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How should spare change be exchanged?

Personal Finance & Money Asked by MrDatabase on March 7, 2021

So I have about $50 in pennies, dimes and nickels. What would you do with it? I’m asking because I don’t think spending hours rolling up the change and taking it to the bank is the best/most creative thing.

More info: I took the change to the bank (not rolled up). The banker asked me if I knew the exact amount… when all I had was a huge bag of change weighing like 30-40 pounds :-p I said I didn’t know the exact amount. So the banker put all the change into a different bag, gave me a little receipt and said look for a deposit to your account in about a week.

Next time I’ll just find a coinstar machine. I don’t like waiting a week to have my change counted. Also I’m sure the banker could fish out the quarters and no one would be the wiser 🙂

12 Answers

Just take it to a bank that will count it and give you cash or put it in your account. Don't bother counting it and rolling it. They will just break the rolls and throw it into a change counting machine. I did that once and never will again after I saw that years ago. The local bank I used for this offered it as a free service.

You could also use those coinstar machines found in many grocery stores and various outlets, but they take like 8 or 9%. Unless time/hassle is of concern, why do that when there are possible free options?

Correct answer by Troggy on March 7, 2021

Coinstar will charge zero if you will take one of the gift cards they offer. Since my daughter likes iTunes, a $20 gift card is just as easy to get at the Coinstar machine as anyplace. They offer a multitude of choices, Amazon gift cards among them.

The current list for gift cards -

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Really, stop saving coins. It's no big deal to give a cashier at the supermarket up to 10 pennies, or a toll guy $2 in coins. Just don't give the toll guy $1 in pennies. Remember, stores often need coins or $1/$5 bills, so they are happy to take them as long as the timing is right.

Answered by JTP - Apologise to Monica on March 7, 2021

  1. Go to a self-checkout at a supermarket late at night or early in the morning.
  2. Pay for your week's groceries with your spare change.

Answered by Jim G. on March 7, 2021

You may want to keep some of your change - especially your nickels. I know George would be disappointed if I didn't point this out. :)

Answered by Muro on March 7, 2021

I don't suppose you could keep it in your pocket and just spend it? That's what I do.

Answered by kajaco on March 7, 2021

Have you tried your local panhandler? She/He will probably accept 50€ in small change.

Answered by GUI Junkie on March 7, 2021

We're easily amused I guess, but my wife and I collect our change in a big jar and seperate it once a year on the kitchen table, usually on a snow-day in January or February.

We separate out coins from certain years to collect, then we roll it up, and it goes into the vacation fund.

Answered by duffbeer703 on March 7, 2021

TD Bank (Northeast US) has free change counting machines at its branches. You don't have to have an account to use them.

Answered by Michael Pryor on March 7, 2021

I separate out the quarters and larger (I'm Canadian, so there are coins bigger than a quarter). Then I put the rest in charity boxes.

Answered by DJClayworth on March 7, 2021

You just take some of that change and use it when paying in cash. When you run out of change in your purse/pockets - take more. It just takes some time and absolutely no effort.

Answered by sharptooth on March 7, 2021

Do you eat out much or go to coffee shops? I add portions of my excess spare change to the tips/tip jars. I make it a bit over the usual percentage to make up for the fact that it's, well, spare change...

Answered by user11599 on March 7, 2021

You could donate them to charity. If you get a receipt for your donation, it will be tax deductible as long as it is to a 501c(3).

You could make them into a piece of artwork. The sky's the limit as to what you could create. As long as you don't fraudulently alter the coins, then it should be legal to make whatever kind of art you want from them.

You could take a trip to the arcade and buy some arcade tokens or visit a coin-operated laundromat.

You could always just take them to the bank and trust that the bank will count them correctly. And if they've been sitting at home for a few weeks or even a few years, a one week waiting period for the coins to be deposited in your account is a pretty short waiting period to have them converted into a more usable format.

Answered by chill_vibes on March 7, 2021

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