How to Exchange Coins for Cash

Got a jar full of coins collecting dust? You’re not alone. Many people stash loose change and forget about it, but those coins can add up fast. Whether you’re saving up or just want to lighten your load, there are simple and efficient ways to turn your coins into cash.

Keep reading to learn more about exchanging coins for cash, including whether your bank takes coins, how to use coin-counting machines, and how to roll coins.

Does My Bank Take Coins?^,

Many banks accept coins in exchange for cash or as a deposit into your bank account at no charge if you’re a customer. Typically, though, the change needs to be rolled into coin wrappers. Banks often give these cylindrical wrappers out at no cost, but you can also buy them in office supply stores or online.

Not many banks offer freestanding coin-counting machines anymore, though you may still find them at some credit unions and local community banks.

Wondering if your bank takes coins? Your best bet is to call your local branch to find out what their policies are regarding coin exchange (you might also want to review this policy before choosing where toopen a new bank account), but here’s a look at policies at some popular U.S. banks.

Bank of America

Bank of America accepts coins at any of their financial centers, but they must be rolled.

Chase

Most Chase branches accept coins from customers, but they are usually required to be rolled. To see if your local branch takes coins, you can use the branch locator on the bank’s website and look for “no coin transactions.” This means the branch does not accept coins.

Citizens Bank

For customers, Citizens Bank will exchange coins for cash or allow you to deposit the change into your account. They will accept loose change if it’s less than $20. Larger amounts need to be rolled.

PNC

PNC currently accepts coins at their full-service branch locations as long as they are rolled.

Wells Fargo

Wells Fargo will exchange rolled coins from their customers at no cost and also provide complimentary rolls.

Recommended: Guide to Depositing Cash

Coin Counting Machines

While it’s becoming less common to offer coin-counting machines, some banks and credit unions still offer these handy tools. Before heading over to a branch with a heavy piggy bank, though, it’s a good idea to call ahead and make sure they still have a machine.

You may also find privately owned coin-counting machines (such as Coinstar) at grocery stores and other retailers. Keep in mind, though, that independent coin kiosks typically charge a fee, which can be as high as 12.9% of the transaction amount. If you’re willing to accept a gift card instead of cash, you may be able to do your exchange at no cost.

How to Roll Coins to Exchange

Typically, banks require that change be rolled before they accept it. Here’s how to get your change ready to exchange or deposit into a checking or savings account.

Sort Coins by Denomination

The first thing you’ll want to do is dump out your receptacle of coins and sort them into denominations — or, in other words, group the change into individual piles of pennies, nickels, dimes, and quarters.

Make Piles for Each Roll

For each denomination, it’s a good idea to make mini piles that contain the number of coins you can put into each roll:

• Pennies: 50

• Nickels: 40

• Dimes: 50

• Quarters: 40

Get Rolling

Once your coins are correctly counted out, you can start inserting them into your paper rolls. When you’re done, you can easily count up how much you have and bring it to your bank.

Recommended: 52-Week Savings Challenge Guide

Potential Coin Counter Fees

You can avoid going to the trouble of rolling your coins by finding a coin-counting machine. Some credit unions and smaller banks have in-branch coin counters that cost nothing to use if you’re a customer. (Noncustomers may be charged a fee.) You can also use a private coin-counting machine at a retailer, but expect to pay a relatively high fee.

The Takeaway

It can be a pleasant surprise to find out how much money you’ve managed to collect in loose change. Before you can exchange it into cash, however, you’ll likely need to sort, count, and insert your coins into coin wrappers. You can then take all your rolls to your local bank and exchange them for cash or deposit them into your savings account, where the money can start earning interest.

If you’re in the market for a new savings account, Lantern by SoFi can help. With our online banking marketplace, it’s easy to compare high-yield savings accounts based on annual percentage yield (APY), fees, and balance minimums.

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