How to Make the Most of the Coins in Your Change Jar
If you pay for things in cash, over time you’ve probably collected a bunch of coins. Whether it’s pennies, nickels, dimes or quarters, all that spare change in your glass jar or piggy bank might add up more than you think. And those coins would probably serve you better as crisp bills in your wallet.
Nobody wants to walk around with a pocket full of spare change. It’s not nearly as convenient as paying with cash or a card. Luckily, you have options when it comes to exchanging your coins.
Make Quick Money if You Don’t Have Spare Change
Fewer people pay for things in cash these days, so it’s not surprising there isn’t as much loose change lying around people’s houses. And if there is, it may not be a lot. If you need a way to get some quick cash, check out some of our favorite ways below.
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| Solitaire Cash | Up to $83 per win | Compete against other players |
Where to Exchange Spare Change for Cash
Here are four places you can exchange your spare change for bills:
1. Your Bank
Many banks allow you to exchange your coins in person for free if you’re a customer or for a fee for non-customers. While you may not come across automated coin-sorting machines in most banks these days, you can roll your coins and bring them into your local branch to exchange for bills. Banks may request you sort and roll your coins with coin wrappers before coming in to exchange them. Larger banks, such as Wells Fargo, Chase, Capital One and Bank of America may provide coin wrappers if you ask.
It’s easier for your bank to accept your coins if they’re already rolled, rather than a bank teller having to sit there and count all your coins for you.
2. Credit Unions
Similarly to banks, local credit unions may provide a coin exchange service for free if you’re a customer or for a fee for non-customers. You’ll probably find coin-counting machines at credit unions more often than you will at banks. If you’re able to get access to a coin-counting machine, it can take the work out of having to manually wrap your coins and bring them to the bank.
3. Coinstar
Coinstar was founded in 1991 and created by Jens Molbak as an easy way for people to deposit their loose change and exchange for cash without having to roll the coins. Coinstar machines are in places like your local supermarket. You’ll have the option to either transfer the value of your deposited coins directly into your bank account, get cash on the spot, donate to select charities right from the kiosk, claim an eGiftcard or even convert your coins to cryptocurrency. If you choose to turn your coins in for cash, expect a service fee of up to 12.9% plus a $0.99 transaction fee. Fees may vary by location.
4. Publix Supermarkets
Publix Supermarkets offers its own store-branded coin-counting machines. An alternative to Coinstar, Publix’s coin-counting machines will provide you with a receipt to redeem for cash at the store’s customer service counter. Fees may apply.
Ideas for How to Use Spare Change You Turned into Cash
Here are several ideas for how to use all the extra cash from your coins:
1. Pay Off Credit Card Debt Faster
If you have a sizable credit card debt, it’s crucial to pay it off as quickly as possible. Keeping too much credit card debt burns a hole in your wallet in the long run. For example, you can start by paying more than the minimum payment when your statement balance comes due each month. Or, you could make a few lump sum payments with all that coin money until your existing debt is crushed. Finding ways to pay off your credit card debt faster can effectively reduce the amount of interest you owe and allow you to put more money toward the principal. You can also get a break from interest through balance transfer cards that offer a 0% intro APR period. We have a list of the best here.
2. Start an Emergency Fund
Creating and growing a substantial emergency fund is a crucial step in boosting financial health. Whether it’s a surprise car repair or an unexpected medical bill, there’s no telling what life might throw at you. You’ll want to have money saved up for worst-case scenarios. Once you deposit all that coin money into your emergency fund, continue making regular deposits so your balance grows. It’s not a bad idea to park your emergency funds in a high-yield savings account, this way, your money will earn interest and compound over time.
3. Start Investing
If you haven’t started investing, it’s never too late. Investing money early and often is the name of the game if you’re looking to become wealthy. With consistent investing, your money will grow thanks to the magic of compounding. Generally, the earlier you start investing, the more time your money will have to grow exponentially. So consider taking that coin money and making some smart investments so you can watch your wealth grow over time.
4. Donate to Charity
If you’re comfortable financially, perhaps you can give your coin money to a charity that means something to you. Generosity can go a long way, and those extra funds may make a significant impact on a specific cause.
5. Invest in Yourself
Investing in your education, skills and knowledge is one of the best ways to propel yourself forward. Consider taking that coin money and paying it back to yourself. Whether it’s attending educational seminars or completing a certificate program, learning new skills may make you a stand-out candidate in a competitive job market and may also improve your future career prospects.
Adam Palasciano is a personal finance-obsessed and money-savvy individual who loves to create content on all things saving and making money. His work also appears on GoBankingRates, FinanceBuzz, Investopedia, and Yahoo! Finance.
