The United States Mint is offering $1 coins at face value with free shipping through their Circulating $1 Coin Direct Ship Program. The intend of this program is to introduce the coins into circulation.
Many people have taken advantage of this by this deal by ordering with their credit card and reaping in the rewards, such as miles, points and cashback.
Some people have abused this program by ordering a large amount of $1 coins and immediately depositing the coins to their bank accounts, and thereby rack up the rewards on their credit cards. As a result, Mint added restrictions on the quantity that can be ordered, a 4-box limit per order, each box contains 250 coins. On Mint’s website, they have also added a statement:
“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.”
I first learned about the Mint $1 Coin Direct Ship Program back in August 2008 and ordered 750 $1 coins: 250 George Washington coins, 250 Andrew Jackson coins, and 250 James Monroe coins. The coins come in rolls of 25 $1 coins, for a total of $25.
I showed the coins to my friends and they were interested in them. They bought rolls from me at face value and asked to buy new rolls again when I get new coins with different presidents. I save a few rolls for myself as part of my coin collection. As of this writing, there are only seven different faces of the dollar coins. I expect there to be more variety over time.
In May 2010, I saw a post on the Internet about the Mint $1 coin program. I placed an order for $500 worth of the 2010 Circulating $1 Coin Direct Ship Rolls – Native American coins. The coins arrived two weeks later. The shipment contains two boxes, each box holds ten rolls of 25 coins.
I traded some of the coins for cash at face value from my face. I saved a few rolls for myself and spent most of the coins. Many stores take the coins to my surprise, but then it is legal tender, so I don’t see why not. I have found many interesting ways to spend the coins. The best way is to put down a few rolls of wrapped dollar coins for dinner bills with a group of people. However, carrying many rolls of coins can get heavy.
I plan to order more coins in the future, so I’ll use this post to keep track of the dollar coins and the amount of coins I have ordered, listed in dollar value below.
US MINT $1 COIN ORDERS PLACED AND DELIVERED
Aug 2008: $750 (George Washington, Andrew Jackson, James Monroe)
May 2010: $500 (Native American N04)
Jun 2010: $1,000 (James Madison, Thomas Jefferson)
Jul 2010: $2,000 (Andrew Jackson, John Adams, James Madison, Native American)
Aug 2010: $1,000 (Sacagawea)
Sep 2010: $1,000 (John Tyler, James Polk)