The United States Mint on Tuesday announced the start of the America the Beautiful Quarters™ Bulk Purchase Program. This new service offers businesses interested in buying large volumes of the new quarter-dollars a chance to order them directly from the U.S. Mint.
2010 America the Beautiful Quarters
The term "large volumes" could be a bit of an understatement. Details of the plan show that the minimum order is one (1) bulk bag which will contain 200,000 quarter dollars worth $50,000. On top of the $50,000 price tag and to offset costs, the Mint will charge a three percent processing fee for each bag ordered which equates to $1,500 – for a total of $51,500 per bulk bag.
Additional costs to consider include the transportation of those coins which the Mint does not provide. In fact, the Mint states that a "properly licensed commercial carrier is required to retrieve the coins," and for good reason. While no official weight figures are given, a quick calculation shows that 200,000 of the 5.67 gram (0.0125 lb) coins will weigh a whopping 2,500 pounds — not including any packaging or pallets. That is approaching the weight of a small car.
Not explicitly stated in the announcement, but assumed, each bag will contain 200,000 circulation quality strikes. All will originate from the bulk purchasers choice of either the US Mint facility in Philadelphia or the US Mint facility in Denver, both locations of which routinely strike American circulation coinage. The buyer’s chosen carrier for the coins must pick them up from the appropriate facility.
Payment terms for the coins are also laid out in the statement and require a bank wire transfer to the Mint. Once the payment is verified, instructions will be forwarded to the buyer for transportation of the coins.
The coins will be provided to buyers after the Federal Reserve Bank’s release date for a quarter, but orders will be taken through the program until one week before that date. While previously released America the Beautiful Quarters may also be available under the program, the Mint will not make guarantees.
The Mint intends to offer quarters in bulk bags "as long as there is sufficient demand or the coins become readily available through the normal distribution channels."
For additional information, visit the Mint’s Q&A online page that further details the Bulk Purchase Program.
The America the Beautiful Quarters series debuted this year and features reverse designs emblematic of select locations found throughout the United States and its territories to showcase the beauty of the country. (See America the Beautiful Quarter sites.) A total of fifty-six new strikes will be created for the program with the release rate set at five per year. (See America the Beautiful Quarters release dates.)
So far, the United States Mint has issued the first two coins in the series, the Hot Springs National Park Quarter in April and the Yellowstone National Park Quarter earlier this month. The third strike of the series is due next month (August) and will honor Yosemite National Park in California.
The Mint also sales 100-coin bags and two-roll sets of the quarters for those desiring smaller quantities.