A penny saved is indeed a penny earned. The spare change you discard in your house and often regard as insignificant can be quite valuable.
When it accumulates into significant figures, it can be worth a lump sum, especially when converted into notes.
Reasons for Cashing in Coins
For centuries, coins have played a significant role in our monetary system. With the invention of more convenient currency forms like bank notes and cashless payment systems, coins are becoming valueless.
However, these coins can be worth a fortune when collected and saved in large sums. Underneath are four reasons explaining why you should cash in the coins lying idle in your piggy bank.
Reducing Clutter
The sight of coins lying all over the place in your house can be annoying, to say the least. They can make your home look disorganized and portray a bad image to your guests.
Cashing in the spare change accumulated in tens or hundreds of coins can transform your living area, making it organized and clean. Furthermore, decluttering the coins can be therapeutic and it can help you create space for your valuable items.
Savings and Investment
When you isolate coins and calculate their worth individually, their value can be pretty insignificant. However, when you amass multiple coins and calculate their value, they can be worth a substantial amount.
Accumulating your coins and stashing them in a piggy bank can prove to be an effective saving method. In the end, you can cash in the amassed coins and convert them into bank notes or cashless payment currencies.
Emergency Funds
Unforeseen situations that necessitate some cash may arise when you are short of cash. However, with coins stashed in your piggy bank, you can comfortably take care of these unexpected emergencies without messing with your regular income.
Cashing in your saved coins can prove to be a worthy financial cushion in times of emergency. Furthermore, it can provide peace of mind by saving you the stress of taking loans when unprecedented situations arise.
Charity and Donations
We all have charitable causes or organizations that are close to our hearts. You can cash in your accumulated coins and donate the proceeds to a charitable organization of your liking.
It is also worth noting that most charitable organizations accept coins. By donating your proceeds, you can rest assured that the coins that may seem insignificant to you are making a difference in other people’s lives.
Convenient Places to Cash in Coins for Free
Although coins are still usable currencies, they can be pretty inconvenient to carry around.
This is why most people prefer to cash in their coins, ultimately converting them into more convenient currency forms. Luckily, there are numerous places where one can convert coins into more expedient currencies. These places include:
1. Banks
Banks are the traditional forms of cash deposits and withdrawals. To appease their clients, they offer free coin cashing-in services.
You can take your accumulated coins to the bank, have them substituted with banknotes, or deposit them as savings. Most banks have coin-counting machines, which make the process faster and more convenient.
Pros of Cashing in Your Coins in Banks
- Banks are located in most towns and cities making it easier to find them. This makes them a convenient option.
- Most banks offer coin exchange services for free to their account holders.
- Banks are trustworthy and secure. You can cash in your coins without worrying about losing some of your coins.
- When you cash in your coins at a bank, they retain their true value.
2. Credit Unions
Credit unions often operate similarly to banks. They also offer coin cashing services to their customers without charging a penny.
To cash in your coins for free, most credit unions require you to be a member of the respective union. Once you have registered with the credit union, you can cash in your coins for free. The proceeds can be handed out to you in banknotes or deposited into your union account.
Pros of Using Credit Unions to Cash in Your Coins
- The coin counting and exchange services are free of charge to members of the credit union.
- Credit unions are more friendly than banks and they offer more personalized services.
3. Retail Stores
Many retail stores, specifically grocery stores and supermarkets exchange coins for free. They often have coin-counting machines at the customer care desk, where you can count your coins and cash them in.
The coins can be converted into gift cards or used to buy items of your liking. Furthermore, you can have your coins exchanged for banknotes.
Pros of Using Retail Stores to Cash in Your Coins
- Retail stores are often located in convenient spots making it easy to access their coin exchange services.
- In most retail stores, the coin cashing-in services are self-service.
4. Coin Counting Machines
Coin-counting machines can be found in shopping malls, airports, and other locations often frequented by many people.
These machines are self-operated and you can cash in your coins for bank notes. The machines offer receipts and they can also offer gift cards as a form of payment.
Pros of Using Coin Counting Machines to Cash in Your Coins
- They are easily accessible since they are located in most public spaces.
- You do not have to interact with human personnel since they are self-operated.
Benefits of Cashing in Coins for Free
When buying groceries at your local grocery store, you are often left with some spare change often in the form of coins.
These coins can accumulate in your wallet or piggy bank over time. When they amount to a substantial figure, you can cash them in and exchange them for more convenient currency. Here is why you should cash in your coins for free;
More Organized Living Space
The sighting of coins lying around can make your living area look disorganized. Stashing the coins in a piggy bank or cash jar and then cashing them in can transform your home into an organized and appealing space. It can also create more room for your valuable items.
Financial Discipline
Cashing in coins instills financial discipline by helping you track your finances. With this information, you can plan your finances better and improve your saving habits. The coins can also provide an alternative income source during unprecedented emergencies.
Emergency Funds
Given the unpredictable nature of the future, it is important to always have an emergency fund. Stashing your spare change in cash collection jars and piggy banks can act as a creative way of acquiring an emergency fund.
Cashing in the coins can help you sort out an emergency or bolster your emergency fund in times of need.
Contribution to Saving Goals
Cashing in coins ensures that all your income is well utilized. The cashed-in coins can be deposited into your savings account consequently bolstering your larger savings goal. The savings can be used to pay for your vacation, or child’s education among other uses.
Extra Cash for Luxuries
Due to budgetary constraints, it is hard to afford small luxuries. However, by saving coins and cashing them in, you can afford small luxuries without messing up your budget. The coins can grab you a special meal or cover the cost of your favorite leisure activity.
Reasons Why Some Coins May Be Rejected
Wear and Tear
Due to constant circulation, coins may exhibit signs of wear or tear. For instance, their surfaces may become illegible making it difficult to determine their true value.
Others may become corroded making it difficult to authenticate them. Coins showing these conditions may be rejected by banks and other coin-exchanging facilities.
Counterfeit Coins
Money counterfeiting has become quite common and counterfeiters have upped their game immensely. Today, you can come across fake coins that greatly resemble genuine coins. Coin counting machines used by banks and retail stores have mechanisms that help distinguish fake coins from genuine ones. The fake coins are rejected in order to protect the integrity of a currency.
Change Shortage
Retail stores can be hesitant to offer coin exchange services due to change shortages. This reason is mainly temporary and often applies to small businesses. If there is sufficient change, you can cash in your coins.
Tips for Maximizing Your Coin Value
To get the most out of your coin collection, there are multiple strategies one can employ when cashing in.
- Sort your coins and arrange them orderly in terms of denomination for easy identification.
- Research about the value of your coins, and the value different coin exchange outlets offer.
- Assess the physical condition of your coins. Make certain that the coins you intend to exchange are legible and in good condition.
- If you have rare coins that are more valuable than regular coins, you can seek professional appraisal.
- Keep count of your coin collection to avoid losing coins.
- Always store the coins in safe holders to avoid corrosion or physical damage.
Conclusion
Depending on where you stay, there are many places you can cash your coin. If you need help on how to cash coins, contact us now for help.