Coins and cash still remain a significant part of the economy even as easy, low-contact options like tap-to-pay have risen. Comparing 2013 to 2023, circulating coin production has remained relatively similar at both benchmarks, at around 11 billion coins, according to the U.S. Mint. And although the use of cash has declined over time, it’s still used in about 18% of transactions.
If the swear jar is overflowing or you’re looking to cash in that piggy bank, here’s how to do it.
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Yes, You Can Deposit Coins at Your Bank
Most banks or credit unions will accept rolled coins from customers, but some may charge a fee for the service.
Some banks, such as Wells Fargo, will exchange rolled coins for customers without a fee. Wells Fargo says it also offers free coin wrappers.
Check your bank’s policy. Certain credit unions and community banks still have coin-counting machines. The majority of large banks, such as Bank of America, Chase and Capital One, do not have coin-counting machines for their customers anymore, though you can still receive coin wrappers.
Amber Albrecht, a corporate communications professional in Oregon, says she turned in $100 in coins at the urging of son Cooper and daughter Rylee. The children split the proceeds but deposited the money into savings accounts at Mission Federal Credit Union.
“This was also motivated by them wanting to see how much money they have online, which I thought was interesting, too,” she says.
Hyperion Bank in Philadelphia has a coin-counting machine that is free for customers and charges a 5% fee for noncustomers. A husband and wife competed to see who could save the most coins and brought them to the bank; their change added up to $429.13.
“The husband won — he had saved the most coins,” says Lee Green, vice president, chief retail officer at Hyperion Bank.
Because they did not have an account at the bank, they opened one to waive the coin-counting fee, which would have amounted to $21.46.
Ian Rosen of artificial intelligence-driven investment platform TIFIN made his children roll their coins and took the rolls to a Chase branch. They cashed in about $120, and each child received $10. The task was “to make them do something both tedious and requiring accuracy,” he says. “A good time was had by all.”
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Where Can You Cash In Coins for Free?
You can check at not only your own bank but also these places about converting your change into cash without paying fees:
— Credit unions. Many have machines that can quickly count your coins and provide you an accurate total in cash. Nonmembers may be able to use them for a fee typically smaller than alternatives like Coinstar, or for free.
— Local community banks. Customers of JBT and Manasquan Bank, for example, have free use of coin-counting machines.
[Read: Best Savings Accounts.]
What Are Your Alternatives to Cashing In Coins at a Bank?
If you don’t want to roll coins and take them to your bank, you can use coin-counting machines at grocery stores and other retailers for a fee. The one you’ve likely seen is Coinstar, with nearly 20,000 kiosks worldwide, but the Florida grocery chain Publix also has its own machines.
Coinstar: Fees vary by location, but you’ll pay an 11.9% processing fee if you turn your coins into cash. You won’t pay a fee if you opt for an e-gift card to one of more than 20 stores and restaurants, like Starbucks or Southwest Airlines. Coinstar also offers Amazon gift cards, but those come with a 7% fee. You can also donate your coins to charity without a fee.
Publix: The Florida-based grocery chain has its own machines that will count your coins and provide you a receipt to redeem for cash at the customer service counter. Fees could be around 10% of your transaction, but check your store for details.
However you choose to cash in your coins, you may end up surprised by how much money you had.
For two years, everyone’s pocket change went into a large plastic tube in the study of Doug Chapin, an election researcher in Virginia. During the COVID-19 coin shortage, he lugged it to his grocery store and dumped the change into the coin counter. The tally was $222.78.
“The most amazing thing is how quickly we managed to spend the Amazon gift certificate purchased with all those coins,” he says.
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Where Can You Exchange Coins for Cash? originally appeared on usnews.com
Update 06/20/24: This story was previously published at an earlier date and has been updated with new information
