Don't Throw your Pennies in the Garbage! | Molly Maid (2024)

FAQs

Will banks still take pennies? ›

You may not like what you're about to learn: pennies are still legal tender. That means you can still use them at stores, and you can still deposit them at the bank.

Canadians can redeem their pennies at their financial institution. Financial institutions may require that pennies be properly rolled.

If you have unwanted Canadian coins, coins that U.S. banks and retail establishments won't accept, cash them in at Canadian Coin Exchange. Will buy your coins and convert them to U.S. cash fast and easy. Most U.S. banks do not accept Canadian coins. Canadian Coin Exchange does.

Collectors like Sandham say that, while some might be rare, the coin is a dime a dozen. "If you bring in your jar of pennies and hope to sell it to us, you're going to get about a penny and a half for them," said Sandham. Those who have pennies at home can bring them to a bank to redeem for cash.

The U.S. Mint has no plans to discontinue the penny, and such a move would require congressional approval. However, the “Penny Debate” continues in the United States, with pro- and anti-penny advocates both making some pretty solid points in their arguments.

Try taking old or foreign coins to your local charity shop as many charities accept them to help raise valuable funds. You can also often donate foreign coins on your return flight from holiday.

Officially, a Canadian penny is worth zero in the States. But, you can usually easily enough put in one or two when making a purchase in the U.S. and nobody notices. Store clerks don't scrutinize pennies.

Based on technical specifications provided by the Mint Act, only pennies produced from 1982 to their discontinuation in 2013 are still legally "circulation coins".

While federal law states that coins are legal tender, it does not compel anyone to accept them. If a business doesn't want to take pennies — or a $100 bill, for that matter — it has a legal right to refuse them. So why does the government keep the penny around? The answer is simple: sales tax.

To exchange your coins for cash, you can find a local bank or retailer that offers coin-cashing services. It pays to determine if a coin-cashing service charges a fee, so you can look elsewhere to avoid such a fee. Some coin cashing machines allow you to exchange coins for cash, gift cards or charitable donations.

Can I take all my pennies to the bank? ›

You can exchange coins for cash at most credit unions and banks, but some may charge a small fee for this service. Some financial institutions provide coin-sorting machines for self-service exchanges, and others require you to work with a teller.

Your bank or credit union

Before you haul out your change, you might want to chat with your bank or credit union's customer service department to see what coin exchange services are available. A bank may accept coin exchanges from noncustomers, but you may be charged a fee if you aren't a customer of that bank.

Take it to your bank

Some banks now have coin machines that let you pay in your spare change without needing to sort it first. Not all banks offer these machines, and even those that do might not have one in your local branch. However, they should be able to take your coins if you sort them yourself.

Is this legal? Yes. A bank can set its own internal policy as to whether it will accept or exchange unrolled coins for currency.

The United States Code provides that "United States coins and currency (inclUding Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues.