How to Get Rid of Coin Currency
Coin currency provides a simple, portable means of conducting transactions. They are also easily recognized and have a standardised weight, which allows them to be accepted across different regions. In ancient times, the availability and desirability of precious metals influenced the value of coins and facilitated trade. In the modern world, coins are still in use, but many people prefer to exchange cash with their friends and family through apps like Venmo, Zelle and PayPal.
During the earliest years of coinage, metals such as gold, silver and bronze were the primary components of currency. However, over time, coinage shifted toward cheaper metals such as copper and nickel. While this reduced the cost of production, it also diminished a coin’s intrinsic value. In addition, the use of precious metals in coins can be dangerous if it is exposed to the elements, a condition known as debasement.
The Coinage Act of 1965 established the United States Mint, which is responsible for minting our nation’s currency. While the US Mint continues to produce coins at a fast pace, the rising price of raw metals has made some denominations less attractive for consumers. For example, the one-cent coin is worth more for its raw copper content than its face value of a penny.
In response, the U.S. Mint has recently capped the number of coins it orders each month and encouraged banks and other depository institutions to only order what they need. This is intended to reduce waste and lower the cost of production. Moreover, many national banks have removed or stopped offering automatic coin-counting machines. Local banks and credit unions are more likely to have these machines, which can help consumers save more of their spare change.
Another way to get rid of extra coins is to donate them to charity. Companies such as Coinstar can make this process easy and offer a variety of charities, including Make-A-Wish Foundation, American Red Cross and Feeding America. These services typically retain a 10 percent processing fee.
Other ways to dispose of coins include putting them in your garden, using them as doorknob pulls or creating art. Some crafty individuals even transform them into magnets, a fun project for those with a love of traveling. A collection of framed coins can also serve as a unique souvenir from a recent trip abroad. If you have a friend who’s about to embark on an exciting journey, consider giving them your leftover change to use during their travels. This will give them a special gift that will remind them of home and allow them to share the experience with others.