Converting Coins to Cash?

[REDVAN]

I traded in about a thousand bucks in change 2 months ago at my bank and then converted it all to American. I went to Vegas.

The bank did not charge me any fees to do this, but I also have an account with them, so maybe that mattered.

[zarrell]

Originally Posted by Ice

Your banks up there don't charge by the roll to deposit coins? Nice.

The coin machines are in lots of grocery stores down here. The machine gives you a receipt, takes 7.5% as a fee and you can take the receipt to one of the checkers and they'll give you cash for it.

People pay money to convert their money into less money?

I gotta get in on this.

[Ice]

Well, someone has to pay for the shipping of coin. All of the armored transport companies charge more to transport coin bags and the the cash vaults charge to accept it as well. Its a small fee to pay to be rid of the coins.

It probably works out to be the same fee at the coinstar machine as it would be to pay ten cents per roll at the bank. But the coinstar machine doesn't look like I ruined its day like a bank teller does. I don't blame the teller too much, she's going to sell her coin to the branch's vault teller at the end of the day and they're going to give her a look. If you have ever bagged coin at a bank, you'll know why they hate it. Then the armored transport guy will come in and see a giant pile of canvas bags filled with coin, he'll sigh loudly, try to find any excuse not to take it, and then relunctantly go to his truck and get a weight belt and handtruck and haul it out. Everyone hates coins except the person turning them into paper money.

[Hack&Lube]

This makes me think of the move to scrap pennies. I think it needs to be done. Pennies are a waste to society. There are so many pennies sitting in jars and drawers out there taking money out of the money supply. Their weight causes extra costs in labor and processing, etc.

Either that or the government should install some sort of machine in banks that will just take coins and dispense cash easily without you having you to goto a teller or something. Something with a big bin you can just empty out a jar or bag into and get the proper cash back.

[Frequitude]

Just buck up and roll your own.

I love rolling coins...but I'm weird that way. I find mindless sorting tasks like that calming.

[stang]

Originally Posted by Circa89

Sorry. It should have been green text. That was my disappointed math. If I had gone this time last year 1CAD = 1USD.

Never apologize for not using green text....

[zarrell]

Originally Posted by Ice

Well, someone has to pay for the shipping of coin. All of the armored transport companies charge more to transport coin bags and the the cash vaults charge to accept it as well. Its a small fee to pay to be rid of the coins.

It probably works out to be the same fee at the coinstar machine as it would be to pay ten cents per roll at the bank. But the coinstar machine doesn't look like I ruined its day like a bank teller does. I don't blame the teller too much, she's going to sell her coin to the branch's vault teller at the end of the day and they're going to give her a look. If you have ever bagged coin at a bank, you'll know why they hate it. Then the armored transport guy will come in and see a giant pile of canvas bags filled with coin, he'll sigh loudly, try to find any excuse not to take it, and then relunctantly go to his truck and get a weight belt and handtruck and haul it out. Everyone hates coins except the person turning them into paper money.

Or spend those coins?

Honestly, maybe I'm alone in this, but "saving" coins to cash in for large bills (subsequently costing money) to spend on something nice for yourself is stupid. Spend your coins, put your "savings" in the bank and MAKE money.

[stang]

Originally Posted by zarrell

Or spend those coins?

Honestly, maybe I'm alone in this, but "saving" coins to cash in for large bills (subsequently costing money) to spend on something nice for yourself is stupid. Spend your coins, put your "savings" in the bank and MAKE money.

Good call! My change goes into my ashtray in my truck, and its used for Tims in the mornings...

(lots of it goes into my daughters swear jar too...)

[valo403]

Originally Posted by Hack&Lube

This makes me think of the move to scrap pennies. I think it needs to be done. Pennies are a waste to society. There are so many pennies sitting in jars and drawers out there taking money out of the money supply. Their weight causes extra costs in labor and processing, etc.

Either that or the government should install some sort of machine in banks that will just take coins and dispense cash easily without you having you to goto a teller or something. Something with a big bin you can just empty out a jar or bag into and get the proper cash back.

Completely agree, the cost of producing pennies completely outweighs their utility. They don't use pennies in Australia, it's great.

[kevman]

the bank will give you free sleeves. I roll my own coins and throw away pennies...

I brought a zip lock bag into the bank once full of pennies after I rolled everything else. I asked to deposit it and they said I had to roll it first. I told them it wasn't worth my time and just offered to leave it. They didn't want them and asked me to take it out with me so I deposited them in the trash can outside of the bank. I figure there were 600 or so pennies in that bag but the time it would have taken to roll them was not worth $6 to me. Long story short...I agree to abolish the penny! When we got rid of the half cent it had an inflation adjusted value of about 10 cents. I say we ditch nickels and dimes while we're at it!

Back on pennies...I started leaving my pennies in the change tray's of those self checkouts. There never appears to be take a penny leave a penny trays so I'm hoping to start a trend. I propose that all of you reading this that also hate pennies leave theres behind so they can be of use to the next person that has a bill come to $20.06...

[HalifaxDrunk]

Originally Posted by zarrell

put your "savings" in the bank and MAKE money.

Are you the ING Direct guy?

[albertGQ]

I say just slowly but Shirley pay for small purchases with just coins. Or do some businesses don't accept an abundance of coins?

[ken0042]

Originally Posted by kevman

Back on pennies...I started leaving my pennies in the change tray's of those self checkouts. There never appears to be take a penny leave a penny trays so I'm hoping to start a trend. I propose that all of you reading this that also hate pennies leave theres behind so they can be of use to the next person that has a bill come to $20.06...

I do that too, but once I saw that the attendant would come by and take them out of there.

[malcolmk14]

If anyone has coins they'd like rolled I'll do it and take them to the bank to be exchanged for a 10% cut.

Yeah, I'm that bored and I need something to do to fill up my evenings.

edit: minimum $100. I don't want a 10% cut of your 4000 pennies.

[CaptainCrunch]

Originally Posted by malcolmk14

If anyone has coins they'd like rolled I'll do it and take them to the bank to be exchanged for a 10% cut.

Yeah, I'm that bored and I need something to do to fill up my evenings.

edit: minimum $100. I don't want a 10% cut of your 4000 pennies.

I'll PM you at the end of the month, might as well get another 30 days to make it completely worth your while.

[brownie]

Originally Posted by kevman

the bank will give you free sleeves. I roll my own coins and throw away pennies...

I brought a zip lock bag into the bank once full of pennies after I rolled everything else. I asked to deposit it and they said I had to roll it first. I told them it wasn't worth my time and just offered to leave it. They didn't want them and asked me to take it out with me so I deposited them in the trash can outside of the bank. I figure there were 600 or so pennies in that bag but the time it would have taken to roll them was not worth $6 to me. Long story short...I agree to abolish the penny! When we got rid of the half cent it had an inflation adjusted value of about 10 cents. I say we ditch nickels and dimes while we're at it!

Back on pennies...I started leaving my pennies in the change tray's of those self checkouts. There never appears to be take a penny leave a penny trays so I'm hoping to start a trend. I propose that all of you reading this that also hate pennies leave theres behind so they can be of use to the next person that has a bill come to $20.06...

I have started throwing my pennies away as well. I left a big jar of them outside my building beside the dumpster and not even the homeless people who come by picking up the cans and bottles would take them.

[llama64]

Originally Posted by albertGQ

I say just slowly but Shirley pay for small purchases with just coins. Or do some businesses don't accept an abundance of coins?

As far as I know, it's against the law to refuse legal tender.

But the 20 or so people lining up behind you as you pay for your burger with pennies might start having violent thoughts...

[@theCBE]

Originally Posted by llama64

As far as I know, it's against the law to refuse legal tender.

But the 20 or so people lining up behind you as you pay for your burger with pennies might start having violent thoughts...

It is against the law to refuse legal tender but there is a limitation to how many coins you can use in the transaction.

Section 8 of the Currency act: http://www.canlii.org/ca/sta/c-52/sec8.html

Legal tender

8. (1) Subject to this section, a tender of payment of money is a legal tender if it is made
(a) in coins that are current under section 7; and
(b) in notes issued by the Bank of Canada pursuant to the Bank of Canada Act intended for circulation in Canada.

Limitation

(2) A payment in coins referred to in subsection (1) is a legal tender for no more than the following amounts for the following denominations of coins:
(a) forty dollars if the denomination is two dollars or greater but does not exceed ten dollars;
(b) twenty-five dollars if the denomination is one dollar;
(c) ten dollars if the denomination is ten cents or greater but less than one dollar;
(d) five dollars if the denomination is five cents; and
(e) twenty-five cents if the denomination is one cent.

Coins of denominations greater than ten dollars

(2.1) In the case of coins of a denomination greater than ten dollars, a payment referred to in subsection (1) may consist of not more than one coin, and the payment is a legal tender for no more than the value of a single coin of that denomination.

[HOOT]

Originally Posted by malcolmk14

If anyone has coins they'd like rolled I'll do it and take them to the bank to be exchanged for a 10% cut.

Yeah, I'm that bored and I need something to do to fill up my evenings.

edit: minimum $100. I don't want a 10% cut of your 4000 pennies.

I should have got you to do mine. I take mine in every 3-4 months and just rolled up a bunch worth $750. It felt like it took forever and my hands didn't feel clean for about a week

I don't spend coins and just throw them in my huge Coke coin bottle until I'm bored a few months down the road.

[valo403]

Anyone know the basis for rolling the coins? I know in other countries you simply dump your coins into a plastic bag and they calculate what you are owed by weight, seems like that would alleviate much of the inconvenience problem.