PDA

View Full Version : Coin $tar: Convenience or Wa$te of Money?



Bel-Cam Jos
12-23-2008, 11:22 AM
Every so often, in the store, I hear the clamor of coins hitting a container of a machine. Does anyone use this? Is it so hard to roll coins and NOT have to pay a service fee, especially in these harder economic times? Just curious...

jjreason
12-23-2008, 12:01 PM
I have considered using the machine for the kids' coins, but haven't yet. What's their take, percentage wise?

Rocketboy
12-23-2008, 12:16 PM
Every so often, in the store, I hear the clamor of coins hitting a container of a machine. Does anyone use this? Is it so hard to roll coins and NOT have to pay a service fee, especially in these harder economic times? Just curious...I've only used one once for a big jug of pennies I had. Didn't seem worth the time and effort to count and roll over 4500 pennies.


I have considered using the machine for the kids' coins, but haven't yet. What's their take, percentage wise?It varies, but I've seen some as high as .08 per dollar. Many banks/credit unions are getting them and offering them for free to members.

Slicker
12-23-2008, 06:29 PM
It varies, but I've seen some as high as .08 per dollar. Many banks/credit unions are getting them and offering them for free to members.
I've never used a Coin Star for that fact. The bank I used to be at in the states offered it for free and it was only 5 cents to the dollar for none members.

bobafrett
12-23-2008, 07:02 PM
I used it once, until I noticed they charged a fee, then I just drove my coins to the bank, where they do this for free for me.

I really was happy the bank doesn't charge, because last year I had a canister on the counter of the Pizza Ria I work at to help raise money for The American Cancer Society. I would take the change over there every weekand deposit it, then debit it to the ACS.

I hate paying fees for anything, late fees, overdraft fees, and fees for turning my loose change to green dollars!

El Chuxter
12-23-2008, 07:14 PM
I've used it. Get a gift certificate (I know they sell Amazon ones, as well as others) and they don't charge anything. It's easier than rolling it and taking it to the bank.

Trust me; I'm such a cheapskate I wouldn't use it if it charged me a penny. If you get cash, they screw you, but certificates are free.

JediTricks
12-23-2008, 07:36 PM
In theory I use it, in practice I just keep accumulating change and not taking it to the sorter. My bank, I don't know if they offer this service, but I get the feeling it's a no.

I sort all my quarters out of my change though, that does not go into Coinstar as they're easily spendable. But my time is semi-precious, and spending 6 hours sorting and rolling $8.73 in pennies is not a good use of it (and that's coming from a guy who buys action figures for his main hobby).

Mad Slanted Powers
12-23-2008, 11:12 PM
I never have that amount of changed, but I wouldn't use one. Even when we have to roll coins at work, I don't even use the plastic tubes because I don't trust that I've got the right amount unless I actually count them.

Four times a year we have a big sale where we have a lot of cash drawers. When we are counting cash drawers, others will take the coins out, count them one at a time and put them back in the drawer. I prefer to arrange them in stacks of 5, except for quarters which are stacks of 4. With my method, I don't have to worry if someone interrupts me because I'm not counting past 5. Then I just count the stacks. I'll leave them stacked like that until I'm done counting the drawer, which makes it easier to recount and verify my totals.

When I used to count the cash drawers on a daily basis, I'd open up rolls of coins and I would find that sometimes they were over or short, or in some cases a dime was stuck in with the pennies. So, if you ever have a cash drawer that is off a tiny bit, it might not be the cashier's fault.

JediTricks
12-24-2008, 04:19 AM
What about getting a counting tray? http://www.kardwell.com/coin-trays.htm I like that sorter too. I've seen cheaper trays, but I don't feel like looking up the links right now when that picture says most of what I need. Here's a cheaper design tho': http://www.amazon.com/Counter-Pennies-Nickels-Quarters-CEB11003/dp/B0006VQ7W8
And on Staples' website: http://www.staples.com/office/supplies/p1_Coin-Bill-Wrappers_17816_Business_Supplies_10051_SEARCH

I came across these while looking for a coin sorter/wrapper/counter for my niece for a present - none of the ones I found that were mechanical or electric seemed to do the trick all that well according to the reviews, and I like this design but it's not the kind of thing a kid will open on christmas and go "wow" at. :p

sith_killer_99
12-24-2008, 09:32 AM
My bank/credit union, does this for free as well. On a side note I use most of my quarters for the car wash/vac, etc.

Bel-Cam Jos
12-24-2008, 10:13 AM
I sort all my quarters out of my change though, that does not go into Coinstar as they're easily spendable. But my time is semi-precious, and spending 6 hours sorting and rolling $8.73 in pennies is not a good use of itI guess I don't use cash as much as I used to, because it takes me quite a while to even have a single roll of coins. But, in a time-saving method, I will often roll coins while watching TV; it convinces my own brain that I'm not entirely wasting time. :rolleyes:

MSP, your coin stacking method is the only way to go. Pennies, nickels, and dimes into 5s, quarters into 4s. Although, I have a small "vault" (it has a key, very similar to those impenetratible [sp?] luggage locks and keys :p ) that has a clear opening and marks up the tube that shows when the coins are close to $2 (nickels), $5 (dimes), or $10 (quarters). I just leave the rolls in another place, and when I have enough to take into the bank, there's some dinner money.

I'm with Chux and BF: fees suck, even dinky little ones. Are you really going to go out of business with literal "nickel and dime" changes? Well, maybe that's now true, sorry.

Mad Slanted Powers
12-24-2008, 06:54 PM
I just never accumulate change. I don't carry it in my pocket. I've always had a wallet that had a spot that I could put change in, (though it may not have been intended for it). So, when that starts to get too full, I make an effort to use my change up. If I'm paying less than $20 at the register, I use usually use cash. I also use cash to get gas.

Those tubes we have for rolling money has the marks on it to indicate when they are full, but it seemed like it didn't line up exactly, so I didn't know if I was right on, or over or short one. When we have our sales, there are about 40 drawers. Once the drawers have been counted and balanced, we start combining all the like denominations. Then we just start rolling coins and banding bills. Since we close registers down throughout the day, there is usually a gap for one or more of us to start breaking down the used drawers and get started on the rolling process.

JediTricks
12-28-2008, 04:45 PM
I guess I don't use cash as much as I used to, because it takes me quite a while to even have a single roll of coins. But, in a time-saving method, I will often roll coins while watching TV; it convinces my own brain that I'm not entirely wasting time. :rolleyes:I am a tad OCD on this, I'll try to do it but end up obsessing over whether I counted right, whether it's fitting in the rolls without breaking them, etc..


MSP, your coin stacking method is the only way to go. Pennies, nickels, and dimes into 5s, quarters into 4s. Although, I have a small "vault" (it has a key, very similar to those impenetratible [sp?] luggage locks and keys :p ) that has a clear opening and marks up the tube that shows when the coins are close to $2 (nickels), $5 (dimes), or $10 (quarters). I just leave the rolls in another place, and when I have enough to take into the bank, there's some dinner money.Not a bad way to do it, but how much did you spend on the sorter? ;)


I'm with Chux and BF: fees suck, even dinky little ones. Are you really going to go out of business with literal "nickel and dime" changes? Well, maybe that's now true, sorry.I'll throw away pennies to not deal with them in the car. 4 cents? It's not gonna break me. Spending 30 extra seconds sorting that 4 cents out of my ashtray full of coins? That might. :p My mom has let her car ashtray fill with pennies, now it's totally useless for actual parking change. Ya can't park in LA for a penny. And those pennies get everywhere in the car, into the seats and the carpet, I'll gladly pass that up if it means tossing 4 cents.


When I worked cash drawers at my teenage jobs, I had a really hard time counting the change out, the count would never be right, I have a hard time counting coins quickly, so unless it's a significant amount, I'll gladly let something else do it for a small fee.

Bel-Cam Jos
12-29-2008, 09:59 AM
I am a tad OCD on this, I'll try to do it but end up obsessing over whether I counted right, whether it's fitting in the rolls without breaking them, etc..

Not a bad way to do it, but how much did you spend on the sorter? ;)

...

When I worked cash drawers at my teenage jobs, I had a really hard time counting the change out, the count would never be right, I have a hard time counting coins quickly, so unless it's a significant amount, I'll gladly let something else do it for a small fee.I have similar semi-OCD issues, but I create piles of coins, look at the numbers in them, and don't put them into the roll until I'm sure they're right. :rolleyes:

I got it loooooooong ago as a gift. Net cost: zilch. :pleased:

I've been a good counter, especially in my money handling jobs (newspaper carrier, store clerk, hotel front desk, restaurant/food area, etc.), so quick counting was always a job strength of mine.

I guess that's why I might consider this "convenience" unnecessary to me. But I can understand the cost effectiveness/time spent ratio.

JediTricks
12-29-2008, 08:31 PM
I don't have a table to do a good coin sort, I've kinda crafted my apartment into places for toys and junk to sit, and I got rid of the living room table because I needed a TV stand and the cat was knocking stuff off anyway.

Bel-Cam Jos
12-30-2008, 09:20 AM
I don't have a table to do a good coin sort, I've kinda crafted my apartment into places for toys and junk to sit, and I got rid of the living room table because I needed a TV stand and the cat was knocking stuff off anyway.Cats are notorious coin thieves, anyway. If they don't straight-out knock over your coin piles to take them away, they slash open the rolls, lick a coin or two, then bite down and steal a few. Feeds their catnip habits and other online vices, I've heard.

:confused: What?