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That jar brimming with coins in your house may be able to buy more than you realize. Consider cashing in your coins to help fund holiday gifts or donate to charity.
If you’ve been to a grocery store, you’ve probably noticed the Coinstar machine patiently waiting to gobble up your coins and give you cash back. You may have been tempted to dump the contents of your coin jar into Coinstar’s receptacle, until you noticed the nearly 10% fee. You may have rationalized that you would take your coins to the bank and even have bought a coin sorting machine to make the task easier. But even if you accomplished this task, the temptation of tilting your coin jar at the Coinstar machine remains alluring.
Coinstar waives its 9.8¢ fee for people who cash in their coins in exchange for gift cards at major retailers including Amazon, Apple iTunes Store, Athleta, Starbucks, Regal Cinemas, Gap, Lowe’s, Chili’s, Lands’ End, Old Navy, CVS Pharmacy, Overstock.com and many other stores. You plunk your coins into the machine and get penny-for-penny value for your money at these retailers in the form of a gift card or eCertificate.
Here’s a video of a Coinstar customer who redeemed $2510 in coins for a gift certificate. (He would have paid a $246 fee if he converted those coins to cash.) He was inspired by a friend whose father saved every coin from when he was born until he turned 16 when he had enough to buy a car.
You may have more coins than you think. The average US household has about $90 in coins around the house, according to Coinstar, enough to buy a Kindle!
Coinstar machines are available in the US, Canada, UK, and Ireland.
In addition to collecting coins for cash or gift cards, you can also donate your coins to charity. Coinstar provides free coin counting for eight different charity partners. You could donate the coins in your wallet each time you head to the grocery store to contribute to your favorite charity. Even small amounts of coins can add up to make a big difference to someone in need. Charity partners include change-making change, The March of Dimes, and these six other charities:
Before you head to your local Coinstar machine, check online. Not all Coinstar machines provide every redemption alternative, especially in countries outside the US. Machines may give cash, eCertificates, gift cards, charitable contributions or only some of these choices. Make sure you head to the machine that gives you the redemption choice you want.
If you’re redeeming for an eCertificate or a gift card, make sure to read the fine print. For example, Amazon Coinstar gift cards have restrictions and cannot be used to buy other gift cards or a Prime membership.
Next time you take a walk in the woods and find your lucky penny, save it to redeem with Coinstar. Those pennies can add up to something special for you, a loved one or a charity.
Do you have a coin jar? Have you ever redeemed your coins? Did you use a bank or Coinstar? Let us know in the Comments section below!
*Coin jar image by J. D. Welch
** Woods image by Fred
Very interesting. I normally shun Coinstar because of the fees. I would rather feed the self-checkout aisle with my coins. But I guess the “read the fine print” should apply here too. Coinstar makes their money out of customer stupidity generally.
Hi Lee, I’ve avoided Coinstar because of the fees as well, but I really like the idea of converting coins into ecards for a site like Amazon that sells practically everything. I also like the charitable giving options that make it so easy to donate.
Hi Carolyn,
I have a small jar of coins that I had been holding onto, so that is good to know that I can use Coinstar for gift cards or charities without a fee. Are the machines located just in grocery stores?
Hi Cathy, Great question! Coinstar machines are found in other locations as well, such as Walmart, pharmacies and other stores. Recently they started coming to Starbucks stores as well.
If you click on the link above, you can enter your zip code and see which machines are closest to you, as well as which redemption option they offer.
Right post at the right time for me, i have lots and lots of coins which I was planning to redeem for cash this week.
I am sure I will opt for an Amazon card and avoid the processing charge. Nice find. Thanks.
Hi Praveen, Yes, redeeming for an Amazon gift card is nearly as good as redeeming the coins for cash, without the fee.
When I moved back to the US from the UK, we redeemed our UK coins for cash at Coinstar. It was great getting the cash, but I didn’t like paying the fee. With all of the tasks necessary for an international move, I didn’t have the time to sort the coins and bring them to a bank.
Often you have to trade convenience for cost, but with the redemption options offered at Coinstar, you can have the convenience without the cost.
There are Coinstar machines here in Canada, but few in my neighbourhood. Nonetheless, my family does accumulate a LOT of coins. Last year, we made it a family activity to sort, count and roll all of our coins. It came out to over $400! The kids were so excited to be a part of the activity – we let them each have a piece of the pie as a reward. The truth is, it was probably more fun (and profitable) than it would have been had we dumped all of our jars into a machine.
Hi Ruth, Great idea to make the rolling of coins into a fun family project! Did you spend the money on something special for the family? I imagine your family is very motivated to continue that tradition. 🙂
I’ve never seen a Coinstar machine or heard about them before; I must have just got lucky! I’m always trying to get coins. At the moment I’m saving pound coins so I can park at the hospital. I do have an engraved bottle with 1/2 penny coins in that went out of circulation years ago and I have a lot of pre-decimal coins like pennies and even crowns. I think the oldest is 1870. I have gold sovereigns in my little collection now worth around £280 or more each! They would cash in well. It’s amazing to think two little coins can be worth $1,000.
Hi Mike, Check out http://coinstar.co.uk/ for locations in the UK. Our local Sainsbury’s, Tesco and Morrisons have them near where I used to live.
You bring up a great point. Make sure to separate out any valuable vintage coins from your collection because Coinstar won’t give you any extra money for those coins! Very cool you have all of those old coins, Mike!
I’m a big fan of Coinstar because I have kept coin jars for years. I don’t change them for cash cause of the fees. I’m always buying something on Amazon so I change them for gift certificates.
I’m working on a jar now and should have $200-300 when it does fill up!
Hi Benny, Isn’t it exciting to fill up a coin jar and know that you will be able to reap the benefits from Amazon for money you won’t even miss? That’s a fun shopping spree to have. 🙂
I used them one time Carolyn and that’s when I learned of their fee. I know these companies need to make money because they have to service these machines and then of course, do something with these coins too.
I only keep my pennies, the rest I use for change. My washing machine went out years ago and I never replaced it so I use the machines here in our condo complex. I actually really like it because we are so small there is never a fight over the machines plus I can wash three loads of clothes at the same time and then dry them at the same time and I’m done. So I turn my pennies in for quarters to use on these machines.
Great idea though, especially for the holidays. My family prefers getting gift cards so they can purchase what they want. I don’t blame them, it’s just easier on everyone.
Thanks for sharing.
~Adrienne
Hi Adrienne, You know, I wondered about that when I wrote this article. If you redeem the coins and get an Amazon gift card but you can’t use it to buy an Amazon gift card, then why not just give the Coinstar Amazon gift card as a present? I think it’s because the gift card would say Coinstar and probably wouldn’t be for an even amount. That probably breaks every rule of etiquette on gift-giving! 🙂
Oh, this post will surely come in handy for the holidays, Carolyn!
I’m forever finding loose change in my winter coat pockets, the cushion of the sofas, in boxes unpacked, so forth and so on.
Like the Coinstar average stated, there’s always change around the house.
I’ve never used a Coinstar before, and I had no idea they actually charged to use them; however, the idea of getting gift cards instead of cash to save even more money is down right genius of them to do.
Killing two birds with one stone in branding and advertising.
Thanks for sharing this with us! 🙂
Hi Deeone, I agree with you, getting gift cards for coins is pretty neat, especially around the holidays. Like you, I find coins everywhere and it’s handy to just keep them in a jar. But that jar can fill up quickly and rolling the coins is a job I did just once.
I hope you enjoy your treasures from redeeming your coins, Deeone! 🙂
Hey Carolyn,
$2510 in coins! The guy must have come close to giving himself a hernia carting them to the coinstar machine!
Anybody care to guess how much that amount in coins would weigh?
Hi Hamish, Great question. I checked with coincommunity.com and discovered that $50 in post-1982 pennies would weigh about 30 pounds, so $2150 in pennies would weigh 1506 pounds. I realize that not all of his coins were pennies, but if they were, they would way 3/4 of a ton!
(In metric weight, the pennies would weigh 1138.5 kilos.)
My husband won $125 at the nickel slots while we were on vacation. We walked back along beach sand a 1/2 mile to our hotel with the nickels (over 2,500) in our pockets! It was hard to keep our shorts up! 🙂
It wasn’t until we got to the airport (coins still on us) that we learned you can cash the coins in for dollars at the casino. Big time rookie mistake!
I had no idea you could us Coinstar fee free for gift cards. I will cash in our coins for Amazon gift cards & donate them to our local SPCA.
Great idea, Carolyn! Thanks for the heads up on this!!
Lol, Rachel, that is a very funny story! I can just imagine you and your husband trying to get past the metal detector with your shorts weighed down with nickels! I’m sure you weren’t the first ones who didn’t realize you can cash in your winnings at the casino.
Great idea to get an Amazon gift card from Coinstar and donate it to your local charity of your choice. Amazon has so many items to choose from, any charity can benefit from an Amazon gift card. The SPCA can get food or other pet items from Amazon.
Thanks so much for sharing your story, Rachel! 😀
I am among those people who had avoided them because of the fees but now it looks like I should reevaluate that.
Hi Jack, Just make sure that you head to a Coinstar machine that gives you redemption choices. If you were redeeming your coins at a machine that only gave cash, you probably didn’t realize that gift cards were available. Now that you know, you can reap the benefits and get more for your money! 🙂
It will be a cold day in hell if a ever pay 10% to have coins converted to paper currency. To me that’s a form of usury.
Riley
Hi Riley, Lol, I’m thinking you’re not a big fan of bank fees either.
I wouldn’t go so far as to call Coinstar’s fee usurious. They have to maintain the machines, transport the coins and then sort and count them to redeem the coins for their bottom line. The fee charged may be fair for the service, I just don’t want to pay it. I appreciate that I have a choice to redeem my coins easily and not have to pay that fee.
Thanks for stopping by and leaving your awesome comment, Riley. It’s wonderful to have you back at The Wonder of Tech!
I’ve always wondered about these machines, Carolyn! I’ve seen them before in supermarkets in Canada, but I had no idea there was a fee involved or that you could waive fees for gift cards! I’ve had a piggy bank (more like an elephant bank) since I was a baby and my parents collected coins for me. I’ve always saved and brought my coins to the bank! =) I’ll have to try this machine sometime though. It just seems like so much fun! =)
Hi Samantha, Yes, those machines in Canada will give you money for your coins, but I’m fairly certain you don’t want to pay them for that privilege.
You can dump the contents of your elephant bank into Coinstar and enjoy the rewards. Here is the site to check out where you can redeem your coins in Canada: http://locator.coinstar.com/MapPoint/locator.aspx
Enjoy!
Great information Carolyn!
Reading about coinstar, I do wish we had similar machines at our end! It would surely save me the trouble of collecting all the loose change around the house and putting it to some good use!
All we do presently is collect such loose coins in a piggy bank, something we did as kids at our home, and the same I taught my girls. So, by the end of the month or after a few months the piggy bank is opened and something nice is brought for the house or the kids. It does instill the habit of saving in the kids as well.
I loved the photograph of the misty woods, surely makes like one wanting to get lost in them 🙂
Thanks for sharing a wonderful and informative post 🙂
Hi Harleena, Yes, Coinstar is very handy. I hope they spread worldwide. It’s great you save your coins for something special anyway, even if redeeming them is more complicated than with Coinstar.
I’m so glad you like the woods picture. The picture came up when I searched for coins, so I figured someone must have lost their coins in the woods. Maybe a lucky person will find them!
When I buy things for cash I try to give the merchants the right change. They are very appreciative to have the change and I don’t have to save the coins.
Hi Jerry, That’s a shame that you spend all of your money like that. If you give the cashier your coins, then you not only lose those coins you don’t get any back from the cashier.
You should really save your coins so you can redeem them at Coinstar and spend them that way! Don’t worry, with a little practice you’ll be saving your coins in no time! 😉
Ok then…I pretty much know what I have to do now. I’ll start collecting coins. Although I’ve seen this type of “economy” before at once of my friends (he has a couple of jars) I never got into it.
But it may turn out to be a great investment over years, without feeling any deferential when it come to your wallet.
Hi Cristian, Yes, it’s never too late to start. You’re right that it’s an easy and painless way to save! 🙂
This is great information, Carolyn! Who knew????
I never use the coin machine because of the fee, but this is a fantastic workaround. Thanks so much for the useful post!
Hi Amber, I’m so glad you found this information helpful. I agree with you, I have avoided coin machines too, except when I was moving back to the US from England. Then I had a long to do list and Coinstar seemed worth it. But no one likes fees so it’s great to learn how to avoid the fees!
Thanks for stopping by and leaving your comment, Amber!
We have a huge water jar. Saved for several years. There was £6,000 in there! That made for some nice holidays.
Hi Stephanie, Wow, according to my sources, your coins are worth $9422 in US dollars. That’s a tidy sum! Your holidays are going to be very bright!
In the UK, notes start at £5, so coins can be quite valuable. Pound coins are heavy so many people will put them in jars instead of carrying them around. Saving them can add up quickly!
Thanks, Stephanie, for stopping by to share your experiences with us! 🙂
such a nice idea! i use to take the coins to bank about twice a year. But from now on i will search for coinstar machines, it seems to be much more easier and faster.
Hi Cindy, Welcome to The Wonder of Tech! Coinstar machines are easier and faster. They used to be much more expensive than banks, but with fee-free gift cards, cost really isn’t an issue anymore! 🙂
My kids have coin jars, and I know what they would have bought if Coinstar was available in Norway. They would have bought iPads. We’re doing it the old fashioned way at the bank 🙂
I’m hoping that Coinstar will end up in Norway sometime soon. I give all my coins to my kids, but my kids could have bought some amazing stuff.
Hi Jens, Yes, it’s fun to have kids participate too. They can help find the coins and deposit them into your coin jar. Then you can go as a family to the Coinstar machine and deposit your coins. You can decide as a family what to buy with your savings. It’s a great lesson for kids about the benefits of savings!
I hope they do bring Coinstar to Norway, Jens! If not, I hope an enterprising Norwegian launches a similar business. 🙂
That’s a business I should start. On the other hand, I would probably donate everything to charity 🙂
And you could let your users donate to charity, as Coinstar does! 🙂
Although we have Coinstar in the UK, as far as I am aware, you only get a voucher to exchange for cash or spend in the Supermarket, minus the fees, with no option to buy gift cards.
Perhaps we ought to get a petition set up over here so we can enjoy the same benefits.
Hi Barry, Welcome to The Wonder of Tech! You’re right Coinstar does not offer gift cards in the UK, though they do have many charity partners. Here is a list of those: Coinstar Charity Partners. You’re right, the UK should have the same deal as the US. Perhaps you should start a petition! 🙂