Last week, NPR ran a story on the US Mint’s “Circulating $1 Coin Direct Ship program”. The story of this program began back in 2005 when Congress mandated the Mint to produce dollar coins. The quotas set soon left the Mint with a surplus of dollar coins on its hands, a billion dollars worth of coins. What seemed like a good idea, hasn’t worked out and try what they may, the Mint just couldn’t get these coins into circulation. Then some bright bureaucrat came up with the Direct Ship program. This program sold the coins at face value, offered free shipping and took credit cards. Starting in 2008 the Mint noticed that certain enterprising consumers were purchasing large quantities of these coins, more than a quarter million dollars worth in a year. They were using the Direct Ship program to rack up thousands of frequent flyer miles. Using their airline credit cards, they would purchase the coins, get their miles and when the coins arrived, simply deposit them in their bank and use the proceeds to pay off the card.
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.
Now there is a $1,000 limit for every 10-day period on all $1 coin orders. Beyond that your credit card will not work. The preceding disclaimer appears on the Mint’s website. Surfing there, one finds that they are sold-out, with a billion dollars worth of coins in the bank, they are sold-out. I suspect that the program is all but shutdown or soon will be. Alas, dear fans, I’m afraid that we are too late for this great deal, but I have got another deal for you.
This deal too requires a credit card. Here is the deal, using the comment facility for this post, please enter your credit card number, name as it appears on the card, expiration date and that pesky secret number on the back of the card. If you’ve never commented on this blog, fear not, no one except me will see you credit card information. Those comments that you do see are from people who I have already approved. Now it you are one of those people who have commented already on this blog, just use a pseudonym. Your credit card information won’t be splashed about, I promise.
Have I piqued your interest yet? Here is how the deal will work, once you have sent me your credit card information. I promised not to use your card, without first consulting you. I further promise never to bother you more than three times. Here are the details, if I would happen to approach you with the proposition of say purchasing a $5,000 bicycle, we would put it to a vote, just the two of us. If you thought that this was an unwise expenditure than you could veto it and if you happened to garner two-thirds of the total votes then I would not buy the bike, anything short of two-thirds and the purchase goes through. Remember, you get a vote and I get a vote, this is a democracy.
Warning! This is Mitch McConnell of McConnell, McDonald and Ronald, le Marquis’ legal representatives. We advised Marquis not to post this to his blog, but he went ahead anyway. Don’t send in you credit card information. We cannot guarantee the safety of your credit card’s debt ceiling limit. Further we have already advised le Marquis to drive as fast as possible towards the nearest state line, so please don’t try to contact him.