Converting Your Loose Change: The Complete Guide to Turning Coins Into Cash

You’ve probably got a jar somewhere collecting pennies, nickels, dimes and quarters. According to the U.S. Coin Task Force, an estimated $48.5 billion in coins sits idle in American households—stuffed in piggy banks, scattered in drawers, forgotten in coat pockets. During the pandemic, this widespread hoarding of coins disrupted the nation’s currency circulation in ways we’re still recovering from today.

The good news? That spare change doesn’t have to stay dormant. There are multiple practical ways to convert coins to cash, each with its own pros and cons.

Banks and Credit Unions: The Traditional Route

Your first stop should be your local bank or credit union. Major institutions like Chase, Bank of America, Wells Fargo, Citibank and U.S. Bank all offer coin exchange services. However, policies vary significantly from branch to branch.

Before making the trip, call ahead. Some branches require coins to be rolled, while others have sophisticated coin-sorting machines. A few may redirect you to a regional processing center that handles coin exchanges for multiple branches. This conversation takes five minutes and saves you potential wasted trips.

One important note: if you’re not a customer, some banks charge fees for non-member coin exchanges. Customers typically exchange free of charge.

Coinstar Kiosks: The Convenient Alternative

With over 20,000 Coinstar locations worldwide, you’ll likely find one near your home—at grocery stores, pharmacies and retailers across the country. The platform makes it incredibly simple: dump your coins, and walk away with cash, e-gift cards, charitable donations or even cryptocurrency.

The tradeoff? Coinstar charges an 11.9% processing fee when converting coins to cash. That’s worth keeping in mind if you’re dealing with a substantial pile. However, the e-gift card route is entirely fee-free, giving you options from over 20 retailers including Amazon, Apple and DoorDash. For many people, redirecting coins toward a gift card eliminates the conversion cost entirely.

Local Retailers and Alternative Options

Some regional chains have recognized customer need and created their own solutions. QuikTrip, for instance, accepted customer coins during the pandemic’s coin shortage. Publix, a major Florida grocery chain, runs its own coin-exchange program. Worth asking around locally—you might discover convenient options right in your neighborhood.

The Direct Payment Approach

If cashing coins feels like too much hassle, simply use them for everyday purchases. Many retailers won’t mind—especially if you’re paying exact change with a modest amount. However, massive coin payments can slow down the checkout line, and businesses aren’t legally required to accept coins as payment.

A Better Strategy Going Forward

Rather than accumulating coins indefinitely, consider adopting a cashless approach. Credit cards, debit cards and digital wallets eliminate the loose change problem entirely. For peer-to-peer payments with friends and family, apps like Zelle, Venmo, PayPal and Cash App provide seamless alternatives to physical currency.

The Federal Reserve’s message is clear: get those dormant coins back into circulation. Whether you choose a traditional bank exchange, a Coinstar kiosk or a local retailer option, the key is taking action and converting coins to cash—or better yet, eliminating the accumulation problem altogether by going digital.