a coupon folder for folding coupons;

a wheel assembly for accepting coupons from a coupon delivering device, rotating the coupon and delivering the coupon to a substrate;

wherein the wheel assembly has a cam-operated coupon carrier mechanism that includes

a coupon carrier with a coupon carrying surface, a positioning arm for positioning the coupon relative to the coupon carrier, and a rotating mechanism for rotating the coupon relative to the coupon carrier, the coupon carrier revolving about a central axis of the wheel assembly, and

a plate cam for controlling the positioning arm and the rotating mechanism as the coupon carrier rotates around the central axis of the wheel assembly,

wherein the wheel assembly is configured to supply a vacuum for securing the folded coupon against the coupon carrier as the wheel assembly rotates the coupon carrier adjacent to the coupon folder, and

wherein the positioning arm is an elongated member provided with a cam follower at one end for interacting with the plate cam and a finger at the end of the positioning arm opposite the cam follower, wherein the positioning arm is capable of pivoting about a pivoting arm axle to thereby extend the finger beyond the coupon carrying surface and adjust the position of the coupon on the coupon carrying surface relative to the rotating mechanism, and wherein the cam follower is maintained in engagement along the outside edge of the plate cam through the use of a compressed spring.