US mint

[purple monkey]

Has anyone bought coins from the mint and redeposit them to their bank?
Can you make any money on cashback rewards?
TIA

[johnny847]

http://www.businessinsider.com/us-mint-ends-the-dollar-coin-scam-for-airline-miles-2011-7

[Full Beard]

I did it for awhile before I knew about credit card churning.  I was just using my regular rewards credit card and getting points but not big initial bonuses.  At the time I think there was a limit of $2,500 of the Native American $1 coins per household.  It did feel a little weird taking the rolled coins straight to the bank in the same box the US Mint sent them to me in.  They offered the free shipping and the coins were sold at face value.  They quickly shut that down. 

[neophyte]

How was it shut down? Does this still work if I can go to the mint in person?  (Unfortunately, I can't go to my bank to deposit the money)

[bacchi]

The Mint stopped accepting credit card payments for $1 coins.

[TheViking]

NVM

[bacchi]

<spam link>

This is where I buy my coins. I use Paypal Credit, which if you spend over $99.00 it is no interest and no payment for 6 months.  I don't buy a lot, but my friends that do use this method and this company.  I have a friend that works there too that really likes the company.

Those aren't the coins we're discussing.

[JAYSLOL]

Has anyone done this with the Royal Canadian Mint?  They have $20, $50, and $100 (face value) silver coins which can be bought at face value with free shipping, and i assume you could purchase them with a CC and then walk into a bank and deposit them or get cash back.  Now i'm very temped to try this out :)  Muhahahaha

[ShoulderThingThatGoesUp]

A relative of mine used to withdraw $50 in half-dollars from banks every so often and go through it to find the silver ones, which he sold for more than face value. A little more effort than buying and depositing immediately. I think enough people were doing that that it became no longer worth his while.

[TheViking]

Those aren't the coins we're discussing.

Thanks! Sorry!

[johnny847]

Those aren't the coins we're discussing.

Oh, well please enlighten me then.

You could read the other posts on this thread.

http://www.businessinsider.com/us-mint-ends-the-dollar-coin-scam-for-airline-miles-2011-7

[TheViking]

Appreciate the input.

[johnny847]

Great, thanks. Friendly bunch.

So now that the OP knows that you can't do what he was originally asking, they may find my post interesting.

Only responding to the sass in

Those aren't the coins we're discussing.

Oh, well please enlighten me then.

[TheViking]

Actually, it was a serious request. I honestly didn't understand what the OP was after, I'm not a pro in the financial realm and thought he was just trying to buy mint coins and make some money, so I didn't understand. ;)

All good, just needed clarification.

I'll take my nose out of this thread. :)


Thanks,
Mike