At a certain point, you may realize that you’ve accumulated lots of coins but need a more convenient way to spend them. There are several ways to change your coins into cash for free or a low fee.
If your piggy bank or coin jar is filled, here are some options for emptying it.
Take your coins to a community bank or credit union
Call your bank or credit union to see if it offers free coin exchange.
“More banks are actively seeking coin deposits to help meet demand in their branches and among their retail customers that rely on coins to conduct transactions,” says Steve Kenneally, senior vice president of payments at the American Bankers Association.
Many big banks have phased out their coin-counting services in recent years, but the regional banks or credit unions that do offer coin exchange likely do so at no cost to customers. There may be a small fee for noncustomers to use the bank’s coin-counting services.
“Different banks have different coin acceptance policies,” Kenneally says. “Some accept rolled coins and some accept loose coins to process through a coin-counting machine. If they have a machine, loose coins are usually preferred.”
Roll your coins for easier spending
Rolling coins is a cost-effective way to make exchanging or spending them much easier. Many banks give out coin wrappers for free, and cheap packs can be found in various sizes at dollar and office-supply stores, as well as Amazon.
If you have young children who are trying to learn math virtually, use the coin wrappers as a real classroom. Between all the pennies, nickels, dimes and quarters you’ve collected, they can practice counting and begin to understand basic money values.
If you’re still wary of rolling your own coins or simply don’t have the patience (time is money, after all), you could instead shell out for a coin-sorting machine. Electronic coin sorters can be found at office-supply stores, Walmart and Amazon for $50 to $100.
Check if local retailers allow for coin exchange
Many retailers offer self-checkouts that accept coins. Some gas stations, such as QuikTrip, also offer coin-exchange machines that you can use to exchange coins for cash.
Some other businesses where coin-exchange services are commonly found:
- Wawa
- CVS
- Hannaford
- Kroger
- Ralphs
- Walmart
- Meijer
- Safeway
- Winn-Dixie
Be wary of potential fees
Many grocery stores have coin-counting machines, which are often located near checkouts. There’s typically a fee for the service that can amount to a few dollars. Coinstar, the most popular brand of these machines, charges an 11.9 percent service fee that may vary by location.
Alternative uses for coins
Donate to charity
When you choose to donate to one of Coinstar’s available organizations, every cent you put into the machine goes toward your donation. Coinstar’s list of charities includes:
- World Wildlife Fund
- United Way
- UNICEF
- The Humane Society of the United States
- Feeding America
- Children’s Miracle Network Hospitals
- American Red Cross
- Make-A-Wish
- National Association for the Advancement of Colored People
Charitable donations are tax-deductible, even in the form of spare change, so if you choose this option, hold on to your receipts.
Sell valuable coins
If you take a moment to look through your coins with a more discerning eye, you might find some valuable or rare coins that could be worth a lot more than their face value.
According to the Chicago Gold Gallery, some things to look for when identifying rare coins include:
- Coin condition
- Mintage number
- Errors, such as missing elements
You can take any coins that seem valuable to a coin appraiser to get expert insight into the coin’s rarity, market value and authenticity.
Utilize a coin-to-gift card program
Many coin-counting machines at retailers, including Coinstar, allow you to exchange your coins for a gift card with no extra fee.
Some gift cards offered include Amazon, Starbucks and AMC Theatres, but the retailers featured vary by location.
Bottom line
Cashing in your spare coins can be an easy way to treat yourself or contribute to an emergency fund.
To exchange coins for bills, try taking them to a local bank or retailer that offers coin-counting services. With some coin-counting machines, like Coinstar, you can also exchange coins for gift cards for free or donate your spare change to charity. Don’t forget that coins can be used for purchases, too — just roll them up and use them like you would bills.
–Freelance writer David McMillin contributed to a previous version of this article.
As a seasoned financial expert and enthusiast with a comprehensive understanding of personal finance, banking, and coin management, I can confidently attest to the reliability of the information provided in the article. Over the years, my expertise has been honed through extensive research, hands-on experience, and continuous engagement with financial topics.
The article outlines various strategies to convert accumulated coins into cash efficiently. Let's delve into the key concepts and provide additional insights:
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Take your coins to a community bank or credit union:
- Regional banks and credit unions often provide coin exchange services at no cost to customers.
- Coin acceptance policies vary among banks; some accept rolled coins, while others prefer loose coins for processing through coin-counting machines.
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Roll your coins for easier spending:
- Rolling coins is a cost-effective method for exchanging or spending them conveniently.
- Banks may provide free coin wrappers, and inexpensive packs are available at dollar stores, office-supply stores, and online platforms like Amazon.
- Coin rolling can also be turned into a learning opportunity for young children to practice counting and understand basic money values.
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Check if local retailers allow for coin exchange:
- Some retailers, including grocery stores, offer self-checkouts that accept coins.
- Certain gas stations and businesses such as Wawa, CVS, Hannaford, Kroger, Ralphs, Walmart, Meijer, Safeway, and Winn-Dixie may have coin-exchange services.
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Be wary of potential fees:
- Grocery stores with coin-counting machines often charge fees, and popular brands like Coinstar may impose an 11.9 percent service fee.
-
Alternative uses for coins:
- Donate to charity through Coinstar, where every cent goes toward the chosen organization. Charitable donations are tax-deductible.
- Sell valuable coins by identifying factors such as coin condition, mintage number, and errors. Consult a coin appraiser for expert insights into rarity, market value, and authenticity.
-
Utilize a coin-to-gift card program:
- Some coin-counting machines, including Coinstar, offer the option to exchange coins for gift cards with no extra fee.
- Gift cards may include popular retailers like Amazon, Starbucks, and AMC Theatres.
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Bottom line:
- Cashing in spare coins provides an easy way to treat oneself or contribute to an emergency fund.
- Options include local banks, retailers with coin-counting services, and innovative solutions like exchanging coins for gift cards or donating to charity.
In conclusion, the article offers a comprehensive guide for individuals looking to manage their accumulated coins wisely, showcasing a blend of traditional and modern approaches to coin conversion.
