Wednesday, December 3, 2008

Buying Dollar Coins From The US Mint - Free Shipping

Update 2: It seems like the Mint started speeding up their order processing times. While in the past it has been taking a few weeks to receive an order, lately it’s been arriving in just a few days! My shipments are being sent via UPS Next Day Air!
Update: The Native American coins seem to have a $5,000 limit, not $500.

A few people have been asking me about buying coins from the US mint.

Link to Dollar Coins from Mint

The US Mint is selling dollar coins at face value, with free shipping. You need to click through till the final checkout page in order to see the free shipping. This allows you to earn miles or cashback from your credit card, without actually spending any money.

Once you receive the coins, take them to the bank, deposit the coins in your bank account and use that money to pay your credit card bill, and 'pocket' any miles or cashback from the credit card. Or you can just pay your credit card directly with the coins, i.e if you have a Citi credit card, and a Citibank nearby, you can bring the coins in to Citibank and tell them you want to pay your credit card bill with these coins.

You can order up to $500 of each type of coin. As of now there are 5 different ones in stock, each with the face of a different President.
If you try to order more than $500 of one type of coin, your order will probably be canceled. If you want to order more then that, make sure to use a different credit card and a different shipping and billing address.

Carrying the coins to the bank can be a headache, so I wouldn't generally recommend it just to earn a few points from the credit card. If you need to reach a threshold in spending though, this can be a great way to do that.

I open a new Citi American Airlines credit card quite often, in order to get the signup bonus. You need to spend $750 before earning the 25,000 miles signup bonus. The coins are a quick and easy way to reach $750.

Note: When depositing the coins, Chase let me deposit everything at once without a problem. Apple Bank only allowed $250 a day. (Not that I recommend banking at Apple Bank to begin with.)

Original Post

3 comments:

levi said...

Yasher Koach! Great idea i am going to try it.

Levi said...

1 - is it a real pain in the neck to shlep $750.00 in coins to the bank??? 2- do they ask any awkward questions??
3 - how bout usbank? 4- how bout bank of america?

Shmuly - BuyRightSpendLess.com said...

Levi, sorry for the long delay.

1 - It's really a matter of opinion. $750 in coins weighs just over 14 pounds. So it would depend on how close you live to the bank, if you have a car etc.

2 - No, not awkward. Although they are often curious where it comes from. I would just tell them the truth. Never had a problem

3 and 4 - I never tried those banks, but from what I've read over at flyertalk and heard from people, you shouldn't have a problem.

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