I've written a lot about the new gold dollar coins put out by the US Mint including the following pieces:
Well, here's the latest post in this series -- this time it's a creative idea we used just this past weekend. Here's what we did:
We have friends who were getting married and we wanted to give them cash (what young couple can't use cash, right?) But we wanted to be a bit more creative than a check and I'm currently boycotting gift cards, so we decided to give them $1 gold coins. We went to Hobby Lobby and got them a small, handheld, wooden box/mini-treasure chest that they can use to put odds and ends in once it's empty. Then we filled it with 100 $1 gold coins to give them a treasure chest of their own. It was very cute (and looked "authentic") and I think they're the type of couple that will appreciate the "fun-ness" of the gift (and over-look the somewhat inconvenience of having 100 coins to spend.)
Ok, I know I'm opening myself up for several shots here, but give me your feedback on idea -- what do you think of it? Could we have done something better?
Also, if you have any new ideas on how to use the coins, let me know. I'm "collecting" those ideas. :-)
By the way, I've now purchased $1,500 in gold $1 coins using my Blue Cash® from American Express card. Since I'm at the second level of rewards on it, I've earned an extra $22.50 doing this. There's no shipping cost to me (the US Mint pays it), so that's all free, extra money! ;-)
That's a really cool idea! I bet your friends will love it.
Posted by: Tarah | February 09, 2009 at 10:19 AM
I wish they were gold. :-)
Posted by: t | February 09, 2009 at 10:23 AM
Love this idea--who doesn't want a treasure chest filled with gold coins? I'd like it even if they were chocolate!--maybe even more!
Posted by: nebula | February 09, 2009 at 10:54 AM
...I totally have a new plan for when my friend gets married this year.
Posted by: Kaitlyn | February 09, 2009 at 11:00 AM
Your treasure chest idea sounds like a wonderful gift. My husband and I received something similar when we got married a little over a year ago. Our gold coins were gifted to us in a large piggy bank decorated by our friends. It's our "date-night" piggy bank and where all our loose change goes now.
Posted by: Carolyn | February 09, 2009 at 11:55 AM
I think it was a great idea!
Posted by: Wise Finish | February 09, 2009 at 12:26 PM
What did you do with 1,500 gold coins??
Posted by: Carrie | February 09, 2009 at 02:18 PM
I am now using them for all cash purchases under $5, birthday/holiday gifts of one roll ($20), allowances to my kids, and vending machines where they're accepted. Retail recipients seem to no longer give it a second thought when I use them (as opposed to six months ago). Gift recipients, however, are somewhat confused.
Re: Amex Blue. All are purchased from the Mint using my Countrywide card, which yields me back 2% from the very first dollar spent. Ka-ching! :-)
Posted by: MelMoitzen | February 09, 2009 at 03:52 PM
Are you saying that you have 1500 coins now? (Well, 1400 after the gift.)
Posted by: Cathy @ Chief Family Officer | February 09, 2009 at 04:13 PM
When your coins are mailed to you from the mint -- are they just put in your mailbox? Or do you have to pick them up at the post office? I don't think I'd want $500 sitting in my mail box.
Posted by: Ann | February 09, 2009 at 04:20 PM
Dollar coins might be nice in a money lei. In Hawaii, leis made out of folded bills (or coins wrapped in cellophane) are popular presents for graduations and such.
Posted by: Ms. Ferret | February 09, 2009 at 05:00 PM
Cathy --
I have ordered 1,500, but have used many of them in the ways I've suggested in the past. Check the links above for details.
Ann --
Yes, they are delivered in my mailbox -- in a very generic box. No one would know what they were.
Posted by: FMF | February 09, 2009 at 06:15 PM
I really DON'T see what the big fuss about dollar coins is all about. In Canada we have both a 1$ and a 2$ coin and honestly, I prefer having them in coin form than bill form.
I suppose in a few years Americans will have gotten used to the idea...
Posted by: Jessica | February 09, 2009 at 07:55 PM
That's not a bad idea. I remember for my wedding I received a small crystal vase that was filled with $$. Best gift ever.
Posted by: thomas | February 09, 2009 at 10:58 PM
They have dollar coins in Australia too, it is very handy at the end of the week as you can find quite a bit of money at the bottom of your purse!
I love this idea. I have done origami dollars for the nieces and nephews of a certain age, but this is even a better idea. There are just certain people/situations that money is a very useful gift. When we got married the money and home depot gift cards were more appreciated than the ugly water fountain.
Posted by: Paula | February 10, 2009 at 12:57 AM
I've ordered $500 in coins and plan to give them as gifts and for tips. They are also great for the tooth fairy to trade for little teeth.
Posted by: The Passive Dad | February 10, 2009 at 02:00 AM
I love this idea and will have to keep it in mind. If I received it, I would think it was neat but would immediately take the coins to the bank to deposit them.
Now that you mention it, I might have to look into buying some coins just to earn the cash back. You could rack up some cash back with this, especially with free shipping.
Posted by: wolf | February 10, 2009 at 08:57 AM
I have my very own treasure chest of golden coins. Your first post about free shipping from the mint motivated me to get 500 golden coins of my own and put them in a pirate-y chest that I had lying around.
I use them a lot for tips and panhandlers. The reaction when you hand someone a few is priceless.
Posted by: Brian | February 10, 2009 at 02:12 PM
Jessica -
I think the issue is that there's not ENOUGH of a fuss about them to get them circulated, which is why the US Mint is making these kinds of promotions. The fuss you see on personal finance sites like this is the fact that they allow you to purchase them with a credit card with no extra fee and with free delivery, resulting in "free" cash back rewards or cash advance.
Personally, I liked the idea someone posted a while back about putting them in a jar in your toilet tank. A relatively safe hiding place (at least in my house) that helps you save water with every flush.
Posted by: Andy | February 10, 2009 at 08:06 PM
It has been ten years since the U.S. Mint released the first golden dollar.
We as Americans are creatures of habit and will never use them until Congress gets it....WE HAVE TO GET RID OF THE DOLLAR BILL.
It costs us $500,000,000 a year to print $1 bills. If all of that money saved was dedicated to a specific purpose, for instance, our brave veterans, Americans will get used to using the golden dollars.
England does not have a 1 pound note and there is no 1 euro note...they use COINS.
The average life of a dollar bill is 2 years vs. the dollar coin...40 years.
COME ON AMERICA...LET'S DO IT
Posted by: Ed Sokol | February 16, 2009 at 10:38 PM
I agree that the $1 bills should be withdrawn from circulation gradually and replaced with $1 coins. It would save the mint a bunch of money and bills are just plain nasty to handle.
I have gotten the coins in change a few times now and am seeing more and more vending machines that accept them. I FAR prefer using coins for the random soda, etc (not that I do that a LOT). I never seem to have a bill crisp and new enough to go through the darn reader slot thing.
I'd miss the penny, but can see that it has outlived its usefulness. (on a tangent - does the $9.99 pricing REALLY fool anybody?)
Posted by: threadbndr | February 18, 2009 at 04:43 PM
are you allowed to order that many coins, deposit them, and then purchase them again? or is there a limit? haha. infinite money cycling.
Posted by: Adam | April 07, 2009 at 12:04 PM
Ok, so we had some friend got married and we did the 100 x $1 gold coins a year ago after I read this blog. We are thinking of doing it again for another wedding. We were told we had the most unique gift.
Posted by: ST | June 10, 2012 at 03:13 PM