Change Counter: Is Coinstar Worth It?

"My, You Have a Lot of Coins!"

In college, my friend Kim and I were resident advisors, which meant that we stayed in the dorms after all the other students left. An enterprising pair, we ambitiously sorted through the junk left behind, including lots of spare change. Pennies were neglected in the back of drawers, dimes were swept into corners with gum wrappers, and even precious laundry quarters were hiding underneath mattresses. Kim and I knew we had found a miniature treasure that could be taken to a Coinstar machine.

We were delighted that the cheery, robot-like machine displayed cute messages like “My, you have a lot of coins! Please wait while I catch up.” But beyond our mild amusement with the interactive screen, we were primarily interested in the cash voucher we’d receive from the big green machine. Our payout was well over $70. After that first positive experience with Coinstar, I used the machines regularly for several years. But as I grew older, I learned that Coinstar, while fast and fun, may not always be the most prudent way to cash in on spare change.

With all the Wonka-esque bells and whistles of the green Coinstar machines, it’s easy to forget that the company isn’t counting change for free. They take a percentage off the top, and while they don’t hide that fact, you’re unlikely to walk away from such a happy contraption once you’re in front of it with a bag of pennies, nickels, dimes, and quarters.

Change Counter:  How much of a commission does Coinstar take?

Prepare yourself. The service fee is 8.9% for cash vouchers at United States locations. And it’s even higher in Canada (9.8%). If you’ve got $100 of US change, you’ll only cash out with $91.10. If paying $8.90 to get cash for $100 of coins doesn’t sound too outrageous, remember that you can reach $100 in coins pretty quickly. According to an estimate on the Coinstar website, a typical 1-gallon jug filled with a mix of change is worth almost $230. Even a half gallon, the volume of a standard milk carton, is estimated at over $100 when filled with an array of coins.