February 23, 2011 | perivision | 2 Comments Page 1 Page 2 Go to bank Present credit card Ask for $1000 in cash. Get $1000 in cash Pay credit card bill of $1000 + super cash advance high rate of interest (25%). Now a U.S. Mint cash advance: Go to U.S. Mint website. Enter Credit card information Ask for $1000 in coin Get $1000 in coin (5-7 days later) Pay credit card bill of $1000 + low purchase interest rate ( 0% if you pay in full ) Get cash back from credit card company for “purchase” This is also a great deal for the U.S. Government as well: The intended purpose of the Circulating $1 Coin Direct Ship program is to make $1 coins readily available to the public, at no additional cost, so they can be easily introduced into circulation—particularly by using them for retail transactions, vending, and mass transit. Increased circulation of $1 coins saves the Nation money. 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. According to the Bureau of Printing and Engraving, $1 bills last only 42 months in circulation: Denomination Life Span (months) $ 1 42 months $ 5 16 months $ 10 18 months $ 20 24 months $ 50 55 months $100 89 months A $1 coin will last 25 years, 7 times longer than a $1 bill. This lifespan difference would mean that replacing the $1 bill with the $1 coin would save the U.S. government $500 million, however: The Government Accountability Office’s (GAO) stated potential [ANNUAL] savings of up to $500 million in a report issued in September 2002, which was calculated on the premise that the U.S. government cease production of the paper dollar bill. However, the Native American $1 Coin Act of 1997 and the Presidential $1 Coin Act of 2005, which authorize both the Native American $1 Coin and the Presidential $1 Coin, do not call for the elimination of the paper dollar which is produced by the Bureau of Engraving and Printing. Consequently, dollar coins and dollar notes co-circulate in the marketplace. (Update: ANNUAL was confirmed with a tweet from us mint) Unfortunately, Safeway is not helping. My local Safeway is just sending the $1 coin back to the bank. This is my letter to them. The US Mint is trying to increase the circulation of the $1 Coin through the $1 Coin Direct program. ( http://catalog.usmint.gov/webapp/wcs/stores/servlet/CategoryDisplay?langId=-1&storeId=10001&catalogId=10001&identifier=8100 ) On this page, the U.S. Mint states: “The intended purpose of the Circulating $1 Coin Direct Ship program is to make $1 coins readily available to the public, at no additional cost, so they can be easily introduced into circulation—particularly by using them for retail transactions, vending, and mass transit. Increased circulation of $1 coins saves the Nation money.” ($500 million according to https://answers.usmint.gov/app/answers/detail/a_id/164 ) I have spent numerous $1 coins at my local Safeway and other retailers. However, I recently discovered that my local Safeway is taking the $1 Coin OUT OF CIRCULATION by continuously not using the $1 Coin for change. I urge Safeway to change this policy. I furthermore urge that the automatic change dispenser be altered so as to issue $1 coins in addition to the quarters, dimes, nickels and pennies. Please help save our government money and use the $1 coin as currency! One final note, do NOT help out the U.S. Mint by destroying $1 bills, it looks to be illegal (18 U.S.C. § 333 : US Code – Section 333: Mutilation of national bank obligations): Whoever mutilates, cuts, defaces, disfigures, or perforates, or unites or cements together, or does any other thing to any bank bill, draft, note, or other evidence of debt issued by any national banking association, or Federal Reserve bank, or the Federal Reserve System, with intent to render such bank bill, draft, note, or other evidence of debt unfit to be reissued, shall be fined under this title or imprisoned not more than six months, or both. This entry was posted in political, random silliness, rants. Bookmark the permalink. Page 1 Page 2 Share and Enjoy !Shares ← Previous page