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December 15, 2011 6:06 AM Subscribe
Is there a way for me to estimate the total value of a certain weight of random mixed us coins?
posted by JohnnyGunn to Work & Money (26 answers total) 2 users marked this as a favorite
I have a water cooler bottle that I have used to collect my loose change for about the last 10 years. It is about 3/5s - 2/3s full and weighs, literally, as of last night, 95 pounds. It is truly a random mix of whatever change I had in my pocket at the end of the day. It is mostly nickels, dimes, pennies, quarters with a few dollar coins (thanks Metro North ticket machines).
I have drawn a line on the bottle and set a date that which ever comes first, at that point I am cashing it in. I have already spoken to a bank that will accept it without a service charge.
Is there any good rule of thumb, assuming it is truly a random mix of US change from purchases, to estimate value based on weight or volume? People who have seen the container have estimated anywhere from $400 to $2,000. My guess would be closer to $750, but I truly have no friggin clue.
I came up with my guess by estimating based on amount I think I averaged putting away per day. Specifically, I took 10 years times 365 days times $0.20/day average put in and came up with close to $750 (730). Obviously, this estimate is only as accurate as me knowing the actual time frame for saving (I could be off by a year or two) and picking the appropriate amount I averaged putting in each day. There were days I put in none (vacation, no loose change, gave it to homeless guy asking for spare change, etc) and days where I put in $8. Most days it is less than a dollar in that I try to maximize the efficiency of my spending change when paying and there is really no reason to ever have more than a dollar in change if you do that. Getting dollar coins back from vending affects that, but it was a true rarity, maybe once a year.
I do not want to empty it and count it either manually (NO!) or mechanically until the day I cash out. Suggestions? Looking to either refine my method of estimate or come up with another such as based on weight or volume.