Converting Loose Change Into Usable Cash: Your Complete Options

The average American household is sitting on quite a pile of unused currency. According to the U.S. Coin Task Force report from the pandemic era, approximately $48.5 billion in coins were stored away in homes across the nation—tucked into piggy banks, junk drawers, and forgotten containers. This massive accumulation has created ripple effects throughout the U.S. economy, even as conditions gradually normalize. If you’ve been wondering how to turn coin to cash efficiently, you have more viable pathways than you might realize.

The Most Direct Route: Your Financial Institution

Your bank or credit union remains one of the easiest options for handling coin to cash conversion. Major players like Chase, Bank of America, Wells Fargo, Citibank, and U.S. Bank all offer these services. However, each institution operates differently. According to Steve Kenneally, senior vice president of payments at the American Bankers Association, the process varies: “Contact your local branch first to understand their specific requirements. Some institutions prefer rolled coins, while others possess automated coin-sorting equipment. Certain branches may refer you elsewhere if the regional office shares machinery.”

The takeaway? Call ahead before bringing your coins in. Also note that non-customers might face processing fees, though account holders typically receive this service free of charge.

Coinstar Kiosks: Speed Over Savings

With over 20,000 locations globally, Coinstar machines offer convenient access for coin to cash transactions. The tradeoff is cost—there’s an 11.9% processing fee when exchanging coins into bills. However, if you opt for e-gift cards instead, you avoid the fee entirely. Coinstar partners with more than 20 major retailers including Amazon, Apple, and DoorDash, making this option worthwhile if you were planning to shop anyway.

Other Alternatives Worth Exploring

Some regional chains recognized the opportunity during coin shortages. QuikTrip and Publix grocery stores, for instance, have offered their own coin-conversion services (though fees may apply). It’s worth asking local businesses if similar options exist in your area.

Another approach: Simply use coins at checkout. If you have a manageable amount or exact change, retailers typically accept them. Just be mindful that large coin transactions can slow down checkout lines, and businesses have no legal obligation to accept coins as payment.

Preventing Future Coin Accumulation

Perhaps the smarter strategy is avoiding coins altogether. Switching to digital payments—debit cards, credit cards, or mobile wallets—eliminates change from the equation. For person-to-person transactions, services like Zelle, Venmo, PayPal, and Cash App provide frictionless alternatives to physical money.

The Federal Reserve actively encourages returning dormant coins to circulation, whether through deposits or exchanges. With multiple pathways available, there’s no reason to let spare change continue gathering dust.