Do you have jars, drawers, and piggy banks filled with loose change?
Exchanging these coins into usable cash or bank deposits is surprisingly straightforward once you know your options. This article explores various ways to cash in your coins, including using coin counting machines, turning coins into cash at banks, and alternative methods.
1. Using Coin Counting Machines
Coin counting machines are perhaps the quickest way to convert many coins into cash. Here’s how to make the most of them:
- Finding Coin Counting Machines: These machines are often found in supermarkets, banks, and occasionally in malls. Websites like Coinstar and kiosks in stores like Walmart and Kroger are good places to start.
- Fees and Costs: Be aware that convenience comes at a cost. Coin counting machines typically charge a fee of around 11.9% of your total amount. However, you can avoid this fee by opting for a gift card instead of cash, with options from retailers like Amazon, Starbucks, and others.
- Using the Machine: Simply pour your coins into the machine, and it will count them for you. After counting, the machine will issue a voucher that you can exchange at the store’s service desk for cash or a gift card.
2. Cashing Coins at Your Bank or Credit Union
Most banks and credit unions will accept coins, but policies vary widely, so it’s important to check the specifics.
- Roll Your Coins: Some banks require coins to be rolled in paper wrappers and will even provide these wrappers for free. Once rolled, you can bring them to the bank to deposit into your account or exchange them for bills. You can get coin wrappers at the dollar store or on Amazon (the coin wrappers I’ve used)
- Coin Counting Services: A few banks still have coin-counting machines, which are often free for account holders. Banks that don’t have machines may still accept loose coins, but they might send them out to be counted, which could delay your deposit.
3. Coin Exchange Events
Banks and community centers occasionally run promotions or events where they accept coins without fees. Sometimes, they even offer bonuses for coin deposits. Keep an eye on local banks’ announcements or community bulletin boards for such events.
4. Retail Options
Some retail stores still offer the old-fashioned way of exchanging coins for cash at the cash register, although this is becoming less common. It’s always worth asking if you’re already there shopping.
5. Donating Your Coins
If converting your coins to cash feels too cumbersome, consider donating them. Many charities, schools, and religious institutions will gladly take coin donations. Some coin-counting machines also offer the option to donate your coins directly to various charities.
Before you decide on a method, consider the amount of coins you have and weigh the convenience against the fees involved. With a little planning, you can maximize the return on your piles of pennies and other coins.
