What is Cash For Coin?

Cash for coin is a new expression, although receiving cash when taking coins to a bank is something that has been going on for years. Nowadays, cash for coin machines are becoming accessible to the public and this has become a relatively new phenomenon.

What should you do with your pennies? In a time of high unemployment related to a declining economy, every penny counts, but you and others may not know what to do with the pennies you have saved or  hoarded over the years.

This article, “What to do with all your pennies (and nickels, dimes, quarters loonies and toonies too)” suggests, “Pour your coins into the machine and watch while it quickly sorts and counts the coins”, and “it will issue you a voucher that you can redeem for cash instantly”.

Counting and wrapping pennies you have stashed away in your penny banks or coin jar can appear to be a tedious, time-consuming task. It is much easier to take them to a local, coin-counting machine and let it count them for you. When you receive your voucher, you can take it to your bank teller and have it deposited directly into your savings or another bank account. In stores where there are coin machines, it is possible to redeem the vouchers for actual merchandise.

In other words, you can tap into the benefits of saving your pennies over the years. Your efforts to increase your savings have not been in vain. Perhaps you prefer to purchase something for which you have been saving.

The old idiom, "penny wise and pound foolish" suggests this practice is “unwise because doing something small now would prevent much more trouble later.”

Many people are not aware coin machines even exist, or are located in many banks or stores  although they realize that banks use machines to count paper money every day.   

In many ways, the increasing availability of coin machines offers parents a way to encourage their children to save even the smallest amounts of money. Imagine the face of a child who puts his or her collection of pennies or other coins into a coin machine and receives a voucher back stating he or she has ten dollars. To a child or parent who has no idea how much money is in a piggy bank or a jar after a number of years, that can be a pleasant surprise. 

Another option to consider with respect to coinage is that of checking every coin in order to find one of value which can be a tedious and time-consuming task that requires a basic understanding of the value of old coins.

In Canada, pennies are obsolete. The question of what to do with buckets of pennies that thousands of people of all ages have collected over the years, has necessitated finding a solution. Globally, millions of Canadian pennies are floating around.    

Coin machines are not limited to just pennies, as many people continually save other kinds of coinage including nickels, dimes, quarters, loonies and toonies. Coin machines are not unique to Canada, as they are located around the world. For many people and businesses, including merchants, they are a time saving device as coin counting after a full day of transactions, can take a long time.

What is cash for coin? It is exactly that, a way that you can obtain cash for your coin or coins.