Did you know you could be wasting lots of money by not collecting coins? Americans throw away about $62 million worth of coins every year, according to a report by Covanta Holdings in 2016. A year earlier, Coinstar estimated that they’re about $7.7 billion worth of coins lying around at American households and offices, without use.
By 2021, this figure would be definitely higher.
Americans waste coins in different ways. I will describe some of the common ways by which you too could be wasting your coins- or rather- your hard-earned money. I will also provide you with the list of free coin counting machines near you where you can exchange these coins for cash.
How Americans Waste Their Coins?
There’s only one main reason why Americans waste their coins. And that’s because they don’t wish to carry loose change in their purses or wallets. Here’re some ways you too might be wasting such coins.
- Not accepting coins as a change while shopping.
- Tossing away coins in trashcans or garbage bins.
- Dumping coins in your garden.
- Leaving coins lying around the home, office, or even car.
- Neglecting change given by dispensing machines.
- Not knowing where to chance coins for currency notes and other gifts.
There could be other ways by which you waste coins too. However, I can assure you that collecting coins is worth the while and effort.
Rewards of Collecting Coins
If you’re among such persons, I would strongly suggest that you start collecting coins right away. That’s because, over a period of years, these coins can add up to a considerable sum of money. And you can invest this money in different ways to make it grow.
At the same time, there’s nothing wrong with collecting coins. YouGov, a public opinion company states that some 36 percent of people collect their coins and store them in jars while about 10 percent use Piggy Banks and other coinboxes for the purpose.
A video released in 2021 on the Facebook channel ‘Unknown Facts’ shows the story of an American man who collected one Cent coins in 20-gallon and 55-gallon barrels. Upon exchanging these Cents, he got a total of $13,084.59 from a bank.
Understandably, you don’t need to go to such lengths to collect change. You could do it in your own small ways and yet save a lot of money.
Exchanging Coins for Currency Notes
Normally, people that collect coins, exchange them for currency notes. Actually, banks are under no obligation to exchange coins for notes. In fact, the Department of Treasury and Federal Reserve doesn’t make it compulsory for banks to exchange your coins for cash.
However, if you have an account at any bank, you can deposit them in your bank account directly and get their worth credited to your account. In such cases, a bank can’t refuse to accept the coins because you’re their customer.
At the same time, banks do have certain rules and procedures for accepting your coins, especially if they’re in large numbers. The procedure is very simple. You need to roll your coins on paper that the bank provides. Or you can use your own paper to make neat rolls of coins and hand them over to the bank. That makes it easier for their coin counting machines to count the money.
Free Coin Counting Machines Near Me
This brings us to the next question: Where can I find free coin counting machines near me or where can I change my coins for cash for free? As I mentioned earlier, the service is provided free of cost by banks to its customers. However, if you’re not a customer, some banks do charge a small fee to count your coins.
The below chart shows some of the places where you can get free coin counting machines.
|Bank Name||For Customers||For Non-customers|
|JBT Bank||Free||5% fee|
|Manasquan Bank||Free||Not Available|
|Home State Bank||Free||10% fee|
|First County Bank||Free||Not Available|
|Shelby Savings Bank||Free||Not Available|
|TCF National Bank||Free||8.9% fee|
|Hancock County Savings Bank||Free||Not Available|
|Republic Bank (NJ/PA)||Free||Free|
|People's United Bank||Free||8% fee (to increase to 11%)|
|American Eagle Federal Credit Union||Free||Free|
|Westerra Credit Union||Free||Not Available|
|Chase||Deposit at Teller||Not Available|
|Citibank||Deposit at Teller||Not Available|
|Bank of America||Deposit at Teller||Not Available|
|Capital One||No Deposit at Teller||Not Available|
|TD Bank||Deposit at Teller||Not Available|
|PNC Bank||Deposit at Teller||Not Available|
|Apple River State Bank||Free||Not Available|
|Glenview State Bank||Free||Not Available|
|Liberty Bank||Free||Not Available|
|State Bank of Dekalb||Free||Not Available|
|Wintrust Bank||Free||Not Available|
Additionally, there’re some banks that don’t have coin counting machines. Instead, they accept rolled coins and give you cash. You needn’t be a customer of these banks.
i) Bank of America
iii) Capital One
vi) PNC Bank
vii) TD Bank
Exchanging Coins at Casinos
If there’s a casino in your city, you can exchange your coins there too. Generally, these casinos have a coin counting machine but not really for the public. However, if you approach them and they’re willing to buy your coins in exchange for currency notes, you can use their coin counting machine.
The same holds true for gaming kiosks. They usually have slot coin gaming machines. You can use their coin counting machine to count your coins and exchange them for currency notes
Exchanging Coins with Coinstar
Nowadays, only a few banks offer coin-counting machines, as you can see from my above list. However, that’s nothing to worry about. There’s a company known as Coinstar. They offer coin-counting machines at various locations across America. And some of these locations are very convenient because they’re located at major stores.
You could check if any of these stores have a Coinstar coin counting machine nearby.
10- Cash Wise Foods
11- City Market
12- Cub Foods
13- Dan’s Supermarket
14- Farm Fresh
15- Food 4 Less
16- Food Lion
18- Fry’s Marketplace
20- Giant Eagle
21- Harris Teeter
27- Jay C Food
28- Jewel Osco
29- King Soopers
30- Mariano’s Fresh Market
31- Mollie Stone’s
34- Pick ‘n Save
37- Ray’s Food Place
38- Redner’s Markets
39- Ruler Foods
42- Shop ‘n’ Save
43- ShopRite Supermarkets
44- Star Market
45- Stop and Shop
46- The Food Emporium
47- Tom Thumb
48- United Supermarkets
51- Winn Dixie
However, you have to pay a stiff commission to Coinstar to count and exchange your coins. Coinstar charges an 11.9 percent fee for every $100 you exchange in coins. For example, if you deposit $100 worth of coins, you’ll get back only $88.10. However, at some locations, Coinstar fees may be higher or lower.
Rules to Exchange Coins
If you’re going to use a coin-counting machine, there’re some rules that you need to follow. Here I will list these rules and requirements.
- Always ensure that the coins are clean and free of debris of any kind.
- Never sneak in foreign coins along with American coins because these will be rejected instantly.
- Sort and separate your coins before taking them to a coin counting machine. That way, you can finish the process faster.
- Use proper paper to make rolls of coins, according to specifications of the bank.
- Exchange your coins for cash regularly or at least twice a year to prevent them from becoming too heavy to carry and cumbersome to roll for exchange.
Things You Can Get in Exchange of Coins
Other than getting currency notes in exchange for your coins, you can also opt to receive free shopping vouchers. Coinstar charges an 11.9 percent fee on every transaction of counting your coins and paying cash. However, if you opt for a shopping voucher, they waive off these fees.
Also, you can donate your coins to a charity through Coinstar machines near you. The charity to which your money goes depends upon your location. Each Coinstar machine will display the various charities in your area and in America to which you can donate your coins.
In such cases, you can keep a receipt of the donation and submit it to Internal Revenue Service along with your Income Tax returns for tax rebates. In fact, this is one of the best ways to use a coin-counting machine because you could save a lot of taxes in a year simply by collecting coins and donating them through Coinstar.
They're more than 70 places and thousands of locations where you can find coin-counting machines near you. However, they don’t merely allow you to count your coins. Instead, you have to use your coins for a transaction such as depositing them in your bank account, buying a shopping voucher, or donating to charity. Therefore, the next time you have a pile of coins, use any of these coin-counting machines nearby to get money.