Coinstars offers a helpful service for a very costly fee. At 11.9% you can have your coins converted to cash at your local grocery store. Although I’m all for saving every bit of money you can, sometimes the Coinstar is more convenient. Also, it’s better to have the money in easy to spend dollars than sitting on your shelf.
Here’s when it’s worth it to go to the Coinstar:
Your personal bank doesn’t have a coin machine.
Some banks have coin machines where you can convert your change into cash for free. Personally, I haven’t seen one in any of the banks I’ve been to, but it’s worth it to call and ask around. If a local bank has a coin machine that you don’t have a bank account with, you can make an account, but this is pretty drastic unless you are converting large sums of change consistently.
You have under $100 in change.
If you have a small amount of money, it’s better just to take it to the bank. If your bank doesn’t have a coin machine you can ask the teller for coin wrappers to hand-roll them. I’m not going to sugar coat it. Rolling coins is a bitch. The first few minutes can be very relaxing, but over $100 it becomes a pain to roll and to transport it to the bank.
You don’t have lots of free time.
Going to the Coinstar and paying the 11.9% fee is sometimes worth it just for the amount of time it saves you. However, if you have a lot of free time, there are tons of fun things you can do with the coins as you roll them. Look for interesting dates or coins with a high silver content. I always look for wheat-back pennies and war nickels.
You shop at a few places consistently.
GIFT CARDS! Check the Coinstar website to see if any places you shop at offer gift cards from the Coinstar kiosk. The best part is, if you convert your money to a gift card, you don’t have to pay the fee! This is definitely the best option, but be warned that not all Coinstar kiosks offer the same gift cards. I always convert mine to an Amazon gift card, because it gives me the most options.
You want the silver content.
Because of the way Coinstar evaluates the coins, it will reject most silver dimes, quarters, nickels, and half dollars. You can sell these online or keep them for their solver content. There is some dispute online about what machines reject silver. But currently, the consensus seems to be that almost every green Coinstar machine will reject silver, but some bank machines do not.
You just want the coins gone.
If you just want the coins to stop cluttering off your shelves and are feeling particularly charitable you can use the Coinstar to donate to a charity. The donation you make is tax-deductible. Currently, Coinstar has 8 charities you can donate to including the Red Cross, Feeding America, and the Leukemia and Lymphoma Society.
Whatever you do, make sure to save the receipt.
Do you use Coinstar or prefer to hand-roll your coins?