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Depositing Coins - How Much Is Lost?

Tuesday, April 6, 2010 - 7:34 AM
Do you deposit your coins at your bank or credit union? Or do you use Coinstar? MyMoneyBlog has an interesting review of these options and the risk that they may undercount your coins.
1
Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
Rep Points: 123,743
1. Tuesday, April 6, 2010 - 7:43 PM
Not really an issue for me. Hardly pay in cash anything. The few times I do and get coins back, I simply collect them until I have 2-4 quarters worth of them, take them to the local bank (inside my favorite grocery store) and get them changed into quarters, which I use for various things.
1
AnonymousAnonymous2,281 posts since
May 9, 2010
Rep Points: 3,788
2. Wednesday, April 7, 2010 - 7:36 PM
With so much electronic payments being used now, I only use paper bills and coins very sparingly.  Even my checkwriting numbers are way down. Any excess coins, I just spend it at fast food places or drug stores.  There are a lot of people who carry a ton of cash and coins around, but I don't bother with that.  Most of my coins start to turn green from the PVC holder that I put them in.
1
AnonymousAnonymous2,281 posts since
May 9, 2010
Rep Points: 3,788
3. Sunday, April 11, 2010 - 8:45 PM
I"m pretty poor by most peoples standards so I have to be creative in how I handle my money. I'm a single, middle aged man, make $12,000 a year and live in a city where the cost of living is 130% the national average.

At the end of each day, I put all my change into a jar. I put these jars aside and forget about them. When I go to buy stamps, I get them from the Post Office vending machine because they give $1.00 coins for change. I regularly raid my current jar for quarters for the laundry, parking meters and the bus.

  In 2008 I counted my change after 3 years, it amounted to about $700 and change ;) and probably would have been $1100 or so if I left the quarters alone. When I put my coins in rolls to deposit them I bring the pennies and nickels to the 7% Coinstar machine, it takes too much time for me to roll them. I roll the rest at home because this way I earn $14hr tax free for not using the machine. The way I see it, it compares to leaving home for $18hr doing something I don't like rather than sitting in my kitchen getting paid to count the plane fare for my 3 week vacation to Asia. Plus, Asiana Airlines doesn't accept Amazon gift cards that are offered by the coin machines as payment for their tickets ;).

 I do something else with my $1.00 bills, 1 year effort with those paid all the rest of my expenses for this past vacation.

 If I didn't do these things, I would not be able to take these trips as there are too many important demands on the dollars I make to make regular saving work.

 In 12 months I'll be in Borneo seeing the the last of the Urang-utans in the wild. In 2-4 years there will be no more left outside of cages.

















 
2
AnonymousAnonymous2,281 posts since
May 9, 2010
Rep Points: 3,788
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