Coinstar is a well-known American company that lets you trade in your loose coins for cash. You simply deposit your coins into the counter machine, it counts them for you and gives you the option of either a cash voucher that you can cash in with a cashier or gift cards you can use in stores. Read further to know more about if Coinstar Take Pennies?
Coinstar machines accept all denominations of coins including Pennies. These machines are everywhere, in malls, gas stations, and even some restaurants, and so it is the easiest option to handle your change from every purchase without having to carry them around. Lets get to know how this works.
How The Coinstar Machine Works?
It is quite simple. You just put all your Pennies into the machine and it does the rest for you, including the counting.
However, there are a few things you need to note
- Before you put your coins into the tray on the machine, ensure you check for any dirt or debris on the coin. Your coins must be dry and clean. This way, nothing is obstructing the counting process when they have gone into the machine. After you have properly cleaned your coins, carefully guide them into the tray and the open slot.
- Always check the tray for coins that are returned. These coins are either unrecognized, that is, they are foreign coins or dirty.
- After your coins have been counted and documented, you’ll be asked to choose what your exchange would be, Cash or gift card. The gift card would be an e-card with a unique code you can write down and use later. There is also an option for donation, aside from cash vouchers and gift cards. You’ll be given a receipt if you donate. Keep the receipt for the sake of records.
- If you’ve chosen a cash voucher, ensure you take it to a cashier and cash it on the same day the voucher is issued. If you choose gift cards, you can use the unique code given to you to shop at any mall, restaurant, or online store that is listed.
What does Coinstar use the Pennies for?
You are probably wondering why Coinstar still accepts Pennies and what they use them for. Let me answer your questions.
These coins stored inside the machines are stacked up and then collected by any armored car service for moving cash around. The coins are taken back to a processing point where they are recounted again and arranged in rolls by denominations. (Pennies are the highest denominations collected by the machines).
At the end of this counting and packaging, the coins are then sold back to retailers or stores who use them to fill up their cash registers and give change to customers after every purchase.
Conclusion
Depending on how much Pennies you have, Coinstar is a better alternative compared to banks for converting them into cash. The reason is, that although banks do not charge you for this service, it is usually time-consuming and stressful. You’ll have to count your coins yourself and use paper coin sleeves.
If you do not want to go through all that stress, then you should use Coinstar. You’ll be charged a processing fee of 11.9% for every $100. However, it should interest you to know that there’s a way you can avoid paying the fee altogether. Simply choose to convert your coins to gift cards instead of cash vouchers. This way, you still get to use your pennies to make purchases and save money in the process.
Frequently Asked Questions
Q. How do I find a Coinstar machine close to me?
Answer: If you’re looking for the nearest Coinstar kiosk close to you, simply go to the Coinstar website and navigate to the ‘Find a kiosk’ page. You would be asked to impute your address or zip code and then the map would give you a location and direction.
Q. Can I use the gift card in just any retail store?
Answer: No, not all retail stores accept the e-Giftcard for purchases. Browse through the list of stores and restaurants that do first, before you select the gift card option.
Q. Does the Coinstar machine count coins accurately?
Answer: The device inside the machine that counts the coins does so one at a time, that is, slowly. So, it tends to be 99.9% accurate most of the time. Although there have been incidents of the machines short-changing customers. If you want to avoid that, count your Pennies at home before you take them to the machine to be sure that the count is accurate.
Q. Can I take coins out of the Coinstar machine?
Answer: No, you can’t. The machine is only designed to collect coins. Once you’ve put a coin in, you cannot take it out.
