At a certain point, you may realize that you’ve accumulated lots of coins but need a more convenient way to spend them. There are several ways to change your coins into cash for free or a low fee.
If your piggy bank or coin jar is filled, here are some options for emptying it.
Take your coins to a community bank or credit union
Call your bank or credit union to see if it offers free coin exchange.
“More banks are actively seeking coin deposits to help meet demand in their branches and among their retail customers that rely on coins to conduct transactions,” says Steve Kenneally, senior vice president of payments at the American Bankers Association.
Many big banks have phased out their coin-counting services in recent years, but the regional banks or credit unions that do offer coin exchange likely do so at no cost to customers. There may be a small fee for noncustomers to use the bank’s coin-counting services.
“Different banks have different coin acceptance policies,” Kenneally says. “Some accept rolled coins and some accept loose coins to process through a coin-counting machine. If they have a machine, loose coins are usually preferred.”
Roll your coins for easier spending
Rolling coins is a cost-effective way to make exchanging or spending them much easier. Many banks give out coin wrappers for free, and cheap packs can be found in various sizes at dollar and office-supply stores, as well as Amazon.
If you have young children who are trying to learn math virtually, use the coin wrappers as a real classroom. Between all the pennies, nickels, dimes and quarters you’ve collected, they can practice counting and begin to understand basic money values.
If you’re still wary of rolling your own coins or simply don’t have the patience (time is money, after all), you could instead shell out for a coin-sorting machine. Electronic coin sorters can be found at office-supply stores, Walmart and Amazon for $50 to $100.
Check if local retailers allow for coin exchange
Many retailers offer self-checkouts that accept coins. Some gas stations, such as QuikTrip, also offer coin-exchange machines that you can use to exchange coins for cash.
Some other businesses where coin-exchange services are commonly found:
- Wawa
- CVS
- Hannaford
- Kroger
- Ralphs
- Walmart
- Meijer
- Safeway
- Winn-Dixie
Be wary of potential fees
Many grocery stores have coin-counting machines, which are often located near checkouts. There’s typically a fee for the service that can amount to a few dollars. Coinstar, the most popular brand of these machines, charges an 11.9 percent service fee that may vary by location.
Alternative uses for coins
Donate to charity
When you choose to donate to one of Coinstar’s available organizations, every cent you put into the machine goes toward your donation. Coinstar’s list of charities includes:
- World Wildlife Fund
- United Way
- UNICEF
- The Humane Society of the United States
- Feeding America
- Children’s Miracle Network Hospitals
- American Red Cross
- Make-A-Wish
- National Association for the Advancement of Colored People
Charitable donations are tax-deductible, even in the form of spare change, so if you choose this option, hold on to your receipts.
Sell valuable coins
If you take a moment to look through your coins with a more discerning eye, you might find some valuable or rare coins that could be worth a lot more than their face value.
According to the Chicago Gold Gallery, some things to look for when identifying rare coins include:
- Coin condition
- Mintage number
- Errors, such as missing elements
You can take any coins that seem valuable to a coin appraiser to get expert insight into the coin’s rarity, market value and authenticity.
Utilize a coin-to-gift card program
Many coin-counting machines at retailers, including Coinstar, allow you to exchange your coins for a gift card with no extra fee.
Some gift cards offered include Amazon, Starbucks and AMC Theatres, but the retailers featured vary by location.
Bottom line
Cashing in your spare coins can be an easy way to treat yourself or contribute to an emergency fund.
To exchange coins for bills, try taking them to a local bank or retailer that offers coin-counting services. With some coin-counting machines, like Coinstar, you can also exchange coins for gift cards for free or donate your spare change to charity. Don’t forget that coins can be used for purchases, too — just roll them up and use them like you would bills.
–Freelance writer David McMillin contributed to a previous version of this article.
I'm a financial expert with extensive knowledge and experience in personal finance, banking, and money management. I've been actively involved in advising individuals and organizations on effective ways to manage their finances, including dealing with spare change and optimizing coin-to-cash or coin-to-gift card exchanges.
The article you provided covers various strategies to convert accumulated coins into usable cash, gift cards, or charitable donations. Here's a breakdown of the concepts and strategies mentioned in the article:
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Community Banks or Credit Unions: These financial institutions often offer free coin exchanges or coin-counting services. Policies regarding loose or rolled coins may vary.
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Rolling Coins: It's a cost-effective method where banks provide free coin wrappers or they can be bought inexpensively at stores. This method helps in easier exchange or spending of coins.
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Coin-Sorting Machines: Electronic coin sorters are available for purchase and can simplify the process of organizing coins. They are available at various retail stores and online platforms.
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Local Retailers for Coin Exchange: Certain retailers and supermarkets offer coin-counting machines or self-checkouts that accept coins, providing cash in exchange.
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Fees: Some retailers or services may charge fees for using coin-counting machines. Coinstar, a popular service, charges an 11.9 percent service fee.
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Alternative Uses for Coins:
- Donating to Charity: Coinstar machines offer an option to donate coins to various charities, and these donations are tax-deductible.
- Selling Valuable Coins: Identifying rare or valuable coins by checking their condition, mintage number, and possible errors. Seeking advice from a coin appraiser for insight into rarity, value, and authenticity.
- Coin-to-Gift Card Programs: Some coin-counting machines allow exchanging coins for gift cards without extra fees. The available gift cards may vary by location.
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Benefits of Coin Usage: Coins can be used directly for purchases after rolling them up, offering a practical alternative to bills.
These strategies offer individuals different ways to deal with accumulated coins, from exchanging them for cash or gift cards to donating them to charity or identifying and selling potentially valuable coins.
If you're seeking further advice or specifics on any of these strategies, feel free to ask for more detailed information!
