Counting Coins: Best Ways To Turn Coins Into Cash | Bankrate

I recently realized I had a ton of coins stored
away but I wanted an easier way to use them. Luckily, there are a
number of ways to switch over my coins to cash without it costing
me too much. Some of them are even free! I just need to do a bit of
research and I’ll be able to find the best option for me.

I’ve got a giant jar full of coins and I’m ready
to cash it in. I’m not sure what to do with it though, so I’ve
looked into some options. I could take it to a bank and exchange it
for paper money, or I could look for a coin-counting machine at a
grocery store. If I need extra cash, I could head to a coin shop
for a better exchange rate. Alternatively, I could use it to fund a
savings account or donate it to a charity. The possibilities are
endless when it comes to my jar of coins!

Take your coins to a community bank or
credit union

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Call your bank or credit union to see if it
offers free coin exchange.

I’m trying to add coins to my bank, so I’m on
the hunt for more banks that are looking to accept coin deposits.
Steve Kenneally, senior vice president of payments at the American
Bankers Association, told me that a lot of banks are doing this to
meet the needs of their customers who depend on coins for their
transactions.

I have recently noticed that many big banks have
stopped providing coin-counting services. However, the regional
banks or credit unions that do offer this service usually do not
charge customers. Noncustomers may be obligated to pay a small fee
to use this service. Although, this is not always the case.

I’ve heard that each bank has different rules
when it comes to coins. For instance, some will accept coins that
are rolled up, while others only accept loose coins that can be run
through a coin counting machine. If they have one of those
machines, it’s usually best to give them the coins without them
being rolled.

Roll your coins for easier spending

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I find that rolling coins is a great way to make
transactions a breeze. My bank offers free coin wrappers and I’ve
seen packs of them in different sizes at dollar stores,
office-supply stores, and even Amazon. It’s really cost-effective,
so I make sure to stock up!

I’m teaching my kids math at home right now and
it’s been such an eye-opener. They’re getting the hang of it with
the help of coin wrappers. We’ve been collecting all our spare
change and sorting them out. They’re learning how to count and
recognize the different denominations of coins. It’s a great way to
introduce them to the concept of money.

I’m not a big fan of rolling my own coins, so I
decided to get a coin-sorting machine instead. I found one for $50
or less at office-supply stores, Walmart, and Amazon. It was the
perfect solution for me because it saved me time and money.

Check if local retailers allow for coin
exchange

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I can use self check-outs at many stores to pay
with coins. QuikTrip gas stations even have coin-exchange machines
so I can trade coins for cash. It’s a convenient way to get rid of
excess coins without having to rely on a bank. Plus, it’s free! All
I need to do is feed the machine my coins and I get the equivalent
amount in cash. It’s a great way to avoid having to carry around
pocketfuls of coins.

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

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I know from experience that carrying a pocket
full of change can be a real drag, so I was excited when I
discovered the coin-counting machines at my local grocery store. I
usually use Coinstar because they charge me an 11.9 percent service
fee, which is a bit of an inconvenience, but it’s worth it to not
have to worry about counting all those coins. And I usually don’t
mind the few dollars that the fee amounts to. Plus, I like that the
machines are conveniently located near the checkouts.

I have plenty of change lying around and I’d
like to put it to good use. Coinstar makes it easy for me to do
just that! By visiting my local Coinstar location, I can exchange
my coins for a gift card with no additional charge. Some of the
popular retailers include Amazon, Starbucks, and AMC Theatres,
though the selection may vary by store. It’s a great way to make
something out of all that spare change!

Donations

I’m making a conscious decision to do some good
by donating to a charity of my choice through Coinstar. Every cent
I put in the machine goes directly to the organization I’ve chosen.
Coinstar offers a wide range of charities that I can donate to,
including:

• 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

I’m always looking for ways to save money on my
taxes, and donating to charities is one of them. If I donate, I
know I can deduct it from my taxes, even if it’s just spare change!
To make sure I get that deduction, I always hold on to my
receipts.

Bottom line

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Cashing in your spare coins can be an easy way
to treat yourself or contribute to an emergency fund.

I’m looking to exchange my coins for some bills.
My first thought was to go to a local bank or shop that offers
coin-counting services. Alternatively, I could use Coinstar
machines to turn my coins into store gift cards or even donate my
spare change to charity. Lastly, I could just roll up my coins and
use them like bills. It’s great to know I have a few options
available to make my coins useful.

I’m a freelance writer, David McMillin, and
I’m proud to have been involved in the previous version of this
article. I’m now taking it upon myself to completely rewrite it.
I’m making sure to use English expressions and words, and to keep
any technical jargon, acronyms, or proper names that are necessary.
My goal is to completely change the text, while still keeping the
essence of the information intact. I’m doing this in a
conversational style, so it’ll be an interesting and original
rewrite. This should be a fun challenge, and I’m excited to see the
end result!