Obituary: US Mint Will Not Accept Credit & Debit Cards For $1 Coins

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Obituary: US Mint Will Not Accept Credit & Debit Cards For $1 Coins

Million Mile SecretsObituary: US Mint Will Not Accept Credit & Debit Cards For $1 CoinsMillion Mile Secrets Team

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Million Mile Secrets reader Missy (thanks, Missy!) alerts us to some sad news.

The US mint is NOT going to allow purchases of $1 coins via a credit card or a debit card. 

However, you can still purchase $1 coins by cash, check, or wire transfer, but I suspect that there won’t be a lot of folks signing-up to do that.

The day of reckoning is upon us!  But just as one door closes, another one will open.

Here’s what the statement on the mint’s website says (bolding mine):

“The Mint has determined that this policy change is prudent due to ongoing activity by individuals purchasing $1 coins with credit cards, accumulating frequent flyer miles, and then returning coins to local banks. Local banks, in turn, returned coins to the Federal Reserve. While not illegal, this activity was a clear abuse and misuse of the program.”

I guess the mint doesn’t want to help us meet our minimum spend on credit cards or get lifetime American Airlines status any longer.

I also don’t understand why the note mentions “frequent flyer miles” and not the enterprising folks who used cash back cards to rack up cash.  Perhaps we just got more publicity out of it!

It goes on to say:

The Mint has undertaken several aggressive internal and external actions to mitigate this issue, including restricting chronic and repeated use of credit cards, contacting customers who frequently placed large numbers of orders to ensure they were using the coins for legitimate business purchases, and other measures. While these measures eliminated a significant amount of misuse in the program, we believe some abuse still exists. Eliminating the credit and debit card purchase of the $1 coin is the next step in our efforts to root out abuse in this program and ensure it is better targeted toward fulfilling its intended purpose—which is to get the $1 Coin into greater circulation.

Fair enough.  It is the mint’s prerogative to take measures to accelerate the introduction of the $1 coin.  And there certainly was a lot of publicity around the US mint, for example most recently on NPR which was then relayed on major news channels and earlier on in an article in the Wall Street Journal.

However, I wish them luck, because I don’t see the $1 coin becoming popular anytime soon.  Unless the $1 currency bill is scrapped, it is unlikely that Americans will line up to use $1 coins.

Looks like I’ll have to update my 40+ Powerful Ways How to Meet Credit Card Minimum SpendHow to Meet Credit Card Minimum Spend!

Will not being able to buy $1 coins with a credit card impact your ability to complete minimum spending on your credit cards?  Tell us in the comments!

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Maybe US mint can still go through this program, give 500 coins for 500 buck with free shipping, but we need to pay through our bank account or check !! just like how we pay our credit card bills !!

Damn, I did it once a couple months ago to help complete a spend and it couldn’t have been any easier. I guess I was a little late to the party. I don’t see any problem in taking advantage of these kind of deals. With the internet they are going to come and go quickly. I think this one stuck around for so long because it was a government program. Oh well, on to the next one….

Glad they finally shut down the abusers. Also, I think it’s kind of funny (hypocritical)(@Tony) that there’s no outrage about all the many web blogs and forums that hyped and promoted and detailed the how-to’s of the abuse of the coin program all of which hastened the end of the deal. I guess it’s o.k. for everyone else but just let Darius try mentioning such common knowledge on his relatively humble little blog and all h**l breaks out.

Give me a break.

A good program gone away because of the abuse of the system. People get greedy and now we all lose.

I’ve been buying these since the program started and I actually do spend the coins. It was fun and everyone liked them.

@Tony, I’m curious as to just how did *you* discover the USMint gig? How did you actually “invest the effort”, as you write?

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