Coin Redemption
April 13, 2006 7:32 AM   Subscribe

I have this ridiculously large collection of change. I want to redeem it for cash. I don't want to use CoinStar and pay a percentage. I don't want to sit there and make little rolls either. Anyone have any creative ideas? or tools/devices to assist in this matter? Call me Lazy... Thanks
posted by erd0c to Work & Money (28 answers total) 1 user marked this as a favorite
Remember to bring it with you and pay for your groceries at the self checkout with it?
posted by shepd at 7:33 AM on April 13, 2006

Umm...take it to your bank? I have always taken mine to the bank to be counted, and they never charge a fee or complain.
posted by cosmicbandito at 7:34 AM on April 13, 2006

Any good bank generally offers coin rolling services for free as a service to its customers (they usually have a machine that spins them and sorts them by fitting them through differently-sized holes). Try to go during an off-time for the tellers, though.
posted by fvox13 at 7:34 AM on April 13, 2006

More suggestions here and here.
posted by necessitas at 7:41 AM on April 13, 2006

Certain CoinStar kiosks will let you redeem your change for Amazon gift cards without paying the surcharge. I recently cashed in almost eight years of change doing this, bought a ton of stuff off Amazon and gave my mom one as a present.

See here for details and a kiosk finder.

You can buy other gift cards, but the Amazon one was the most useful for me.
posted by beowulf573 at 7:43 AM on April 13, 2006

Also Coinstar will give you Starbucks gift cards without taking a fee. A giant pile of change is approximately equal to three lattes.
posted by MrZero at 7:44 AM on April 13, 2006

If you are in the Mid-Atlantic area, Commerce Bank has their version of CoinStar (called Penny Arcade) that is FREE!
posted by mmangano at 7:46 AM on April 13, 2006

As others have said, your bank probably does this for free. If not, then find a new bank.
posted by grouse at 7:52 AM on April 13, 2006

This question is pretty close, and may be useful.
posted by kingjoeshmoe at 8:04 AM on April 13, 2006

In New England, "most" banks absolutely do not roll coins for free. You will be turned away by the tellers. In fact, many banks now maintain their own automatic counting machines, which typically charge 3–5%. But that's where I live. Your geographical mileage may vary.

My bank charges 3%. And as someone who spent years rolling by hand, I'm happy to pay three pennies on a dollar in exchange for that time. It's a fair trade. However, if you insist on being a lazy cheapskate, I'll tell you that my family briefly owned a coin-operated laundromat for which we kept a coin-rolling device in our garage. It was motorized, but not computerized: Where modern devices are "counters," this was a "roller." I doubt many such laundromats still use similar devices, but knowing they exist you might be able to find one.
posted by cribcage at 8:10 AM on April 13, 2006

Also, just off the presses, you can also redeem your Coinstar change for iTunes gift certificates- at 100% of value, no service charge.
posted by garbo at 8:13 AM on April 13, 2006

Chevy Chase Bank has machines that are like Coinstar - you dump in your change, then take the receipt to the teller and get cash. No fee. I haven't seen the machines at the grocery store locations, only at free-standing branches.
posted by KAS at 8:24 AM on April 13, 2006

You don't need to have a Chevy Chase Bank account to use the machine either.
posted by KAS at 8:25 AM on April 13, 2006

Banks have coinage counting machines, sorting/rolling should not be necessary. I think it's pretty standard that you can bring bulk coin into your bank and redeem it for paper cash, I've certainly never had a problem just bringing in a sack - but then I redeem mine when it's only in the 100-200 dollar range, which is not really that big of a volume. "Ridiculously large" may be an issue, I guess I don't know what that means - if you're concerned call your local branch and confirm it, but at worst you might have to redeem it in batches. I feel like I've heard of some banks refusing to convert coins for non-customers, but I have no reference on that.

My bank (an MN Wells Fargo branch) actually now won't take coinage that's been rolled, because they want to machine count it and they don't want to have to crack the rolls. Found that out the hard way.
posted by nanojath at 8:26 AM on April 13, 2006

I'm for the Amazon idea.
posted by k8t at 8:45 AM on April 13, 2006

My brother bought a little plastic coinbank from a toy store for about four dollars that has a really neat internal mechanism that lets you see the coins roll down chutes until they fall into slots that you have preloaded with rolls. He used it when he was a pizza delivery driver, and (having been one myself) made me jealous.
posted by klangklangston at 8:51 AM on April 13, 2006

I use my nephews and younger cousins. Their percentage works out to higher than 5% though.
posted by bonehead at 8:58 AM on April 13, 2006

Commerce Bank, in NY and NJ rule for coins!
posted by ParisParamus at 9:47 AM on April 13, 2006

I used to have a cheap plastic coin-sorting machine. Faster than rolling by hand, but not super-fast. It looks like you can buy similar ones on eBay for <$10.
posted by sonofsamiam at 10:19 AM on April 13, 2006

You're in Brooklyn, right? Go to a local Commerce Bank and use the free machine (Penny Arcade).

And stop hoarding your bloody change. Spend it as you collect it.
posted by pracowity at 10:50 AM on April 13, 2006

Check credit unions, too, who often have niceties like Coinstar-esque machines.

I've had mixed success with banks.
* My current bank (Wachovia) will accept rolled coins for cash, no questions asked, but I've only done this with small amounts.
* My previous banks did not want to hand over cash for rolled coins for cash, instead insisting that you have an account and let them deposit the total amount (they cite the "how do I know that's not a roll of mostly washers" logic.)
posted by desuetude at 10:52 AM on April 13, 2006

My bank has always accepted bulk coinage from me. Sometimes $30-$40 at a time. They dump it into a machine behind the counter which counts it all in a few seconds.

I have an account with them, but I think they would probably do it for non members.

My suggestion would be to call some local branches and ask if they'll take bulk coins from you.
posted by delmoi at 11:08 AM on April 13, 2006

Entirely location-dependent, but casinos are also a good source of free change-counting machines. But if you aren't careful, the percentage they take is 100, though that part is your choice.
posted by incessant at 11:26 AM on April 13, 2006

Casinos. Cash in, profit, walk out!
posted by cccorlew at 12:25 PM on April 13, 2006

When I've accumulated a fair amount of change, I will often give it (along with empty rolls) to a young child for their birthday. I don't have to spend money on a present, they do the work of counting and rolling it, it's educational (and sometimes fun, depending on the kid) for them, and they can use it to buy what they want vs. something I come up with.
posted by forrest at 1:08 PM on April 13, 2006

3rd on Commerce bank. They even give a prize if you guess how much change you had to within 1%!!

The prize is a crappy commerce bank embossed piece of plastic. Feh!
posted by lalochezia at 3:06 PM on April 13, 2006

I've rolled large amounts of change by hand. (My college dorm had some student-run vending machines.) We used these coin sorting trays and counting tubes. It's still kind of tedious, but not too bad if you get a friend to help (and chat with).
posted by mbrubeck at 11:15 AM on April 14, 2006

I hold on to my change for a year, then donate it to a local charity. They happen to do a coin collection each year and they use a bank's coin counting machine. Since the coins are not readily spendable, I don't even miss them when they're gone.

The charity gives me a receipt for my taxes, but the best part is knowing that I'm helping an organization who makes life better for the needy of my community.
posted by rdauphin at 1:06 PM on April 14, 2006

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