
I have long been a fan of these coins as well as US Mint’s $1 coin direct ship program. This remarkable program allows you to order coins from the Mint’s web site using your credit card. The best part is that the coins are sold at their face value and there is no shipping charges! As with any online order, you pay for these with your credit card. These charges always appear just like any purchase, so that you can earn miles or cash back. Before you decide that this is a great way to make a profit off of Uncle Sam, consider the following: You can only purchase $1,000 worth of coins every 10 days, and the terms of the sale indicate that their intent is not to have the product immediately deposited in your bank. Finally, many banks do not enjoy large coin deposits.There are stories of people who order huge quantities, but I can’t recommend that. In fact, some banks will even close your account if all you do is order coins.
What you can do is order these for your day to day use. Most vending machines and parking meters now accept them. Once you start handing them out, it gets addictive. People love receiving them and always ask me where I got them. When I travel to other countries, I find that they make much more frequent use of coins, many of which are worth more than a dollar. It is very easy to leave a handful of dollar coins in my ash tray in my car rather than dozens of quarters. Certainly, I would never leave any amount of bills laying around.
How This Benefits You
Many credit cards require a minimum amount of spending to earn a reward. If you simply are not able to purchase anything before that spending deadline, ordering coins is a great way to go. This way, you will meet the bonus while retain the cash for later use. Coins also make for great gifts. When they come straight from the mint, they are always in rolls and often uncirculated. Instead of handing someone old, dirty bills, a shiny gold dollar coin is much more pleasant alternative.
What To Do
Go to the Mint’s Web site, and look for the $1 direct coin ship program. Choose the Native American coin or one of the Presidential coins that have already been released. Understandably, the more popular presidents are less likely to be in stock. You can order in increments of $250, up to $1,000 at a time. Your order will usually arrive within a week, shipped via overnight mail. Store your coins in safe place and enjoy spending them.
It is rare that you can do something to help the government and yourself at the same time. By ordering coins from the Mint, you can boost your credit card points and miles while having an interesting conversation starter every time you pay for something.
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