Circulating Presidential Dollars Direct Ship Program
Yesterday the US Mint announced a new program to ship circulating Presidential Dollars directly to any interested retail establishments, financial institutions, and individuals. The best part of the program is that the coins can be ordered for face value with no extra charges for shipping and handling.
The intention of the program is to remove barriers and improve circulation of the new dollar coins as mandated by the Presidential Dollar Coin Act of 2005. Currently Presidential Dollars are distributed by the Federal Reserve Banks in bulk quantities to depository institutions. This bulk distribution may prevent some retailers and smaller banks from obtaining coins.
The circulating Presidential Dollar Coins will be offered in 25-coin rolls packaged 10-rolls per box, for a total of 250 coins. The offering price is equal to the face value at $250.00. Coins are not separated by mint mark. The Mint also refers to the coins as "circulation-grade" so it is possible that coins received may be circulated.
Customers can order a maximum of two boxes (face value $500) per issuance period. The US Mint will pay shipping and handling fees for orders using standard shipping methods. All sales are final, so there are no returns on this product.
This program looks like it will be a boon for collectors looking to get their hands on quantities of Presidential Dollars. Obtaining them from banks can sometimes be challenging, especially if you are looking for specific, newly released Presidents.
I think that this program will actually cannibalize some of the sales of the Mint's offerings of uncirculated Presidential Dollar bags and rolls. The 25-coin rolls are sold for $35.95 each and the 250-coin bags are sold at $319.95. Any orders for bags or rolls also have a $4.95 per order shipping and handling fee.
The differences for the Circulating Direct Ship Program are that you cannot specify what mint mark coins you would like to receive and there is no guarantee that the coins received have never been circulated. The trade off will probably be compelling for at least some collectors.
The Mint is currently offering John Quincy Adams Presidential Dollars. The product page and ordering information can be found on the Mint's website here.
Labels: Presidential Dollars