Do you have a jar of loose changing at your house and you’re wondering where you can get it counted for free?
Or maybe you have a loaded piggy bank that you want to tap into?
With the U.S. still in a coin shortage as a result of the pandemic, despite the U.S. Mint running at full capacity, getting those coins back into the money supply is your civic duty.
But paying exorbitant fees to get them counted is not.
Where can you get free or cheap coin counting today?
Check Your Bank Or Credit Union
Many years ago, your bank probably had a coin-counting machine but those units were notoriously fickle. They would break all the time and so they’ve slowly been phased out of branches. There are very few banks and credit unions that offer a coin-counting machine, but it never hurts to ask.
For example, at some locations, American Eagle Financial Credit Union offers free coin counting for members and charges non-members a 10% service fee. Check your local banks and credit unions to see if they offer this service.
Otherwise, your bank will usually accept coins if you roll them up. They can provide paper sleeves too. This can be a good solution if you don’t have many coins or you have industrious children to help you count them.
You could also buy an electronic coin sorter. Royal Sovereign makes several coin sorter models and their base model costs around $50. If you have a lot of coins, this could be a good option if you don’t mind putting the coins in the paper sleeves.
Finally, check with your local library to see if they have a coin counting machine that you could borrow. It beats paying money to count your money.
Coinstar Machines
Coinstar is a company that runs coin-counting machines and you’ve probably seen their green vending machines in your grocery store (and many other places). While they will count your coins and give you cash, they will also charge you an 11.9% convenience fee.
You can find your local Coinstar machine using their Find a Kiosk page.
You can avoid this convenience fee if you elect to get your cashback in the form of an eGift card. There is a minimum and maximum amount available for each vendor. For example, for an Amazon Gift Card, the minimum amount is $5.00 and the maximum amount is $1,000.
They offer eGift Cards from:
- AMC Theatres
- Amazon
- Apple
AAPL
- Applebee’s
- Cabela’s
- Chili’s
- Domino’’’s
- DoorDash
- GameStop
- Gap (includes Old Navy, Banana Republic, and Athleta)
- Hotels.com
- IHOP
- Lowe’s
- Nike
NKE
- Outback Steakhouse
- Roblox
- Razer Gold
- Red Robin
- Southwest Airlines
- Starbucks
- Steam
- Texas Roadhouse
- The Home Depot
You can also avoid the fee if you opt for a charitable donation. This can be a good option if you itemize your taxes.
They offer the following charities:
- American Red Cross
- Children’s Miracle Network Hospitals
- Feeding America
- Make A Wish
- NAACP
- The Humane Society of the United States
- United Nations Children’s Fund (UNICEF)
- United Way
- Word Wildlife Fund
Coinstar is a good option if you have a lot of coins and don’t want to try to roll them yourself.
Self-Checkout At Local Retailers
A last option you could try is the self-checkout lane at your local retailer or grocery store. You’ll have to find one that accepts cash and then confirm it still accepts coins. You’re effectively turning the self-checkout unit into a coin counter and then using the funds to buy what’s in your cart.
Sometimes the units are limited in how many coins they can accept, so in those instances I recommend you go at off-hours when the store is not going to be busy.
Sometimes, there are safe workarounds to the limitations of the machine. At Wal-Mart, the self-checkout accepts coins but has a cover that limits you to inserting one coin at a time. In a video, Wal-Mart shopper Amy showed us that you can lift up that cover and put in more than one coin at a time (her son works at Wal-Mart and showed her this tip).
The same is true for the units at Target. And if you overpay, they will often give you back your change in bills.
Finally, if you live near a Publix, they have their own coin counting machines but they charge 9-10% depending on the location. It’s slightly less than Coinstar but still way more than what most people like to pay.
If you’re a little creative, you can still find ways to get those coins counted for free. And by turning those coins into cash, you can deposit them into your bank and earn some interest.
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