Author Topic: Dollar Coins from US Mint at face value with Free Shipping  (Read 121085 times)

Offline LAXtraveler

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #340 on: July 13, 2011, 08:11:16 PM »
This has probably been talked about in the length of this thread, but seeing as many of the commentators on the NPR story have mentioned it... there is a strong argument to be made that by taking the coins and putting them right in the bank you are violating the terms and purposes of the program (arguable obviously since you might want to say taking them to the bank is putting them in circulation).

Assuming this is against the terms, do you think most poskim would find it ethical OR halakhic to do this?
Ethical = because it doesn't violate the rules per se, but is definitely not in their spirit.
Halakhic = because it could 1) be a violation 2) Hillul Hashem if many Jews are doing it or 3) arguments about stealing from US taxpayers who foot the bill

Just a conversation piece. Not sure what the right answer is.

Offline Dan

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #341 on: July 13, 2011, 08:15:55 PM »
Officials there first noticed something amiss in summer 2008, when they saw that a small number of customers were repeatedly ordering large numbers of one dollar coins. The top 20 customers bought between $219,000 and $696,000 worth, says Mint spokesman Tom Jurkowsky...Jurkowsky said the Mint sent letters to the top abusers
I plead the 5th...
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Offline gozalim

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #342 on: July 13, 2011, 08:21:08 PM »
each article repeats that it is NOT illegal (but violate sthe terms of the program)
Whoa!  $284 million in $1 coins!!! Anyone care to estimate what that cost the mint in shipping, handling, and CC processing? Must've cost them a small fortune. What a blatant waste of taxpayer dollars (pun).
according to the wsj article reffered to in the npr article, shipping is about 1.2% (250 coins for $3) and CC processing doesn't get billed specificaly (what ever that means)
=$3,408,000 in shipping fees

Offline Smokey Joe Robinson

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #343 on: July 13, 2011, 08:21:57 PM »
I plead the 5th...
Wow thats a lotta kesef going in circles
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Offline AsherO

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #344 on: July 13, 2011, 08:23:38 PM »
I plead the 5th...

You did more than $219k or more than $696k? :o
« Last Edit: July 13, 2011, 08:27:34 PM by AsherO »
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Offline Smokey Joe Robinson

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #345 on: July 13, 2011, 08:25:30 PM »
You did more than $219k or more than $696k? :o
you quoted the wrong guy, Im innocent your honor  ::)
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Offline Dan

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #346 on: July 13, 2011, 08:26:46 PM »
You did more than $219k or more than $696k? :o
More than 219 and got the letter.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Smokey Joe Robinson

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #347 on: July 13, 2011, 08:28:07 PM »
More than 219 and got the letter.
How many miles/points was that worth? (assuming sign up bonuses were included)
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Offline myb821

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #348 on: July 13, 2011, 09:00:31 PM »
thats crazy u were one of the top 20

Offline HSS

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #349 on: July 15, 2011, 02:14:17 AM »
More than 219 and got the letter.

Did you hire people to schlepp all those boxes to the bank / banks?

Offline AsherO

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #350 on: July 15, 2011, 02:18:57 AM »
Did you hire people to schlepp all those boxes to the bank / banks?

No, this is Dan's exercise.
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Offline Deal Guy

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #351 on: July 15, 2011, 03:06:13 AM »
No, this is Dan's exercise.
His wife made him do it. She said, I'm shlepping for 9 months, now you go out and shlep and earn a living. :P

Offline Nitantnel

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #352 on: July 17, 2011, 08:28:57 AM »
WOW DAN! You're a real hustler!
BTW, does the letter stop you form doing it, or it's just to scare?

Offline shidduch

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #353 on: July 17, 2011, 02:51:15 PM »
man i did 10k and its a major pita 209k now thats hard work.  Your bankers must love you.  its funny with some banks they could care less but some banks get very annoyed.,  its varies from branch to branch

Offline elikay

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #354 on: July 17, 2011, 04:16:27 PM »
man i did 10k and its a major pita 209k now thats hard work.  Your bankers must love you.  its funny with some banks they could care less but some banks get very annoyed.,  its varies from branch to branch
IME in the beginning they find it amusing, as time went on not so much... it depends how many people would come to that branch. I started to go to a different branch every time.

Offline Dan

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #355 on: July 17, 2011, 11:04:38 PM »
Eventually I had accounts with 9 banks and burned my bridges with most of the branches in the area...wasn't too disappointed to get the letter and take it easy.
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Offline madopo

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #356 on: July 22, 2011, 12:37:26 PM »
According to a customer representative,they cancelled the program for cc and debit cards as of today.From now on only via check/wire transfer. He said the cc companies pushed them to shut it down,because of the "airline mile thing" . Can you purchase a money order with a cc ? ;)

Offline Daniel

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #357 on: July 22, 2011, 12:45:18 PM »
Can you purchase a money order with a cc ? ;)

Ha, you wish. If you could, everyone here would have millions upon million of miles. Dan would probably have billions. There was a point in time travelers checks worked- but those are long gone.

Offline springles

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #358 on: July 22, 2011, 01:33:43 PM »
According to a customer representative,they cancelled the program for cc and debit cards as of today.From now on only via check/wire transfer. He said the cc companies pushed them to shut it down,because of the "airline mile thing" . Can you purchase a money order with a cc ? ;)
So it wasnt even the government that wanted to shut it down.  They were just giving in to the credit card companies.  Thats hilarious since the gov't was losing tons of money too and getting nothing out of it as it was never really put into circulation.   

Offline AsherO

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Re: Dollar Coins from US Mint at face value with Free Shipping
« Reply #359 on: July 22, 2011, 01:38:35 PM »
According to a customer representative,they cancelled the program for cc and debit cards as of today.From now on only via check/wire transfer. He said the cc companies pushed them to shut it down,because of the "airline mile thing"

If all this is true then the government is going to have an even harder time circulating these.

Also, why would the CC companies care? I assume they are charging the government for the CC processing, no?

The upside is that while the dollars they print keep losing value, the metal in these coins (and any other commodities) they are hoarding are going up in value every day.
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