Where To Exchange Your Saved Coins For Cash

There's no arguing America is rapidly moving toward a cashless society (which had us previously asking the question of whether digital currency will ever replace physical cash entirely). Innovations like contactless credit cards (with the Wi-Fi symbol), digital wallets, and peer-to-peer payment apps are hard to beat for convenience and reducing exposure to germs. Nonetheless, the complete death of good ol' fashioned cash has been greatly exaggerated. According to the Federal Reserve, 16% of payments made in 2023 were made with cash, which made it the third-preferred form of payment overall for Americans.

Point being, you're still likely to accumulate a fair amount of coins as change for your purchases. Kudos if you store that change in a traditional piggy bank or glass jar, but it's just as probable that some coins are living in your junk drawer, your car's cup holders, or even the clichéd between the couch cushions. Once all those errant coins have been rounded up, you will have to decide how to convert them into paper money, gift cards, or even cryptocurrency like bitcoin (by the way, what is bitcoin mining, anyway?). While there are various options to do what's sometimes called a "coin pour," picking the wrong one will cost you.

Perhaps one of the easiest methods of converting coins to cash or other stores of value are those automated kiosks at many big-box retailers and grocery stores. A popular operator of these machines is Coinstar, which charges a transaction fee of 59 cents, plus 12.5% of the total coin amount. For example, if you poured exactly $100 worth of coins into a Coinstar machine, you'd receive $86.91 in proceeds via a voucher that can be exchanged for cash at the store's checkout counters or service desk.

On the surface, using Coinstar kiosks seems like a bad idea because of the high fees, but there's a hack to get around that. If you opt for exchanging your coins for an electronic gift card instead of cash, there's zero fee involved in most cases. There are over 20 stores and restaurants partnered with Coinstar, including Amazon, The Home Depot, and Southwest Airlines. In summary, you should avoid Coinstar's 12.5% service fee, but if you can utilize one of Coinstar's fee-free gift cards, the convenience can't be beat.

Note, some grocery stores, like the Publix chain in the Southeastern United States, have their own proprietary coin-sorting machines. Outlets report Publix charges ~10% for the service, which is less than Coinstar but still high. Nonetheless, if you're already there shopping and don't have a ton of coins to exchange, it could be an acceptable compromise.

Besides automated kiosks, the next logical place to exchange your coins for cash is at a bank or credit union. However, doing so will necessitate some research on your part. That's because policies and procedures can vary greatly. For example, some financial institutions might have an automated machine in the lobby, while others will require working with a live human teller. Similarly, some banks and credit unions may charge a fee for the service, especially if you're not an existing customer of the institution.

To make it easier to deposit coins at a bank or credit union, consider first rolling them into pre-determined quantities. Old-school brown paper coin wrappers are available to purchase online, at big-box stores like Walmart, and other venues like dollar stores. As well, your local bank may even give you the wrappers free of charge. Wrappers in hand, the next step is to sort your coins by type, like quarters, dimes, and so on. Next, fill the wrapper appropriately and tape the ends shut. For instance, a $5 roll of dimes contains 50 of the 10-cent coins.

Once rolled, you'll have an easier time finding a bank willing to accept the coins. Chase Bank, for example, accepts rolled coins at all its locations, even from noncustomers. Rolling coins can be a fun activity for kids, while practicing math at the same time. As well, you might get lucky and stumble across a valuable coin just laying around.