Prez $1 Direct Ship Program Leads To Free Flight To Tahiti

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Author	Replies: 3 / Views: 2,463
biokemist6 Bedrock of the Community United States 12437 Posts	Posted 12/07/2009 4:15 pm At least several hundred mile-junkies discovered that a free shipping offer on presidential and Native American $1 coins, sold at face value by the U.S. Mint, amounted to printing free frequent-flier miles. Mileage lovers ordered more than $1 million in coins until the Mint started identifying them and cutting them off. Coin buyers charged the purchases, sold in boxes of 250 coins, to a credit card that offers frequent-flier mile awards, then took the shipments straight to the bank. They then used the coins they deposited to pay their credit-card bills. Their only cost: the car trip to make the deposit. http://online.wsj.com/article/SB126...od=yhoofront Report this Post to the Staff

rustyboy Valued Member United States 278 Posts	Posted 12/07/2009 4:42 pm I don't know what to think of this. At first I laughed at the fact that it has taken officials so long to realize that this was happening. Then I was sad that these dollars are back sitting in bank vaults. Then I was mad that it has taken officials so long to realize this was happening. Report this Post to the Staff
trdhrdr007 Pillar of the Community United States 2335 Posts	Posted 12/07/2009 4:48 pm I belong to a real estate investing forum. A few months ago someone started a thread about what other things people were doing for spare cash. One of the posters said they had a credit card that offered 2 or 3% cash back, & that they had been buying the direct ship dollars from the mint, cashing them in & collecting the rebate. I know 2-3% doesn't sound like much, but this guy claimed he was ordering $10-15,000 worth of coins weekly for an average profit of $300/week. Report this Post to the Staff
DNA Pillar of the Community United States 2734 Posts	Posted 12/07/2009 7:03 pm Give people an inch and they'll take ~~a mile~~ miles... Quote: rustyboy: Then I was sad that these dollars are back sitting in bank vaults. Actually, they were sitting in the Mint's vaults before they were bought... This is a good news/bad news situation for the Mint: They got to move out a ton of Dollar coins that they otherwise would not have. But, the more Dollar coins that are sitting in bank vaults, the less of them will be ordered from the Federal Reserve by the banks, so... There will be lower mintages of Dollar coins and collectors will take more interest in the low-mintage coins.... Edited by DNA 12/07/2009 7:13 pm Report this Post to the Staff
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