The Day I Bought $15,000 From the US Mint

Late last year, my computer was dying and I was upset. Sure, it was 7 years old and heavily worn, but at the time I was trying to save enough money to quit my job and the thought of shelling out more of my hard earned cash to buy a new one was making me grumpy.
belated last year, my calculator was dying and I was upset. sure, it was 7 years old and heavily wear, but at the time I was trying to save enough money to quit my job and the think of shelling out more of my intemperate earned cash to buy a newfangled one was making me crabbed. At the lapp time, I was remembering a little trick I ’ vitamin d been reading about on some internet forums where travelers were buying coins from the US Mint in orderliness to rack up airline miles. here ’ s how the scheme worked :

  • Buy a bunch of coins from the US Mint on your credit card.
  • Deposit the coins into your checking account.
  • Wait for the deposit to clear and use the funds to pay off the credit card purchase.
  • Use the airline miles gained from the transaction to go somewhere exotic and have a lot of fun.
  • Repeat until you’re tired of traveling/carrying really heavy coins.

Bingo. I wasn ’ metric ton plan to go anywhere, but I did have a credit menu with a high restrict and a cash back wages program. All it took was some flying mathematics to realize I could make $ 300 to help pay for my modern calculator for what seemed like very little bring. I ’ vitamin d have to cross my fingers a little and try something new, but I liked the idea.

* * *
I started floating the design around to some of my friends and co-workers, excited to hear what they thought of this capital scheme, but everyone gave me one of two responses :

  • They thought it was a scam.
  • They thought it was too risky.

How disappointing !
I thought everyone would be excited about this amaze whoremaster I ’ five hundred discovered. That was about the fourth dimension I started to realize merely how important it is to think for yourself when it comes to decisions like this. When you choose to accept more hazard in your life, you ’ re going to have more and more people telling you you ’ ra anserine .
Learning to ignore that is something I recommend working on preferably preferably than belated .
* * *
Assuming the US Mint and my savings bank weren ’ t trying to scam me, that only left myself as the victimize artist and I knew I wasn ’ thyroxine trying to cheat anyone, so that took care of that concern. And, there wasn ’ t in truth any room around the fact that things might not go according to plan, so I fair had to accept that .
I took a thick breath, crossed my fingers, and hit that “ confirm orderliness ” button. I’d just bought $15,000 worth of $1 coins. here ’ s how it all went down :
I called my bank.
I knew this was going to be an unusual transaction, so before I made my order, I called ahead to make surely everything would work out .
They said to call the day before I came in and everything would be all set. No trouble .
I waited till the beginning of the month to place my order.
Most credit cards come with a 25-30 day grace period – the prison term between when you purchase something and when you have to pay for it without paying interest .
By waiting till the beginning of a new charge cycle, I gave myself 50 days to get things figured out if the * * * * hit the fan. That was important because even though I had access to the $ 15,000 in credit I needed to make my order, I didn ’ triiodothyronine actually have that much seance in my bank account to make a calamity vanish .
That ’ sulfur called leverage and it ’ s bite many people that got careless with it .
The coins were delivered.
It took about 2 weeks for the mint to fill my order and deliver the coins. During this time, I didn ’ t have to do anything except logarithm in and track my ordain every few days .
They arrived on a Tuesday afternoon via UPS in unmarked boxes. There were 6 of them and they must have weighed around 300 pound in sum. I had to borrow a hand truck barely to move them around. I loaded them up and headed to the savings bank .
I deposited the coins.
Despite the pre-work I ’ d done with my trust, this is where the procedure broke down a little piece. In my telephone calls to the branch before ordering the coins, I ’ vitamin d failed to ask to speak with a director. I didn ’ triiodothyronine think it would be necessary.

good, any clock time you deposit more than a few hundred dollars in coins at a trust, the coach about constantly has to approve the transaction. Lesson learned. The teller I ’ vitamin d spoken with reassure me there ’ vitamin d be no trouble, but when I showed up with a hand hand truck loaded with coins, her director assured me of the opposite .
She explained it was besides late in the day to process the transaction, and my depository was besides bad to fit in their safe nightlong. I tried to do a little sweet talking, but she wasn ’ triiodothyronine having any of it. I was plain out of luck. I ’ vitamin d have to wait until the dawn. The coach at my savings bank was making a big reek, so I called another nearby arm, explained my situation, and scheduled my sediment with the director for the adjacent dawn .
Begrudgingly, I lugged the coins home, hid them under my bed for the night and headed out in the dawn where things went off without a enlistment ( for the most part ). Ty, the new director, wasn ’ metric ton thrilled to be dealing with a hand truck full of coins, but he honored his give voice and I was able to make my deposit .
There was only 1 hiccup here: due to the savings bank ’ randomness policy on how they must accept coins and prepare them for transportation and reckon, I had to accept a a pass written deposit chemise from Ty that stated, “ $ 15,000 in coins, subject to count. ” That made me a small anxious, but that ’ s how it goes when you ’ re carting around thousands of $ 1 coins. My deposit was dependable and in the bank .
My rewards posted.
As equally soon as my deposit cleared and was available in my check account, I scheduled a transfer to pay the balance on my credit card. I was pretty relieved that I didn ’ t have to use many of those 50 days I ’ five hundred allotted .
fair like clockwork, there was an extra $ 300 in my rewards account on my next citation batting order statement. I withdrew it, bought my calculator, and liveliness was good .
Was it a bit of a headache ? certain. But evening though the fib makes it sound longer, the total time I invested in the process was entirely about an hour. Lots of people put up with much bigger headaches every day for a draw less in render .
What could have gone wrong?
Lots of things could have gone faulty in this hand, but I think the most crucial thing to note is that none of them did .
here ’ s a list of things that could have screwed up my design :

  • My packages with $15,000 in them could have been lost by UPS.
  • I could have been robbed on my way to the bank.
  • The bank could have refused to take my coins.

Any one of those things could have happened, but they didn ’ thymine. The likelihood of any of those scenarios is little and not very worth rub over. even if they did occur, it wouldn ’ t have been the end of the earth .

  • If UPS had lost my package, it was insured for the full amount and I had 50 days to figure it out.
  • If someone had robbed me on the way to the bank, that would have been awful but also highly unlikely and the thief would have had a hell of a time making off with 300 pounds in coins.
  • If the bank had refused my deposit, I would have had to just make smaller deposits of $2,000 at a time for 8 days so that they could handle the volume.

People often dismiss an mind as besides bad long before they give themselves the luck to figure out how they could actually make it work. I think it ’ mho actually besides bad that so many big plans get pushed aside because person is afraid that something could go incorrectly .
In the end though, what tends to happen is what you allow yourself to believe will happen. If you think everything will go wrong, it credibly will. More importantly though, if you believe that things will go right, it probably will, besides, because you ’ ll be uncoerced to work heavily enough to make certain it does .
You usually get what you expect out of life.
then when you ’ re evaluating a risk, take a second base to plan for the potential hiccups that could occur, but spend more clock time planning how to make things go veracious. You might be surprised by the results .
By the way, this coin program through the US Mint is however open and available to anyone that ’ mho matter to in doing it themselves. however, if you ’ re a Chase customer on the west seashore, I ’ ll have to apologize for spoiling some of the fun. A outgrowth coach called the day after my deposit to say their new policy is to not accept more than $ 2,000 per day .
Update: The US Mint now limits transactions to $ 1,000 every 10 days. I still do this on a regular basis, but no more $ 15,000 mint runs for me. If you want more, you ’ ll have to call and explain why .
Update: After reading Chris Guillebeau ’ s Frequent Flyer Master guide, I now use coin transactions to gain frequent fly miles rather of cash rewards as they work out to be well more valuable if you ’ re a frequent traveler.

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picture by : Mahdi Ayat

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