Cash in your Coins

September 22nd, 2007 | Filed under: Business

As I was paying for my delicious meatball sub today, I noticed the small green tip tray was busting with loose change. Unlike those other “suckers,” I took my 76 cents and put it straight into my pocket. As soon as I got home, I transfer all the loose change from my pockets and dump it in a plastic bag. Once the bag gets to a decent size, I always head straight to CoinStar and collect my Golden Ticket (the voucher that turn my coins into cash).

Now, although you might not technically be making any new money, think about what happens to most of the loose change you collect over the years. Majority of the people probably leave it in random places all over the house or put it in some jar and never touch it. Either way that change is not being used in its best possible way. So, if you turn it into cash, now you will use money like you wouldn’t have before, and I consider that new money.

For people that may not know, Coinstar is an automated machine, usually located in grocery stores, that counts your change and then prints out a voucher. You then take that voucher to customer service of the store you are in, and they will pay out the cash amount. With Coinstar, you can choose from several gift cards or cash payout. If you choose cash payout, then they take out 8 cents a dollar, which really isn’t that much if you compare it to the time you save from doing it yourself.

Of course there will always be people that like doing everything themselves, so for those people there are very good coin counting machines that automatically sorts your coins into those brown paper packs that you take to the bank. Like this one: Royal Sovereign Sort N Save Coin Sorter, 8-7/8w x 9-5/8d x 9-7/8h MS1 / RSVMS1 And then, for people who really want to do it on your own, you can use dreadful manual labor and fill up those paper packs yourself. What I hate about dealing with the brown paper packs is that there are always a couple of them that aren’t filled to the banks “standards.” Then you just feel horrible like you wasted so much time, and who really wants to deal with all that.

Nowadays, lot of people prefer to use debit cards rather then cash, and that might be you. I don’t want to leave you out, so there are a couple of ways you can try to increase your change collection. Go to the ATM. I am pretty sure, for most banks, there are no fees for going to their ATM’s, so why not just carry some cash. It can also protect you from identity theft. But if you don’t want to do that, then always keep an eye out for loose change everywhere. How many times have you walked through a mall and seen that penny or nickel lying on the ground. Well… pick it up! It may not seem like a lot, but if you build up on it, it could be the easiest buck you ever made. Turn it into a hobby. I like to purchase things with my coins.

For the record I have used Coinstar several times, so I can’t remember every exact transaction I have done, but my highest payout has been $212 after 3 months and $36 after 3 months, which shows you that the more work you put in, the more you get out. So next time you see the tip tray on overload, wait till the cashier turns the other way and snatch those coins…<!–kw=venture money coin–>