The Ultimate End of the Road for Pennies & Nickels...

[Recyclersteve]

It seems like quite a few bank branches are closing, both freestanding and those in grocery stores. Also, it seems like there aren't that many around anymore that have coin counting machines.

A couple of obvious beneficiaries here are Credit Unions (those with counting machines) and Coinstar.

But Coinstar has an interesting situation on their hands. They are (theoretically anyway) getting a surge in business from those who aren't able to return coins to banks and/or don't want to wait XX days for the credit to be posted to their accounts. Also, CS will get a big surge if and when the government announces anything RE: elimination of or composition change to the penny/nickel. But that won't last longer than, say, 6-12 months.

AN OUT OF THE BOX (ALBEIT SMALL) SOLUTION: If I was a large enough coin dealer, I'd look to buy a used coin counting machine (or perhaps 2- since they require a fair amount of maintenance). Right now there are likely more counting machines than buyers, so you should be able to get something pretty cheap. I'd mention that the machine has no fee if you buy or sell something in the shop. That way, someone looking to empty a piggy bank to buy a proof set for someone for Christmas could do it all in one stop. Realistically, a fee would have to be charged for those looking to wear out my machines. And, yes, I would definitely need to make sure the shop has burglar bars! But, it could work. Think about the first barber shop who put up a sign saying "WE BUY GOLD." I'm sure he got laughed at, but look at how many have done this.

What else does everyone see happening and what kind of timetable are you looking at?

[Know Common Cents]

The big banks have the attitude of "We'll only take your rolled coin if it meets all our criteria." They continue with "We don't give away empty paper coin rolls because it's just not a cost-center that we want to deal with. It's not our main focus of business regardless of whether it's for retail business customers or individuals." I'm real tired of hearing NOT!

I'd been dealing with this bank for at least 2 decades, but have begun to move my funds to a more welcoming bank. I'm pleased to convey that I found one. I could come into the bank with a front-end loader of loose change and, while they'd make a few jokes, they would and have been grateful for the business.

Know what? I've moved all of my large accounts to the welcoming bank. May those of the non-flexible banking options roast in a very hot place that begins with the letter H. Makes me feel oh so good.

[Cu Penny Hoarder]

Forget about Coinstar and standard banks.

Take a measly $50 and open up an account at a local credit union. Coin counter use is FREE and you'll get no hassles from anyone.

Why would anyone want to waste their precious time rolling coins?

[68Camaro]

In most places credit unions and small banks have also gotten rid of counters and the very few left are fee only. Its a recent development but a fast moving trend. Fortunately coinstar offers fee free gift cards still, but for most people that does put a limit on what you can dump, and their counters are appallingly slow as well.

[Thogey]

Hotel's and casinos in laughlin will not handle dimes.

[Cu Penny Hoarder]

In most places credit unions and small banks have also gotten rid of counters and the very few left are fee only. Its a recent development but a fast moving trend. Fortunately coinstar offers fee free gift cards still, but for most people that does put a limit on what you can dump, and their counters are appallingly slow as well.

That's news to me. In big cities, or just small towns?

My main credit union branch just added another one, now has 2 counters.

[68Camaro]

It's a trend in central Florida in general no matter the size of town. My credit union main branch last I looked (but I don't go there anymore because of this) still had a counter but changed from member free counting to discounted cost about 5 years ago. Most counters in most branches have been removed. The armored car services (loomis etc) do most of the counting these days for the banks. I'm not sure what the latest arrangements are for credit unions but most of them don't buy coin - they just rotate what members bring in - and I don't know how they manage their counting - they are probably all a little different the larger ones may have centralized it (and thus most probably still have a counter on premises at their main location though it isn't always made available to customers).

[coppernickel]

Ultimate End of the Road for Pennies & Nickels...

I agree, the pennies, nickels, and change generally are going out with a whimper.

It is not just the banks but also retailers and the general public are choosing to avoid cash of all kinds, including coins.

[coindood]

Ultimate End of the Road for Pennies & Nickels...

I agree, the pennies, nickels, and change generally are going out with a whimper.

It is not just the banks but also retailers and the general public are choosing to avoid cash of all kinds, including coins.

I simply don't see this here in Vegas...at all.

Cash is still easily about 40-50% of our transaction pymts at my govt job, with nothing on the horizon even remotely indicating a shift away from cash acceptance. Retailers gladly accept cash without issue. My bank has no problem when I bring in $20-$30 of rolled coin to exchange for cash. And having that amount of coin on a monthly basis means plenty of businesses are accepting my cash.

Maybe other parts of the country are experiencing a change, but it isn't apparent here.

[Recyclersteve]

Ultimate End of the Road for Pennies & Nickels...

I agree, the pennies, nickels, and change generally are going out with a whimper.

It is not just the banks but also retailers and the general public are choosing to avoid cash of all kinds, including coins.

I simply don't see this here in Vegas...at all.

Maybe other parts of the country are experiencing a change, but it isn't apparent here.

What is really interesting about that is that the vast majority of slot machines don't use coins. So I wonder why so many other places in the area are accepting of them...

[Treetop]

I honestly havent been inside my bank for so long Im not even sure if thy still have their coin machine or not. They wouldnt sell me coin since Im not a business owner though, past the first few boxes. I do notice plenty of people using loose change to buy things at local stores just like the old days. Like half the time Im in a gas station someone is buying a burrito or other snack with change for some reason. LOL still a very common site here. Maybe its the only way people can get rid of it? dunno.

[Recyclersteve]

I've seen a lot of those "Give a Penny/Take a Penny" trays sitting around, usually at places like mini marts that handle a lot of cash. But I have NEVER seen a single one at a bank. As a former teller (from way back) I can imagine that is likely because they have to balance the books at the end of each day. Tellers are expected to balance to the penny.