Convert Small Change Into Cash You Can Really Use
Coins are great when you are a child. They’re shiny, have that weirdly pleasant metallic scent, and are worth the money. But as we age, our love for change wanes for a number of reasons, including the fact that it is difficult to carry around with us. However, right now, many people and companies are in desperate need of these things, given that the pandemic has resulted in a “coin shortage.”
So instead of leaving your change in a giant jar in the corner of your living room, why not put it back in circulation where it will be useful – in the meantime, put some money in your bank account, which is a little easier to spend? Here’s what to do with your huge supply of coins.
Take it to the bank
All those dimes and dimes would probably be a lot more useful in your checking or savings account, but there are some things you need to know before going to the bank. For starters, even with a shortage of coins, some financial institutions will not take the contents of your piggy bank. In fact, the US Treasury says that banks don’t need to accept change if they don’t want to .
There are several reasons for this: they take up a lot of space, are difficult to transport, calculating machines are expensive and may not be available, and this is very annoying for bank tellers. However, these institutions offer free coin counting and cash exchange with some qualifiers:
- US Bank (no rolls, customers only)
- Bank of America (rolls of coins required)
- Citibank (rolls of coins required; fees may apply in some states)
- Chase (requires rolls of coins)
- Credit unions (requirements vary)
- Public savings banks (requirements vary)
Some banks accept coins but charge a small exchange fee if you don’t have an account with them. And most banks like the ones listed above will force you to flip coins yourself, which can take a lot of your time. If you decide to roll your own coins, ask the bank if they will give you paper rolls for free. If they don’t, you can often find them for cheap in dollar stores.
If you think you’ll get into the habit of rolling coins, a home coin counter can make this process easier – prices range from $ 12 to $ 200 . But before throwing anything, talk to your bank: double-check if they will take them at all and if they should be dumped. You won’t be happy if you spend four hours rolling coins and then watch the cashier turn all the rolls into a giant coin counter in front of you.
Take it to the coin counter in the shop window
If you don’t want to deal with a bank, you can often find coin counting machines in front of grocery stores. The most popular versions are Coinstar machines , which count coins up to $ 3,000 and give you a cash voucher from the store checkout. The catch, of course, is that Coinstar will take 10.9% of your money as processing fees. Still, this is instant money for all those coins that are gathering dust on your desk, not such a small convenience fee if you are going to the store anyway.
Coinstar also allows you to convert your coins into gift cards for various other stores, usually without processing fees. You can usually get gift cards from outlets like Amazon, Best Buy, Gamestop, Lowe’s, and Starbucks. Just make sure you keep the receipt that the machine will print, because this is your “card.” If you lose it and did not write down the card number, it is gone.
Organize it and really use
When the pandemic hit, fewer people went to stores or paid for goods in cash, with the result that much more pocket money was out of circulation . But even in a world where everything is paid by credit card or smartphone app, coins can still be used as a tender. It can be time consuming, but you can categorize all of these coins into different spending categories that make sense to you. For example, you can turn some of these into a coffee fund or save up for something on your wishlist. Or you can split the coins so you always have a stash ready for toll points, parking meters, laundry and whatever else you have. You can end up with a bunch of “useful” and “useless”, but you can end up with that “useless” pile of pennies and whatnot, count and exchange.
You can also bring your coin can to the supermarket and use it to buy a large batch of groceries – just make sure your grocery store has a self-service machine so you don’t ruin the poor cashier’s day. Shop as usual and then proceed to the self-service line where you can safely deposit coins all the time. Since grocery stores may still have higher traffic due to the pandemic, consider going early in the morning or late in the evening to avoid long lines.
Donate it
If you don’t want to deal with your little change, there are many charities that will happily take it out of your hands. You can use your change to fill one of the donation boxes you see at the checkout counters in your supermarket or fast food restaurant. Or, you can leave the bank at a local charity, The Salvation Army, community center, or religious institution. Many charities will even accept foreign coins as donations, allowing you to finally unload all those worthless coins from your international travels.
Some coin counting machines will also let you donate coins to charity right from the machine. Coinstar, for example, will be transferring donations to the American Red Cross, the Society for the Protection of Animals, the Leukemia and Lymphoma Society, WWF and others. Walk up to the machine, set it up to donate, choose a charity or non-profit organization, throw away the change, and walk away with lighter pockets and the feeling that comes with doing something good for others.
This story was originally published in February 2017 and has been updated twice, in June 2019 and July 2020. Changes included updating details and clarifying content.