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Mint tries new Presidential tack

Complaints by collectors that their banks do not get examples of new Presidential dollar coins as they are issued seem to have resonated at the Mint.

Yesterday, it announced a new program that allows banks and retailers and even members of the public to bypass the normal banking coin distribution system to get the coins directly from the Mint.

There are limitations. The quantity is limited to 500 coins per Presidential dollar issuing period, the coins will not be separated by mintmark, and I presume, no special care will be taken to keep the coins looking good.

The initiative is called the $1 Coin Direct Ship Program. The coins are packaged in box quantities of 10 rolls totaling 250 coins.

The minimum order is one box and the maximum is two.

Would be buyers are directed to the Mint’s Web site at http://www.usmint.gov/$1coin. The boxes may also be ordered by telephone at (800) USA-MINT.

The Mint pays standard shipping costs. It will charge buyers for shipping only if special handling is required.

This program is not intended to run around special collector issues, though undoubtedly some individuals might give these boxes a whirl precisely for that reason.

Also, it will be interesting to see how many banks take advantage of the opportunity now that their standard excuse of not getting Presidential $1 coins from their armored car service is removed.

Kudos to the Mint for the effort.

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3 Responses to Mint tries new Presidential tack

  1. Bill Rummel says:

    What is the cost to the Mint to produce each dollar slug?

  2. Scott in DC says:

    The Mint also does not say whether the rolls will be mixed mint marks, rolled separately, or pot luck.

    The reason why banks want just a few rolls are for the collectors who walk into the banks asking for rolls. Otherwise, these things are not circulating and there is no need for the banks to order more.

  3. Coin Update says:

    I hope the Mint publicizes the new program to smaller banks and businesses so they can take advantage of it. I haven’t seen any publicity for the program outside of the press release and mentions in coin related sites.

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