5 Ways to Use Loose Coin Currency
Whether you keep a small collection of foreign currency or find yourself with a lot of loose change, it can be difficult to know where to put the money. Rather than letting it disappear at the bottom of your wallet, or toss it in a tip jar, you can cash it in or put it to good use. From creative DIY projects to quick fixes around the house, there are a variety of ways to turn your loose change into useful items.
Learn History
Often, decisions about a coin’s content, value and design were made because of political, economic or social events in the country during the time it was minted. Understanding these details can make the coins come alive. The American Numismatic Association recommends that coins be stored in acid-free envelopes, or in “flips,” which are mylar cases. Both types should not contain PVC, which can cause the plastic to degrade over time and damage the coin’s surface.
The exergue is the space underneath the main image or legend on a coin, and sometimes contains a mint mark, privy mark or other decorative or informational feature. It can also be left blank. The exergue of a coin is a particularly valuable area for a collector to study, as the Mint and designers may have experimented with a variety of designs and themes in this space.
In addition to learning about the history of a country, a good number of coin collectors like to collect coins for their monetary value. Some of the most common denominations still in circulation are the one-cent, two-cent, five-cent and dime coins, while other formerly circulating coins no longer exist, such as the three-cent piece or the silver half dollar.
Sort and Count
Many banks, especially local credit unions, maintain automated coin counting machines in their branches that allow customers to dump their change into the machine and receive cash in return. Other institutions, such as Coinstar, offer convenient coin exchange services for a fee. It is generally best to sort and count your coins before taking them to the bank, as this will save you time and will result in a more accurate count of the amount of money you have.
Use your coins:
Some shops and restaurants will accept coin in lieu of cash. This is particularly true for larger denominations such as pennies, nickels and dimes, or for foreign currency, such as Euros or pounds. It is also a great way to avoid carrying a large amount of cash around, as the coins are less likely to get lost in your pocket or wallet.
If you’ve traveled abroad recently, you might have a pile of leftover currency that you don’t want or need anymore. If you have friends or family who are planning to travel to the same destination, consider giving them your leftover coins. They’ll be appreciated, and it might help you avoid paying hefty exchange rates at the airport!