How to Exchange Coins For Cash
A coin is a piece of metal or, very rarely, other materials certified by marks upon it to be of a specific value. A coin’s value, whether as a collector’s item or as an investment, is based on its intrinsic worth and the demand for it in the market. The term is used in contrast with paper money, which has no intrinsic value and whose price is determined by the free market, and to fiat currency, such as the United States dollar and the Euro, which have their values established by law.
Throughout most ages, coins have been prized and hoarded, and frequently buried for safekeeping. Because of this, their discovery in excavations may give a wealth of information about past civilizations. Combined with literary or archaeological evidence, they can show a chronology of economic development and reveal patterns of trade.
Most modern coins are made of a base metal and have no intrinsic value. They are merely a symbol of national currency and have a similar role to paper money, but with the addition of a guarantee of government backing. Coins are still regarded as more trustworthy than paper bills, however, because they are more difficult to forge and have less vulnerability to inflation.
The side of a coin carrying an image of the monarch, another authority or a national emblem is known as its obverse (colloquially heads). The other side of the coin, with various types of information, is called the reverse. The year of minting is often shown on the obverse. Some coins, such as the pre-2008 British 20p coin and the American quarter, do not show the year of minting on the obverse.
Most banks will exchange coins for cash, but the amount of change accepted and fees associated with this service will vary from bank to bank. It is best to contact your local branch directly for more information. Banks may also offer coin-counting machines that are convenient and easy to use.
The first step to exchanging coins for cash is to gather up all of your spare change and sort them by denomination. This will make them easier to handle when you are ready to take them to the bank. It is also a good idea to research your options for coin-counting machines online, as they may vary in terms of availability and ease of use. It is also possible to donate your coins to charitable organizations, if you prefer not to spend them. However, you should be aware of restrictions on how many pennies or other small coins can be used in a single transaction, due to the Coinage Act 1971.