April 01, 2007

U.S. Mint Offers 2 for 1 on New $1 Coins

This deal almost sounds too good to be true! I found the link to it at the Wise Bread blog. Click here for the original post ...

Buy George! In an unprecedented marketing move by the US Mint, banks tomorrow will begin exchanging $1 bills for TWO of the new $1 coins, released only a few weeks ago. Got a $1 bill? Get $2 in coins back. Got 100 $1 bills? Get $200 in coins. And so on.

The World Bank has decried the move, pointing out that it will put the nation's banks into a state of emergency, with millions of people over the coming month expecting to take up the US Mint on this 2 for 1 offer. So far, no limit has been put on the number of $1 bills any one person can exchange for coins. The chance to double your savings overnight is an offer not even the biggest stockbrokers can match.

1: Is there a limit to how many $1 bills I can exchange? A: NO. IF you are willing to draw out $100,000 in $1 bills from your local bank, you will be given back $200,000 in $1 coins. Bring a BIG bag.

2: Is every bank participating? A: NO. Only a select few banks in each state are accepting the exchange. Links to each state's participating banks can be found below.

3: How long do I have to do the exchange? A: One month from today, making the deadline April 30th.

4: Do I have to take the coins home with me? A: NO. Simply deposit the coins back into your bank account.

Director of marketing for the treasury, Mr Louis Redfin, announced the plan as a bold but necessary move to ensure the popularity of the new $1 coins, which have so often failed to take hold in America. When asked how much this could potentially cost the treasury, Mr Redfin pointed out that it would be far more expensive to produce a national advertising campaign. "It also helps us get the old $1 bills out of circulation quickly, which is another essential element in ensuring the success of the new coins," said Redfin.

Links to participating banks by state.

Alabama (AL) , Alaska (AK) , Arizona (AZ) , Arkansas (AR) , California (CA), Colorado (CO), Connecticut (CT) , Delaware (DE) , Florida (FL) , Georgia (GA) , Hawaii (HI) , Idaho (ID) , Illinois (IL) , Indiana (IN) , Iowa (IA) , Kansas (KS) , Kentucky (KY) , Louisiana (LA) , Maine (ME) , Maryland (MD) , Massachusetts (MA) , Michigan(MI) , Minnesota (MN) , Mississippi (MS) , Missouri (MO) , Montana (MT) , Nebraska (NE) , Nevada (NV) , New Hampshire (NH), New Jersey (NJ) , New Mexico (NM) , New York (NY) , North Carolina (NC) , North Dakota (ND) , Ohio (OH) , Oklahoma (OK) , Oregon (OR) , Pennsylvania (PA), Rhode Island (RI), South Carolina (SC), South Dakota (SD), Tennessee (TN), Texas (TX), Utah (UT), Vermont (VT), Virginia (VA) , Washington (WA), West Virginia (WV), Wisconsin (WI), Wyoming (WY)

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