Mint Says “No More Pennies”

Source: The Penny Hoarder

Sad! But they are still worth something

Our favorite coin, the penny, is on its way out. The U.S. Mint confirmed last month that it made its final order of penny blanks. Can we get a moment of silence?

The penny debate isn’t new, but the cost to make pennies has increased over the last few years — a little over 20% in 2024, according to a U.S. Mint report. Today, the one-cent coin costs almost 4 cents to make.

Of course, questions remain about the penny phase-out. How will retailers handle it going out of circulation? Will they round up or down when your total isn’t divisible by five cents? And speaking of nickels, are they next on the chopping block? Each costs nearly 14 cents to make after all. Only time will tell.

All this penny talk has us eyeing those overflowing spare change jars. Do you have one? Spare change can really add up. If you’re looking to cash in, here’s what you can do with your coins.

Where to Exchange Spare Change for Cash

Here are four places you can exchange your spare change for bills:

1. Your Bank

Many banks allow you to exchange your coins in person for free if you’re a customer or for a fee for non-customers. While you may not come across automated coin-sorting machines in most banks these days, you can roll your coins and bring them into your local branch to exchange for bills. Banks may request you sort and roll your coins with coin wrappers before coming in to exchange them. Larger banks, such as Wells Fargo, Chase, Capital One and Bank of America may provide coin wrappers if you ask.

It’s easier for your bank to accept your coins if they’re already rolled, rather than a bank teller having to sit there and count all your coins for you.

2. Credit Unions

Similarly to banks, local credit unions may provide a coin exchange service for free if you’re a customer or for a fee for non-customers. You’ll probably find coin-counting machines at credit unions more often than you will at banks. If you’re able to get access to a coin-counting machine, it can take the work out of having to manually wrap your coins and bring them to the bank.

3. Coinstar

Coinstar was founded in 1991 and created by Jens Molbak as an easy way for people to deposit their loose change and exchange for cash without having to roll the coins. Coinstar machines are in places like your local supermarket. You’ll have the option to either transfer the value of your deposited coins directly into your bank account, get cash on the spot, donate to select charities right from the kiosk, claim an eGiftcard or even convert your coins to cryptocurrency. If you choose to turn your coins in for cash, expect a service fee of up to 12.9% plus a $0.99 transaction fee. Fees may vary by location.

4. Publix Supermarkets

Publix Supermarkets offers its own store-branded coin-counting machines. An alternative to Coinstar, Publix’s coin-counting machines will provide you with a receipt to redeem for cash at the store’s customer service counter. Fees may apply.