US Mint Circulating $1 Coin Direct Ship Program Update
Last September I detailed the process of buying coins from the US Mint using a rewards credit card and their free direct shipping program. You take the coins and put them in your money market account where you gain interest on the float while you wait for your credit card statement then pay off the balance in full using the coins you bought. Eight months have passed, and it’s time for an update.
First, it’s been a pretty lucrative endeavor. Aside from a few strange looks from the tellers, I never have any problems with the deposits. I don’t think they necessarily appreciate 40lbs worth of coins, but at least they come wrapped. Here’s a table of my purchases:
|Month||Purchase Size||Rewards||Est. Interest|
So, in 8 months I’ve made about $250 through this program. Not bad. That’s a lot of groceries.
However, there has been a recent change in the program. I have to believe it came about largely through this December Wall St. Journal article where it was detailed how airline miles chasers bought tens of thousands of dollars worth of coins in order to get elite status on their favorite airlines. That article made me feel so small-time in comparison. It also caused the US Mint to add the following disclaimer to their purchase program: “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.” Based on this ethical reasoning, I will no longer be participating in the gaming of this program. I know others won’t stop, but this is right decision for me.